London-based Westward Communications said it has reached...

London-based Westward Communications said it has reached an agreement to sell nearly all of its subsidiaries, including Tarzana-based Panavision, to the New York-based investment banker Warburg, Pincus Capital Co. Lee Panavision International, a company formed by Warburg to run the Westward subsidiaries, is assuming $340 million in Westward debt. Warburg is infusing $60 million into Lee Panavision International and has named William C. Scott, former president of Western Pacific Industries, president and chief executive.