SOLD: Show business trade paper Variety has been acquired by Penske Media Corp. and partner hedge fund Third Point for about $25 million. Owner Jay Penske, whose Santa Monica company also owns Hollywood industry blog Deadline.com, told Variety staff that it plans to invest in both the print and online products. Penske also plans to take down the website’s pay wall, which should help to broaden Variety’s online numbers, which have declined in competition with Deadline, TheWrap.com and Hollywood Reporter.

Project OK: A Los Angeles City Council committee has approved a revised plan by USC to redevelop 200 acres north of its University Park campus. The Village at USC, a $1 billion project, will include a retail complex, student housing and academic facilities. After protests from neighborhood groups and other interests, the university agreed to a 30 percent local hiring provision and will pay $20 million in “community benefits” to maintain affordable housing in the surrounding area. The plan next will go to the full City Council.

MISSION FIRST: A SpaceX Dragon capsule last week successfully docked and delivered supplies to the International Space Station. The mission is Hawthorne-based Space Exploration Technologies Corp.’s first contracted resupply mission under a NASA program and follows a successful test run earlier this year. The Dragon is expected to spend 18 days attached to the station before returning to Earth.

AEG AUCTION: Anschutz Co. reportedly is hoping to get between $6 billion and $10 billion for its L.A.-based sports and entertainment business Anschutz Entertainment Group. The Denver company, controlled by billionaire Phil Anschutz, is seeing interest in AEG from a variety of media and private-equity firms, including Los Angeles Dodgers owner Guggenheim Partners LLC, Liberty Media Corp. and Bain Capital LLC. L.A. firms such as Thomas H. Lee Partners LP and Colony Capital LLC also are looking at making a bid, according to a Reuters report.

VOTING SHARES: DreamWorks Animation SKG Inc. Chief Executive Jeffrey Katzenberg has increased his control over the Glendale film studio. Partner David Geffen has converted his stock into shares that carry less voting weight. The voluntary deal gives Katzenberg about 61 percent of voting control over the company that he helped co-found in 1994 with music executive Geffen and film-maker Steven Spielberg, who has since left the company.

FEDERAL GRANT: A U.S. Commerce Department agency has awarded the city of Los Angeles more than $2.1 million toward constructing and equipping the La Kretz Innovation Campus in downtown’s Clean Tech Corridor and Arts District. The money comes from a program supporting approaches to rapidly evolving economic conditions. The La Kretz campus will include offices, conference rooms, an event space, research laboratories, a prototype manufacturing workshop and classrooms in a renovated 60,000-square-foot building.

NEW NAME: Kaiser Federal Bank announced plans to change its name to Simplicity Bank. The Covina institution’s holding company, Kaiser Federal Financial Group Inc., said the move is an effort to broaden its business strategy and appeal to more potential customers. The bank was founded in 1953 as a credit union serving employees of Kaiser Foundation Hospital. It converted to a broader-based mutual savings bank in 1999.

COURT APPEAL: A federal appeals court in Pasadena last week heard arguments by lawyers from Walt Disney Co.’s ABC network and Buena Vista Television units in an effort to overturn a $319 million judgment won two years ago by the U.K. creators of “Who Wants to Be a Millionaire.” The units of Burbank-based Disney argue that the judge in the trial improperly allowed the jury to adopt a “flawed reading” of the contract with Celador International Ltd. that would entitle the creators to share in ABC’s profits from the U.S. version of the game show.

LABOR PAINS: Workers at the Holiday Inn Los Angeles International Airport went on a one-day strike to protest the firing of two workers who alleged bad conditions at the hotel. The firings and strike follow a class-action lawsuit demanding millions of dollars in alleged unpaid wages. A nonunion group of bartenders, housekeepers, cooks and other workers filed the suit with support from L.A. hospitality labor union Unite Here Local 11.

ACQUISITION: OpenGate Capital LLC plans to acquire Profialis, a Belgian supplier of windows and doors to Europe’s building and construction industry. The Century City investment firm said that Profialis, in Oeselgem, Belgium, has more than 300 employees at production facilities at its headquarters city and Clerval, France. The company also has sales offices in Poland and Hungary.

OFFICE Move: PricewaterhouseCoopers LLP is moving its L.A. offices into new downtown digs. The New York-based accounting firm has leased office space at Two California Plaza on Grand Avenue. It signed a 15-year deal for 135,000-square-feet on six floors at Brookfield Properties’ 601 S. Figueroa St. building; the move is planned for May. Financial terms were not disclosed but CoStar Group Inc. estimates the average rental rate in the building at $1.95 per square foot. At that rate, the deal would be valued at about $47.4 million.

CHIN FAT: Kythera Biopharmaceuticals Inc. sold 10 percent more shares than expected in its initial public offering, opening 16 percent higher than the IPO price. The Calabasas company, which is developing a prescription treatment to reduce chin fat, sold 4.4 million shares. The stock opened at $18.49, 16 percent higher than the $16 offering price. The stock closed up 24 percent on its first day.