It 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 HackmanCapital 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.”