L.A. Soundstage Giant Hudson Pacific Cuts Board Members As It Trims Expenses

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To reduce expenses during a slump in film and TV production, Los Angeles studio and real estate powerhouse Hudson Pacific is shrinking its board of directors by two positions. Executives Ebs Burnough and Christy Haubegger have stepped down from their roles, reducing the board size from 10 to 8 members, as stated by the company on Monday.

Victor Coleman, CEO of Hudson Pacific, noted that the new, streamlined board structure will provide the expertise necessary to steer our management team. This change also supports our continuous efforts to reduce expenses and generate value for shareholders. With our premium properties in key markets now receiving additional investment in AI technology and substantial boosts in California’s film and TV production incentives, I am optimistic about what lies ahead for Hudson Pacific.

Currently serving as the board chair of the Sundance Institute, Burnough previously held marketing and communications positions that encompassed being a senior advisor to Michelle Obama. Haubegger’s professional background includes stints as WarnerMedia’s chief inclusion officer and more than a decade working as an agent at Creative Artists Agency.

Hudson Pacific Properties, Inc., owns Sunset Bronson Studios, a Hollywood filming location that Netflix is currently renting, along with over sixty other stages. In addition to this, the company plays a significant role as a provider of production services through Quixote, which they acquired in 2022, and Star Waggons, a trailer brand they obtained in 2021.

During the surge of Peak TV and pandemic-era streaming boom, Hollywood soundstages were highly sought after by investors due to studios’ increased spending on content. However, nowadays, it’s noteworthy that a significant L.A. soundstage operator is emphasizing their involvement in the wave of AI investments, which have ignited a tech office space growth spree. As Coleman stated during a May earnings call, “AI is expected to continue shining in the tech sector and consequently for AI-focused office leasing, with over half a million square feet rented in San Francisco in the first quarter, showing a substantial year-over-year increase.

As a gamer, I’ve noticed that the bustling atmosphere in L.A.’s film industry has been taking a hit lately. Major studios seem to be holding back on investing heavily in movie and TV productions, traditionally filmed here. The occupancy rates have dipped significantly over the past few years – from 90% in 2022, down to 69% in 2023, and further to 63% in 2024, according to FilmLA’s data.

On a recent earnings call, Coleman pointed out that California has seen more new production starts this year compared to other North American and U.K. markets. However, the recovery seems to be favoring feature films over episodic TV shows, which is crucial for Los Angeles productions.

It seems that Hudson Pacific’s occupancy rates are slightly above the L.A. average. As of the end of March, their studio portfolio was 73.8% occupied, which is a decrease from the 76.9% occupancy rate in the previous year. A S&P Global Ratings bulletin from late May indicates that the company may face ongoing challenges with studios and offices, potentially impacting its key financial metrics over the short term, and limiting access to capital.

As a gamer, I’m banking on the bright side of this year – the expansion of California’s film and TV tax incentive to $750 million. It might just be the game-changer production in the state needs after a rough start.

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2025-07-01 00:24