Carsey-Werner May Go Up for Sale

Faced with a shrinking market for its bread-and-butter TV sitcoms, production studio Carsey-Werner-Mandabach is exploring a possible sale or partnership, the company confirmed Tuesday.

Carsey-Werner-Mandabach, based in Studio City, has hired investment banking firm UBS to scout potential suitors. The studio, which created such landmark hits as “The Cosby Show,” “Roseanne” and the quirky “3rd Rock From the Sun,” is Hollywood’s last independent TV production studio.

This is not the first time the firm has hung a “for sale” sign. This time, however, the three partners -- Marcy Carsey, Tom Werner and Caryn Mandabach -- might be more serious about selling, according to a source close to the company.

Some observers have estimated the value of the privately held company, which includes a library of thousands of hours of classic television shows, at $500 million to $1 billion.

Studio executives downplayed their latest venture into the marketplace, saying they were not interested in a speedy going-out-of-business sale. The firm employs about 75 people.

“As we have done in the past, we are exploring the possibility of different strategic partnerships or alliances,” Werner said in a statement. “This in no way changes the fact that we are still very bullish and excited about continuing to produce meaningful content.”

The studio has two shows on network schedules, including the popular “That ‘70s Show,” which has been sold into syndication and is set to begin its seventh season next fall on News Corp.’s Fox Broadcasting Co. The WB network, owned by Time Warner Inc. and Tribune Co., has also renewed its order for another season of “Grounded for Life.” Tribune also publishes the Los Angeles Times.

In addition, Carsey-Werner-Mandabach is delivering a new show for the Oxygen cable channel, “Good Girls,” scheduled to premiere next week. The three principals, Carsey, Werner and Mandabach, are investors in Oxygen Media Inc.

The studio has struggled recently, in part because of the consolidation of the media business. These days, the networks largely turn to their own television production arms for programming.

Just a year ago, Carsey-Werner-Mandabach had sold five shows to the major networks, including two first-year comedies for General Electric Co.’s NBC -- “Whoopi,” starring Whoopi Goldberg, and “The Tracy Morgan Show,” featuring the former “Saturday Night Live” comedian. Both of those shows have been canceled, along with a third, the computer-generated “Game Over,” which had a short run on the Viacom Inc.-owned UPN network.

Executives of the major networks announced last week that they were scaling back on comedies in favor of hourlong dramas and so-called reality shows.