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Monday, May 13, 2024

Timeline

Jan. 22: THQ Inc. sells most of its assets – including “Saints Row” and “Homefront” – for $72 million following a December bankruptcy filing. The Agoura Hills company, once a premier video game maker, couldn’t produce enough hot titles to compete with rivals such as Activision Blizzard. It also had a disastrous foray into hardware with failed uDraw tablet. February: Alliant Techsystems Inc., an Arlington, Va.-based aerospace and defense contractor, leases 120,000 square feet in Northridge where it will consolidate and expand its San Fernando Valley operations. The company is readying for a guided missile contract expected to generate $1 billion over 10 years. Feb. 25: A state administrative law judge refuses to dismiss a legal challenge by environmentalists against the Newhall Ranch project in the Santa Clarita Valley. Opponents claim the massive 20,000-home development along Highway 126 doesn’t have adequate water supply. The decision throws up yet another challenge for the project, first proposed prior to the housing boom. March 27: Camarillo passes a temporary ban on adult filming after receiving inquiries from porn producers looking for new locations in Ventura County. The inquiries follow the November 2012 passage of L.A. County’s Measure B, which requires performers to wear condoms during sex scenes. Litigation has since put the law on hold. April 3: After weeks of speculation, NBC confirms that “The Tonight Show” is leaving Burbank some 40 years after Johnny Carson brought it from New York City. The show will return to the Big Apple when new host Jimmy Fallon takes over from Jay Leno in the spring. April 22: Swiss Engineering Firm ABB Ltd. offers $1 billion for Power-One Inc., a Camarillo maker of electrical converters for solar panels. The offer is a 57 percent premium over Power-One’s share price, despite a glut of cheaply made Asian solar panels on the market. May 1: Chinese electric vehicle manufacturer BYD Co. Ltd opened a Lancaster plant where it will build buses for local transit agencies. Getting the high-profile company, which has drawn an investment from Warren Buffett, is a coup for the Antelope Valley, but BYD runs into trouble when it is accused of paying its Chinese engineers less than the state minimum wage. June 3: Farmers Insurance Group announces plans to move from its longtime headquarters on Wilshire Boulevard to Owensmouth Avenue where its 21st Century Insurance auto unit operates. The move, to be carried out over five years, is a boost to the Warner Center office market where the vacancy rate has topped 20 percent. July 5: Live Nation Entertainment Inc. files a notice with the state that it plans to lay off 500 workers when it demolishes the Gibson Amphitheatre to make way for a “Wizarding World of Harry Potter” theme park ride. The 6,000-seat concert venue opened in 1972 and can’t compete with newer rivals, such as the Nokia Theater in downtown Los Angeles. July 31: Avery Dennison Corp., a Fortune 500 label maker in Pasadena, announces plans to move its headquarters to a smaller space in a Glendale high-rise. The move follows the company’s downsizing after selling its office products division amid a decreasing need for paper products in the new digital workplace. July 31: American Homes 4 Rent raises $706 million in its initial public offering on the New York Stock Exchange. The Agoura Hills real estate investment trust is the second largest single-family rental home landlord in the United States, with some 20,000 properties. It was founded by self-storage billionaire B. Wayne Hughes Jr. August: Whole Foods Market Inc. proposes a 43,000-square-foot store topped by apartments for the Media District in Burbank. The City Council rejected a larger store in another neighborhood in 2007. This time local developer Cusumano Real Estate Group is partnering with the upscale organic grocer. Aug. 27: Los Angeles real estate mogul Robert Maguire sells his fixed-base operations and other holdings at Van Nuys Airport to Signature Flight Support. The $69 million deal will make the Orlando, Fla. company far and away the biggest provider of fuel and other aircraft services at the L.A. city airfield. Sept. 3: A Los Angeles Superior Court judge halts plans by Wal-Mart Stores Inc. to open a large store in Burbank at the site of a closed Great Indoors. Three city residents, backed by the grocery workers’ union, filed suit alleging the city failed to complete a proper environmental review or take measures to lessen traffic congestion. Wal-Mart is appealing the decision. Sept. 30: Citigroup Inc. puts an entire block of downtown Glendale on the market, where it is scooped up by Amidi Group of Redwood City. The developer plans to build 535 live-work units, making it the largest residential project in the city. Oct. 3: Comcast Corp., the Philadelphia media company that bought NBCUniversal, acquires 10 Universal City Plaza, the tallest office building in the San Fernando Valley. The $400 million real estate transaction is the Valley’s largest in more than a decade. The 35-story tower bordering Universal Studios Hollywood has NBCUniversal as its largest tenant. Oct. 31: Marcus & Millichap Inc. raises $72 million in its initial public offering, an underwhelming performance by the Calabasas commercial real estate brokerage, which had hoped to raise $104 million in September. The company plans to increase its national footprint and make larger deals. Nov. 1: Dole Food Co. is delisted from the New York Stock Exchange after David Murdock, its 90-year-old chairman and chief executive, takes the Westlake Village produce company private for the second time in a decade. Less than 51 percent of stockholders not associated with Murdock approved the $1.6 billion deal, which paid them $13.50 a share. Dec. 31: Del Monte Corp. expects it will lay off 92 workers by year’s end when it moves a Natural Balance Pet Foods plant in Pacoima to Georgia. The Valley healthy pet food company, founded by actor Dick Van Patten and a partner in 1989, was purchased by San Francisco’s Del Monte in June for $341 million.

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