Photo courtesy of Silvercup Studios
OCTOBER 2 0 2 0 I BOROMAG.COM 21
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IBY BILL PARRY t is official. The iconic Silvercup
Studios, the film and television
production company based in
Long Island City, has been sold
to a Los Angeles-based group of
investors.
Hackman Capital Partners and
Square Mile Capital made the formal
announcement on Thursday, Oct. 1,
that they had acquired the studio’s locations
in Long Island City, nearby Blissville,
and the South Bronx. Founded in
1983 on the site of the landmark Silvercup
Bakery, the studio has grown to
its current 23 sound stages across the
three campuses.
While terms of the deal were not disclosed,
the Wall Street Journal reported
that it was worth a half-billion dollars.
Alan Suna, who owned the company
with his brother Stuart, will continue as
chairman of Silvercup Studios.
“In 1983, my father Harry, my brother
Stuart and I started on this journey to
build Silvercup Studios into one of the
preeminent studios in New York,” Suna
said. “After 37 years, we sought to take
on the right partner to help us further
grow and develop the studio business
as the industry has continued to thrive
in New York City. After careful consideration,
we chose the Hackman Capital
Partners/Square Mile Capital Platform,
including The MBS Group, because their
leadership embodies the values that we
hold dear, including retaining the dedicated
team that helped us achieve so
much success. As deeply experienced
operators, they will help us continue the
Silvercup legacy into the future.”
In its 37 years, Silvercup Studios has
been home to television productions
including “Sex and the City,” “The Sopranos,”
“30 Rock” and, most recently,
“Succession.” It has also hosted dozens
of major motion pictures including
“When Harry Met Sally” and “The Devil
Wears Prada.”
Silvercup Studios represents the
seventh acquisition made by the joint
venture’s media platform including The
Culver Studios and Television City Studios
that was the legendary CBS broadcasting
facility in West Hollywood.
“As the leading independent owner
and operator of studio properties, we
are beyond thrilled to add the iconic
Silvercup Studios to our portfolio of
distinguished studio and media assets,”
Hackman Capital Partners CEO
Michael Hackman said. “We look forward
to working closely with Sivercup’s
founders.”
“We are delighted to add iconic Silvercup
Studios to our growing studio
and media portfolio and carry forward
the legacy and storied history that Alan
and Stuart Suna artfully created while
building Silvercup into one of the most
preeminent studios in New York,” Craig
Solomon, CEO of Square Mile Capital
Management, said. “Michael and I look
forward to an exciting collaboration
with the Sunas and their management
team.”
BUSINESS
THE END OF AN ERA Long Island City’s Silvercup Studios officially sold to West Coast investment group
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