Union Asks for Strike Blessing
The head of the Engineers and Architects Association, a trade union representing city employees, is asking the Los Angeles County Federation of Labor to authorize a second strike for pay raises. Robert Aquino, the executive director of the union, told a Labor Day gathering that he intended to seek the backing of the federation for a second strike. Aquino did not seek the federation’s sanction before the job action two weeks ago. The union represents 7,500 city employees and has been without a contract for more than two years. The EAA has been holding out for raises comparable to those granted to Department of Water and Power employees under the former administration.
Clear Channel Pumps Up Volume of Stock Buyback Plan
Clear Channel Communications Inc.’s board has authorized the repurchase of up to $1 billion of common stock over the next 12 months. Clear Channel previously authorized the repurchase of $600 million worth of stock; $582 million has been bought back by the company to date. Company CEO Mark Mays says the repurchase plan will “benefit the long-term interests of the company and its shareholders.” Decisions on the amount of stock to be repurchased and the timing of those purchases will be based on factors such as stock price, company debt levels and market conditions, according to company officials. Clear Channel, headquartered in San Antonio, owns eight radio stations in Los Angeles. The company’s common stock opened at $29.28 per share on Wednesday and over the prior 52 weeks has ranged between $27 and $33 per share.
Lions Gate Urges Changes to Image Board
Lions Gate Entertainment Corp. has sent a statement to the shareholders of Image Entertainment Inc. suggesting that they replace their existing board with directors proposed by Lions Gate, the Wall Street Journal reported on Wednesday. Santa Monica-based Lions Gate last year offered $4 a share for Chatsworth-based Image, which is a DVD-licensing company; but that offer, along with another cash offer valued at approximately the same, were rejected by Image. Lions Gate has alleged that five of seven Image board members have “certain relationships and related transactions” with Image, but are listed as “independent” directors.
Jakks Released Rocky Toys
Jakks Pacific Inc. said it will unveil its lineup of toys based on the “Rocky” movie franchise in the Philadelphia and New York areas. The line-up includes action figures from all five of the movies as well as the new film “Rocky Balboa” to be released later this year. According to the Malibu-based toymaker, more than 50 action figures, play sets, accessories, role-play items and sports toys based on Rocky and the characters from the films will be unveiled Wednesday.
WPT Gets Asian Deal
WPT Enterprises Inc. of Los Angeles said it has secured a pair of broadcasting deals to bring the World Poker Tour television series to Southeast Asia. The World Poker Tour’s first season will be aired on Macau Cable in Macau, which is a special administrative region of China, and feature the second season on MediaCorp, the largest broadcaster in Singapore.
