Designed by architect William Pereira and Charles Luckman,[1] Television City opened in 1952 as a dedicated electronic (video) production facility, the second CBS network show factory in Southern California, paralleling 35mm film production at CBS Studio Center in the Studio City section of the San Fernando Valley.

In 2018, CBS sold Television City to the real estate investment company Hackman Capital Partners while continuing to exclusively lease its space.

[5] As a result of this possibility, the city of Los Angeles is taking steps (as of May 2018) to officially declare the facility a historic and cultural monument.

[6] CBS Corp. sold Television City to Los Angeles real estate investment company Hackman Capital Partners for $750 million in a deal finalized on December 10, 2018.

[2] The stark modern architecture at Television City consists of black and white planes meeting at razor-sharp corners, with accents of dazzling red, the work of Pereira & Luckman of Los Angeles.

The studio facility was built to handle the larger production needs for the network, most of which took place at the rather cramped CBS Columbia Square.

In 2021, Hackman announced plans for a major, $1.25 billion redevelopment of the facility, which will expand Television City to at least 15 soundstages, and add additional office space.

[9] In March 2023, due to the redevelopment, Fremantle announced that The Price is Right would relocate to a newly leased facility in Glendale after having filmed at Television City for 51 consecutive seasons.