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Walt Disney Co. will move out of the Fox Studio Lot, where it has been the primary occupant since 2019, the Los Angeles Times reported.
Disney bought most of 21st Century Fox’s entertainment assets in 2019 and moved into the lot, the LA Times reported. The transaction didn't include studio real estate, which is still owned by Fox.
Disney’s lease at the property expires in March 2026, but anonymous sources told the LA Times that Disney will be gone by the end of this year.
The company has spent the last year moving into space in Burbank, where it has a considerable and longstanding footprint, the LA Times reported.
While Fox executives spoke positively about their chances of backfilling the space, Disney's move-out will be significant. It wasn't immediately clear how much space Disney occupies at the lot, but it is the largest tenant at the site, and its lease generated $50M a year for Fox, according to the LA Times.
The entertainment industry is still working to rebound from the pandemic, worker strikes and industry shifts that have translated into fewer shooting days in Los Angeles.
Fox has a $1.5B upgrade to its Century City lot in the works that would add office space and soundstages to the property.
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