Sony to Buy Culver Studios for Columbia Expansion
CULVER CITY, Calif. (AP) _ The Sony Corp., which owns Columbia Pictures, has signed an agreement to purchase the Culver Studios for $70 million to $75 million, a newspaper reported.
Columbia declined comment on the report in Friday’s Los Angeles Times. ″Corporate policy is to not talk about transactions that have not been completed,″ said Sidney Ganis, an executive vice president at Columbia.
The historic 17-acre lot, within walking distance of Columbia’s crowded studio complex, contains 14 state-of-the-art sound stages and is expected to serve as headquarters for Columbia’s television division, the newspaper reported.
Much of ″Gone With the Wind,″ including the burning of Atlanta scene, was shot on the Culver lot. Columbia is expected to take occupancy of the property this summer.
The studios were bought by Gannett Co., the Virginia-based newspaper chain that publishes USA Today, for $24 million in 1986. Gannett is said to have spent an additional $25 million on renovations.