Studio lot hit by Hollywood slump

Lenders are taking over historic Radford site, where 'Seinfeld,' others were filmed.

- BY ROGER VINCENT

Photographs by GARY CORONADO Los Angeles Times FOUNDED in 1928, the studio lot was home to "Leave It to Beaver," "Gilligan's Island" and other TV hits.

Radford Studio Center, the storied movie lot that gave Studio City its name, is in financial distress and is expected to be returned to lenders as declining film and television production racks the entertainment industry.

Formerly known as CBS Studio Center, the Los Angeles lot has been home to generations of landmark television shows including “Gunsmoke” and “Seinfeld.”

Hackman Capital Partners, one of the world’s largest independent studio operators, has defaulted on a $1.1-billion mortgage and investment bank Goldman is leading a takeover of the historic property. Bloomberg first reported on the news.

The move follows Hackman’s aggressive push in recent years to buy up studios to capitalize on anticipated growth, especially in the TV business. As of last year, the company had $10 billion in assets under management.

Founded by silent film comedy legend Mack Sennett in 1928, the lot became known as “Hit City” in the decades after World War II as popular TV shows such as “Leave It to Beaver,” “Gilligan’s Island,” “The Mary Tyler Moore Show,” “The Bob Newhart Show” and “Will & Grace” were made there.