Real-estate buyers at Blackstone Group Inc. are entering into present enterprise.
They’re doing it not by making films or TV reveals themselves, however by buying stakes within the manufacturing amenities and different actual property the place firms like Netflix Inc. and the Walt Disney Co. are creating content material.
Blackstone on Sunday took its largest step on this route when the New York investment agency signed a deal to take a 49% stake in a enterprise that may personal three film-studio heaps and 5 adjoining workplace buildings in Hollywood, Calif., valuing the properties at $1.65 billion.
The studios’ present proprietor, Hudson Pacific Properties Inc., or HPP, will preserve a 51% stake within the enterprise and can proceed managing the properties, which embrace the Sundown Bronson, Sundown Gower and Sundown Las Palmas studios, the businesses mentioned. Netflix, CBS and Walt Disney are among the many amenities’ clients, in line with HPP.