Stories for June 2016
Thursday, June 30
The L.A. City Attorney’s office asked a judge for permission on Friday to file additional documentation of fraud and bad behavior allegedly perpetrated by PricewaterhouseCoopers (PwC) – the contractor hired to run the Los Angeles Department of Water and Power’s billing system.
A new round of layoffs swept the International Business Times today, eliminating its Los Angeles bureau and cutting its New York-based staff in half.
Los Angeles-based global private equity firm OpenGate Capital has acquired the fourth largest European manufacturer of polyvinyl chloride film, a synthetic plastic polymer used in products like packaging, adhesive tape and stationary, the company announced today.
Disney to buy $3.5 billion stake in online MLB, Honest Co. moving slowly to IPO, Woven Digital raises $18.5 million, and more.
Two U.S Senators are demanding answers from one of the largest prepaid card providers in the market, Monrovia-based Green Dot Corp., after its Wal-Mart branded card experienced outages last month, affecting many of its customers’ ability to check their account balances online and use their cards to make purchases.
Santa Monica-based Lionsgate Entertainment Corp. agreed to pay $4.4 billion in cash and stock to acquire cable network Starz, the two companies announced Thursday.
Wednesday, June 29
Avatar to become massive multiplayer game, All Def Digital raises $10 million, Snapchat opens Paris office, and more.
Fast fashion retailer Forever 21 appears to be falling victim to the recent slowdown seen by cohorts H&M, Urban Outfitters, and even larger retailers such as Nordstrom and Neiman Marcus.
Film studio Metro-Goldwyn-Mayer, which owns the James Bond franchise, has received a $1 billion five-year revolving credit facility arranged by J.P. Morgan Chase with a syndicate of lenders.
READER POLL: Does the Brexit have any impact on you?
Tuesday, June 28
A class-action complaint was filed Monday in Delaware Chancery Court against DreamWorks Animation chief executive Jeffrey Katzenberg for an alleged side deal that took place as part of the $3.8 billion Comcast-Dreamworks merger. The lawsuit seeks a share of the profits from the side deal as well as damages.
Atom Tickets Launches Across Southern California, Green Dot gets scrutiny from U.S. Senate, Hillary Clinton fundraises at Sean Parker’s house, and more.
After 26 years practicing under her own shingle, celebrity divorce lawyer Stacy Phillips and the bulk of the family law firm Phillips Lerner are joining Blank Rome as lateral hires.
After 26 years practicing under her own shingle, celebrity divorce lawyer Stacy Phillips and the bulk of the family law firm Phillips Lerner are joining Blank Rome as lateral hires.
Monday, June 27
A federal judge in Santa Ana reaffirmed the disqualification of downtown’s Hueston Hennigan from the $160 million medical fraud case it brought three years ago on behalf of its now-former client, the California State Compensation Insurance Fund.
Thrive Market raises $111 million, Snapchat explores paying users, Greendot names new Chairman, and more.
MedMen, a cannabis management company based in Culver City, announced that it was launching a $100 million private equity fund.
The Dow Jones industrial average fell 261 points on Monday to close at 17,140. The S&P 500 fell 37 points to 2,001. The Nasdaq fell 114 points to 4,594. The LABJ stock index fell three points to 218.
Online health food store Thrive Market has raised a $111 million round.
Should the LA Times abandon its historic home and move to more efficient space?
Friday, June 24
A Vancouver developer buying the storied Los Angeles Times building plans to demolish portions of the 750,000-square-foot complex to make way for a residential and retail development.
Iconic filmmaker George Lucas has given up on Chicago – at least as a home for his new Lucas Museum of Narrative Art.
Virgin Galactic begins fundraising $300 million, AppliedVR partners with Cedars-Sinai for therapeutic virtual reality, Lionsgate sells YouTube Red its first big-budget TV show, and more.
Anschutz Entertainment Group is abandoning plans to build a 755-room hotel next to its Ritz-Carlton and J.W. Marriott tower at downtown’s L.A. Live. The move comes as AEG claims that a planned 1,000-room hotel to be developed by the city across the street infringes on its property rights.
A look at the plots of this weekend's big new movie releases from a business perspective.
Santa Monica-based automotive pricing and information website TrueCars Inc. was this week’s biggest mover, gaining 10 percent to close at $7.83. A-Mark precious Metals, Inc. of Santa Monica was also among the week’s big movers. The precious metals dealer rose 10 percent to close at $16.10. Culver City-based NantHealth was the week’s biggest loser, dropping 10 percent to end at $12.70.
ENTERTAINMENT: Anime Expo turns into big draw for animation, comics fans.
Anime Expo, the largest annual Japanese popular culture event in the United States, will get underway on Friday at the Los Angeles Convention Center and is expected to pump $68 million into the local economy.
The Dow Jones industrial average fell 610 points on Friday to close at 17,401. The S&P 500 fell 76 points to 2,037. The Nasdaq fell 202 points to 4,708. The LABJ stock index rose eight points to 222.
Anschutz Entertainment Group announced Tuesday that they are dropping plans for a 755-room high-rise Marriott hotel near Olympic Boulevard, the Los Angeles Times reports. The project came to a halt because of the city’s plans to modernize the convention center and include a 1,000-room on-site hotel, a project that would pose competition to AEG’s entertainment complex L.A. Live.
The Museum of Contemporary Art Los Angeles has elected Hard Rock Cafe co-founder Peter Morton to the Board of Trustees, ArtForum reports. Morton is the owner of 170 restaurants worldwide as well as twenty Hard Rock Hotels.
A glass slide nearly 1,000 feet above the streets of DTLA will open to the public on Saturday, Reuters reports. The Skyslide, a completely see-through slide on the 73-floor of the U.S. Bank Tower, is 45 feet long and goes from the 70th floor to the 69th floor and is enclosed by 11/4 inches of thick glass.
International markets took a tumble Friday morning after Britain voted to leave the European Union, the Los Angeles Times reports. After referendum results were announced, the value of the pound fell to its lowest level against the U.S. dollar since 1985. Britain’s FTSE 100 lost more than eight percent after opening bell and Japan’s Nikkei index fell more than seven percent.
The Dow Jones industrial fell 393 points in early Friday trading to 17,618. The S&P 500 fell 46 points to 2,067.The Nasdaq fell 124 points to 4,789. The LABJ stock index fell 5 points to 224.
ENTERTAINMENT: Rising interest in e-sport matches draws MediaMation’s aim.
MediaMation looks to position its movie theater motion seats for viewing video-game matches.
FILM: Steven Spielberg’s take on Roald Dahl tale ‘BFG’ has little buzz.
Walt Disney Co.’s new film “The BFG,” which stands for “Big Friendly Giant,” looks set for an unfriendly welcome at the box office.
The history of the Rams includes quite a few hometowns, points out Ted Lux.
TRANSIT: Authority had offered Santa Monica less based on use restrictions.
On the heels of the Metro Expo Line opening in May, the Los Angeles County Board of Supervisors quietly approved a nearly $20 million payout to the city of Santa Monica for the parcel of land at the rail line’s terminus.
Family offices are on the rise, affording the wealthy a more direct relationship with their money.
DIY business MakersKit hopes industry giant Target’s accelerator will help it think outside boxes.
COMMERCE: Swiss-owned companies rank third among employers.
Japanese- and U.K.-owned firms have carved out the biggest presences in Los Angeles.
REAL ESTATE: Plan calls for demolition of newer portion of site.
Onni Group may press some space at the Los Angeles Times complex into retail and office use.
Major players now see big money in once small niche of virtual reality
Big bucks and big-name players move into virtual reality with hopes of making real money.
ACQUISITION: Optimus moves into ‘microunits’ with $2.5 million deal.
Optimus Properties is jumping on the “microunit” trend with its new apartment building. The Century City real estate investment company paid $2.5 million for a Mid-Wilshire building where the 15 units range from 350 to 500 square feet.
Now that Ron Burkle’s West Hollywood investment firm Yucaipa Cos. has closed a $30 million investment in sports agency Independent Sports and Entertainment, the billionaire is setting to work increasing the earning power of its clients.
MEDIA: Owner to mull deal for Dick Clark Productions.
Eldridge Industries to look at awarding live-events producer Dick Clark Productions to a new owner.
AVIATION: Guidelines cut back on requirements for pilots, reduce paperwork.
In a decision that drone filming industry advocates say will relieve regulatory burdens, the Federal Aviation Administration has announced new rules for the commercial use of unmanned aircraft weighing less than 55 pounds.
Hookah maker Kaloud has found smoking out counterfeiters a heavy drain on its business.
Government officials must do more to help U.S. companies connect with overseas entrepreneurs, employees.
U.S. officials must do more to attract and keep talented foreign employees, write Lina Chen and Cody Simms.
With its longtime offices on the market and ripe for redevelopment, it’s time for the Times to look for new digs.
MANUFACTURING: Sale of Jakks shares no big deal, says Patrick Soon-Shiong.
Toymaker Jakks may need to raise its game in the wake of sell-offs by investors.
The buzz of Los Angeles can sometimes become loud enough that it drowns out the best ideas. That’s why Susan Gates, a founding partner of content marketing agency Redbird Group, makes it a point to get out for at least a few road trips every year.
SaltedEats serves up ingredients, instructive videos to customers.
SaltedEats’ videos aim to bring home a new culinary experience to customers’ kitchens.
Delicate Estates offers humorous twist on vintage greeting cards.
Delicate Estates adheres to a humorous spirit with its joke labels that fit on real bottles.
Thursday, June 23
After a week-long trial, it took less than a day of deliberation for a federal jury in Los Angeles on Thursday to find the legendary rock band Led Zeppelin did not steal the iconic guitar riff from Spirit’s 1968 instrumental track “Taurus.”
In the latest attempt to combat congestion at the ports of Los Angeles and Long Beach, Assemblyman Patrick O’Donnell (D-Long Beach) introduced a bill to improve the container cargo movement.
Flipagram tops 200 million users, Upfront names new partner, and Stamps.com buys ShippingEasy for $55 million.
The Los Angeles city Planning Commission on Thursday moved to regulate Airbnb and other short-term rentals, imposing time caps and stiff penalties for violations.
The Los Angeles Metropolitan Transportation Authority Board approved a transportation expenditure plan Wednesday that would place a countywide half-cent sales tax increase on the upcoming November ballot.
The Dow Jones industrial average rose points on Thursday to close at 18,011. The S&P 500 rose 28 points to 2,113. The Nasdaq rose 77 points to 4,910. The LABJ stock index rose three points to 230.
Boeing Co. has established a preferred partnership with MemorialCare Health System to offer healthcare to its Southern California employees, the Los Angeles Times reports. The new option will offer full coverage for generic drug prescriptions, no co-payments for primary care office visits and smaller paycheck deductions for health care coverage.
Median home prices in Los Angeles are up 8.2 percent from last year, Curbed Los Angeles reports. The price of homes has risen for 50 consecutive months and is up to $525,000.
A fund that was setup to work with the Los Angeles Unified School District is starting its own charter school, the Los Angeles Times reports. The Los Angeles Fund for Public Education and the group LA’s Promise have voted to merge and plan to use their annual budget of $6 million for the new schools.
Los Angeles has agreed to a $60 million no-bid agreement with Taser International Inc. to outfit its police officers with body cameras, The Wall Street Journal reports. The deal includes 7,000 cameras and would make the Los Angeles Police Department the largest police department in the country to use the technology.
The Dow Jones industrial rose 147 points in early Thursday trading to 17,928. The S&P 500 rose 17 points to 2,102.The Nasdaq rose 42 points to 4,875. The LABJ stock index rose 2 points to 229.
Wednesday, June 22
FAA announces drone filming rules, Tetra Tech wins $45 million contract, Ad Hoc Labs launches anti-date bot, and more.
Pasadena-based Tetra Tech Inc. announced Wednesday that it received a $45 million contract from the National Guard Bureau.
L.A. city officials on Wednesday took several steps to help small businesses and manufacturers.
The Dow Jones industrial average fell 49 points on Wednesday to close at 17,781. The S&P 500 fell 3 points to 2,085. The Nasdaq fell 11 points to 4,833. The LABJ stock index stayed steady at 227.
Elon Musk, the chief executive of Tesla Motors, offered to buy SolarCity in an all-stock deal for $2.8 billion, The New York Times reports. The electric car company aims to create a renewable-energy giant by collecting clean electricity and putting it to work propelling cars.
The U.S. Justice Department approved a $3.87 billion merger between Comcast’s NBCUniversal and DreamWorks Animation, The Hollywood Reporter reports. In April, NBCU agreed to pay $41 a share to acquire DWA but the sale was pending until the DOJ decided that there was no legal reason to block the proposed merger.
Pacific Gas & Electric Co. announced Tuesday that it will be closing its Diablo Canyon nuclear plant within the next decade, the Los Angeles Times reports. The company will develop more solar, wind and other clean power technologies in order to bring the company closer to the mandate that 50 percent California’s electricity generation come from renewable energy sources by 2030.
The redevelopment of the Pacific Palisades shopping center received final approval from the Los Angeles City Council, the Los Angeles Times reports. The 116,000-square-foot complex on Swathmore Avenue is expected to open in summer 2018 and will include a movie theater, community space, grocer and retail shops as well as eight apartment units.
The Dow Jones industrial rose 36 points in early Wednesday trading to 17,870. The S&P 500 rose 3 points to 2,091. The Nasdaq fell 3 points to 4,841. The LABJ stock index fell one point to 227.
Tuesday, June 21
Kite Pharma Inc., a clinical-stage biopharmaceutical company, opened a new industrial manufacturing plant in El Segundo on Monday.
Hyperloop One explores system in Moscow, OpenX adds Culver City office, OSI Systems makes $269 million acquisition, and more.
Hawthorne-based OSI Systems Inc. announced Tuesday its decision to acquire American Science & Engineering Inc. (AS&E) for $37 per share, constituting a $269 million cash deal.
The Los Angeles City Council on Tuesday formally placed a labor-backed affordable housing measure on the November ballot.
Popular grocery store chain Trader Joe’s Co. has agreed to spend an estimated $2 million over the next three years to reduce greenhouse gas emissions from refrigeration equipment at 453 of its stores, according to a court settlement reached Tuesday.
The Dow Jones industrial average rose 25 points on Tuesday to close at 17,830. The S&P 500 rose 6 points to 2,089. The Nasdaq rose 7 points to 4,844. The LABJ stock index fell one point to 227.
READER POLL: Do you have any interest in exploring the L.A. river?
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UFC is reportedly being sold to a group led by WME/IMG for $4.2 billion, Variety reports. The group includes WME/IMG, Dalian Wanda Group, the Kraft Group and Tencent Holdings. UFC was bought by casino executives Frank and Lorenzo Feritta for just $2 million in 2001.
Sacramento-area rocket engine maker Aerojet Rocketdyne Holdings Inc., will be moving its headquarters to El Segundo this summer, The Sacramento Bee reports. Only a handful of employees will be making the move and the operating plant will continue to build and engineer rockets in its Rancho Cordova location.
The Four Seasons Hotel Los Angeles at Beverly Hills will be debuting a screening room located adjacent to the property’s restaurant, Culina, The Hollywood Reporter reports. The theater will feature 38 recliner chairs, a 14’ HD wide screen, 3-D printer and state-of-the-art surround sound as well as “elevated” snacks and beverages such as truffle popcorn and fresh juice.
About 6,200 Department of Water and Power customers lost electrical service on Monday during the heat wave that made many run fans and air conditioners that strained the power grid, the Los Angeles Times reports. About 5,500 customers who experienced power outages resided in San Fernando Valley, but pockets of metropolitan L.A. also lost power and thousands experienced blackouts at various times on Monday.
The Dow Jones industrial rose 10 points in early Tuesday trading to 17,815. The S&P 500 rose 1 point to 2,084. The Nasdaq rose 4 points to 4,841. The LABJ stock index fell one point to 227.
Monday, June 20
Snapchat expands advertising, Mashable acquires Cinefix, Clearlake Capital buys Vision Solutions, and more.
Los Angeles City Attorney Mike Feuer has filed charges against the owners of four properties for allegedly operating apartment buildings as short-term rentals or full-service hotels.
The U.S. Department of Energy has awarded the Smart Manufacturing Leadership Coalition, co-founded by University of California, Los Angeles, $70 million to build a hub for a new L.A.-based manufacturing institute.
Jacobs Engineering Group Inc. will move its headquarters from Pasadena to Dallas by the end of 2019 and cut its local staff by more than a third, according to an agenda posted online by the Dallas City Council.
The Dow Jones industrial average rose 129 points on Monday to close at 17,805. The S&P 500 rose 12 points to 2,083. The Nasdaq rose 37 points to 4,837. The LABJ stock index rose two points to 228.
President Barack Obama is expected to announce a project today to build a headquarters in Los Angeles for an institute to develop sensors to make manufacturing more efficient, The Los Angeles Times reports. The $140 million public and privately funded project will include five regional centers including one at UCLA and will include investors such as Google, Microsoft, and Northrop Grumman.
“Finding Dory” set a record for opening weekend ticket sales for a Pixar film this weekend, making an estimated $136.2 million in estimated weekend ticket sales in North America, The New York Times reports. “Central Intelligence” starring Kevin Hart and Dwayne Johnson came in second, making $34.5 million.
Shoppers going to Nordstrom at The Grove can now browse for a Tesla as well as the latest fashion, the Associated Press reports. A Tesla Gallery opened Saturday and includes a 400-square-foot gallery where the latest model, the Tesla Model X SUV is showcased. Customers can’t buy a car at the gallery, but they can explore trim options and go for a test drive.
A heat wave that moved in on Southern California over the weekend brought in triple-digit temperatures, shattering some long-held records, The Los Angeles Times reports. Burbank broke a 1973 record of 104 degrees with 109 degrees while Woodland Hills also hit 109 and Palm Springs hit a sweltering 118 degrees.
The Dow Jones industrial rose 252 points in early Monday trading to 17,927. The S&P 500 rose 27 points to 2,098. The Nasdaq rose 66 points to 4,866. The LABJ stock index rose four points to 230.
REAL ESTATE: Snapchat’s network expands to keep pace with message app’s growth.
Snapchat’s plethora of Silicon Beach leases speaks to the messaging app’s continued growth and success.
TECHNOLOGY: Esotouric offers 3-D rides as actual funicular remains idle.
The Angels Flight funicular, billed as the shortest railway in the world, might be out of commission, but there’s a new way for enthusiasts to get their Angels Flight fix without leaving their computer.
PUBLISHING: Switch by Tribune to Tronc raises some analysts’ eyebrows.
Los Angeles Times parent Tribune Publishing Co. officially will change its name to Tronc on June 20 and start trading on the Nasdaq that same day as “TRNC.”
DEVELOPMENT: Frogtown ventures hope to get area hopping as new hot spot.
Frogtown businesses hope to ride a rising tide of visitors to the Los Angeles River neighborhood.
SALE: Property acquired for $15.2 million in 2012 goes for $80 million-plus.
The Title Insurance Building downtown has been sold to Rising Realty Partners and Lionstone Investments in a deal valued at between $80 million and $88 million, or $250 to $275 a square foot.
ENTERTAINMENT: City of L.A. could soon sign off on Paramount upgrades.
Paramount Pictures’ next big production could be the long-planned overhaul of its studio facility.
Auto racing vet Gillian Zucker now works to help NBA’s Clippers turn corner
Gillian Zucker talks furthering the Los Angeles Clippers’ net gains under owner Steve Ballmer.
PETS: CatConLA to take nip at stigma of felines and people who love them.
It’s no secret that cats rule the internet. Now they’re about to take over downtown.
Student’s phone repair venture earns award from Ernst & Young.
High schooler Matthew Sarreshtehdari has found an early calling with his phone repair business.
DINING: Lemonade sees bigger bills helping to feed expansion.
Investor Butterfly Enterprises is helping get fast-casual chain Lemonade’s expansion up to speed.
POLITICS: Businesses want OKs before new presidency.
Companies behind two Mojave projects fear getting sandbagged by change in White House.
It’s time to require gun owners to carry liability insurance.
Kendall Brill & Kelly partner Bert Deixler, like all successful attorneys, is well aware that part of the job is connecting with clients and finding ways to put them at ease.
One Santa Fe, a sprawling 500,000-square-foot apartment community in the Arts District, has been purchased by Boston real estate firm Berkshire Group in a deal valued at approximately $200 million.
POLITICS: Infrastructure improvement generates support from L.A. trio.
Local business groups appear split on whether to support a permanent half-cent sales tax hike for transportation projects that the Los Angeles County Metropolitan Transportation Authority is looking to place on the November ballot.
REAL ESTATE: City-owned buildings sit empty despite tight industrial market.
Four city-owned industrial properties have proved a tough sell for Long Beach.
Business Journal takes top honor at regional publication conference.
Alliance of Area Business Publications salutes Business Journal and its sister publication with top honors.
Friday, June 17
Boasting a gaudy valuation north of $17 billion and more daily users than Twitter, Snapchat Inc. is the biggest unicorn on Silicon Beach. It’s also one of the hungriest consumers of real estate. In snapping up leases for offices and residential properties in Venice and Santa Monica, Snapchat is turning its beachside neighborhood into a sprawling urban campus.
While it may seem like foreign investors are gobbling up downtown Los Angeles properties and building lots of megaprojects, foreign direct investment in Los Angeles County has actually fallen in recent years.
CheckAlt picks up Klik Technologies, Activision Blizzard announces Netflix series, Los Angeles venture capitalist secures startup funds, and more.
Playa Vista’s last mega parcel has sold for $83 million to auto dealer Hooman Nissani who plans to build at least eight dealerships across its nine acres.
A look at the plots of this weekend’s big new movie releases from a business perspective.
L.A. County’s unemployment rate fell to 4.9 percent in May, the first time below 5 percent in nine years, according to state figures released Friday.
Beverly Hills-based Capricor Therapeutics, Inc., was this week’s biggest mover, gaining 39 percent to close at $4.46. Motorcar Parts of America of Torrance was also among the week’s big movers. The auto parts company rose 13 percent to close at $31.60. Los Angeles-based organizational and people advisory firm Korn Ferry International was the week’s biggest loser, dropping 22 percent to close at $22.43.
The Dow Jones industrial average fell 58 points on Friday to close at 17,675. The S&P 500 fell 7 points to 2,071. The Nasdaq fell 45 points to 4,800. The LABJ stock index fell one point to 226.
A Canadian developer has entered into a preliminary agreement to buy the 750,000-square-foot Los Angeles Times building near City Hall, the Los Angeles Times reports. Vancouver-based Onni Group plans on redeveloping the estimated $100 million property into modern offices and retail.
“Skylanders Academy,” Activision Blizzard Inc’s first television series developed in-house, will air on Netflix Inc. this fall, The Wall Street Journal reports. The animated series will run for two 13-episode seasons.
Sim Group Hollywood is opening its new 66,000 square-foot facility on the former Eastman Kodak site in Hollywood today, The Hollywood Reporter reports. The new building will be the Sim Group’s West Coast headquarters and includes its Sim Camera rental services, Chainsaw postproduction business and Bling Digital workflow services brands.
The Dow Jones industrial fell 49 points early Friday trading to 17,683. The S&P 500 fell 6 points to 2,072. The Nasdaq fell 27 points to 4,818. The LABJ stock index fell one point to 227.
Thursday, June 16
Iceland-based airline carrier Wow Air began flying from Los Angeles International Airport on June 15, offering regular weekly services to Reykjavik, Iceland for $99.
Greycroft Ventures leads funding for Performance Horizon, Vow To Be Chic picks up critical investment, Indian streaming company finds an angel in Los Angeles, and more.
Sumner Redstone’s National Amusements Inc. announced Thursday it elected to replace five board members at Viacom Inc., exercising its power as the majority shareholder of the Santa Monica-based firm’s voting stock.
The Dow Jones industrial average rose 93 points on Thursday to close at 17,733. The S&P 500 rose 6 points to 2,078. The Nasdaq rose 10 points to 4,845. The LABJ stock index stayed steady at 227.
Fortune Magazine is out with its annual issue listing the nation’s 500 largest corporations by revenue – 13 of which call L.A. County home. That’s down one from last year as DirecTV, formerly of El Segundo, was merged into AT&T; Corp., which has its headquarters in Dallas, TX.
California has been named the top state for film production for the second year in a row, but the share of movies being shot in the state fell from 21 percent in 2014 to 17 percent last year, the Daily News reports. Nineteen out of 109 movies released by major film companies were produced in California, with the United Kingdom coming in second with 15 projects.
Hollywood Hills asian fusion restaurant Yamashiro is set to reopen today under new operators after shutting down for two days, the Los Angeles Times reports. The Japanese palace-shaped business will now be run by hospitality company BNG, Sugar Factory restaurants and TCL Chinese Theatres.
Media mogul Sumner Redstone sent an email to Viacom’s lead director Frederic V. Solerno stating that he no longer trusts ousted chief executive Philippe P. Dauman or those who support him, The New York Times reports. The letter stated that Redstone felt like his wishes were being ignored and that he was “determined to act in the best interests of the company and all of its shareholders.”
An article by Gawker about Donald Trump’s hair has garnered the media company their latest lawsuit from Hulk Hogan’s lawyer Charles J. Harder, The New York Times reports. In a letter to Gawker on behalf of hair treatment clinic clinic Ivari International, and Edward Ivari, Hogan’s lawyer demanded that the company immediately remove the article and issue a public apology and full retraction.
The Dow Jones industrial fell 130 points early Thursday trading to 17,510. The S&P 500 fell 17 points to 2,054. The Nasdaq fell 43 points to 4,792. The LABJ stock index fell one point to 226.
Wednesday, June 15
California ranks first as the world’s top filming location for the third year in a row according to a study by FilmL.A. released Wednesday.
Irvine-based developer Goodman Birtcher has bought a pair of massive distribution centers in Los Angeles County, including a property just over the county line in Santa Fe Springs, in one of the larger industrial acquisitions seen in Southern California in recent memory.
Canary Health Joins Forces With medtronic, Napster moves back home, SpaceX booster crashes, and more.
After its conversion to a creative office floorplan, the Pasadena Business Center has sold for about $67 million, nearly 85 percent more than what investors paid three years ago, according to commercial real estate brokers who negotiated the deal.
The Dow Jones industrial average fell 4 points on Wednesday to close at 17,640. The S&P 500 fell 4 points to 2,072. The Nasdaq fell 9 points to 4,834. The LABJ stock index stayed steady at 227.
California has overtaken France as the sixth largest economy in the world as a result of good growth, large technology companies, booming agricultural and manufacturing industries, and a strong U.S. dollar, Bloomberg reports. The state’s gross domestic product of $2.5 trillion grew by 4.1 percent in 2015, compared with a 2.4 percent increase in the U.S.
Russian President Vladimir Putin has given a North Hollywood firm Moschanko Investment Group his support to build a $4 billion theme park in the southwest of Moscow, the Los Angeles Times reports. The 540-acre Magical World of Russia is expected to be built with private investments and construction could begin in 14 months.
The Los Angeles City Council voted to pay out $822,000 to settle a case brought by homeless people who sued the city for seized and destroyed their possessions, the Los Angeles Times reports. Lawmakers also approved to pay more than $125,000 in legal fees in another case from five years ago that involved a skid row protest that ended in activist Pete White’s arrest and was seen as a move for ejecting homeless residents and hastening gentrification.
The revamped Downtown Macy’s Plaza is expected to open this Thursday, Curbed Los Angeles reports. The $160-million open-air mall, now called “The Bloc,” takes up one city block and includes an outdoor courtyard with artificial turf, colorful outdoor furniture and hip, pedestrian friendly restaurants and shops.
The Dow Jones industrial rose 45 points in early Wednesday trading to 17,719. The S&P 500 rose 5 points to 2,081.The Nasdaq rose 10 points to 4,854. The LABJ stock index rose one point to 228.
Tuesday, June 14
Net-neutrality upheld in federal court, e-commerce startup Loot Crate secures major investment; Electronic Arts sets its sights on e-sports market, and more.
Boston real-estate firm Berkshire Group announced its purchase of One Santa Fe, a 438-unit, 500,000-square-foot apartment community located in the Arts District.
Los Angeles employers say they plan to step up hiring during the third quarter, according to a survey to be released Tuesday from Manpower Inc.
The Dow Jones industrial average fell 58 points on Tuesday to close at 17,675. The S&P 500 fell 4 points to 2,075. The Nasdaq fell 5 points to 4,844. The LABJ stock index stayed steady at 227.
READER POLL: Should more be done to stop L.A. companies from leaving California?
A week after his brother Tom Calderon copped a plea deal with federal prosecutors, former state senator Ronald Calderon followed suit, pleading guilty to one count of mail fraud and admitting he took tens of thousands of dollars in bribes in exchange for political favors.
The Title Insurance Building in downtown’s Historic Core just traded for at least five times the amount it sold for in 2012.
Sony Corp announced Monday that it will be launching a $399 virtual-reality headset on Oct. 13, The Wall Street Journal reports. Blockbuster game titles such as “Final Fantasy,” “Star Wars,” “Batman Arkhan,” and “Resident Evil” will be playable on the device.
53-year-old “Stockbroker to the Stars” Dana Giacchetto was found dead in his Upper West Side apartment Sunday morning, the New York Daily News reports. The money manager, who plead guilty to securities fraud in 2001, was found dead after a weekend of heavy partying when his estranged girlfriend became concerned when she couldn’t get ahold of him and started calling friends for help on Saturday night.
The Dow Jones industrial fell 52 points in early Tuesday trading to 17,681. The S&P 500 fell 5 points to 2,073. The Nasdaq fell 7 points to 4,841. The LABJ stock index stayed steady at 226.
Monday, June 13
Microsoft Corp. spends big to acquire professional network LinkedIn, Snapchat unveils a new advertising format.
The critically-acclaimed TV series “American Crime” is moving its third season of production to Los Angeles, thanks to an expanded tax credit program offered by the California Film Commission.
California International Bank, known as Saigon National Bank until February, has filed to relocate its headquarters to Rosemead, according to the federal Office of the Comptroller of the Currency, which approved its new name.
The Dow Jones industrial average fell 133 points on Monday to close at 17,732. The S&P 500 fell 17 points to 2,079. The Nasdaq fell 46 points to 4,848. The LABJ stock index fell one point to 227.
Trial is set to begin Monday in the city of Claremont’s attempt to take over a water system from Golden State Water, the private utility serving the city.
Business social networking site LinkedIn is in talks to be bought by Microsoft in a $26.2 billion cash deal, The New York Times reports. Microsoft has agreed to pay $196 a share after stocks fell to $131.08 on Friday, but since the announcement LinkedIn shares have surged 48 percent while Microsoft stocks have fallen 4 percent before being halted before an announcement of the all-cash deal.
Walt Disney Co. is set to open the new $5.5 billion Shanghai Disney Resort on June 16, making it the most expensive Disney theme park ever built, The Wall Street Journal reports. Analysts expect the new theme park to lose money in the first few years but but ultimately grow the Disney brand and boost the international theme park business’s bottom line.
Horror movie sequel “The Conjuring 2” made box office bank this weekend with an estimated $40.4 million opening weekend, slightly less than the original’s 2013 debut of $41.8 million, The Associated Press reports. “Warcraft” came in second with just $24.4 million, but has been a hit overseas taking in $156 million in its first five days, surpassing the foreign release of “Star Wars: The Force Awakens” and “Avengers: Age of Ultron.”
A man was arrested on Sunday in a car filled with rifles, ammunition, and explosives while en route to the LA Pride Musical Festival and Parade in West Hollywood, The Daily News Reports. In April, James Howell, 20, from Indiana was convicted of intimidation in his home state and ordered to surrender all weapons, but under a plea agreement the intimidation charge and charge of pointing a gun was dismissed and his one year jail term was suspended.
The Los Angeles Business Journal won the Gold award in the category of Best Newspaper at The Alliance of Area Business Publishers on Saturday. The award was presented at a conference in Des Moines, Iowa and the paper competed against large weekly business news tabloids in other cities on the basis of overall quality.
The Dow Jones industrial fell 22 points in early Monday trading to 17,843. The S&P 500 fell 1 point to 2,095. The Nasdaq fell 5 points to 4,889. The LABJ stock index rose one point to 228.
Friday, June 10
Los Angeles’ oft-disputed billboards ban remains intact after the California Supreme Court opted Friday not to review a March appellate court ruling upholding the statute.
The Virtual Reality Co. raises $23 million, Legendary launches live-streaming, set-top box content company Frequency raises $11 million, and more.
J2 Global Inc.’s publishing division Ziff Davis has reportedly submitted an opening bid of $90 million to $100 million for Gawker Media, which is putting itself up for sale after filing Chapter 11 bankruptcy on Friday.
A look at the plots of this weekend’s big new movie releases from a business perspective.
Sherman Oaks-based Real Industry Inc. was this week’s biggest mover, gaining 10 percent to close at $8.18. Carson-based company Ducommun Inc. was also among the week’s big movers. Stocks for the manufacturing company rose 10 percent to close at $19. Los Angeles soda company Reed’s, Inc. was the week’s biggest loser, dropping 17 percent to $2.65.
The Dow Jones industrial average fell 120 points on Friday to close at 17,865. The S&P 500 fell 19 points to 2,096. The Nasdaq fell 64 points to 4,895. The LABJ stock index fell one point to 228.
CBS-TV Channel 2 has scored a multiyear partnership by becoming the official TV home to preseason Rams games, The Los Angeles Times reports. CBS 2 will provide the Los Angeles market with exclusive telecasts of Rams preseason games, including match-ups that will be broadcast by the National Football League’s national TV partners.
Media mogul Sumner Redstone is preparing to replace a handful of directors on the Viacom board, a move that is expected to reshape the board and end with the firing of the current chairman Philippe P. Dauman, The New York Times reports. Kenneth Lerer, the co-founder of the Huffington Post and chairman of Buzzfeed as well as Sony executive and lawyer Nicole Seligman are among the people in consideration for board positions.
Plans for a high-speed rail from Los Angeles to Las Vegas have hit a speedbump after XpressWest said that the deal between a China Rail International is off, NBC Los Angeles reports. The private company behind the plan said that the decision to terminate the partnership was based upon challenges associated with timely performance and regulatory approvals and they will seek a partner elsewhere.
A Los Angeles estate in the gated Beverly Hills Post Office area that was once owned by Cher and Eddie Murphy is going on the market for $85 million, The Wall Street Journal reports. The property is about 16 acres and includes a 20,000 square-foot main house, four-bedroom Moroccan-themed guest house, equestrian barn, swimming pool, and tennis court.
The Dow Jones industrial fell 137 points in early Friday trading to 17,848. The S&P 500 fell 18 points to 2,097. The Nasdaq fell 54 points to 4,904. The LABJ stock index fell two points to 228.
COPYRIGHT: Ed Sheeran, Justin Bieber cases follow ‘Blurred Lines’ verdict.
Lawyers for high-profile musicians are singing a less than cheery tune after lawsuits targeting pop stars Justin Bieber and Ed Sheeran over alleged copyright violations were filed in recent weeks.
CLOTHING: American Made Supply aims for middle with apparel.
American Made Supply hopes its online focus will help it sew up American Apparel’s former market position.
SPORTS: Fanchise’s app may point way to score supporters.
Fanchise hopes to pull in fans for its pro football team by letting them tackle play-calling during games.
Graphic Armor looks to customized designs to attract customers.
Customized condom maker Graphic Armor turns to crowdfunding to get in bed with investors.
ENGINEERING: Reduction of Jacobs’ Pasadena HQ may lead to relocation.
Texas has roped in another relocation as Jacobs reduces its HQ presence in Pasadena.
FILM: ‘Finding Dory’ seen as next Pixar production to buoy parent Disney.
Despite sequels’ sinking fortunes at the box office, analysts are confident “Finding Dory” will make a big splash.
TRANSIT: Coalition fights for answers on how many jobs Metro deal created.
A local labor and civil rights group is asking the Los Angeles County Metropolitan Transportation Authority to prove that a $500 million contract it signed with a Canadian manufacturing firm is in fact creating jobs in the region and elsewhere.
Skid Row business owners feel burned as fires and crime increase at growing homeless encampments.
Restaurateur high on U.S. Bank Tower as home for 71Above.
New restaurant 71Above hopes to stand tallest with its top-floor home at the U.S. Bank Tower.
Ex-MTV chief Van Toffler still works with videos, but now he develops them to be shared across multiple platforms
Van Toffler hopes to channel his experience at MTV into success at digital startup.
The courts might finally be the factor that gets Los Angeles moving on Skid Row’s homeless problem, writes Jonathan Diamond.
ACQUISITION: Chinese investor agrees to shell out $9.5 million for building.
Despite being a tourist hot spot, Hollywood has surprisingly few hotels. But a new one could soon rise up from a Chinese investor who has nabbed a Hollywood Boulevard retail site for $9.5 million.
COMPENSATION: Patrick Soon-Shiong tops public execs.
Biotech paid off last year with a healthy haul of $148 million for wealthiest Angeleno Patrick Soon-Shiong.
Business as usual at City Hall has stalled his apartment project, writes Ben Forat, costing him time and money.
County transportation officials’ plan to straighten out bottleneck on 5 freeway would be too little too late.
Five local chamber chiefs hope to speed up improvements to a bottlenecked stretch of the 5 freeway.
INVESTMENT: Conference to turn spotlight on firms in digital health, digital media.
Silicon Beach startups in the digital health and digital media spaces will present new ideas to venture capitalists and investors at the second annual Israel Digital Entrepreneur Arts and Science (Ideas) Los Angeles conference, which will run June 15 and 16 at the Broad Stage in Santa Monica.
Executive coach Farrah Marisa Myers could do what many executives who live in Venice do over a weekend: chill out at the beach or stroll along the boardwalk. Instead, she spends eight weekends a year visiting prisons in Central California.
LAW: Attorneys hope to make case on clients’ fees by crunching numbers.
Some firms have turned to data analytics to help court clients.
TV: Talk-show titan to star in ‘Greenleaf’ as her OWN beefs up scripted fare.
Oprah Winfrey is returning to TV to act in a new drama series produced by her West Hollywood-based Oprah Winfrey Network.
The Playboy Mansion has received some neighborly love.
Thursday, June 9
Elon Musk goes to the Pentagon, Rubicon launches Olympic advertising, house-call app Heals adds Jaimie McCout to its board, and more.
Viacom Inc. today announced it is nearing a sale of 49 percent of Paramount Pictures.
Signal Hill oil company AllenCo Energy has reached an agreement with Los Angeles City Attorney Mike Feuer to pay a $1.25 million fine to settle a lawsuit Feuer brought against the company, moving the company a step closer to reopening its oil field near USC, Feuer’s office announced Thursday.
The Dow Jones industrial average fell 20 points on Thursday to close at 17,985. The S&P 500 fell 4 points to 2,115. The Nasdaq fell 16 points to 4,959. The LABJ stock index fell one point to 230.
The Los Angeles Police Department will be adding 100 BMW i3 all-electric plug-in vehicles to their fleet of environmentally friendly cars, The Los Angeles Times reports. The LAPD had been seen testing Tesla’s P85D electric car, but decided to go with the more affordable BMW for use in community outreach and other police business but will not use them as patrol cars.
Dallas-based hotel owner Ashford Hospitality Prime Inc. received an unsolicited offer from the Weisman Group to buy the company for about $735 million in cash, Bloomberg reports. The price for the common shares is 79 percent more than Tuesday’s closing price of $11.32 and the deal is valued at $1.48 billion.
More than 200 companies will be represented at this year’s Electronic Entertainment Expo kicks off this Tuesday, but some big names in the video-game industry won’t be there, Bloomberg reports. Electronic Arts Inc. who is usually a big presence on the showroom floor will instead host its own party at the Novo theater next door and Avision and the Walt Disney Co. won’t be there at all.
Stocks passed 18,000 on Wednesday as machinery and mining companies traded higher and stocks an oil traded at their highest price in almost a year, The Los Angeles Times reports. Metal prices jumped and makers of beverages and consumer goods traded higher because of a weaker U.S. dollar, meaning better sales and profits for companies that do business overseas.
The Dow Jones industrial fell 58 points in early Thursday trading to 17,947. The S&P 500 fell 8 points to 2,111. The Nasdaq fell 18 points to 4,957. The LABJ stock index stayed flat at 231.
Wednesday, June 8
Culver City-based Sony Pictures announced Wednesday that it will re-release the 2001 Muhammad Ali biopic “Ali” to several hundreds of movie theaters following the legendary boxer’s death on June 3.
SpaceX to relaunch old rocket, the LAPD has leased 100 electric vehicles, E3’s industry booths decline, and more.
Tuesday’s elections in L.A. County delivered mixed results for business.
The Blackstone Group is splintering off another chunk of its Los Angeles office portfolio. The New York investment firm has agreed to sell a Wilshire Boulevard building in Brentwood for $311 million, or $621 a square foot. That’s nearly double the amount Blackstone paid in 2006, when it shelled out $164 million, or $327 a square foot, as part of a portfolio purchase.
The Dow Jones industrial average rose 67 points on Wednesday to close at 18,005. The S&P 500 rose 6 points to 2,119. The Nasdaq rose 7 points to 4,974. The LABJ stock index stayed flat at 231.
Tribune Publishing has until August to evaluate a $15-per-share offer from Gannett, The Los Angeles Times reports. Gannett urged Tribune Publishing, which will be renamed Tronc on June 20, to “engage constructively” toward negotiating a merger because the values of both companies may decline in the future due to changes in the media industry.
Snapchat’s “Stories” page will be getting a redesign to more prominently highlight content from media companies that post directly to the app, The Wall Street Journal reports. The new page will allow publishers on the “Discover” section of the app to display an image and headline promoting their stories of the day.
The battle about media mogul Sumner Redstone’s competency began on Tuesday in a Massachusetts courthouse, The New York Times reports. The hearing, that centers on the dismissal of two of Redstone’s longtime confidants from his trust, lasted two and a half hours and included 22 lawyers for all sides as well as contrasting views of Redstone’s mental and physical well-being.
Hillary Clinton became the first woman ever chosen to lead a major party into the fall presidential campaign after winning the California primary, The Los Angeles Times reports. Clinton beat her opponent Sen. Bernie Sanders in New Jersey, New Mexico and South Dakota, giving her the delegates she needed to win the nomination.
The Dow Jones industrial rose 63 points in early Wednesday trading to 18,002. The S&P 500 rose 5 points to 2,117. The Nasdaq rose 9 points to 4,971. The LABJ stock index stayed flat at 232.
Tuesday, June 7
Tronc to make thousands of videos with A.I., Spaces Inc. to launch virtual reality attractions in China, SAG-AFTRA calls for probe of stressful videogame vocal work, and more.
Next door to the Fonda Theater on Hollywood Boulevard, a former printing shop is about to make way for a swankier kind of real estate. The 16,800-square-foot site sold for $9.5 million to a Chinese company that plans to develop a boutique hotel.
West L.A.’s Leonard Green & Partners announced Tuesday that it has closed a $9.6 billion private equity investment fund.
The Dow Jones industrial average rose 18 points on Tuesday to close at 17,938. The S&P 500 rose 3 points to 2,112. The Nasdaq fell 7 points to 4,962 The LABJ stock index stayed flat at 232..
READER POLL: Would you be happy if your company relocated downtown?
Real estate firm BentleyForbes is selling off its remaining real estate and will dissolve within the year, Bloomberg reports. The firm, that once owned the Watergate office complex in Washington and Bank of America Plaza in Atlanta, now has three employees and manages five properties.
Manager for the stars Troy Carter has been hired by Spotify as its global head of creative service to help oversee the company’s relationships with artists, The New York Times reports. Carter is the former manager of Lady Gaga and is expected to take on a role similar to the one that music producer Jimmy Iovine holds at Apple as the central contact for the music business.
Viacom Inc. will now need the buy-in of controlling shareholder Sumner Redstone and his daughter Shari Redstone if plans to sell a stake in the company to Paramount Pictures continues, The Wall Street Journal reports. The bylaws for National Amusements Inc. were amended to require unanimous board approval of a transaction involving Paramount.
The Playboy Mansion in Holmby Hills has found a buyer for over the $200 million asking price, The Wall Street Journal reports. Daren Metropoulos, who bought the adjacent property in 2009, is in contract to purchase the property. The contract comes with one unusual condition - that 90-year-old Playboy Enterprises owner, and the current owner of the house Hugh Hefner, be allowed to remain in the home as long as he lives.
The Dow Jones industrial rose 53 points in early Tuesday trading to 17,973. The S&P 500 rose 3 points to 2,112. The Nasdaq rose 4 points to 4,973. The LABJ stock index stayed flat at 232.
Monday, June 6
Silicon Beach continues to wind its tentacles through Santa Monica. An office on Ocean Park Blvd. has just sold for more than double the amount it claimed in its last sale a decade ago.
It’s no Playa Vista, but El Segundo is still commanding solid office sales. An office on Continental Blvd. has sold for $30.5 million, or just over $300 a square foot. The buyer, Brightforward LLC, a private family from West L.A., bought the 96,210-square-foot building at 550 Continental from Colony Capital Inc., based in downtown.
Spotify hires Troy Carter, Chernin Group to launch a video-subscription service, Midroll buys Sticher, and more.
Colony Capital Inc. has agreed to merge with NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp., both of New York. The new company will be called Colony NorthStar Inc. and hold $58 billion in assets.
Jacobs Engineering Group Inc. is preparing to move its headquarters from Pasadena to Dallas, according to an agenda posted online by the Texas city’s economic development committee.
The Dow Jones industrial average rose 113 points on Monday to close at 17,920. The S&P 500 rose 10 points to 2,109. The Nasdaq rose 26 points to 4,969 The LABJ stock index rose one point to 232.
Global engineering and architecture firm Jacobs Engineering Group Inc. is moving a portion of its headquarters from Pasadena to Dallas, the Dallas Business Journal reports. The move is being made for lower taxes and a more business friendly environment as well as lower rates and will make the company more competitive in the real estate industry.
Gardena-based electric-car startup Faraday Future has applied for a manufacturer license plates in California and may start test-driving self driving cars, Business Insider reports. The company said it is developing autonomous electric vehicles but has revealed little else about their plans.
Shares from Los Angeles billionaire Patrick Soon-Shiong’s biotech startup NatHealth had a strong first day of trading Thursday, closing 32 percent above their offer price, The Los Angeles Times reports. The 6.5 million new shares closed at $18.59, up $4.59 from $14 a share, raising more than $90 million.
“Teenage Mutant Ninja Turtles: Out of the Shadows” won at the box office with a $35.3 million debut weekend, much less than the original film’s $65.6 million opening weekend, the Associated Press reports. “X-Men: Apocalypse made $22.3 million while “Me Before You” opened with $18.3 million.
The Dow Jones industrial rose 96 points in early Monday trading to 17,903. The S&P 500 rose 9 points to 2,108. The Nasdaq rose 17 points to 4,959. The LABJ stock index stayed steady at 231.
Sunday, June 5
Internet vet Brian Lee is a big fan of how partnering with stars can guide consumers to businesses
Honest Co.’s Brian Lee discusses how star power can energize e-commerce ventures.
Friday, June 3
The U.S. Attorney’s office in Los Angeles announced Friday that three more conspirators pleaded guilty in the insurance fraud case tied to Pacific Hospital of Long Beach – now College Medical Center.
A weekly roundup of must-read L.A. tech investments and acquisitions.
Snapchat is reportedly set to roll out a redesign of its app in mid-June by merging its Discover and Live Story features.
A weekly roundup of L.A. tech company and product launches.
A business take on the weekend’s movie releases
Hermosa Beach-based virtual payment company Virtual Piggy, Inc. was this week’s biggest mover, gaining 79 percent to close at 11 cents. Lion Biotechnologies Inc. was also among the week’s big movers. Stocks for the clinical stage biotech company focused on cancer immunotherapy rose 49 percent to close at $8.65. Chatsworth-based Capstone Turbine Corporation was the week’s biggest loser, dropping 7 percent to $1.44.
The Dow Jones industrial average fell 31 points on Friday to close at 17,807. The S&P 500 fell 6 points to 2,099. The Nasdaq fell 29 points to 4,943 The LABJ stock index fell one point to 231.
San Diego commercial real estate developer Capital Structures Realty Advistors filed a shareholder lawsuit Thursday against Tribune Chairman Michael Ferro Jr. and the rest of the board claiming they breached their fiduciary duty, The Los Angeles Business Journal reports. The lawsuit claims that they breached their contract by failing to consider Gannett’s $864 million offer and instead accepting a similarly priced one from billionaire Patrick Soon-Shiong for far fewer shares.
The Redbury Hotel near Hollywood and Vine has sold for $41 million to a company owned by Microsoft co-founder Paul Allen, The Los Angeles Times reports. The over-the-top hotel will continue to be managed by hotelier Sam Nazarian’s company SBE.
Billionaire Sumner Redstone’s mental capacity to make decisions about his estate has been confirmed by a psychiatrist who examined him last month, Bloomberg reports. According to a report from Redstone, he told the psychiatrist that he wanted the Chief Executive Philippe Dauman removed from the trust because he had “done a bad job” and he opposes his decision to sell a stake in Paramount Pictures.
IMG Global has been acquired by Donald Tang’s Tang Media in a deal sources value at $200 million, Variety reports. In a first step for U.S. television production for China-based Tencent, IM Global, TMP and Reliance Entertainment have also partnered with Tencent in a new television production joint venture which will carry the IM Global Television banner.
The Dow Jones industrial fell 71 points in early Friday trading to 17,767. The S&P 500 fell 8 points to 2,098. The Nasdaq fell 23 points to 4,948. The LABJ stock index fell one point to 231.
Some of the most successful startups in the world were launched in garages. For Mike Zhang, his first foray into entrepreneurship was in a middle school computer lab.
Codesmith, a coding boot camp in Playa Vista
TripScope, a mobile app connecting live travel agents with consumers
Ryda Ventures, a downtown real estate development company
MediaHound, an entertainment technology company in El Segundo
Strolling Wild, an e-commerce sock business
Kronfli Bros., owner of local restaurants Bacari PDR, Bacaro L.A., and Nature’s Brew.
Westridge Outdoors, a Vernon-based outdoor sports gear and apparel firm
Having grown up in a family of doctors, Matt Joseph knows what their biggest headache is: paperwork.
Platinum Equity added Van Nuys electronic testing equipment rental company Electro Rent Corp. to its portfolio in a $323 million deal to take the company private.
INTERNET: Loot Crate lifts lid on $18.5 million Series A, $100 million mark in sales.
Subscription box startup Loot Crate, which sends toys and fan gear to subscribers in monthly mystery boxes, has raised an $18.5 million Series A funding round.
POLITICS: Voters also to have say on water system sale, digital billboards.
While most attention for this week’s primary election is focused on the presidential and U.S. Senate races, there are also some closely watched local races and issues on the ballot.
VIDEO: Tyson Sadler aims to recast Skid Row’s image with ‘Artist’ production.
In the shadows of the dozens of luxury high-rise buildings popping up downtown are the unlikeliest of film stars, the homeless of Skid Row.
ENTERTAINMENT: Viacom shares rise after exec duo dumped from trust’s board.
Wall Street has sided with Sumner Redstone as he lays out a future for National Amusements.
GOVERNMENT: Bumps to minimum wage have firms mulling cutbacks, closures.
Some nonprofits face cuts to services to offset impending wage increases.
INVESTMENT: Summit will look to help L.A. projects pocket foreign money.
The second Select LA Investment Summit will start June 17, two days before a national summit hosted by SelectUSA, set up by President Barack Obama in 2011 to assist U.S. economic development organizations in competition for global investments.
David Norris doesn’t have free time for cycling, his preferred form of exercise.
Margo’s Bark Soda owners plan to donate sales revenue to support animal shelters.
Margo’s Bark Soda looks to collar root beer buyers with its charitable support of animal shelters.
Jinya Ramen Bar hopes to bowl over new customers beyond L.A. outposts.
Jinya Ramen Bar has turned to franchising to feed its expansion plan.
RCO taps state money to roll out rubber items
RCO Tires has hit the road to reclaim rubber with the support of a state program.
LAW: Blockchain seen as promising tracking system for range of industries.
Attorneys are invested in expanding the use of bitcoin code blockchain as a tracking system for businesses.
Justin Boogaard got his startup idea from his grandmother.
Hedley & Bennett, designers and makers of aprons and kitchen workwear
WaiveCar, which operates a fleet of free rental cars in Santa Monica that are wrapped with advertisements and carry digital billboards on top
Athletic Propulsion Labs, athletic footwear company in downtown Los Angeles
TaskUs, international outsourcing company headquartered in Santa Monica
#Empowerista, a mentorship program and online community with the mission of empowering women
REAL ESTATE: Lower prices, big spaces spur local relocations.
All Def Digital is among the recent converts ditching the pricey Westside for downtown L.A.’s draw.
FILM: ‘Warcraft’ adaptation could reverse Universal slide.
Universal Pictures hopes video-game adaptation “Warcraft” plays well with moviegoers.
Shareholders are calling for change at Tribune Publishing and Viacom.
SALE: Pebblebrook scores Redbury for $40.9 million; SBE will remain manager.
Hollywood’s Redbury Hotel has been the subject of a red-hot sale.
L.A. Urban Farms, a full-service urban produce grower utilizing sustainable technology
Kaydabi, a South L.A. mobile-gaming company that pairs philanthropy and entertainment to create change
From the co-owners of an automated concierge service for seniors to the founder of an urban farming venture, the Business Journal showcases young entrepreneurs who are getting an early start on the business world.
Thursday, June 2
Gannett Co.’s quest to purchase beleaguered Los Angeles Times owner Tribune Publishing has now reached the courts.
Subscription box startup Loot Crate, which sends toys and fan gear to subscribers in monthly mystery boxes, said it surpassed $100 million in sales last year and raised an $18.5 million Series A funding round.
The Dow Jones industrial average rose 49 points on Thursday to close at 17,839. The S&P 500 rose 6 points to 2,105. The Nasdaq rose 19 points to 4,971 The LABJ stock index rose one point to 232.
Hollywood producer Megan Ellison is planning on expanding the footprint of her production company Annapurna Pictures, The Los Angeles Times reports. Ellison, who produced “Zero Dark Thirty” and “Joy,” paid $40 million for a lot measuring 35,000 square feet with five contiguous buildings in West Hollywood. It is still unclear whether the area will be used for filming or offices.
At least 300 employees at 21st Century Fox have opted to take buyouts as part of the media company’s cost-cutting measures, The Los Angeles Times reports. Buyouts were first announced in February in an effort to cut costs by $250 million and the company is not expected to pursue layoffs anytime.
Tribune Publishing Co. shareholders will be coming together today at the company’s annual meeting to discuss digital strategy as well as the issues surrounding a possible Gannett Co. takeover, The Wall Street Journal reports. The company rejected a $15 a share deal, opting instead to accept an equivalent offer from billionaire Patrick Soon-Shiong.
Two people were found dead in an apparent murder-suicide in a small office in the Engineering School at UCLA on Wednesday morning prompting a campus-wide lockdown, CNN reports. UCLA Professor William S. Klug, professor of mechanical and aerospace engineering, was identified as the victim of the shooting while the shooter has yet to be identified.
The Dow Jones industrial fell 51 points in early Thursday trading to 17,739. The S&P 500 fell 6 points to 2,094. The Nasdaq fell 11 points to 4,941. The LABJ stock index stayed steady at 230.
Wednesday, June 1
Docupace Technologies, which develops financial document management software, has raised a $16.5 million round of capital from Palisades Growth Capital and TVC Capital.
Rapper Wiz Khalifa sued his record label, Rostrum Records, and founder Benjy Grinberg Tuesday, alleging the deal the Pittsburgh native signed in 2005 is exploitative.
The Dow Jones industrial average rose 2 points on Wednesday to close at 17,790. The S&P 500 rose 2 points to 2,099. The Nasdaq rose 4 points to 4,952 The LABJ stock index stayed flat at 230.
A spokeswoman for Sumner Redstone’s daughter Shari Redstone has said that Viacom Inc. shareholders have spoken and they want new management at the top, The Wall Street Journal reports. Board members are fighting back after the 93-year-old media mogul removed board members Philippe Dauman and George Abrams as stewards of his holdings, a move that other members are suggesting proves that he is not acting of his own free will and is being influenced by his daughter.
The Managing Editor of the Los Angeles Times, S. Mitra Kalita, is leaving the newsroom after slightly more than a year, Poynter reports. She will be moving back to New York for family reasons as well as to become vice president of programming at CNN.
The Cecil Hotel in DTLA will be getting a $100 million renovation, The Los Angeles Times reports. New York City developer, Simon Baron Development, plans on gutting the 600-room hotel that is currently a low-budget tourist hotel and turning it into a boutique hotel with a rooftop pool and fitness club.
Los Angeles County is expected to add hundreds of thousands of low paying jobs over the next four years, The Los Angeles Times reports. Most of the jobs added by 2020 will pay below the median wage and will not require more than a high school diploma.
The Dow Jones industrial fell 94 points in early Wednesday trading to 17,692. The S&P 500 fell 9 points to 2,088. The Nasdaq fell 18 points to 4,930. The LABJ stock index fell one point to 229.