Time Warner has announced it will relocate its New York headquarters from Columbus Circle to the Hudson Yards development, according to Reuters.

The move was decided to bring all of its business ventures spanning from CNN to HBO in one building. The move will also help Time Warner save money.

Time Warner sold the space it owns in the Time Warner Center in Columbus Circle for approximately $1.3 billion.

The company moved to Columbus Circle, which is a mixture of condominiums, office space, and a shopping mall, 2004.

"By consolidating our space to Hudson Yards, New York's next great neighborhood, we will be able to reallocate substantial savings to our primary business of creating and sharing great storytelling in television, film, and journalism with audiences around the world," Jeff Bewkes, the chief executive of Time Warner, said in a statement, according to CNN.

The space was sold to Related Companies, which is owned by the Aby Dhabi Investment Authority (ADIA) and GIC, according to Reuters.

Time Warner will lease the space until 2019.

Over 5,000 employees from HBO, Turner, and Warner Bros. will be affected by the move according to CNN.

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