Share Repurchase: Entravision Communications Corp., a Santa Monica Spanish-language media company, has approved a $10 million stock repurchase program. Under terms of the program approved by the board, Entravision is authorized to buy shares from time to time through open-market or negotiated purchases, subject to certain factors.
Movie Moves: The management of Millennium Entertainment, a Miracle Mile film producer and distributor, and Redwood City’s Virgo Investment Group have formed a partnership to buy Millennium Entertainment’s catalog assets and distribution platform from a consortium including major shareholder Nu Image Inc., also on the Miracle Mile. As part of the transaction, Millennium Entertainment will undergo a name change and Millennium Entertainment will remain under Nu Image’s Millennium Films as a brand. Financial terms of the deal were not disclosed and the new name was not announced.
SAN FERNANDO VALLEY
Office Property: Oakfield-GFIII Woodland Desoto has sold a Woodland Hills office building for $9.45 million to a corporation called De Soto. The 53,221-square-foot property, at 5955 De Soto Ave., was built in 1977. The building is 93 percent leased.
Multifamily Purchase: Carvajal Family Trust has purchased a North Hollywood multifamily building for about $6.5 million from Vahe & Shake Vartanian Family Trust. The 31,386-square-foot property, at 7140 Bellaire Ave., was built in 1990 and includes 31 units.
Business Laurels: This year’s Stevie Awards, business awards handed out by Fairfax, Va.-based International Business Awards recognizing a range of categories and regions, included local honorees. Virtual Piggy Inc., an online payment system for youths based in Hermosa Beach, won the gold award for most innovative company in the year in Canada and the United States. Sungame, a Beverly Hills social media company, won silver in the category. Natel Ems, a Chatsworth electronic manufacturing services company, won the gold award for fastest-growing company in Canada and the United States. Pasadena’s QLess Inc. won a silver award in the international category of company of the year, computer services.
Public Works: Pasadena’s Jacobs Engineering Group Inc. has been awarded a four-year contract from the civil engineering and development department of the government of the Hong Kong to provide managing and operating services for the Public Works Regional Laboratory in Tai Po. Under the new deal, Jacobs will provide compliance testing services for construction materials used for public works projects. Financial terms of the deal were not disclosed.
Series A: Glendale startup Hovelstay.com, which promises cheap lodging options, has secured $1.2 million in Series A funding. The raise was led by private investors from London and Dubai. The listings, all priced under $99, are targeted for college students. A verified “.edu” email address is required to register on the site and book a stay.
Mixed-Use Acquisition: Primestor Development Inc., a downtown L.A. real estate developer, has purchased a Whittier mixed-use property for $5.5 million from a group of private investors. The three-building, 55,381-square-foot complex is at 4571-4591 Whittier Blvd., 760 S. McBride Ave. and 755 S. McDonnell Ave.
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