Entertainment

Citation sold to Hudson Pacific for $360 million to create studio service, audio giant – The Hollywood Reporter

The real estate giant and studio operator Hudson Pacific is making another famous Hollywood acquisition, announcing a $360 million deal to buy Quixote Studios, a production-service rental company. leading production and stage with a large presence in Los Angeles.

Mikel Elliott, who founded Quixote in 1995, will continue operations following the acquisition of Los Angeles-based Hudson Pacific, led by CEO Victor Coleman. Hudson said it financed the deal by borrowing $200 million from its credit facility, plus $160 million plus interest due in December 2023.

Across the audio, production supplies and transportation businesses, Quixote operates 23 rental stages in Los Angeles, 3 stages in New Orleans as well as 425 trailers and motor homes and 70 studio trucks. Recent studio customers have included Apple TV+ by MorningBy Paramount YellowstoneDisney’s Jungle Cruise and HBO Insecure, as listed in a presentation of the deal.

The acquisition is the latest major purchase for Hudson Pacific, owner of Sunset Bronson Studios, a Hollywood stage that Netflix currently leases, out of 63 existing purpose-built stages. In September of last year, Hudson Pacific acquired the main trailer for Star Waggons and Zio Studio Services in a $222 million deal to bulk increase its studio offerings.

Hudson Pacific’s offering to investors is that the Quixote acquisition will provide opportunities for scale and synergy. “The 89 combined stages globally leverages Sunset Studios’ ability to capture unmet demand by increasing stage capacity,” Hudson Pacific revealed in its presentation. Another point of agreement reads: “Create a one-call solution for customers to capture a larger share of production budgets with the addition of manufacturing supplies, a business of handles and owned lighting, and enhanced transportation business”.

Quixote has soundstage locations in West Hollywood, Hollywood, Griffith Park and Sylmar and in February took over a lease on Chandler stages in the San Fernando Valley, which hosts all of NBC’s productions of seasons. Office.

“Quixote strengthens our reach to capture strong secular demand for studios and related properties, including excess demand at our Sunset Studios locations, and enables them I achieved instant economies of scale while further diversifying my customer base,” said Hudson Pacific’s global executive vice president of studios and services Jeff Stotland.

More will come.

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