TENDER SUCCESS: Golden Gate Capital completed its tender offer for L.A. casual restaurant chain California Pizza Kitchen Inc., the first part of the private-equity company’s $470 million acquisition. An affiliate of San Francisco-based Golden Gate paid $18.50 per share for nearly 21.6 million shares tendered by the June 6 deadline. After the acquisition is complete, all remaining shares it does not own will be canceled and converted into the right to receive $18.50 per share and the company will go private.
MORE ANIMATED: Paramount Pictures is launching an in-house animation division, with the first film planned for release in 2014. Paramount Animation initially plans to release one film per year, focusing on “high-quality” CGI-animated family films with budgets of up to $100 million, according to Paramount Chief Executive Brad Grey. Viacom Inc.’s L.A. studio, which recently released the latest installment of its “Transformers” live action-animation franchise, earned critical praise earlier this year for its first in-house CGI film, “Rango.”
SLOW MOTION: Local production activity in Los Angeles slowed significantly in the second quarter, largely due to fewer shoots for commercials and TV sitcoms. FilmL.A. Inc. said overall on-location filming was flat compared with a year ago, contrasting with 5 percent growth in the first quarter. The non-profit group, which handles film permits for the city and several incorporated areas, said the largest decline came in the commercials category, which was down nearly 8 percent. TV show production days were down less than 1 percent. The bright spot was feature film activity, which rose 4 percent.
HQ SOLD: Engineering firm Parsons Corp. has sold its Pasadena headquarters to an investment partnership for $320 million. Morgan Stanley Real Estate Investing and Lincoln Property Co. bought the 22.7-acre campus. Parsons plans to remain as a tenant in its distinctive 12-story headquarters tower in the northern end of Old Pasadena for at least 15 years. The property, which includes two smaller office buildings that house additional Parsons offices and other tenants, has room for as much as 900,000 square feet of additional mixed-use development.
SOLAR PLAY: L.A.’s Department of Water and Power announced plans for a new Solar Incentive Program to provide subsidies for its energy customers who want to install solar panels. The utility also announced a plan that allows customers to sell excess energy back to the DWP. The department put its initial solar incentive proposal on hold last year due to high demand. Solar installation companies feared the demise of the program would hurt their ability to do business. The delay allowed the DWP to review the program and seek more money for it. Residents with solar power will eventual be able to collect tax credits by sending excess power to the utility.
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