ATLANTA, Ga. (CBS46) -- The CNN Center will soon be listed as 'for sale' according to its parent company WarnerMedia who plans to part ways with the building.
The announcement came Monday, June 29 -- just a little over two years after Time Warner and AT&T
WarnerMedia released the following statement:
"We are consolidating our WarnerMedia Atlanta operations in our recently renovated and redesigned Techwood campus. This will increase collaboration and optimize use of Techwood, which was created to be a state-of-the-art hub for our diverse business portfolio. As part of these changes we are selling the CNN Center, which is a retail center, well positioned in the downtown entertainment area of the city. Once sold, we will lease back the property for a minimum of five years. There will be no immediate impact to employees working at the CNN Center."
Employees were notified of the news from WarnerMedia's Chief Financial Officer Pascal Desroches in a letter that read in part:
"A part of efficiently running a business is constantly examining the operations to make sure we’re making the best use of our assets, including real estate. Prior to its sale to AT&T, Time Warner was assessing the company’s Atlanta operations. This resulted in extensive renovations to the Techwood campus, including a state-of-the-art Master Control distribution facility. At the time, we were also considering the best future use of the CNN Center. These discussions were put on hold until the completion of the merger. Now that we’ve had time to further evaluate, we’ve concluded that the best course of action is to sell the CNN Center."
The center, which has served not only as CNN's current downtown offices, is also home to several restaurants and stores. Built in 1976, the building has been a major part of the city's skyline including the iconic CNN sign -- the 24-hour news channel was not launched until 1980 -- located on Centennial Olympic Park Drive.
Most recently the building made headlines as protest disruptors caused damage to windows and the CNN sign during an early June demonstration.
Moving forward, WarnerMedia says the center will continue to serve as an entertainment destination.
As for employees, the company intends to relocate most to its redesigned Techwood campus. The process is expected to take several years.
"We don’t expect any immediate changes for employees working at the CNN Center. Similar to Hudson Yards in Manhattan and the announcement of new office space in Los Angeles at Ivy Station, we feel the long-term benefit of being in one location will be a more collaborative workforce.
Last year, WarnerMedia dedicated the campus to news-media pioneer Ted Turner.