Studios across Los Angeles owned by Hackman Capital could become even emptier after Warner Bros. gets a new owner.

Hollywood mogul Michael Hackman, once riding high on massive studio investments, now faces a potentially catastrophic blow amid the industry slowdown and Netflix and Paramount’s battle for dominance.

Hackman is the chief executive of Hackman Capital Partners. The company has invested in more than 330 properties, representing approximately 37 million square feet across the U.S., Canada and Europe.