Los Angeles Business Journal

NBCUniversal to Buy DreamWorks Animation for $3.87B

The U.S. Justice Department approved a $3.87 billion merger between Comcast’s NBCUniversal and DreamWorks Animation, The Hollywood Reporter reports. In April, NBCU agreed to pay $41 a share to acquire DWA but the sale was pending until the DOJ decided that there was no legal reason to block the proposed merger.

Diablo Canyon Nuclear Plant to Close

Pacific Gas & Electric Co. announced Tuesday that it will be closing its Diablo Canyon nuclear plant within the next decade, the Los Angeles Times reports. The company will develop more solar, wind and other clean power technologies in order to bring the company closer to the mandate that 50 percent California’s electricity generation come from renewable energy sources by 2030.

Pacific Palisades Shopping Center to Be Redeveloped

The redevelopment of the Pacific Palisades shopping center received final approval from the Los Angeles City Council, the Los Angeles Times reports. The 116,000-square-foot complex on Swathmore Avenue is expected to open in summer 2018 and will include a movie theater, community space, grocer and retail shops as well as eight apartment units.

Stocks Mixed

The Dow Jones industrial rose 36 points in early Wednesday trading to 17,870. The S&P 500 rose 3 points to 2,091. The Nasdaq fell 3 points to 4,841. The LABJ stock index fell one point to 227.

UFC to Be Sold for $4.2B?

UFC is reportedly being sold to a group led by WME/IMG for $4.2 billion, Variety reports. The group includes WME/IMG, Dalian Wanda Group, the Kraft Group and Tencent Holdings. UFC was bought by casino executives Frank and Lorenzo Feritta for just $2 million in 2001.

Rocket Maker Blasts Off to El Segundo

Sacramento-area rocket engine maker Aerojet Rocketdyne Holdings Inc., will be moving its headquarters to El Segundo this summer, The Sacramento Bee reports. Only a handful of employees will be making the move and the operating plant will continue to build and engineer rockets in its Rancho Cordova location.

Los Angeles Four Seasons Hotel to Screen Movies

The Four Seasons Hotel Los Angeles at Beverly Hills will be debuting a screening room located adjacent to the property’s restaurant, Culina, The Hollywood Reporter reports. The theater will feature 38 recliner chairs, a 14’ HD wide screen, 3-D printer and state-of-the-art surround sound as well as “elevated” snacks and beverages such as truffle popcorn and fresh juice.

Power Goes Out on Parts of Los Angeles

About 6,200 Department of Water and Power customers lost electrical service on Monday during the heat wave that made many run fans and air conditioners that strained the power grid, the Los Angeles Times reports. About 5,500 customers who experienced power outages resided in San Fernando Valley, but pockets of metropolitan L.A. also lost power and thousands experienced blackouts at various times on Monday.

Stocks Mixed

The Dow Jones industrial rose 10 points in early Tuesday trading to 17,815. The S&P 500 rose 1 point to 2,084. The Nasdaq rose 4 points to 4,841. The LABJ stock index fell one point to 227.

Obama to Announce $140M Project

President Barack Obama is expected to announce a project today to build a headquarters in Los Angeles for an institute to develop sensors to make manufacturing more efficient, The Los Angeles Times reports. The $140 million public and privately funded project will include five regional centers including one at UCLA and will include investors such as Google, Microsoft, and Northrop Grumman.

‘Finding Dory’ Swims to BO Win

“Finding Dory” set a record for opening weekend ticket sales for a Pixar film this weekend, making an estimated $136.2 million in estimated weekend ticket sales in North America, The New York Times reports. “Central Intelligence” starring Kevin Hart and Dwayne Johnson came in second, making $34.5 million.

Tesla in a Department Store?

Shoppers going to Nordstrom at The Grove can now browse for a Tesla as well as the latest fashion, the Associated Press reports. A Tesla Gallery opened Saturday and includes a 400-square-foot gallery where the latest model, the Tesla Model X SUV is showcased. Customers can’t buy a car at the gallery, but they can explore trim options and go for a test drive.

Heat Wave Shatters Records

A heat wave that moved in on Southern California over the weekend brought in triple-digit temperatures, shattering some long-held records, The Los Angeles Times reports. Burbank broke a 1973 record of 104 degrees with 109 degrees while Woodland Hills also hit 109 and Palm Springs hit a sweltering 118 degrees.

Stocks Rise

The Dow Jones industrial rose 252 points in early Monday trading to 17,927. The S&P 500 rose 27 points to 2,098. The Nasdaq rose 66 points to 4,866. The LABJ stock index rose four points to 230.

Los Angeles Times Building Sold?

A Canadian developer has entered into a preliminary agreement to buy the 750,000-square-foot Los Angeles Times building near City Hall, the Los Angeles Times reports. Vancouver-based Onni Group plans on redeveloping the estimated $100 million property into modern offices and retail.