Business Briefs: True Religion, Hilton Hotels, CW, Summa Industries, National Lampoon

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– True Religion Apparel Inc.

said it reached a settlement to resolve all legal issues with former consultant Joseph Canouse related to a services agreement from 2004. The L.A.-based premium jeans maker agreed to issue Canouse 100,000 shares and pay him $100,000 in cash. True Religion previously took a one-time, non-cash charge of $2.1 million and accrued $100,000 for the proposed legal settlement in the fiscal fourth quarter of 2005. The company did not reveal details about the dispute.



– Hilton Hotels Corp.

, Apollo Real Estate Advisors and Rida Development Corp. formed a joint venture to build the 1,400-room Hilton Orlando Convention Center hotel. Apollo Real Estate and Rida Development will be the majority owners of the hotel; Hilton will manage the hotel and have a minority ownership interest. Construction is expected to begin by the end of the year, with a completion date set for 2009. Just steps from the Orange County Convention Center, the hotel will feature 130,000 square feet of meeting space and a 50,000-square-foot grand ballroom. The hotel is being designed by HKS Architects and will be built by Welbro Construction Co.





CBS Corp. and Time Warner Inc. received approval from the European Commission, the European Union’s antitrust regulator, to combine the

UPN

and

WB

television networks to form the

CW Television Network

, Bloomberg News reported. The new network, which will begin airing in September, is a venture between CBS and Warner Bros. Entertainment, with each company owning 50 percent.



– Summa Industries

reported second-quarter net income of $698,000 (18 cents per share), compared with $276,000 (7 cents) for the same period a year earlier. Revenue for the Torrance-based maker of plastic products for industrial and commercial uses rose 3.1 percent to $27.5 million from $26.7 million in the year-prior period.



– National Lampoon Inc.

reported a second-quarter net loss of $1 million (20 cents per share), compared with a loss of $3.6 million ($1.46) for the same period a year earlier. Revenue for the Los Angeles-based entertainment company fell 36.9 percent to $819,997 from $1.3 million in the year-prior period.

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