Tribune Explores Possible Broadcast Spinoff
The board of Tribune Co. since January has been seriously considering a restructuring that would include a spinoff of the company’s broadcasting group and could pave the way for the eventual sale of the rest of the company, according to people familiar with the situation, the Wall Street Journal reports. Chicago-based Tribune owns KTLA-TV (Channel 5) and the Los Angeles Times. The Chandler family trusts, which are Tribune’s second-largest shareholder and which nominated three of the board’s 11 directors, have been involved in the discussions, and all parties appear to agree on exploring a broadcast spinoff, these people said. Separating the broadcasting arm would make Tribune nearly a “pure” newspaper company that could draw interest from other suitors, especially since its papers are among the biggest and best-known in the nation. But the Chandlers disagree with Tribune’s management over the timing and strategy of the move, which would entail months of complex and costly preparation. In part, the Chandlers, who formerly ran the Times and became major Tribune shareholders with the 2000 sale of Times Mirror Co. to Tribune for $8.3 billion, are unhappy over the $2 billion stock-buyback program that Tribune announced last week. The three Chandler-nominated directors voted against the buyback, according to a company securities filing on Tuesday.
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Valley Dealership Is Big Pimpin’
There’s a madman wandering around Galpin Ford, and there’s “pimping” going on in the back, but the owners couldn’t be more pleased, the Los Angeles Daily News reports. After years of tricking out trucks and crafting cars in custom colors, the megadealer landed a contract to handle the outlandish customizations for MTV’s “Pimp My Ride” series. Set to begin its latest season on the cable channel on June 15 and run from the Galpin Auto Sports, or GAS, division, the show will take on a rock sensibility to its previous hip-hop style. This makes for an exceedingly strange scene at the dealership, Ford’s top volume seller in the world. Sales managers in white shirts and conservative ties intermix with guys with faces pierced full of silver and curvy green tattoos. Beau Boeckmann, son of Galpin owner Bert Boeckmann, landed the deal after showing off his portfolio of trucks with built-in pipe organs and barbecue grills to the show’s producers.
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Disney Set on Park ‘Dreams’
As Disneyland puts away the 50th anniversary party hats from its 18-month celebration, Walt Disney Co. executives are faced with their next challenge: how to avoid a midlife crisis at the company’s theme parks, the Los Angeles Times reports. Banking on the momentum of their packed theme parks, Disney executives on Wednesday said they planned to lure tourists back using advertising, prizes and new attractions. `To that end, Disney said it would launch its first global advertising campaign, pushing the theme “Where Dreams Come True.” They plan to offer unique experiences to U.S. theme park visitors through more than 1 million giveaways that include a stay in a royal bedchamber being constructed inside Cinderella’s castle at Walt Disney World in Orlando, Fla., and a new Mickey Mouse penthouse at Disneyland Resort in Anaheim. They also will roll out new rides and attractions. Although each park will use the “Where Dreams Come True” campaign, the promotions and marketing will be tailored.
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Dentsu, Mitsubishi To Produce Popular Anime
Dentsu Inc. and Mitsubishi Corp. announced they will form a business alliance for the production, sale and rights management of Japanese animated works globally, the Long Beach Press Telegram reports. The deal involves Dentsu subsidiary Long Beach-based Geneon Entertainment Inc., and that is expected to increase the company’s profile as well as its distribution power. Anime has been a hot seller for the company. Geneon began a decade ago as Pioneer Entertainment (USA) Inc., the consumer software division of electronics giant Pioneer Corp., whose American headquarters are in Long Beach. Pioneer Entertainment became a market leader in the production and distribution of special interest entertainment on laserdisc, VHS and CD, focusing on niches like anime. That put Pioneer Entertainment at the forefront of the launch of the “Pokemon” franchise, a global phenomenon with home entertainment sales exceeding 25 million units.
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FDA Decision May Open Door for Generic Biotech Drugs
When federal regulators approved a new version of a popular growth-hormone drug last week, some people saw a big crack develop in the wall that has protected biotechnology products from cheaper imitations, the San Jose Mercury reports. Until now, there have been few, if any, low-cost copycat versions of biotech drugs, leaving many patients who take such medicine saddled with staggering pharmacy bills. Biotech companies such as Thousand Oaks-based Amgen Inc. have largely blocked the sale of imitations, arguing that the drugs are unproven and could be unsafe. But patient advocates claim consumers are being hurt by not having more access to biotech copies.
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