Major changes could be in store for The Young and the Restless and The Bold and the Beautiful: both soap operas may be forced to move production, as CBS is reportedly pondering selling the historic Television City studios in which the series are filmed.
The famed studios, located at Fairfax Avenue and Beverly Boulevard in the heart of the Fairfax district in Los Angeles, are rumored to be valued between $500 million and $750 million -- which is quite a tempting figure for the TV network that purchased the property in 1950 in order to expand television production in Hollywood.
A source who preferred to remain anonymous told the Los Angeles Times that the process of marketing the property began after CBS received unsolicited offers for the studios. CBS then reportedly hired real estate brokerage Eastdil Secured to manage the fact-finding process as they mull over selling options.
In the grand scheme of things, a sale seems likely. Only one program owned outright by CBS, The Late, Late Show With James Corden, shoots at Television City (Y&R and B&B are owned by outside productions companies); most CBS-owned shows are filmed at the company's primary studio space on Radford Avenue in Studio City.
Meanwhile, although some executive offices remain at Television City, CBS' biggest business at the complex is that of landlord. The company leases seven of its eight soundstages and other studio space to third parties like ABC's Dancing With the Stars and the game show The Price is Right (which has been shot on the same soundstage -- Stage 33 -- since 1972).
If CBS does indeed decide to sell the property, it could be a loss for the history of entertainment and American pop culture.
"Television City represents the pinnacle of high production standards in television," said Jim Shea, a video editor for the NBC-owned television station in Boston, WBTS. "The site ought to be declared a national historic landmark because of the number of legendary programs that emanated from that facility and the people who passed through its doors -- it's a who's who of luminaries in television."
Sources say the property review is in the early stages, and CBS has yet to make a decision about Television Studios' future.
How would you feel about CBS making the decision to sell Television Studios? Do you think a move to a different studio would affect the magic of B&B and Y&R? We want to hear from you -- and there are many ways you can share your thoughts.