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WarnerMedia plans to sell CNN Center

June 30, 2020. Summarized by summa-bot.

CNN's parent company has made a big decision: CNN Center, the network's landmark building in Atlanta, is going up for sale.

New York (CNN Business)CNN's parent company has made a big decision: CNN Center, the network's landmark building in Atlanta, is going up for sale.

Pascal Desroches, the chief financial officer for WarnerMedia, which is comprised of CNN and other brands such as HBO and Warner Bros, said the company is prioritizing Techwood, another property it owns in Atlanta.

"Following the sale of the CNN Center, we plan to centralize most of our employees on the Techwood campus," Desroches wrote in an internal memo.

"This process will take several years, so we don't expect any immediate changes for employees working at the CNN Center. "

It will be a homecoming of sorts, since CNN was founded in 1980 at a former country club on Techwood Drive.

Still, the announcement will stir mixed emotions among CNN employees and Atlanta residents.

The CNN Center building has been the network's hub since 1987.

While most newscasts are now anchored from New York and Washington, CNN Center control rooms and production teams keep the network humming around the clock.

"The CNN Center is of great value to a third party that specializes in such developments. "

A corporate spokesman said the plan calls for a sale leaseback, meaning that CNN employees will stay at CNN Center for some time while the move is finalized.

CNN's New York offices and other parts of the enterprise moved to a new neighborhood, Hudson Yards, in 2019.

Time Warner evaluated a sale of CNN Center in Atlanta before the company was acquired by AT&T, a process that began in 2016.

"Now that we've had time to further evaluate, we've concluded that the best course of action is to sell the CNN Center. "

In Atlanta, the main location will be Techwood, about two miles north of the CNN Center facility.

Some time in the future, CNN will be back there.

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