Stories for April 2015
Thursday, April 30
DreamWorks Animation SKG Inc. reported a wider first-quarter loss on Thursday due to restructuring charges as it continues to downsize
Interlink Electronics completes move to Westlake Village. AeroVironment announces several management changes.
DineEquity Inc. enjoys higher same-store sales Strong dollar hurts Teledyne Technologies. Ryland Group benefits from improving housing market.
Wednesday, April 29
A fat-dissolving drug from Kythera Biopharmaceuticals Inc. that reduces double chins was approved by the Food and Drug Administration Wednesday.
A Universal City office building has sold for $3.9 million in an off-market, all-cash transaction that illustrates investor demand for office properties.
Pierce College President Kathleen Burke is in discussions to take a position with the Los Angeles Community College District.
Avery Dennison Corp. beat earnings expectations in the first quarter, while On Assignment missed because of poor weather.
Tuesday, April 28
DreamWorks Animation’s AwesomenessTV online teen network is getting into the feature film business with YouTube, the companies announced on Tuesday.
The owners of a defunct Palmdale marijuana dispensary have been arrested after refusing to provide workers' compensation for a guard shot and injured in robberies, the L.A. County District Attorney’s office announced on Tuesday.
Microsemi Corp. closed its acquisition of Vitesse Semiconductor Corp. on Tuesday in a deal valued at $389 million. Albertsons Inc. has sold the 10-acre Quartz Hill Plaza in Palmdale for $13.6 million to a Scottsdale real estate investment trust. PS Business Parks Earnings
Monday, April 27
Apollo Medical Holdings Inc. has announced a 1-for-10 reverse stock split as part of a plan to join the Nasdaq.
Anthem Blue Cross on Monday showed off a $1.1 million landscaping project at its Woodland Hills offices that replaced an expansive lawn with drought-tolerant plants.
Palmdale and the California High-Speed Rail Authority announced agreement to begin planning for a rail station in the Antelope Valley. Aerospace giant GenCorp Inc. changed its name to Aerojet Rocketdyne Holdings Inc. to highlight the importance of its San Fernando Valley subsidiary.
Friday, April 24
Warner Bros. is partnering with toymaker Mattel Inc. to launch a product line based on female superheroes and villains from the studio's DC Comics division.
Richard J. Weller has been appointed chief financial officer and executive vice president at Wesco Aircraft Holdings Inc.
The Los Angeles Planning Commission unanimously recommended on Thursday that a proposed sound stage complex in Sun Valley receive a conditional use permit and required variances from zoning rules.
Superior Industries International Inc. announced on Friday that a major proxy advisory firm has recommended that Superior shareholders vote for the company’s slate of directors.
Thursday, April 23
Technicolor S.A. and Deluxe Entertainment Services Group Inc. announced Thursday an agreement to create a digital cinema joint venture.
A state appeals court has upheld an L.A. County environmental review for a portion of the mammoth Newhall Ranch community in the Santa Clarita Valley.
DreamWorks Animation’s AwesomenessTV online teen network will launch a second network later this year aimed at mothers in the millennial generation.
Television ads for Verizon’s new pay-TV package service, FiOS Custom TV, have been pulled from channels owned by Walt Disney Co. in Burbank.
Wednesday, April 22
Cheesecake Factory Inc. on Wednesday reported fiscal first quarter profit that exceeded analyst estimates, while missing on revenue.
Valley Councilman Mitch Englander announced on Wednesday that he is running to replace County Supervisor Michael Antonovich, who is termed out.
California Insurance Commissioner Dave Jones on Wednesday called on Anthem Blue Cross to lower rate hikes for some certain individual policyholders, calling the company’s recent rate changes “unjustified and unreasonable.”
Antony Ressler, the chief executive of Century City private equity and debt firm Ares Management, has agreed to buy the National Basketball Association’s Atlanta Hawks for about $850 million, sources told ESPN.
Hollywood Software makes acquisition. Aviation pioneer Burt Rutan founds startup for remote-controlled planes. Another report finds Valley homes sales up in March.
Tuesday, April 21
Amgen Inc.’s first quarter results beat analyst expectations Monday and the company raised its guidance for the rest of the year.
An Agoura Hills shopping center off the 101 freeway near Kanan Road has sold for $27.8 million, or about $768 a square foot.
Valley builders qualify for bullet train bidding; Capstone sells turbine in Colombia.
Monday, April 20
Warner Bros. Pictures and Imax Corp. have extended their partnership for five years with a deal to release up to 30 of the Burbank studio’s biggest upcoming films in the large-screen format.
The Daily Breeze, the daily newspaper coving Los Angeles County’s South Bay, has won a Pulitzer Prize for local reporting.
A federal judge ruled in favor of a filmmaker suing Walt Disney Co. for copyright infringement involving the trailer for Disney’s animated hit, “Frozen.” Former Walt Disney Studios Chairman Dick Cook has started a media production company with a $150 million investment from a Chinese conglomerate.
AEROSPACE: Work nearing end in Mojave on world’s largest jet plane.
The world’s largest plane will soon taxi down a runway in Mojave.
INVESTMENT: Dilution takes toll on vaping company.
Vapor Hub’s products may replace cigarettes, but its finances could still go up in smoke.
Mike Bernback fears more litigation from city in contract feud.
Ready Golf prevails in a four-year lawsuit against the city.
Gov. Rick Scott visits Valley group to talk business friendliness.
Why a local business group provided a podium to Florida Gov. Rick Scott.
FOOD: The Candy Factory has leveraged its Hollywood appeal, serving award shows and making celebrity-branded chocolates.
When movie stars want a chocolate, they call NoHo’s Candy Factory.
TRANSACTION: Media giant gets in on action with $250 million stake in DraftKings.
The investment by Walt Disney Co. in fantasy sports betting startup DraftKings Inc. may not be huge, but it offers to attract the younger online demographic that most media companies and advertisers seek.
EXPANSION: Shop for do-it-yourself florists opens at revamped shopping center.
Luna Garden Events, an event-planning company, will open its first retail outlet this summer in Westlake Village following the “do-it-yourself” trend now popular in retail.
L.A.’s growing Latino population has more buying power than many realize. But developers are catching up with a trend changing retail.
Latino supermarkets have become anchors at cross-cultural centers across the greater Valley.
Roberto Litwak helps Latin American retailers connect with U.S. shoppers.
Morton Capital Management exemplifies the Conejo Valley office market.
Burbank and Glendale’s office markets continued their recovery, highlighted by large deals completed last quarter.
With several of the Santa Clarita Valley’s leading industries recovering, the office market made incremental progress last quarter that appears to be setting the stage for future gains.
There was little activity in the Antelope Valley industrial market during the quarter despite the economic recovery – for good reason. There simply is little desirable product available.
News and notes from the greater San Fernando Valley
The U.S. Fish & Wildlife Service said that a snail found at a proposed gold and silver mine may warrant protection under the Endangered Species Act, possibly slowing the opening of Golden Queen Mining Co. Ltd.’s Soledad Mountain project.
Customers will face a mix of surcharges and incentives to reduce water consumption permanently.
Will free markets or government regulation solve the drought?
Will free markets or government regulation solve the drought?
Several large deals got the year off to a bright start in the San Fernando Valley, despite a surprising jump in the vacancy rate.
L.A. Talk Radio finds ‘broadcast’ success online
Want to speak your mind behind the microphone? L.A. Talk Radio will provide the air.
NEO Tech puts together Make In L.A. to focus on manufacturing.
Micro manufacturer NEO Tech sets up an in-house accelerator.
CANNABIS: Speed Weed still in business despite city’s crackdown.
Logistics software powers Speed Weed’s system for delivering pot.
Friday, April 17
Los Angeles County’s unemployment rate fell to 7.6 percent in March as the county added 28,400 jobs, according to state figures released Friday.
Venture capital investment in Los Angeles and Orange counties nearly tripled to $1.6 billion in the first quarter, according to the Money Tree report released Friday by PricewaterhouseCoopers LLP and the National Venture Capital Association.
San Fernando Valley home and condominium sales surged in March as the traditional home-buying season got off to an unexpectedly strong start, according to a Southland Regional Association of Realtors report released on Friday.
A Sherman Oaks Neighborhood Council committee gave an informal thumbs up on Thursday night to plans by Beverly Hills developer Raffi Cohen to build an eight-unit, small-lot subdivision in the community
Japanese light-rail manufacturer Kinkisharyo USA Inc., aerospace giant Northrop Grumman Corp. and financial software developer Blackline Systems Inc. were among companies with Valley-area operations receiving state job tax credits this week.
The world’s largest plane could be completed before year’s end at the Mojave Air & Space Port in a new space race to launch satellites at lower cost
Developers and lenders are finally seeing the opportunity to serve the growing Latino retail market, a heartening trend highlighted in our Real Estate Quarterly Special Report.
Thursday, April 16
DreamWorks Animation SKG Inc. Chief Executive Jeffrey Katzenberg took a 53 percent cut in his salary in 2014 after not receiving performance-based incentives, according to documents filed with the Securities and Exchange Commission.
The month of March brought a familiar seasonal surge in Southern California home sales – but it also saw a sharp increase in foreclosures in L.A. County, according to two reports released on Thursday.
Cherokee Global Brands beats Wall Street expectations, Amgen heart drug gains approval.
Wednesday, April 15
A state appeals court panel has decided in favor of Wal-Mart Stores Inc.’s proposal to build a superstore in Burbank.
Talon International Inc. announced the resignation of its chief executive officer of 15 years on Tuesday.
Semtech Corp. announced Wednesday it has completed the sale of its defense and microwave communications business.
Tuesday, April 14
The president of Anthem Blue Cross in California is leaving the insurer for a different job in the health care industry.
Location filming in the Los Angeles area dropped 3 percent in the first quarter of 2015, according to a report released Tuesday by FilmL.A.
Tutor Perini wins $117 million contract, Merex Group reorganizes its portfolio companies.
Monday, April 13
Converting the Orange Line busway into light rail would cost at least $1.2 billion and should not be pursued until ridership grows, according to a study done by the Los Angeles County Metropolitan Transportation Authority.
Struggling Capstone Turbine Corp. has eliminated three executive positions in a move expected to reduce expenses.
Surf Air adds Burbank flights. Signature Group Holdings changes name. Prop company signs Van Nuys warehouse lease.
Friday, April 10
Home furnishing retailer Ikea paid $46 million for the 22-acre Burbank site where it has begun demolition in preparation for constructing its largest U.S. store.
Joint Radio Shack-Sprint stores open in the greater Valley. Natel Engineering Co. changes its name to NEO Tech following merger. Electro Rent Corp. posted lower profit and revenue in the fiscal third quarter.
Thursday, April 9
The U.S. Fish and Wildlife Service announced Thursday that a snail found at a proposed $1 billion gold and silver mine in the Antelope Valley may warrant protection under the Endangered Species Act – possibly slowing the opening of the mine.
Shares of Ceres Inc. rose more than 600 percent on Thursday – despite a quarterly loss – following an eight-for-one reverse stock split by the energy crops developer.
Wednesday, April 8
A Reseda Boulevard property that housed a long-time San Fernando Valley Cadillac dealership has been sold for $5.7 million to a Beverly Hills developer.
Federal antitrust regulators have declined to review the proposed $489 million acquisition of Camarillo’s Vitesse Semiconductor by Orange County competitor Microsemi Corp.
Los Angeles Mayor Eric Garcetti on Wednesday announced a plan to make the city more environmentally sustainable and to create 15,000 more “green” jobs by 2017.
Tuesday, April 7
TWC Aviation in Van Nuys has been acquired by a Houston rival, creating one of the largest private charter fleets operating out of the United States.
Superior Industries International Inc. has issued a letter to shareholders urging them to vote for the company’s slate of directors in an ongoing proxy fight.
Caruso Affiliated is purchasing the former Masonic Temple in Glendale and plans to repurpose it as a mixed-use building next door to its Americana at Brand shopping center.
Business Partners LLC, a Northridge company that brokers loans and provides risk-management services for credit unions in 40 states, has brought in a new leadership team and changed its brand identity.
The Los Angeles County economy will continue its strong growth this year and beyond, according to a forecast to be released this morning from Loyola Marymount University and Beacon Economics.
Aerojet Rocketdyne received an $18 million NASA contract to develop an electric propulsion thruster that can be used on future unmanned deep-space missions.
Monday, April 6
A federal court judge has dismissed a lawsuit against DreamWorks Animation SKG Inc., Walt Disney Co. and several other media companies over allegations they broke antitrust laws by conspiring to not hire each other’s employees in order to keep salaries down.
Passenger traffic at Burbank Bob Hope Airport improved by a little over 2 percent in February compared to the same month last year.
Wesco names CEO. IPC acquires doctors group. Amgen drug approved for new uses in Europe.
REAL ESTATE: Old Daily News site slated for 379 apartments, offices.
The former offices of the Daily News are scheduled for mixed-use development.
Newbury Park dentist removes amalgam, a controversial practice.
Newbury Park dentist specializes in removing amalgam fillings.
Chatsworth firm delivers trolley car to Middle East city.
Chatsworth trolley maker lays new track in Dubai.
Camarillo man’s diet app for dogs snapped up for $2 million.
Pet obesity inspires one entrepreneur to write a $2 million app.
TOYS: American Greetings revives teddy franchise with apps, dolls and Netflix series.
American Greetings plans a digital comeback for the Care Bears.
TRANSACTION: San Francisco private equity firm wants to speed growth at Triton.
Digital audio software developer Triton Digital was sold last month by its private equity backers to a technology-focused investment firm in San Francisco.
PHARMACEUTICALS: Biotech pursuing its own strategy to develop copycat drugs.
At first glance, it seems that Amgen Inc. might be the poster child for established biotechs about to get their business models upended by the new world of “biosimilars.”
SERVICES: Topanga Terrace partnering with non-profit founded by accident victim.
Recovering from a traumatic injury is not merely a physical journey, but requires healing from mental and emotional trauma as well.
Hakan Edstrom has taken over as MannKind’s CEO and is leading commercialization of its breakthrough Afrezza insulin inhaler.
Hakan Edstrom runs MannKind Corp. thanks to a phone call from billionaire Alfred Mann.
RETAIL: Stan Kroenke picks up Nordhoff Plaza center for $115 million.
Sports mogul Stan Kroenke has just picked up a prime piece of Southern California real estate – but it’s not in Inglewood where he wants to move his St. Louis Rams NFL team.
News and notes from the greater San Fernando Valley
Haggen Food & Pharmacy Grocery store has opened its first local outlet at a former Albertsons at 5038 West Ave.
The limitations of the dismal science are exposed by three reports on L.A.’s proposed minimum wage.
Why economics is an unreliable science
We all know what ultimately drives developers – or at least what accounts for their willingness to endure all sorts of abuse heaped on them from critics: money.
REDEVELOPMENT: Ruling could return millions to California cities.
A lawsuit victory by Glendale could boost the budgets of cities across the state.
TECHNOLOGY: Acquisition by Microsemi beefs up companies.
The buyout of Vitesse Semiconductors by Microsemi anticipates the “Internet of Things.”
New owners of Class A club update park, offerings.
New owners of the Lancaster Jethawks hope to make the team a winner on and off the field.
Friday, April 3
Walt Disney Co. is getting into the sports-betting business with a $250 million investment in Boston startup DraftKings Inc., according to media reports on Friday.
Online travel company Expedia Inc. will buy Amgen Inc.’s offices in Seattle for $229 million, the company announced Thursday.
DreamWorks prevails in court, Kythera CEO sells shares and LTC declares a dividend.
Thursday, April 2
Prospects for job seekers in Los Angeles look promising for the next six months.
Plans have been submitted for a redevelopment of the 25-acre Laurel Plaza shopping center into a 300,000-square-foot mixed-use property called NoHo West.
Independent production company Legendary Entertainment wants $700 million to strengthen its film-financing business, according to media reports on Thursday.
Ryan Herco Flow Solutions expanded its product line with the acquisition of distributor Engineered Machinery Inc.
Wednesday, April 1
The Federal Aviation Administration launched on Wednesday a new system for logging complaints about helicopter noise in Los Angeles County.
The Burbank City Council unanimously approved a temporary ordinance tightening restrictions on single-family home construction Tuesday after a contentious public hearing that stretched past midnight.
The Ventura County Star newspaper has a new owner in Journal Media Group Inc., a spin-off of prior owner E.W. Scripps Co., it was announced Wednesday.