Deal to Sell Legoland Parks Is Expected
Financially troubled Danish toy maker Lego Holding is about to sell four of the biggest bricks in its empire , its Legoland theme parks. Blackstone Group, a New York-based private equity firm, is close to an agreement to buy Lego's family entertainment parks, including one in Carlsbad in San Diego County, the Los Angeles Times reported. The deal would be valued at about $461 million. The Kristiansen family, which founded the company and still controls it, is expected to keep a 10 percent to 15 percent share of the theme park business. Lego put its four theme parks on the block earlier this year in an effort to gain some liquidity after suffering a record loss in its toy business.
KB Home's Shares Hit New High on Continuing Boom
The stock of KB Home reached a record high Tuesday on the strength of speculation that declining mortgage rates would sustain the hot housing sector. KB has been among the beneficiaries of the booming housing market. Low mortgage rates, high demand and rising home prices have driven steady earnings and revenue growth. KB Home's profit rose 30 percent in 2004 from 2003. Shareholders also have seen rewards: KB Home's stock price is nearly eight times its level of five years ago, the Los Angeles Times reported. The company's latest stock surge was fueled Tuesday when the yield on the 10-year Treasury note dipped to its lowest level since October. Shares of the homebuilder rose 1.9 percent to $67.54 on Tuesday.
Song to Offer Nonstop L.A.-Boston Service
Song, the low-fare division of Delta Air Lines Inc., plans to announce nonstop service from Los Angeles to Boston and Hartford, Conn., starting Sept. 6, the Los Angeles Times reported. The carrier plans to offer two daily flights between Los Angeles International Airport and Boston's Logan International Airport and one daily flight between LAX and Hartford's Bradley International Airport, which Song said would be the only nonstop service between the two cities. On the LAX-Boston route, Song would face nonstop competition from American Airlines and United Airlines. JetBlue Airways offers nonstop service between Long Beach and Boston.
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