Hudson Pacific Cuts Board From 10 to 8 Amid Studio Market Downturn

Hudson Pacific Properties has reduced its Board of Directors from 10 to 8 members by the voluntary resignations of Ebs Burnough and Christy Haubegger as part of efforts to cut corporate costs and create a more efficient governance structure. CEO Victor Coleman emphasized that the streamlined board maintains the necessary experience to guide management and supports value creation for shareholders. The company owns a significant portfolio of office and soundstage properties in key tech and media markets, including Sunset Bronson Studios, which Netflix leases. Hudson Pacific is optimistic about its studio business benefiting from California's increased film and TV production incentives and AI-driven tech office leasing growth. Despite financial challenges such as declining revenues and high leverage, the company has undertaken strategic financial maneuvers, including large financing and equity raises, and continues to focus on leveraging its niche in tech and media real estate. Analyst ratings remain mixed, reflecting current profitability struggles but recognizing potential for future liquidity and leasing improvements.