DISPATCHES FROM THE BLUE ZONES: Quixote Studios Lays Off 70, Winds Down L.A. Locations Amid Production Slump.

Hudson Pacific Properties bought the company in 2022 for $360 million, but has since had to write down the entire value of its Quixote unit due to heavy operating losses.

“Obviously, clearly it was not the best deal we’ve ever done, but if you compare that to everything else we’ve done, then we’re doing okay,” said Victor Coleman, the chairman and CEO of Hudson Pacific, at an investor conference in March. “We think that we have multiple alternatives with that asset that we can make it zero or at least flat at the end of the year.”

Quixote is kind of a big deal in L.A., where film and TV production jobs are down something like 40% from post-COVID highs.

Previously: Hollywood Is Sick — but It’s L.A. That’s Dying.