The giant de las inversiones inmobiliarias and studios operator Hudson Pacific is making another acquisition in Hollywood, announcing an agreement of 360 million dollars to acquire Quixote Studios, a leading company in services of production and rental of stage equipment with a great presence In Los Angeles.
Mikel Elliott, who founded Quixote in 1995, will remain following the acquisition of Los Angeles-based Hudson Pacific, led by CEO Victor Coleman. Hudson said he financed the deal with a $200 million loan from his line of credit, with an additional $160 million plus interest due in December 2023.
In its sound studio, production supply and transportation businesses, Quixote operates 23 rental stages in Los Angeles, 3 stages in New Orleans, as well as 425 trailers and trailers and 70 studio trucks. Recent studio customers have included Apple TV+s morning showSupreme yellow stonedisney jungle cruise and hbo UnreliableAs indicated in the offer presentation.
The purchase is the latest major acquisition by Hudson Pacific, which owns Sunset Bronson Studios, a Hollywood location currently leased by Netflix, among its 63 purpose-built locations. Hudson Studios Sunset Department of Transportation offers 832 RVs/RVs, 281 studio trucks and 294 location service vehicles.
Last September, Hudson Pacific acquired towing company Star Wagons and Zio Studio Services in a $222 million deal to expand its studio services offering. The deals follow an investment by private equity giant Blackstone, which acquired a significant stake in Hudson Pacific in 2020, when the company aimed to acquire studios in Los Angeles and other markets.
Hudson Pacific’s argument for investors is that the Quixote deal will offer the scale and synergies to capture more of what it calls a $220 billion global opportunity in manufacturing spending. The agreement will also offer geographic complements to the company’s existing locations, including a presence in New York, Atlanta, New Orleans and Los Angeles. “Merging 89 stages globally will allow us to capture unmet demand for Sunset Studios by increasing stage capacity,” Hudson Pacific said at a presentation.
The combination will also fuel expansion in the US, Hudson Pacific said. “Sunset and Quixote Studios have existing operations in media markets, but will look to optimize combined transportation assets and production inventory in high-cost markets such as New York, Louisiana, Georgia and New Mexico,” the statement read.
Quixote, which has 325 employees, has stages in West Hollywood, Hollywood, Griffith Park and Sylmar, and in February took over the location of Chandler Stages in the San Fernando Valley, which has hosted productions each season from NBC. Office.
“Quixote increases our availability of studios and related assets to accommodate secular demand, including excess demand at our Sunset Studios locations, and allows us to realize immediate economies of scale while further diversifying our customer base,” said Hudson Pacific. Global, vice president. Jeff Stotland Studios and Services.
Quixote’s Elliott added that the deal “will address new production challenges in the age of streaming content and beyond.”
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
