Time Warner May Sell HQ, Move to Hudson Yards

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July 2 (Bloomberg) -- Time Warner is close to a deal to sell its headquarters to Related Cos. for more than $1.3 billion and move to a new skyscraper planned on Manhattan’s far west side, a person with knowledge of the negotiations said. Bloomberg's David Levitt reports on Bloomberg Television's "Money Moves." (Source: Bloomberg)

Market.

Time warner moved into that building 10 years ago which is really not that long.

What is going on, just too expensive?

The world has changed since they made those decisions.

It is a lot more competitive with the internet, start-ups.

They do not take -- so media is not profitable as it once was?

Fair comment.

They do not take themselves for granted as much as they used to be done so there is a potential plan in place.

What are you hearing?

The potential plan, which is nowhere near finalized, would involve them selling their offices.

They own about 1.3 million square feet at time warner center.

They would sell that to the developer.

Then they would move to a new tower which happens to be building at the hudson yards site.

The last time we talked about this was in the york city's bid for the olympics, talks about a football stadium.

So is this a pivot?

The pivot occurred a few years back.

I should have said redemption story.

Clearly, they have been planning for a number of years to make the hunts and yards -- hudson yards into the next great expansion of midtown.

What will happen with the space in the time warner center?

Who will really need all that space?

They have five years to figure that out.

The way the deal would work, they would lease back the space that they sold related for about five years, which is about the time it would take to build the new tower.

In the meantime, they could work on that.

It is a splendid location, right off of central park, people paying big money to have offices in that space.

Great to have you with us, david.

This text has been automatically generated. It may not be 100% accurate.

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