Hackman Capital Partners and Square Mile Capital have acquired Silvercup Studios, the high-profile independent film and television studio in New York City, for an undisclosed price from brothers Stuart and Alan Suna.
The acquisition, which includes the property’s operational components and equipment, was announced late Wednesday. It’s the seventh acquisition made by the joint venture’s media platform.
Founded in 1983 on the site of the Silvercup Bakery, the studio has three campuses in Long Island City and the Bronx, covering 10.4 acres with 23 sound stages totaling more than 240,000 square feet of offices and 265,000 square feet of production support space.
Silvercup’s three studio locations are the Main Lot and East Lot in Long Island City and Silvercup North in the Bronx. The company said each has a full slate of productions currently underway including HBO’s “Succession” and FX’s “Pose.” Silvercup was the production home to “Sex and the City,” “The Sopranos” and “30 Rock.”
The Wall Street Journal reported on Sept. 25 that the price of the deal was $500 million.
Alan Suna, who will continue as chairman of Silvercup Studios, said, “In 1983, my father Harry, brother Stuart and I started on this journey to build Silvercup Studios into one of the preeminent studios in New York. After 37 years, we sought to take on the right partner to help us further grow and develop the studio business as the industry has continued to thrive in New York City. After careful consideration, we chose the Hackman Capital Partners/Square Mile Capital Platform, including The MBS Group, because their leadership embodies the values that we hold dear, including retaining the dedicated team that helped us achieve so much success.”
The joint venture also owns The Culver Studios in downtown Culver City, Calif., and home to Amazon Studios; The Culver Steps, a recently-constructed building also home to Amazon Studios; Television City Studios, the former CBS broadcasting facility in West Hollywood; Manhattan Beach Studios, a 22-acre, state-of-the-art studio production facility in Manhattan Beach, Calif.; Second Line Stages in Louisiana; and The MBS Group, the studio operations company and provider of production equipment and services to more than 40 studios and over 300 sound stages globally.
Michael Hackman, CEO of Hackman Capital Partners, said, “As the leading independent owner and operator of studio properties, we are beyond thrilled to add the iconic Silvercup Studios to our portfolio of distinguished studio and media assets. We look forward to working closely with Silvercup’s founders as well as leveraging The MBS Group’s global platform to continue to provide a full suite of studio operations and ancillary services in New York to the world’s top content creators.”
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October 01, 2020 at 07:42AM
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Silvercup Studios Sold to Hackman Capital and Square Mile Capital - Variety
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