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NBCUniversal, developer scrap $750M studio

January 5, 2012
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UNIVERSAL CITY, Calif.—NBCUniversal and a developer have scrapped plans to build a $750 million office and TV broadcasting center in Southern California.

Thomas Properties Group announced Wednesday that it will no longer pursue the 1.5 million-square-foot studio complex in Universal City.

NBCUniversal was to anchor the development across the street from its Universal Studios lot. The new complex would have become the center of its West Coast TV news operations.

Instead, NBCUniversal will revamp 150,000 square feet of existing studio space. Opening next year, it will house the local bureaus of NBC News and Telemundo, and Los Angeles TV stations KNBC and KVEA.

The Los Angeles Times (http://lat.ms/yeG6Ay) says NBCUniversal paid Thomas $9 million to back out of the deal.

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