Real estate agency Hudson Pacific has acquired stage and production services provider Quixote Studios for $360 million.
Established in 1995 by Mikel Elliott, Quixote Studios is one of the largest sound stage and production services providers in the entertainment industry. The company helps rent sound stages, casting trailers, trucks, lighting equipment and other infrastructure needed for the production. Quixote has 325 employees, long-term rental rights to 23 sound stages in Los Angeles, and works for notable clients including Disney, HBO, Warner Bros., Sony, Paramount, and NBCUniversal.
As part of the deal, Elliott will remain in a leadership position at Quixote. In addition to Quixote, Hudson Pacific also owns rental company Sunset Studios, which operates 60 stages at five studios around Los Angeles and the UK. The company has worked with such high-profile productions as Apple TV+’s “The Morning Show”, Paramount Network’s “Yellowstone”, HBO’s “Curb Your Enthusiasm” and “Insecure”, among others.
“Our acquisition of Quixote Studios represents a further execution of our strategy to enhance our core studio business for clients with a comprehensive sound stage offering, both in size and location, and on-site production services. major global markets,” Jeff Stotland, Hudson Pacific’s executive vice president of global studios and services, said in a statement. “Quixote strengthens our reach to capture strong secular demand for studios and related assets, including excess demand in our Sunset Studios locations, and allows us to realize immediate economies of scale while further diversifying our customer base.”
Hudson Pacific’s purchase of Quixote follows its acquisitions last year of iconic trailer rental service Star Waggons and Zio Studio Services.
Intrepid acted as financial advisor to Hudson Pacific, with Latham & Watkins LLP serving as legal advisor to the company. American Discovery Capital and Shepard Mullin acted as financial advisor and legal counsel to Quixote Studios.
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