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Tuesday, Aug 9, 2022
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Around The Valleys

SAN FERNANDO VALLEY BURBANK Delta Air Lines will begin nonstop service between Hollywood Burbank Airport and Hartsfield-Jackson Atlanta International Airport beginning in July. The twice daily service at the San Fernando Valley’s only commercial airfield makes Delta the only airline to serve Atlanta from the four largest airports in the Los Angeles region. The others are Los Angeles International Airport, Ontario International Airport and John Wayne Airport in Orange County. Flights from Hollywood Burbank will depart at 11:15 a.m. and 9:45 p.m. Return flights leave Atlanta at 8:50 a.m. and 7:15 p.m. Hartsfield-Jackson Atlanta International Airport is the busiest airport in the world, serving more than 100 million passengers a year to 150 domestic and 70 international destinations. “Passengers can depart from Hollywood Burbank Airport and travel just about anywhere in the world through Atlanta,” Airport Executive Director Frank Miller said in a statement. “Traveling overseas just got easier and more convenient.” Walt Disney Co. has inked a multi-year mobile game development deal with Jam City. Terms of the deal between the Burbank entertainment and media giant and Jam City, in Culver City, were not disclosed. Jam City is the mobile game studio that signed a deal with Warner Bros. Interactive Entertainment in Burbank last year to develop “Harry Potter: Hogwarts Mystery.” Disney’s Glendale Games Studio and its “Disney Emoji Blitz” game will become part of Jam City. Jam City will also develop new mobile games based on characters and stories from Pixar and Walt Disney Animation Studios, with the first being connected to Disney’s “Frozen” sequel. Kyle Laughlin, senior vice president of games and interactive experiences at Disney, said the deal with Jam City represents a significant long-term opportunity for the business. “We can’t wait to see how Jam City and the incredibly talented team behind Disney Emoji Blitz will grow the already successful game and franchise, and how Jam City will bring their global reach and expertise in developing successful, enduring mobile games to the upcoming titles,” Laughlin said in a statement. Stan Lee, who with a stable of comic book artists co-created the Marvel Comics characters currently fueling a cinematic universe which has already grossed nearly $20 billion for parent company Walt Disney Co., died Nov. 12 in Los Angeles at Cedars-Sinai Medical Center. He was 95. Born Stanley Lieber, Lee entered the business in 1939, working under publisher and relative Martin Goodman at Timely Comics, which, by the early 1960s, was revamped Marvel Comics and led a revival of superhero comics. Lee co-created the Fantastic Four, Spider-Man, the Incredible Hulk, the X-Men, Mighty Thor, Iron Man, the Avengers, Daredevil, the Silver Surfer and Ant-Man, among others. In 2009, Burbank-based Disney purchased Marvel Entertainment for $4 billion. CALABASAS NetSol Technologies Inc. turned a profit in its quarterly earnings for the fiscal first quarter compared to a year ago, when it reported a loss. The Calabasas software developer for the vehicle and equipment leasing markets reported net income of $970,000 (8 cents a share) on revenue of $16.4 million for the quarter ending Sept 30. That compares with a net loss of $370,000 (-3 cents) on revenue of $12.8 million in the same period a year earlier. No analysts follow the company. NetSol attributed the revenue increase to a bump in total license fees of $5.6 million and an increase of maintenance fees of $163,000. Chief Executive Najeeb Ghauri said the first quarter produced solid results that built upon the momentum of the second half of the fiscal 2018 year. “With the majority of our cost reductions and necessary restructuring now behind us, we’re primed to continue building on this initial quarterly growth,” Ghauri said in a statement. GLENDALE California Credit Union has launched a new platform that lets members manage their finances online. In addition to account management, , the Glendale institution’s Remote Advisor Center platform lets users meet with advisors via online video conferencing to discuss services including retirement and financial planning, wealth management, estate planning, tax strategies, education planning and insurance services. “This service offers another way for members to meet with a highly qualified financial advisor, moving the face-to-face experience to a secure, private screen-to-screen experience from wherever members prefer to be,” Carl Federici, vice president of investments and insurance, said in a statement. California Credit Union serves more than 165,000 members in Los Angeles and San Diego Counties. Boston-based real estate investment firm Beacon Capital Partners will buy the 22-story office tower that once served as the U.S. headquarters for Nestlé USA from Piedmont Office Realty Trust for a reported $160 million, or $303 per square foot, according to The Real Deal. The 527,340-square-foot building at 800 N. Brand Blvd. had been home to Nestlé USA since 1990. ServiceTitan Inc. has secured $165 million in funding from a venture capital group to build out its home services software firm through acquisitions and moves into new markets. ServiceTitan said the funding represents the largest software raise in Southern California history for “software as a service,” or sometimes referred to as SaaS. This is a software distribution model in which a third-party provider hosts applications and makes them available to customers over the Internet. The $165 million investment round is based on a valuation for the company at $1.65 billion, said Connor Theilmann, ServiceTitan’s vice president of business operations. “You could say we sold 10 percent of the company for $165 million,” he said. STUDIO CITY A renovated Studio City office building has sold for $4.62 million, or $750 per square foot, the highest price per square-foot record ever for a 5,000 square foot or larger, multi-tenant office property in the San Fernando Valley, according to Colliers International, the brokerage which negotiated the sale.Colliers Executive Vice President Kevin Fenenbock and Vice President Jacob Mumper, out of the firm’s Encino office, represented the seller. Located at 13263 Ventura Blvd., the 6,159-square-foot, two-story office property counts Cash Bloom, Max Wanger Photography and Reality Zoo among its eight tenants, all of whom signed leases in August 2017 upon the building’s re-opening, according to CoStar Group data.“We generated multiple offers for the property and sold it for our asking price, which is, according to our records and those records that are publicly available with disclosed sales prices of commercial properties, the highest price per square foot ever recorded for this size and type of building in our marketplace,” Fenenbock said in a statement. SANTA CLARITA VALLEY Area business leaders expressed disappointment and surprise about Amazon.com Inc. not picking Los Angeles as a site for its second headquarters. The Seattle e-commerce giant chose Long Island City in New York and Crystal City, Virginia as the location for its HQ2 that will bring in a total of 50,000 employees. Santa Clarita was included as one of nine areas in a proposal pitched by the Los Angeles County Economic Development Corp. along with other business and political leaders from the county. Holly Schroeder, chief executive of the Santa Clarita Valley Economic Development Corp., said she was pleased that the Los Angeles region made Amazon’s short list of considered locations but understands many factors go into selecting a site for a headquarters. “Of course, we were disappointed not to be the final choice and believe that we have a lot to offer forward-thinking, growing companies like Amazon,” Schroeder said in an email to the Business Journal. VENTURA COUNTY THOUSAND OAKS Japanese drug maker Takeda Pharmaceutical Co. has moved one step closer to acquiring a Thousand Oaks genetics laboratory owned by U.K.-based biopharmaceutical company Shire as part of a deal that could impact hundreds of Valley area jobs. Reuters reported Nov. 12 that Takeda will hold an investor vote to approve a $62 billion deal for Shire on Jan. 8. The acquisition would create the world’s eighth-largest drug maker with combined sales worth $30 billion. The deal is expected to close by the summer of 2019. The Takeda takeover will mean layoffs, the Osaka-based company said. What’s unclear is how it might affect Shire operations in the Valley area.

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