Real estate agency Hudson Pacific has acquired soundstage and production services provider Quixote Studios for $360 million.
Established in 1995 by Mikel Elliott, Quixote Studios is one of the biggest providers of sound stages and production services in the entertainment industry. The company helps to rent soundstages, cast trailers, trucks, lighting equipment and other infrastructure necessary for production. Quixote has 325 employees, long-term lease rights to 23 soundstages in Los Angeles and works for notable clients including Disney, HBO, Warner Bros., Sony, Paramount and NBCUniversal.
Under the deal, Elliott will remain in a leadership position at Quixote. In addition to Quixote, Hudson Pacific also owns Sunset Studios rental company, which mangages 60 stages in five studio lots around Los Angeles and in the United Kingdom.
“Our acquisition of Quixote Studios represents further execution of our strategy to enhance our core studio business for customers with a full-service offering of sound stages, both in terms of size and location, and production services in key global markets,” Jeff Stotland, Hudson Pacific’s executive VP of global studios and services, said in a statement. “Quixote strengthens our reach to capture strong secular demand for studio and related assets, including excess demand at our Sunset Studios locations, and enables us to achieve immediate economies of scale while further diversifying our client base.”
Hudson Pacific’s purchase of Quixote follows its acquisitions last year of the iconic Star Waggons trailer rental service and Zio Studio Services.
Intrepid served as financial adviser to Hudson Pacific, with Latham & Watkins LLP serving as the company’s legal adviser. American Discovery Capital and Shepard Mullin acted as financial adviser and legal advisor to Quixote Studios.
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