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CBS sold its venerable Television City production facility, one of Hollywood’s most storied production studios, in a deal the company says will give it more flexibility to invest in content for digital audiences.

CBS said Monday it signed a definitive agreement to sell the sound stages and studios that have hosted programs ranging from “All in the Family” to “The Late Late Show with James Corden” for more than half a century to Los Angeles real estate developer Hackman Capital Partners for $750 million. Under terms of the agreement, As part of  Hackman Capital will also have the rights to use the Television City trademark in connection with its operations on the property.

CBS programs housed at the site, which include “Late Late Show,” “The Price is Right” “The Young and the Restless” and “The Bold and the Beautiful” will continue to be produced on the studio campus for “at least the next five years,” the company said.  CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site. Television City has in recent months hosted productions including HBO’s “Real Time with Bill Maher” and ABC’s “Dancing with the Stars.”

“The sale of Television City unlocks significant value, increasing CBS’ financial flexibility, including the ability to redeploy capital for strategic growth initiatives such as additional content investment,” said Joseph Ianniello, CBS’ president and acting CEO, in a prepared statement. “At the same time, we will be transitioning this venerable site to a new owner who is committed to its legacy as both a cultural landmark and modern production facility. Hackman Capital has demonstrated terrific stewardship of classic properties, including their development of the landmark Culver Studios.”

CBS also owns the 40-acre CBS Studios Center in Studio City, Calif, which it said will remain the company’s primary production facility. That campus is home to the broadcast network, CBS Television Studios and CBS Television Stations KCBS and KCAL.