THQ Wireless Inc. will distribute mobile games based on the Playboy brand, the company announced. The multi-year agreement launches in the summer with “Playboy Games: Pool Party” and covers development and publishing rights to lifestyle-themes, non-nude mobile games featuring bikini-clad Playmates. THQ Wireless is a subsidiary of Agoura Hills-based video game publisher THQ Inc.
Image, BTP Quarrel Escalates
The war of words between Image Entertainment Inc. and BTP Acquisition Co. LLC has escalated, reducing the chances of closing the proposed merger agreement between the two. Chatsworth-based Image seeks to move ahead with distributing feature films from CT1 Holdings LLC, an affiliate company of BTP Acquisition. Image and CT1, the parent company of Thinkfilm and Capitol Films, signed the multi-year distribution agreement in December. Image values the agreement at $30 million. CT1 purportedly terminated the agreement last week at the same time BTP claimed that Image had breached a proposed merger agreement giving BTP control of Image. Image claims that BTP has not provided required information on the status of financing needed to close the deal and that the refusal is a breach of contract. BTP, headed by film financier and producer David Bergstein, countered that it was Image breaching the contract and that the merger agreement would not close.
Strike Not Hurting Production Numbers – Yet
The ongoing television and film writers strike had little impact on the year-end on-location production numbers released by FilmLA. The start of the Nov. 5 walkout by members of the Writers Guild of America occurred when many scripted programs were already in the production pipeline and the holiday filming hiatus was not far off, the organization said. On-location television production was up by 2,663 permitted days in 2007 when compared with the previous year. Most of that activity was connected with reality television shows, which finished with a total of 10,177 production days. Overall, on-location television, feature film and commercial production in the Los Angeles region of dropped by 1 percent Feature film production was down by 6.4 percent to 8,247 permit days. There were 8,813 permit days for film in 2006. With the drop in 2007, on-location film production has eroded nine of the last 11 years. The figures do not include production taking place on studio soundstages. The first quarter 2008 production numbers will reflect the lack of television production due to the strike as no filming will take place during the traditional pilot season of January through April. An estimated $300 million is generated during a pilot season, FilmLA President Steve MacDonald said. That is in addition to the $160 million per week in direct production costs for existing sitcoms and dramas, MacDonald said. FilmLA is the not for profit agency that coordinates permitting in the City of Los Angeles, unincorporated Los Angeles County, and a number of school districts and municipalities.
Image Merger on Hold
The planned merger of Image Entertainment Inc. with a private investment firm appears in jeopardy after both sides accused each other of breaching their contract. The board of directors of the Chatsworth-based home entertainment producer and distributor is weighing its options, including terminating its merger agreement with BTP Acquisition Co. In October, Image shareholders approved a deal in which they would receive cash in exchange for BTP acquiring 94 percent of the company’s common stock. Image claims that BTP has not provided required information on the status of financing needed to close the deal and that the refusal is a breach of contract. BTP, headed by film financier and producer David Bergstein, countered that it was Image breaching the contract and that the merger agreement would not close.
Dole Using Bio-Diesel In Farm Equipment
Dole Fresh Vegetables Company, a division of Dole Food Company Inc. in Westlake Village, has converted all of its harvesting equipment in Salinas and in Yuma, Ariz., to B20 Bio-diesel fuel. A domestic renewable fuel for diesel engines derived from natural oils, B20 Bio Diesel uses 20 percent less unburned hydrocarbons than conventional diesel as well as less carbon monoxide and particulate matter, according to the U.S. Environmental Protection Agency. “Dole has been testing B20 Bio Diesel since August in farm equipment and off road vehicles with very positive results,” Dole Senior Vice President of Agriculture Operations Kevin Fiori said. “Those of us in agriculture, who depend on the environment, land, water, and air quality to grow foods, are keenly aware of the importance of applying sustainable agricultural practices.”
Stimulus Plan Includes Tax Cuts for Businesses
Half the amount of purchases of capital equipment by businesses can be written off as part of a tentative economic stimulus plan worked out by federal lawmakers. The plan calls for close to $50 billion in business tax cuts, according to the Associated Press. If eventually approved, the package fashioned by the House allows businesses to immediately write off 50 percent of purchases of plants and other capital equipment and permit small businesses to write off additional purchases of equipment, the AP said. The plan also would give individual tax payers rebates of $600 to $1,200, or more depending on the number of children in a household. The Senate will begin considering the proposal next week, with the goal of getting it to President Bush by mid-February, the AP reported.
Rocket Passes Initial Tests
Pratt & Whitney Rocketdyne successfully tested the rocket engine slated for use on the new Ares launch vehicles. The tests took place at the Stennis Space Center in Mississippi on the powerpack, gas generator and turbopumps of the J-2X rocket engine. “These are significant milestones for the next generation of launch vehicles,” said J-2X program manager John Vilja. “It’s a perfect blend of history and innovation, calling upon our proven successes from the Apollo era and latest technology from the 21st Century.” NASA and Pratt & Whitney also recently signed off on the preliminary designs for the J-2X. The Ares launch vehicle will send astronauts to the International Space Station and on missions to the moon.
Teledyne Profits Up in Fiscal ’07
Electronics components and aerospace engine manufacturer Teledyne Technologies Inc. finished its fiscal year with a 22 percent increase in net profits. The Thousand Oaks-based company reported net income of $98.5 million, or $2.72 per diluted share, on revenues of $1,622 million for the 2007 fiscal year. For the previous year, the company had a net income of $80.3 million, or $2.26 per diluted share, on revenues of $1,433 million. The company has been on a buying spree of late with subsidiaries acquiring firms with complementary services. In January, Teledyne Reynolds Inc. bought out Storm Products Co., a maker of microwave components and defense interconnect products. In December, Teledyne Scientific & Imaging LLC acquired Judson Technologies, a manufacturer of infrared detectors; while Teledyne Instruments Inc. purchased Impulse Enterprise, manufacturer of underwater electrical interconnection systems.
Tri-anim to Distribute with Parker Medical
Tri-anim has paired up with Parker Medical to sell and distribute Parker’s tracheal tubes and associated products. Sylmar-based Tri-anim will distribute the full line of Parker’s Flex-Tip Tracheal Tubes, designed, in part, to prevent damage to the patient’s airway anatomy. Tri-anim will also sell the Parker Flex-It & #153; Intubating Stylet, designed to remotely curve the tracheal tube during intubations. Parker’s products enable anesthesiologists, CRNAs, emergency and critical care physicians, paramedics and EMTs to meet the challenge of quickly intubating even the most difficult airways in a manner that minimizes trauma to the patient, according to the company. This year, Parker has plans to launch a slew of new products.
Kohn Elected FilmLA Board Chairman
San Fernando Valley accountant Mel Kohn was elected as the new chairman of the board of directors of FilmLA, the not for profit agency that coordinates the permitting process for on-location filming. Kohn is the first non-entertainment industry professional elected to chair the board. He is managing partner of Kirsch, Kohn & Bridge, in Encino. Kohn joined the board in 2005 after serving on the financial audit sub-committee. “Mel brings more than 30 years of senior-level business and management experience, as well as in-depth knowledge of our communities developed by years of civic involvement,” said FilmLA President Steve MacDonald. “In addition, the fact that his experience lies primarily outside the film production industry has helped provide a more balanced perspective to the board.” The 25-members board is made up of representatives of major studios, independent production companies, entertainment industry unions and guilds, local neighborhoods and production-related vendors.