CBS is Reportedly Looking at Selling Its New York City Studio & Headquarters as Cord Cutting Grows

Luke Bouma

Cord cutting and the decline in advertising have cut into profits recently, forcing many TV companies to look for ways to save money. Now it is being reported by the New York Post that CBS's parent company Paramount is looking at selling its iconic West 57th Street studio and headquarters in New York City to help cut costs.

According to the report, CBS is looking to sell its main studio that it has had since the 1950s. The plan is to sell the expensive location and look for a cheaper, smaller location for its studios.

Recently CBS has moved many of its productions to other cheaper locations. Meaning they likely no longer need the 600,000-square-foot broadcast center. This will likely help Paramount get some much-needed cash as it shifts its focus to streaming.

CBS is not alone in selling its headquarters. Recently Warner Bros. Discovery announced that CNN would be moving out of its iconic Atlanta headquarters to a cheaper location in the area. This helped them cut costs by reducing rents. Now it seems that CBS wants to do the same.

For now, these plans are not set in stone as Paramount is only now reportedly sending out requests for proposals to sell the building and find a new location. Depending on what offers they get will ultimately decide if Paramount follows through on their plans.

Recently Paramount has been looking for ways to raise money. Private equity firm BDT & MSD Capital Partners invested $125 million in National Amusements Inc., the controlling shareholder of Paramount Global, to help the company through a rough patch in the stock market. Paramount's shares have dropped 12 percent year-to-date.

The money will go towards cutting interest expenses and paying off debts while Paramount waits for more audiences to return to theaters, its main source of revenue. The company will also sell some of its assets in an attempt to raise capital for its television division.

Disclaimer: To address the growing use of ad blockers we now use affiliate links to sites like http://Amazon.com, streaming services, and others. Affiliate links help sites like Cord Cutters News, LLC stay open. Affiliate links cost you nothing but help me support my family. We do not allow paid reviews on this site. As an Amazon Associate I earn from qualifying purchases.

Please select all the ways you would like to hear from :

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.