ViacomCBS said on Tuesday that it would sell CBS Studio Center, the set of the popular comedy "Seinfeld" for almost $1.85 billion in order to create capital for strategic investments such as streaming services.

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Hackman Capital Partners LLC and Square Mile Capital Management LLC will buy the studio, which is located in the extremely competitive Los Angeles studio market. There are 22 stages, a production office, and other structures on the more than 1 million square foot complex.

In September, ViacomCBS announced that it was revamping Paramount Pictures' movie and television production unit as part of a larger shakeup aimed at increasing programming for its cable and streaming services.

The deal, which is scheduled to finalize this year, comes at a time when media corporations are racing to increase content development in a streaming-first world.