Stories for March 2016
Thursday, March 31
The state Legislature on Thursday approved a minimum wage hike to $15 an hour for all employers in California by 2023, sending the bill to Gov. Jerry Brown for his expected signature on Monday.
Federal regulators found “serious violations” with Santa Monica-based Pressed Juicery’s Fresno production facility and its Hazard Analysis and Critical Control Point (HACCP) plan, according to a letter sent to the company last week.
NBC is betting big that viewers will tune in live for Aaron Sorkin’s “A Few Good Men.” The upcoming project is the latest in the network’s revival of its live television event programming which started with 2013’s “Sound of Music Live,” which drew 18.5 million viewers, according to Nielsen.
The Dow Jones industrial average fell 32 points in Thursday trading to close at 17,685.09. The S&P 500 fell 4 points to 2,059.74. The Nasdaq rose slightly to 4,869.85. The LABJ Stock Index rose slightly to 225.57.
Snapchat and World Wrestling Entertainment Inc. of Stamford, Conn., have signed a multiyear content production partnership.
Salary comparison website Comparably of Santa Monica, founded by Jason Nazar, has released the results of a survey on salary satisfaction among tech employees.
The legal battle over porn performers wearing condoms in adult films is over after more than three years in federal court.
Los Angeles billionaire Elon Musk has a lot riding on today’s unveiling of his electric car company Tesla’s first model for the masses. According to the Wall Street Journal, he needs the Tesla Model 3, priced at around $35,000, to sell at a profit to reverse years of company losses and hefty cash outflows. Tesla will start taking $1,000 deposits from buyers in stores Thursday morning for the car, which will be revealed at a Hollywood-style premiere at Musk’s Space X campus in Hawthorne this evening.
Hollywood actress Whoopi Goldberg is getting into the medical marijuana business. The Oscar winner is lending her name and financial backing to a cannabis line designed to help women with menstrual cramps, reports CNN Money. Products under the Whoopi & Maya brand will be available only in California.
Both the Walt Disney Co. and Saban Ventures have increased their presence in online media by making multimillion dollar investments in Playbuzz, according to the Wall Street Journal. Playbuzz is a creator of an online platform for quizzes, games and other content appearing on websites including MTV.com and USA Today.com.
Digital First Media will pay a reduced price for the Orange County Register and Riverside Press-Enterprise, reports the Los Angeles Times. That’s because a federal bankruptcy court judge has approved a final purchase price of $49.8 million - $2 million less than originally stated – for the assets of bankrupt Santa Ana publishing company Freedom Communications.
Oscar winning actor Leonardo Di Caprio’s production company Appian Way has sealed a first-look deal with Paramount Pictures. This gives the studio a prolific supplier of product, reports Deadline Hollywood.
Amazon plans to add 1,000 more full time jobs by opening a new fulfillment center in the Inland Empire. The facility in San Bernardino will be the company’s seventh warehouse in California , reports the Riverside Press Enterprise.
The Dow Jones industrial average rose 14 points in early Thursday trading to 17,730.87. The S&P 500 rose nearly 1 point to 2,064.75. The Nasdaq rose 2 points to 4,872.01. The LABJ Stock Index rose slightly to nearly 226.
Wednesday, March 30
BNSF Railway Co.’s Southern California International Gateway project at the Port of Los Angeles, which has been in the works for a decade, is now facing more delays.
Bill Rosendahl, the gregarious and outspoken former Los Angeles City Councilman, died Wednesday morning after a four-year battle with cancer. He was 70.
Twentieth Century Fox Film Corp. could be among the companies clamoring for a stake in Viacom Inc.’s storied Paramount Pictures of Hollywood.
The Los Angeles Rams have finalized plans to make their training base for at least the next two years at California Lutheran University’s Thousand Oaks campus. Wednesday’s announcement confirmed earlier reports that the NFL team would be based there while waiting for a permanent training complex to be built at the football franchise’s Inglewood stadium.
The Dow Jones industrial average rose nearly 84 points in Wednesday trading to close at 17,716.66. The S&P 500 rose nearly 9 points to 2,063.95. The Nasdaq rose nearly 23 points to 4,869.29. The LABJ Stock Index rose slightly to 225.
Playa Vista online media company Fullscreen Inc. will launch a paid video-subscription service on April 26.
Baseball season starts next week, but many Los Angeles Dodgers fans will likely miss Monday’s opening day. Having had no takers for its first pitch, Time Warner Cable yesterday proposed its second offer in a week to entice AT&T, owner of DirecTV, Cox Communications, and other pay-TV providers to carry the Dodgers' TV channel, SportsNet LA, in Southern California, the Los Angeles Times reports.
American Apparel Inc., named former Liz Claiborne Inc. Chief Executive Paul Charron chairman of its board. The company, which emerged from bankruptcy last month, has hired other new board members to round its seven person leadership team since founder Dov Charney’s controversial exit in 2014. Charney is reportedly still working on a takeover of the company, reports Bloomberg.
California could become the first state to make retirement savings accounts an almost-universal benefit for workers with a new plan, reports the Los Angeles Times. On Monday, a state board called for the creation of the California Secure Choice Retirement Plan, essentially a 401(k) plan operated by the state, that would be open to private-sector workers whose employers don't offer a retirement savings plan. The plan would cover about a third of California’s workforce, an estimated 6.8 million workers.
Former University of Southern California president Steven B. Sample died Tuesday. He was 75. Sample, who took the helm of the South Los Angeles campus in 1991, ran the university for nearly 20 years. He was credited with raising the school’s global presence and fundraising efforts, the Los Angeles Times reports. During his tenure, USC received five gifts of at least $100 million, and the university’s endowment rose to nearly $4 billion.
The Los Angeles City Council approved a new law making residential and commercial property owners responsible for repairing city sidewalks, according to the Los Angeles Daily News. Marking a major shift, the policy change will be gradual, overturning the 1974 law that held the city responsible for sidewalks that were damaged by tree roots, which can cost thousands of dollars to repair.
The Dow Jones industrial average rose 100 points in early Wednesday trading to 17,733.65. The S&P 500 rose 11 points to 2,065.70. The Nasdaq rose 32 points to 4,878.80. The LABJ Stock Index rose slightly to 225.
Tuesday, March 29
Roscoe’s House of Chicken ‘n Waffles has declared bankruptcy, according to documents filed in Los Angeles federal court. The popular L.A.-based restaurant’s parent company, East Coast Foods, also of Los Angeles, submitted paperwork detailing almost $15 million in unpaid bills and few assets.
The California Chamber of Commerce released its annual list of “job killer” bills on Tuesday – and the tally of 18 so far is fewer than in recent years.
Two local entertainment companies have received big cash injections to finance future projects.
The battle for engineering talent in Southern California escalated last week when chip maker Broadcom Ltd. of Irvine accused rocket manufacturer SpaceX of poaching engineers.
Tinder of West Hollywood has purchased contact management app Humin of San Francisco for an undisclosed amount.
The Dow Jones industrial average rose nearly 98 points in Tuesday trading to close at 17,633.11. The S&P 500 rose nearly 18 points to 2,055.01. The Nasdaq rose 80 points to 4,846.62. The LABJ Stock Index rose slightly to 224.
Venice-based Vice Media has acquired a controlling stake in UK-based production company Pulse Films, according to Variety. The deal is designed to reportedly boost Vice’s digital, mobile and linear capabilities. Vice and Pulse first partnered in 2012 for the film “Shut Up and Play the Hits,” which premiered at the Sundance Film Festival.
Cyber scams can fool anyone — even global corporations. El Segundo-based toymaker Mattel fell victim to a $3 million fraudulent wire transfer scam last April, the Associated Press reports, and spent months trying to recover it. The scam was part of a larger criminal money laundering economy that has cost companies an estimated $1.8 billion, says the FBI.
Californians who make $250,000 or more or have a combined household income topping $500,000 will no longer qualify for California’s electric and plug-in hybrid vehicle rebate program when new rules go into effect today, reports KPCC. The program, which has been in effect since 2010, will now offer a larger rebate to those Californians with lower incomes in an effort to incentivize more people to buy cars with little or no carbon emissions.
Universal Music Group was slapped with a federal lawsuit Monday that alleges it paid itself tends of millions of dollars in profits owed to Dwayne Carter Jr., the rapper known as “Lil Wayne,” The Hollywood Reporter reports. Carter claims the company shorted him after he found and nurtured the talents of successful new artists, such as Drake, Nicki Minaj and Tyga.
Jae-dong Kim, a Koreantown gastroenterologist and Catholic deacon, saw a social problem in his community that wasn’t being fixed by Silicon Beach’s latest dating apps: fellow Korean-Americans paying thousands of dollars for professional marriage consultants. Rather than ‘swipe right,’ or invest in a consultant himself, he created his own live events company to connect Korean immigrant parents with unmarried children.
Stocks Mostly Down The Dow Jones industrial average fell 37 points in early Monday trading to 17,498.20. The S&P 500 was down 3.5 points to 2,033.52. The Nasdaq rose 5 points to 4,771.57. The LABJ Stock Index fell slightly to 221.
Stocks Mostly Down The Dow Jones industrial average fell 37 points in early Monday trading to 17,498.20. The S&P 500 was down 3.5 points to 2,033.52. The Nasdaq rose 5 points to 4,771.57. The LABJ Stock Index fell slightly to 221.
Monday, March 28
TrueCar Inc. of Santa Monica has begun overhauling its car price comparison platform.
Time Warner Inc.’s stock price rose nearly 4 percent Monday in the wake of a massive $170 million opening weekend for Batman v Superman: Dawn of Justice.
An independent report released Monday found that California State University should increase faculty pay by 5 percent, meeting the California Faculty Association’s demands.
The Dow Jones industrial average rose 19 points in Monday trading to close at 17,535. The S&P 500 rose slightly 1 point to 2,037. The Nasdaq fell nearly 7 points to 4,767. The LABJ Stock Index rose slightly to nearly 222.
Gov. Jerry Brown and state legislative leaders on Monday backed a proposal to hike the statewide minimum wage to $15 an hour by 2023.
The Los Angeles Unified School District has committed to sell off its rights to its public television station, KLCS, in an upcoming federal spectrum auction.
While labor groups are hailing a deal to boost the state’s minimum wage to $15 an hour by 2022, a chorus of opposition has risen from business interests, the Los Angeles Times reports.
Despite tepid reviews, Warner Bros.’ “Batman v Superman: Dawn of Justice” posted the biggest pre-summer box office opening ever, taking in $170.1 million in the U.S., the Los Angeles Times reports.
It’s a sign of the future: U.S. Analysts estimate that automated technology - such as the huge robots that move cargo at the ports of Los Angeles and Long Beach - can reduce the amount of time ships spend in port and improve productivity by as much as 30 percent.
The Dow Jones industrial average rose 15 points in early Monday trading to 17,541.62. The S&P 500 was up 11 points to 2,038.08. The Nasdaq rose 3 points to 4,775.02. The LABJ Stock Index rose 28 points to 222.
Jonathan Diamond says choosing a new owner for Freedom Communications’ papers should not have been determined by geography.
LAW: Hueston Hennigan took side of plaintiff, other party.
Judge rules Hueston Hennigan courted nothing but trouble by representing two parties in a racketeering case.
Donald Sterling’s lawsuit over ownership of Los Angeles Clippers is rejected.
Namesake firm, to shut at end of month, known for networking events.
Carl Terzian, a veteran executive known for his networking events, has died at age 80.
Kari Keidser has been an avid sailor for 15 years − just as long as she’s been a lawyer
MEDIA: Digital First known for reducing jobs, budgets in order to boost profits.
Digital First scoops up Orange County and Riverside papers but has no news for staffers on future plans.
COMPENSATION: City of L.A. mulls more paid leave as part of July wage increase.
Think L.A.’s minimum-wage hike that kicks in July 1 is all set? Think again.
SPORTS: Evan Rothstein helps suddenly wealthy jocks have ball without blowing it.
With the National Football League draft coming up next month, a slew of young players will experience “sudden wealth syndrome.”
NONPROFIT: Institution’s latest exhibit features artists inspired by neighborhood.
A museum’s new neighborhood has become the subject of its latest exhibit.
Private equity firm Rizvi Traverse Management completed its $551 million acquisition of RealD Inc. of Beverly Hills, a maker of 3-D viewing systems for the movie industry.
Fred Segal on Melrose Avenue has been an iconic fashion site since the 1960s, gathering cutting-edge designers in a low-slung building coated with ivy.
Sunday, March 27
ENERGY: Program by SoCal Edison will add 1,500 charging stations.
Southern California Edison launches a charging station initiative as a means to drive electric car sales.
Friday, March 25
Legendary men’s magazine publisher Playboy Enterprises Inc. of Beverly Hills is exploring a sale of the company, reportedly seeking more than $500 million.
Bikini maker Cocodune joins other e-tailers in letting customers try on items at home
Online bikini vendor Cocodune hopes to make waves by letting customers try on items at home before purchasing.
ENERGY: Action by Termo coincided with SoCal Gas’ problems in Aliso Canyon.
Termo’s release of natural gas in Porter Ranch could bring criminal charges.
Laugh Factory owner brings in psychologist to help stand-ups cope.
Laugh Factory’s Jamie Masada brings in psychologist to help emotionally prop up stand-ups.
DEVELOPMENT: Promenade owner buys into smaller shops.
Promenade at the Howard Hughes Center thinks outside the big-box tenant, opting to give space to smaller shops.
EMPLOYMENT: L.A. added 45,000 jobs in February, led by health services sector.
Los Angeles County’s unemployment rate hits lowest point in eight years as health services pace job creation.
Blockbuster film producer Peter Guber has expanded beyond Hollywood hits to running sports teams, including NBA champs Golden State Warriors, by maintaining his focus on providing entertainment value
Blockbuster movie producer Peter Guber has also found success turning sports events into big productions.
Our business take on the plot of the weekend’s major movie release.
Santa Monica investment firm Clearlake Capital announced Monday it had acquired Fairfield, N.J., premium snacks provider That’s How We Roll. Terms of the deal were not disclosed.
MannKind, California Resources Corp. Among Week’s Biggest Movers
A weekly roundup of must-read L.A. tech investments and acquisitions.
Snapchat of Venice has acquired Bitmoji app maker Bitstrips of Toronto, Fortune has learned from multiple sources.
Playboy Enterprises Inc. is working with investment banker Moelis & Co. to explore selling the company, according to the Wall Street Journal, in what could be a $500 million deal. The move comes weeks after Playboy put its iconic mansion up for sale and stopped publishing nude photos.
Democratic presidential candidate Hillary Clinton was back in L.A. Thursday for several high-profile celebrity fundraising events, as well as an appearance on “Jimmy Kimmel Live.” Variety reported that Clinton’s first stop was a $2,700 per person afternoon reception at the Santa Monica home of ICM Partners’ Chris Silbermann.
The Los Angeles County Metropolitan Transportation Authority’s board of directors released a plan Thursday for a transit tax projected to generate more than $120 billion for new projects. According to the Los Angeles Daily News, the 13-member board’s action begins a two-month comment period, a public airing of the plan that includes ground-breaking and completion dates for 88 projects stretching over 40 years.
German discount grocer Aldi has opened eight Southern California locations including stores in Fontana, Yucaipa, and San Bernardino. According to the Los Angeles Times, analysts predict Aldi's entrance into the market could ignite a pricing war among supermarket chains.
Concert goers in a big hurry to get to next month’s Coachella and Stagecoach music festivals can order an Uber – chopper, that is. According to the Los Angeles Times, Uber will take passengers to Van Nuys Airport where they can board a helicopter to Coachella and be shuttled to the festival. The cost? A mere $4,170 each way.
Thursday, March 24
Beverly Hills talent agency WME IMG has received a $250 million investment from Japanese finance and telecom giant SoftBank.
Activist investor group Ides Capital of New York is working to shake up the board of Westwood’s Boingo Wireless Inc.
The Dow Jones industrial average rose 13 points in Thursday trading to close at 17,516. The S&P 500 fell 1 point to 2,036. The Nasdaq rose 5 points to 4,774. The LABJ Stock Index stayed at 221.
DEVELOPMENT: Fred Segal in Santa Monica targeted as home for 260 residences.
Plans are shaping up for a seven-story apartment building to take the place of upscale Santa Monica retailer Fred Segal, which will soon take flight to Playa Vista.
The Walt Disney Co. says it will halt film and TV production in Georgia if the state’s governor signs a bill critics say discriminates against gay people, reports CNN Money. Georgia offers attractive tax credits that have lured Hollywood productions there. Disney-owned Marvel Studios filmed forthcoming superhero movie “Captain America: Civil War” outside Atlanta and is currently shooting “Guardians of the Galaxy Vol. 2” there.
The Rams return to Los Angeles for the next NFL season was always going to be a big media event and now even more so with the announcement that they will be the team featured in the next series of popular HBO show “Hard Knocks.” The behind the scenes series takes a weekly close up look at the team during training camp and will give the franchise big national exposure, the Los Angeles Times reports
A new report shows L.A. County’s Latino population has evolved into a powerful economic force. According to the Los Angeles Daily News, figures released Wednesday show big increases in aggregate income of Latino households.
Special taxes and fees for raising revenues to curb homelessness were discussed at a Los Angeles City Council committee meeting on Wednesday. Among the proposals was raising fees for residents who sell real estate property, the Los Angeles Daily News reports. The real estate industry is expected to oppose that idea.
The Los Angeles County Museum’s of Art’s popular “Urban Light” sculpture will go dark on May 1 for two months of restoration. Fading paint and rusting are causing the closure, according to Curbed L.A.
Power couple George and Amal Clooney are having a house party in support of Hilary Clinton’s presidential run, and anybody’s invited. The catch, according to the International Business Times on Thursday, is that tickets for dinner and entrée into their home will run $33,400 each.
Burbank officials have hired a marketing firm to suggest nicknames that would help boost the profile and brand of Bob Hope Airport. According to the Los Angeles Times, the branding plan is designed to attract more passengers.
The Dow Jones industrial average fell 79 points in early Thursday trading to close at 17,424. The S&P 500 fell 11 points to 2,026. The Nasdaq fell 23 points to 4,745. The LABJ Stock Index remained at 220.
Wednesday, March 23
The original location of high-end fashion retailer Fred Segal on Melrose Avenue has been sold for $43 million to CormackHill, a Vancouver, British Columbia, retail real estate investor.
Ken Howard, president of performers union SAG-Aftra, has died. He was 71.
The Dow Jones industrial average fell 80 points in Wednesday trading to close at 17,503. The S&P 500 fell 13 points to 2,037. The Nasdaq rose 53 points to 4,768. The LABJ Stock Index fell 2 points to 221.
READER POLL: What impact will the consolidation of the region’s newspapers under two owners have on local coverage?
Tribune Publishing was thwarted in its attempt to buy the Orange County Register and Riverside Press Enterprise, paving the way for the owner of the Los Angeles Daily News to step n and make a deal. So the Business Journal asks, What impact will the consolidation of the region’s newspapers under two owners have on local coverage?
Private equity firm Rizvi Traverse Management has completed its $551 million acquisition of RealD Inc. of Beverly Hills, a maker of 3-D cameras and glasses for the movie industry.
A federal judge dismissed Tuesday a lawsuit filed by former Los Angeles Clippers owner Donald Sterling alleging his wife, the National Basketball Association and several other actors colluded to sell the team for $2 billion without his permission.
Time Warner Cable stepped up to the plate Tuesday to announce it was cutting the price of the Los Angeles Dodgers network, a move made to reignite long-stalled negotiations over its distribution of the channel, the Los Angeles Times reports.
California voters will have an opportunity to weigh in on a proposal to increase the state’s minimum wage to $15 an hour by 2021.
A report from online real estate company Trulia out Tuesday confirms what many prospective young Los Angeles homebuyers have figured out: housing here is out of reach.
Under an order released by an appellate court late Tuesday, Southern California Gas Co. will have to pay for about 2,600 Porter Ranch residents staying in hotels to extend their stays two extra days. According to the Los Angeles Daily News, Supervisor Michael Antonovich said the decision will require the utility to pay for those residents’ hotel rooms until next Tuesday
Staples Center has been tapped to host the 2018 NBA All-Star Game,the third time the annual event will be staged at the venue and sixth time it will take place in Los Angeles - more than any other city, ESPN reports.
The Dow Jones industrial average fell 47 points in early Wednesday trading to 17,535. The S&P 500 fell 7 points to 2,043. The Nasdaq rose 23 points to 4,798. The LABJ Stock Index rose 1 point to 223.
Tuesday, March 22
Customer service outsourcing firm TaskUs of Santa Monica has raised a $14 million debt round from Western Alliance Bank.
Podcast network Wondery has hired Jeffrey Glaser, former executive vice president of current programming at 20th Century Fox Television, as president of content.
The Los Angeles City Council voted on Tuesday to allow construction of the Palladium Residences, which would bring two 28-story towers with 730 units to Hollywood.
The Dow Jones industrial average fell 41 points in Tuesday trading to close at 17,583. The S&P 500 fell 2 points to 2,049. The Nasdaq rose 13 points to 4,822. The LABJ Stock Index rose 1 point to 223.
Carl Terzian, founder and chairman of Westwood public relations firm Carl Terzian Associates, died Saturday.
Employers in West Hollywood won a major victory early Tuesday morning as a majority of the City Council backed a smaller hike in the minimum wage to $12 an hour, rather than the $15 an hour backed by staff and enacted in the city and county of Los Angeles.
Three weeks before the opening of The Wizarding World of Harry Potter attraction, Universal Studios Hollywood has raised ticket prices by as much as 20 percent.
Elon Musk, billionaire founder of Tesla Motors and SpaceX, and his wife Talulah Riley are making another attempt to end their second marriage.
After weeks of government pressure on Apple Inc. to help unlock the encrypted iPhone used by one of the San Bernardino attackers, federal prosecutors late Monday asked a judge to halt a much-anticipated court hearing on the matter.
Kohl’s Department Stores said it would close 18 underperforming locations by mid-June, including stores in San Gabriel and West Hills. According to the Los Angeles Daily News, the closings are prompted by the Wisconsin retailer’s interest in opening smaller retail spaces and weak sales in November and in January where demand for cold-weather goods was especially low. The move is expected to impact up to 1,800 workers locally.
Even with a new venue and other marketing plans in the works for the Rams’ return to Los Angeles, Kevin Demoff, executive vice president of football operations, said late Monday that the team does not plan to change uniforms until the 2019 season, the Los Angeles Times reports.
The Dow Jones industrial average rose 22 points in early Tuesday trading to 17,624. The S&P 500 rose 2 points to 2,052. The Nasdaq rose 13 points to 4,809. The LABJ Stock Index remained at 222 points.
Monday, March 21
Tinder of West Hollywood has added four new executives in order to aid its global expansion, according to Chief Executive Sean Rad.
The Dow Jones industrial average rose 22 points in Monday trading to close at 17,624 The S&P 500 rose 2 points to 2,052. The Nasdaq rose 13 points to 4,809. The LABJ Stock Index remained at 222.
Anschutz Entertainment Group and Regal Cinemas have partnered with Belgian digital projector manufacturer Barco to transform the existing Regal Cinemas at L.A. Live into a cutting-edge technological facility.
A federal judge has approved the sale of Orange County Register parent company Freedom Communications Inc. of Santa Ana to Digital First Media, which owns the Los Angeles Daily News, among other newspapers.
Commuting and gas prices contribute to California being the second most expensive state in the nation for car ownership, according to a study by Manhattan Beach personal finance website GoBankingRates.com.
American Apparel Inc. customers will now get the instant gratification of receiving their online orders within an hour.
A federal judge has preliminarily ruled to disqualify the downtown L.A. law firm representing the California State Compensation Insurance Fund in a $160 million racketeering case against a consortium of health care providers.
Tribune Publishing, owner of the Los Angeles Times and other newspapers, walked away from a heated auction session as the winning bidder of Freedom Communications, the parent company of the Orange County Register and the Riverside Press-Enterprise. Tribune offered $56 million cash for the papers.
Turner Impact Capital among firms finding positive returns, client response by investing in ventures that support social, environmental causes.
Turner Impact Capital says it has a hit strategy investing in socially and environmentally positive ventures.
TECHNOLOGY: Bot Home welcomes $61.2 million with C round for smart ringer.
Bot Home Automation’s smart doorbell rings up a $61.2 million Series C round.
REAL ESTATE: Projects may need Santa Monica voters’ OK.
Developers fear a proposed Santa Monica initiative that would let voters size up large projects.
Law firms see green from growing marijuana field
Pot businesses have become a budding field for local firms as legal marijuana use grows.
With the threat of a federal antitrust battle looming, Freedom Communications has opted not to move forward with Tribune Publishing’s $56 million offer for the Orange County Register and Riverside Press-Enterprise, choosing instead to accept a $52.3 million deal from Digital First Media, owner of the Los Angeles Daily News, the Los Angeles Times reports.
Hollywood seems uninterested in a movie streaming service spearheaded by technology investor Sean Parker. According to The New York Times, studio executives do not seem likely to allow use of their movies for Screening Room, which would allow viewers to stream movies at home the same day they arrive in theaters.
Installation of a Skyslide on the U.S. Bank Tower is underway. According to CBS, a helicopter attached a 45-foot glass slide to the skyscraper over the weekend. The attraction will allow visitors to slide from the 70th floor to the 69th floor on the outside of the building.
Disney's "Zootopia" held the No. 1 spot at the box office for the third straight weekend, taking in $38 million. According to the International Business Times, the film has reached $202 million in domestic box office and nearly $600 million worldwide.
Los Angeles International Airport has eked out a return to the list of the world’s top 100 airports. The Los Angeles Times reports that a survey of more than 13 million air travellers ranked LAX 91st among world airports. That’s an improvement from the No. 98 it hit last year.
The Dow Jones industrial average rose 3 points in early Monday trading to 17,606. The S&P 500 rose slightly to 2,050. The Nasdaq rose 11 points to 4,806. The LABJ Stock Index fell 1 point to 222.
CLOTHING: Oak looks to revive boutiques following American Apparel sell-off.
Co-owners look to fashion a future for Oak after buying back the chain from bankrupt American Apparel.
Next Health hopes genetic, cryo services help medical spa stand out in crowded market.
Medical spa Health Next looks to put its best face forward by pairing traditional and cutting-edge services.
New Editor Jonathan Diamond says changes at the Business Journal will enhance its dedication to high-quality journalism.
Fans may have called him the “King of Pop,” but it turns out Michael Jackson might also have been the king of investments.
PROMOTION: Latham puts Jeff Greenberg in charge of Century City, downtown.
Latham & Watkins has appointed a new managing partner for its Century City and downtown L.A. offices.
ENERGY: EV Connect to hit road with $1.8 million for electric-car infrastructure.
El Segundo’s EV Connect has won a $1.8 million contract from the California Energy Commission to install electric charging stations along the West Coast Electric Highway.
TV: Calista Flockhart, others draw boos from audience at Paley event saluting show.
Every business understands the importance of keeping customers happy – but maybe someone at CBS never gave that memo to the cast of “Supergirl.”
RELOCATION: Larger shop touted as turning point by Alexandra von Furstenberg.
L.A. furniture designer Alexandra von Furstenberg unveiled a new look last week with the opening of her flagship store in West Hollywood.
RADIO: CBS plans to sell division including popular KNX-AM, KCBS-FM.
CBS’ Leslie Moonves broadcasts company’s intention to sell off its radio holdings.
LAW: Dov Charney sues firm that represented him after he was booted.
Dov Charney has written a new chapter, this one a court case against his former attorneys.
When Ramin Bastani spoke at a men’s health event at the White House in early January, the chief executive of Healthvana Inc., a West Hollywood maker of a patient engagement platform for clinics, had to pinch himself.
Baby Box hopes item stacks up with parents in need of a little help.
Baby Box looks to nurture new parents and their kids with a product inspired by Finnish tradition.
Financial exec donates craft to youth program that taught him to fly.
Youth flight program lands another plane with help from financial exec Barak Raviv, a former student.
L.A. chapter meets up at bars, restaurants to learn about liquor.
Women Who Whiskey looks to raise the bar on booze with educational get-togethers on the liquor.
FILM: Warner Bros.’ fortunes to sink or soar with ‘Superman.’
Warner Bros. hopes to punch up its box-office fortunes on the blockbuster back of “Batman v Superman.”
Sunday, March 20
INTERNET: Demand Media aims to click in e-commerce.
Demand Media looks to move beyond providing online content to racking up e-commerce sales.
Friday, March 18
A weekly roundup of must-read L.A. tech investments and acquisitions.
Health-Ade, a West L.A. kombucha drink producer, has raised $7 million from a group of undisclosed investors, according to a March 16 filing with the Securities and Exchange Commission.
The Dow Jones industrial average rose 121 points in Friday trading to close at 17,602. The S&P 500 rose 9 points to 2,050. The Nasdaq rose 21 points to 4,796. The LABJ Stock Index remained at 222.
Support is growing for a proposal to force Uber, Lyft and limousine drivers to get fingerprint-based background checks before they can transport passengers to and from Los Angeles International Airport.
Santa Monica investment firm Clearlake Capital Croup announced Thursday it had led the recapitalization of Synder, Texas oilfield services provider Globe Energy Services. Terms of the transaction were not disclosed.
L.A. County’s unemployment rate fell to 5.6 in February, the lowest it’s been in more than eight years.
A Sepulveda Pass rail tunnel paid for by an increased sales tax measure will likely go before voters this fall. The Los Angeles County Metropolitan Transit Authority is expected to announce Friday that the tunnel is one of the agency’s top-priority projects, according to the Los Angeles Daily News.
ABC will now offer entire seasons of Warner Bros.-produced TV series launched in the next two seasons on multiple video-on-demand platforms, according to the Los Angeles Times.
The Los Angeles city controller’s office has corrected a recent audit that found highly competitive contracts awarded by the city's airport department received only one or two bids. According to the Los Angeles Times, the total value of the contracts examined was $104 million for goods and services last year, not $593 million.
Southern California Gas Co. asked state officials for a rate hike in 2014 to test the safety of all 229 of its active natural gas injection wells, which it said were deteriorating. According to the Los Angeles Times, the rate hike request is still pending, and along with it, the safety program.
Los Angeles Rams employees will experience a drastic reduction in their take-home pay after the team’s move from St. Louis, Sports Illustrated reports. That includes a more than 7 percent spike in state income tax for those making more than $1 million a year.
The Dow Jones industrial average rose 83 points in early Friday trading to 17,564. The S&P 500 rose 7 points to 2,048. The Nasdaq rose 2 points to 4,777. The LABJ Stock Index fell slightly to 222.
Thursday, March 17
A construction worker fell to his death Thursday afternoon from the 53rd floor of the Wilshire Grand Center in downtown.
Fullscreen Inc. of Playa Vista has acquired fan engagement software company StageBloc for an undisclosed amount.
The Dow Jones industrial average rose 156 points in Thursday trading to close at 17,481. The S&P 500 rose 13 points to 2,041. The Nasdaq rose 11 points to 4,775. The LABJ Stock Index rose 2 point to 222.
Avalon Freight Services, a new firm formed from a partnership between Los Angeles passenger ferry company Catalina Express and Seattle tug and barge operator Harley Marine, announced the April 1 debut of their freight services on Wednesday.
A controversial program to give local refineries and major manufacturers more flexibility in reducing air pollution has been ruled illegal by the U.S. Environmental Protection Agency, officials disclosed late Wednesday. The federal agency said the program fails to meet national clean air standards.
Tribune Publishing, owner of the Los Angeles Times and other newspapers, walked away from a heated auction session as the winning bidder of Freedom Communications, parent company of the Orange County Register and the Press-Enterprise with a $56 million cash bid.
Los Angeles Times owner Tribune Publishing has purchased the Orange County Register in a bankruptcy bid, the Register reports. According to the paper, the Chicago company has agreed to pay $56 million in cash for the Register’s parent Freedom Communications and its real estate in Santa Ana and Riverside.
One of the largest Southern California trucking companies hauling goods to and from the ports of Los Angeles and Long Beach has filed for bankruptcy. According to the Wall Street Journal, Premium Transportation Services Inc. filed for chapter 11 bankruptcy protection after taking several costly losses in legal battles with independent contractor drivers.
Embattled Relativity Media has announced a $400 million investment from Maple Leaf Films which could serve to jump start the stalled Beverly Hills studio. According to Variety, Relativity Media hopes a judge will agree to let it exit bankruptcy on Friday.
A controversial program to give local refineries and major manufacturers more flexibility in reducing air pollution has been ruled illegal by the U.S. Environmental Protection Agency, the Los Angeles Business Journal reports. The federal agency said the program fails to meet national clean air standards.
Los Angeles Mayor Eric Garcetti and his wife, Amy Wakeland, have sold their house in the Echo Park area for $1.705 million -- $55,000 above the asking price. According to the Los Angeles Times, the couple bought the property in 2000 for $345,000.
The Dow Jones industrial average fell 23 points in early trading Thursday to 17,302. The S&P 500 was down 4 points to 2,023. The Nasdaq was down 16 points to 4,746. The LABJ Stock Index was up slightly to 220.
Wednesday, March 16
The Dow Jones industrial average rose 74 points in Wednesday trading to 17,326. The S&P 500 rose 11 points to 2,027. The Nasdaq rose 35 points to 4,764. The LABJ Stock Index rose 1 point to 220.
The Los Angeles City Council voted unanimously Tuesday to renew the Los Feliz Village Business Improvement District, despite the objections of some business owners.
Snapchat has hired Tom Conrad, former chief technology officer at music streamer Pandora as vice president of product.
Cheryl Boone Isaacs, president of the Academy of Motion Picture Arts and Sciences, took another step towards diversifying the institution, announcing the appointment of three new members of the board of governors late Tuesday afternoon.
Chief financial officers at Los Angeles firms expect to step up their hiring over the next six months, compared to the six months just ending, according to a survey from Robert Half International.
Smart doorbell manufacturer Ring of Santa Monica has raised a $61.2 Million Series C round from Kleiner Perkins Caufield & Byers and Richard Branson.
READER POLL: March Madness is here, and betting pools are spreading through offices everywhere. What impact is it making on your office culture?
March Madness is here, and betting pools are spreading through offices everywhere. What impact is it making on your office culture?
Dov Charney, founder and former chief executive of American Apparel Inc., has taken his former lawyers to court, alleging professional negligence and breach of contract by Glaser Weil Fink Howard Avchen & Shapiro.
President Obama was set to announce his choice to fill the Supreme Court vacancy created by the death of Justice Antonin Scalia at 8 am Pacific Time today, the New York Times reports. The move is expected to kick off a months-long political stalemate and reverberate on the campaign trail.
The Hollywood Hills home of the famed Yamashiro restaurant has been sold to a Beijing company for nearly $40 million, the Los Angeles Times reports. JE Group, a hotel operator, says it had plans for a small hotel, apartments and that it would maintain the restaurant building on the seven-acre site.
Tribune Publishing’s bankruptcy bid for Freedom Communications’ Orange County Register and Press-Enterprise newspapers could raise “serious” antitrust scrutiny from the U.S. Justice Department, the Register reports. In a letter sent to a bankruptcy lawyer involved in the case, the Justice Department said it would take action to keep any merger from hurting local newspaper readers and advertisers.
The Academy of Motion Picture Arts and Sciences was back under fire Tuesday after two dozen Asian members demanded an apology for what they called slurs at the Oscars ceremony. They also slammed the apology sent by the Academy’s chief executive, Dawn Hudson, as “patronizing,” The New York Times reports.
To the surprise of few, data has again shown yet again that the Los Angeles region has the country’s worst traffic. The Los Angeles Times cites a study from Inrix, that finds drivers in the L.A.-Long Beach-Santa Ana region spent 81 hours idling on freeways in 2015, the worst cumulative delay of any U.S. metropolitan area.
Uber Technologies Inc. announced Tuesday an expansion of its meal-delivery service in Los Angeles and other cities. UberEats offers users restaurant delivery for a $5 delivery fee from about 100 restaurant menus.
The Dow Jones industrial average fell 13 points in early Wednesday trading to 17,238. The S&P 500 rose slightly to 2,015. The Nasdaq rose 10 points to 4,737. The LABJ Stock Index rose 1 point to 220.
Tuesday, March 15
The Dow Jones industrial average rose 22 points in Monday trading to close at 17,252. The S&P 500 fell 4 points to 2,016. The Nasdaq fell 22 points to 4,729. The LABJ Stock Index fell 1 point to 219.
Cosmetics and personal care e-commerce site Beautycounter of Santa Monica has raised a $13 million round from 33 undisclosed investors, according to a filing with the Securities and Exchange Commission.
Backers of an anti-development initiative in Los Angeles on Tuesday announced they have dropped plans to place the measure on the November ballot and instead will attempt to qualify it for the March 2017 city ballot.
CBS Chief Executive Les Moonves announced today that the company will sell off its iconic radio stations in an effort to “unlock value” for its shareholders.
Pegasus Foods, a Los Angeles supplier for restaurants including Chili’s, Panda Express and Cinnabon, is expanding into Texas.
Herbalife Inc. released a filing Monday that revealed the firm spent almost $700,000 last year on security for Chief Executive Officer Michael Johnson.
Harrison Ford will be 77 years old when his alter ego “Indiana Jones” swings back into theaters for a fifth installment to be released by Walt Disney Co. on July 19, 2019.
AEG presents details on its $500-million expansion of the J.W. Marriott hotel complex at L.A. Live to the Downtown Los Angeles Neighborhood Council's Planning and Land Use Committee.
California’s 2nd District Court of Appeal has upheld a city of Los Angeles injunction against medical marijuana delivery app Nestdrop of Hollywood.
The Arts District, a residential development touted as one of the biggest in downtown Los Angeles, will break ground Tuesday.
Sony Corp. has agreed pay $750 million for the Michael Jackson estate's half of its Sony/ATV Music Publishing joint venture, according to the Los Angeles Times. The deal gives Sony full ownership of the music publishing company.
The Los Angeles City Council is expected to give the Los Angeles Department of Water and Power final approval to increase electricity and water rates for its customers, according to the Los Angeles Daily News. The rate increases will come over the next five years.
CalPERS is among an international group of investors suing Volkswagen in a German court for $3.57 billion. The Associated Press reports that 14 investors from as many countries are suing for damages over the company's diesel emissions scandal, claiming that VW did not inform investors about diesel car troubles.
Cleanup efforts are underway after a cargo ship leaked an unknown amount of oil in Los Angeles Harbor, KPCC reports. Crew members on the 577-foot Istra Ace stopped the leak after it was discovered.
U.S. retail sales have fallen recently due to lower gas prices. Sales fell 0.1 percent in February and 0.4 percent in January, according to the Associated Press.
The Dow Jones industrial average fell 69 points in early Tuesday trading to 17,161. The S&P 500 fell 11 points to 2,008. The Nasdaq fell 26 points to 4,724. The LABJ Stock Index rose one point to 219.
Monday, March 14
Los Angeles accelerators Amplify.LA and MuckerLab, as well as Techstars of Boulder, Colo., which runs a local healthcare accelerator on behalf of Cedars-Sinai Medical Center, have been ranked as top accelerators by an academic study.
More than a year after Gardena residents started reporting instances of dirty, foul-smelling water to their local representatives, assemblyman David Hadley (R-Torrance) and other officials still found their offices flooding with complaints.
Comic-Con and Lions Gate announced Monday that their subscription video on-demand service, Comic-Con HQ, will roll out in time for Comic-Con’s marquee San Diego event in July.
Culver City biotech firm NantKwest set to release revised financial results for the second and third quarters of 2015 following internal accounting errors.
The Dow Jones industrial average rose 15 points in Monday trading to close at 17,229. The S&P 500 fell 3 points to 2,020. The Nasdaq rose 2 points to 4,750. The LABJ Stock Index remained at 220 points.
Digital First Media, owner of the Los Angeles Daily News, has been named the “stalking-horse” bidder for Freedom Communications with a $45.5-million offer. According to the the Los Angeles Times, the bid sets a floor price for the bankrupt owner of the Orange County Register with an auction to be held Wednesday.
A Chinese insurance company will acquire the Loews Santa Monica Beach Hotel and the Hotel del Coronado near San Diego as part of a $6.5 billion deal, the Associated Press reports. The properties will be sold to Beijing’s Anbang Insurance Group, which acquired the Waldorf Astoria in New York for nearly $2 billion from Hilton Worldwide Holdings last year.
The 51-member governing board of the Academy of Motion Picture Arts and Sciences will meet in a morning session Tuesday to discuss recent diversity-related membership changes and tumbling Oscar ratings. According to The New York Times, about 34.4 million people watched the show on Feb. 28, close to a record low.
Letters sent by the city of Beverly Hills to dozens of residents, along with fines for excessive water use, seem to be working. The city cut its water usage by 26 percent in January, the highest percentage in eight months of reporting.
“Zootopia” took in $50 million this weekend and has crossed the $100 million mark domestically. “The Brothers Grimsby,” starring Sacha Baron Cohen, opened to a dismal $3.2 million from 2,235 locations, according to Variety.
The Dow Jones industrial average fell 28 points in early Monday trading to 17,063. The S&P 500 fell 5 points to 2,006. The Nasdaq fell 11 points to 4,334. The LABJ Stock Index rose 4 points to 220.
TV: E! sees new show with Clippers dancers as step to broader programming fare.
E! plays ball with the Los Angeles Clippers in a new reality show about the team’s dance squad.
LAX project may hurt before lifting businesses.
LAX-area businesses expect traffic complications before a new transit megaproject takes wing.
SHIPPING: CMA CGM of France aims to make splash with China-U.S. routes.
French shipping giant CMA CGM has announced it will deploy six megaships to the Port of Long Beach.
POLITICS: Unlike squashed state plan, city would limit tax to commercial buildings.
Remember that proposal a few years back by L.A. city officials to double the transaction tax on property sales?
LENDING: Money part of VEDC’s program assisting minority-owned ventures.
When Norwood Clark wanted to open a second location of his Uncle Darrow’s New Orleans Grill in Carson, nobody would give him a loan.
ENTERTAINMENT: Venue at Ace Hotel proves hit with films featuring L.A. focus.
Over the past few years, the Theatre at the Ace Hotel in downtown Los Angeles has rekindled its Hollywood roots by hosting a number of film premieres and screenings.
FILM: Participant Media doesn’t see ‘Spotlight’ shine as step toward blockbusters.
Participant Media looks to mine its Oscar gold from “Spotlight” to yield more socially conscious movies.
News and notes from communities across Los Angeles County
CBRE Group Inc., a downtown L.A. real estate services company, has reported that it has been named a World’s Most Ethical Company by the Ethisphere Institute, a Scottsdale, Ariz., firm that promotes ethical business practices.
Bureo to scale another item that will rely on recycled fishing nets.
Skateboard maker Bureo has recycled its reuse strategy into creating a line of sunglasses.
RETAIL: Alter Agents launches lower-cost service to provide new clients with information on shoppers’ spending habits.
Alter Agents is shopping around a lower-cost version of its data service that tracks consumer spending.
DINING: John Sola helping Grill Concepts head in new direction with Point eateries.
Vet restaurant exec John Sola is helping Grill Concepts serve up a new concept based on fresh seafood.
New California law has pot shops jockeying to roll up required city of L.A. license.
City of L.A. pot shop operators fear a new state licensing law could nip their business in the buds.
HOSPITALITY: Crowds dry up as snow skips Mountain High.
El Nino’s relative no-show for snow has left Mountain High out in the cold this ski season.
PBS SoCal works to remain a location for popular programming without ‘Downton Abbey’ and ‘Sesame Street.’
The discerning traveler should always be exploring new frontiers, insists René Gross Kaerskov, co-chief executive of Hirsch Bedner Associates, an international hospitality design firm in Santa Monica.
ADVERTISING: Ben Bacal taps film school roots for promotional productions.
For broker Ben Bacal, selling multimillion-dollar homes demands more than taking a few photos. It requires filming a Hollywood-ready video for as much as $50,000.
Sunday, March 13
INTERNET: 55Haitao helps cut costs for bagging U.S. products.
55Haitao hopes to click with Chinese consumers looking to cut the costs of buying U.S. retail items.
Friday, March 11
A weekly roundup of must-read L.A. tech investments and acquisitions.
After a strong start to 2016, the Ports of Long Beach and Los Angeles reported this week that their respective, record surges of traffic continued into February.
A new paper published in the Harvard Law and Policy Review argues that short-term rentals, like the kind on offer at Airbnb, are exacerbating L.A.'s housing crisis.
Los Angeles has been selected as the 2018 host city for the National League of Cities’ annual city summit.
Shari Redstone’s fight for control of Viacom and CBS and a lawsuit initiated by her father’s former companion has thrust her into a harsh spotlight.
Century City’s 1st Century Bank, announced late Thursday it will be bought by privately held Midland Financial Co. of Oklahoma City.
Hollywood publicity and marketing agency PMK-BNC has absorbed the clients and principals of boutique PR agency Prime.
Former American Ballet Theater head Rachel Moore is now choreographing the artistic and business futures of the Los Angeles Music Center’s various venues.
The New York Times has acquired Santa Monica’s HelloSociety, a social media marketing agency, for an undisclosed amount of cash.
Century City private equity firm OpenGate Capital announced Tuesday it has completed the acquisition of French distributor of building materials Bois & Materiaux from Zug, Switzerland-based plumbing and heating products distributor Wolseley. Terms were not disclosed, but OpenGate has said it will invest $28 million into the business in addition to the purchase price.
The Dow Jones industrial average rose 218 points in Friday trading to close at 17,213. The S&P 500 rose 33 points to 2,022. The Nasdaq rose 86 points to 4,748. The LABJ Stock Index rose 4 points to 220.
Century City’s 1st Century Bank, announced late Thursday it will be bought by privately held Midland Financial Co. of Oklahoma City.
The Honest Company is denying the findings of a new study which says its laundry detergent contains one of the harmful ingredients it tells its customers to avoid, reports USA Today. Actress Jessica Alba and entrepreneur Brian Lee co-founded the Los Angeles company known for environmentally friendly and safe household products.
The new chairman of Tribune Publishing, owner of the Los Angeles Times, says that paper is the centerpiece of his ambition to grow the company. In an interview with the Chicago Tribune, Michael Ferro also says he has recently bought a house in Los Angeles and plans to immerse himself in the local community.
After just over two years on the job, Los Angeles County medical examiner coroner Mark Fajardo said Thursday that he plans to resign from his post. According to the Los Angeles Times, understaffing was among the principal reasons for his decision.
Century City’s 1st Century has agreed to be bought by an Oklahoma City bank, the Business Journal reports.
Warner Bros. will provide five up-and-coming directors from underrepresented groups with mentoring and around $100,000 to produce a short film, the AP reports. The nine-month fellowship will begin in the fall.
The Dow Jones industrial average was down five points in early trading Friday to 16, 995. The S&P 500 was up slightly to 1,990. The Nasdaq was down 12 points to 4,662. The LABJ Stock Index was down one point to 216.
Thursday, March 10
J2 Global Inc.’s stock quickly fell nearly 20 percent today to $56.90 a share after a short seller released a report that accused the company of hiding lackluster performance within its financial filings.
On-demand massage app Soothe of Hollywood has raised a $35 million round to help it expand from 22 cities to up 50 by the end of the year.
Seed-stage venture capital firm Mucker Capital of Santa Monica has closed a $45 million fund.
Charles Crumpley, the longtime editor of the Los Angeles Business Journal, has been named editor and publisher of the San Fernando Valley Business Journal. Jonathan Diamond, who has been a managing editor two times in the past for the Los Angeles newspaper, will be the new editor. The changes are effective Monday.
A state appellate court has upheld Los Angeles’ billboard ban, reversing a lower court decision in favor of Lamar Central Outdoor, which was seeking to overturn the ban.
Kaiser Permanente has selected Pasadena as the home of its new medical school, the healthcare giant announced Thursday in a company statement.
Bollywood producer Mubina Rattonsey has expanded to Hollywood by launching a Los Angeles production company.
Los Angeles is now the world’s eighth most expensive city for tourists and expatriates, according to the Worldwide Cost of Living survey, conducted by The Economist’s Economist Intelligence Unit.
The Dow Jones industrial average fell 5 points in Thursday trading to close at 16,995. The S&P 500 stayed at 1,989. The Nasdaq fell 12 points to 4,662. The LABJ Stock Index fell 1 point to 216.
Lockheed Martin is working on a long-haul airship intended to carry truck-size loads to areas difficult to reach by other modes of transportation, according to the Los Angeles Times. Separately, Lockheed announced a voluntary layoff program targeting about 1,000 employees in the company’s aeronautics division.
Moody's Corp. will pay $130 million to the California Public Employees’ Retirement System to settle allegations that the ratings agency acted negligently, according to the Los Angeles Times. Calpers sued Moody's and rival ratings agencies in 2009, saying the agencies gave AAA ratings to bonds backed by subprime mortgages.
A salmonella outbreak traced to pistachios grown by L.A.’s Wonderful Co. has led federal officials to recall some batches of the nuts. Eleven people in nine states have gotten sick, according to the Los Angeles Times.
Napster founder Sean Parker is leading an investment group that aims to beam first-run Hollywood movies to television sets for $50, according to Variety. The Screening Room, as Parker's venture is known, would pay up to 40 percent of its revenue back to theaters.
Mike Harrah, a developer known for revitalizing downtown Santa Ana, is weighing a bid for the bankrupt parent company of the Orange County Register, according to the Los Angeles Times. Harrah's group has until Friday to make an offer for Freedom Communications.
The Dow Jones industrial average rose 36 points in early Thursday trading to 17,000. The S&P 500 rose 5 points to 1,994. The Nasdaq rose 19 points to 4,693. The LABJ Stock Index rose slightly to 217.
Wednesday, March 9
Zefr, a Venice content monetization technology developer, has raised $5 million in additional funds for what appears to be a convertible debt funding, SoCalTech reported Wednesday.
Los Angeles video game developer Riot Games has acquired Radiant Entertainment in the Bay Area, the companies jointly announced Wednesday.
Riot Games of West Los Angeles has acquired videogame developer Radiant Entertainment for an undisclosed amount.
The California Film Commission on Wednesday announced several TV projects to be filmed in the state because of the California Film and Television Tax Credits. A New Orleans-filmed show, “Scream Queens,” will move to Los Angeles.
So-called headstart intersections, which give pedestrians roughly four seconds to enter the crosswalk before turning cars get a green light, got the green light itself last week in Downtown Los Angeles.
The Edelman Trust Barometer reveals Angelenos don’t have a particularly sunny disposition when it comes to their trust in government, tech, cost of living and the outlook for California’s economy.
The Dow Jones industrial average rose 36 points in Wednesday trading to close at 17,000. The S&P 500 rose 10 points to 1,989. The Nasdaq rose 26 points to 4,674. The LABJ Stock Index fell 1 point to 217.
Hankey Investment Co. and Jamison Services are planning a 31-story apartment building between Koreatown and Westlake at 2908 Wilshire Boulevard, according to the Real Deal. The proposed development will have 644 apartments and 13,200 square feet of ground-level commercial space.
Ending its longtime home in Southern California, the parent company of Carl’s Jr. will move to Nashville, Tenn., according to CBS. CKE Restaurants of Carpinteria said it is moving the restaurant chain’s headquarters to consolidate Carl’s Jr. offices with those of its other businesses.
Now that a new majority of business-friendlier members has taken control of a Southern California air board, the state senate leader has vowed to take over the board, according to the Los Angeles Times. State Senate President Pro Tem Kevin de León will seek to add three members to the South Coast Air Quality Management District board to dilute the new majority with whom he disagrees.
Businesses in Simi Valley are preparing for a wave of visitors who will be paying their respects to Nancy Reagan at the Ronald Reagan Presidential Library.
Disney chief Bob Iger said Tuesday the company expected to lose $75 million on the ocean rescue film “The Finest Hours,” making it one of the company's costliest flops. According to the Business Times, the movie has grossed $40.5 million worldwide since its release in January.
The Dow Jones industrial average rose 46 points in early Monday trading to 17,010. The S&P 500 rose 6 points to 1,985. The Nasdaq rose 6 points to 4,655. The LABJ Stock Index fell slightly to 217.
Tuesday, March 8
Jacobs Engineering Group Inc. has won a research support contract with NASA worth potentially $250 million over five years.
Juwai.com, a Chinese real estate website focusing on marketing overseas properties to Chinese buyers, said it has set up operations in Los Angeles. Juwai CEO Charles Pittar cited Los Angeles an ideal hub city, as it was the single most-searched city in North America by Chinese property buyers.
Developer G.H. Palmer Associates, well-known for its sprawling, Mediterranean-inspired apartment complexes near the 110 Freeway, announced the second construction phase of its Da Vinci apartment complex.
The Eighth & Grand residential complex is hard to miss, and not only because of its opulent Whole Foods market on the ground floor.
Insurance Agent Julie Diane Shinar, convicted of embezzlement and sentenced Feb. 26 in Long Beach Superior Court, has started serving three years formal probation and was ordered to pay $29,158 in restitution to her victims.
San Francisco apartment listings site Zumper ranked Koreatown as the most popular neighborhood for L.A. apartment hunters. L.A. Weekly reported Tuesday that the neighborhood had affordability and an abundance of units working in its favor.
The Dow Jones industrial average fell 110 points in Monday trading to close at 16,964. The S&P 500 fell 23 points to 1,979. The Nasdaq fell 59 points to 4,649. The LABJ Stock Index fell 3 points to 218.
Voters in Beverly Hills will decide if they want a towering condominium to join the under-construction Waldorf Astoria at the Beverly Hilton hotel site, the Beverly Hills Courier and Curbed L.A. report. The owner, Beny Alagem, had gotten voter approval for two shorter condo buildings but now proposes to build one 26-story tower.
L.A. employers say they plan to step up hiring a bit in the second quarter, according to a survey released this morning from Manpower Inc. The Business Journal reports that the staffing giant said that 20 percent of local businesses plan to increase staff, up from 15 percent in the first quarter. However, that’s down from a year ago.
An oil company has reactivated wells across the street from an Arlington Heights environmental studies academy. According to the Los Angeles Times, Freeport-McMoRan restarted the wells after some local residents tried to invoke a rule that said idle wells had to be plugged.
Instacart, a delivery service, has announced a partnership with Grow in downtown Los Angeles. According to the Los Angeles Daily News, customers will be able to order produce, groceries, dairy, meat and seafood, and have them delivered to their doorsteps within the hour.
The Reagans have lived in homes throughout Los Angeles, according to the Hollywood Reporter. Nancy and Ronald Reagan both spent their last days at 668 St. Cloud Road, a 7,000-square-foot ranch-style three-bedroom house in Bel Air, but the first couple also lived in Westwood and Pacific Palisades.
Renovated Hudson retail stores were celebrated at the Bob Hope Airport in Burbank on Monday. According to Los Angeles Daily News, the Hudson Group, which runs airport retail stores, put more than $1.5 million into the renovation.
L.A. employers say they plan to step up hiring during the second quarter, according to a survey released Tuesday morning from Manpower Inc.
The Dow Jones industrial average fell 93 points in early trading Tuesday to 16,981. The S&P 500 fell 13 points to 1,989. The Nasdaq fell 36 points to 4,672. The LABJ Stock Index fell 1 point to 219.
Monday, March 7
Snapchat of Venice is telling investors that it expects to generate $300-350 million in revenue this year, according to several sources cited by Re/code.
Though billions have been spent to improve LAX’s terminals, operator Los Angeles World Airports still has significant work to do to address impending traffic jams, according to Los Angeles City Controller Ron Galperin.
Viacom Inc. Chairman and Chief Executive Philippe Dauman said Monday that he hoped to have an agreement to sell a minority stake in Paramount Pictures by the end of the next financial quarter.
Specific details of the $500 million renovation of the Beverly Center will be announced at the shopping mall on Monday evening by Los Angeles Mayor Eric Garcetti.
Now that awards season has wrapped in Los Angeles, what’s a wealthy scion to do? Get out of town by private jet and follow the sun, apparently.
The Dow Jones industrial average rose 67 points in Monday trading to close at 17,074. The S&P 500 rose 2 points to 2,002. The Nasdaq fell 9 points to 4,708. The LABJ Stock Index rose 2 points to 221.
Actor Lyle Waggoner at home in trailer rentals
TV star Lyle Waggoner found a permanent home in business providing trailers to productions.
INVESTMENT: Pontifax fund looks to reap returns from growing industry.
Pontifax fund co-founders see agricultural tech as a ripe field to produce healthy returns.
DEVELOPMENT: Westside Pavilion buys into revival plan.
Owner of Westside Pavilion hopes to have more in store for shoppers after renovation.
Erin Condren Design still booking business with its daily planners despite digital options.
Customers are still making time for Erin Condren Designs’ paper planners in this digital age.
HEALTH CARE: HomeHero to shift contractors to full-timers.
Caregiver service HomeHero seeks shot in arm by switching contractors to full-time employee status.
ALCOHOL: Fireman’s Brew hopes to tap growing enthusiasm for craft brews.
Fireman’s Brew hopes the craft beer craze spills over into more investor dollars.
A sweeping renovation of the Beverly Center will give the shopping mall upscale restaurants and a new window-dotted exterior, reports the Los Angeles Times. The $500 million makeover is aimed at winning back customers in the face of competition from e-commerce and rival local shopping centers.
The Ronald Reagan Presidential Library is planning a series of memorial events for former First Lady Nancy Reagan, who passed away on Sunday. According to the Los Angeles Daily News, the Simi Valley library is expecting thousands of mourners and will follow plans that have been in place for years.
Well-timed snow storms blanketing California peaks have boosted business at the state’s ski resorts. Lift ticket sales at some resorts have increased as much as 50 percent compared with the last few years, the Los Angeles Times reports. Mountain High, north east of Los Angeles, closed late last month because its snow melted but hopes to reopen if more snow falls.
Animated Disney flick “Zootopia” had a huge opening weekend at the box office taking in $73.7 million domestically. According to the International Business Times, it was the biggest haul ever for a non-Pixar Disney Animation film, surpassing the record set by “Frozen,” which earned $67.4 million in 2013.
Actor Chris Hemsworth, who plays Thor in the Marvel superhero films, has put his Malibu home on the market for $6.5 million. He bought the five bedroom home three years ago for $4.8 million from fellow Australian Paul Hogan, star of the Crocodile Dundee films, according to the Los Angeles Times.
The Dow Jones industrial average fell 42 points in Monday trading to 16,964. The S&P 500 fell 7 points to 1,993. The Nasdaq fell 15 points to 4,702. The LABJ Stock Index rose slightly to 219.
Charles Crumpley writes that we may get seven good-luck years of labor peace at L.A.’s port complex even if some shippers are skeptical.
Movies are helping paint a different picture of Compton, according to Mark Snyder.
Drop in gas prices good for drivers at pumps but bad for communities dependent on industry’s strength.
Eric C. Pritz writes that a drop in prices at the gas pumps is being accompanied by a decrease in oil revenue for some.
DEVELOPMENT: Ratkovich to spend $100 million on shoring up Ports O’ Call.
San Pedro’s sleepy waterfront is slated for a reboot that will add shops, eateries and a trolley car as part of a $100 million renovation from downtown L.A. developer Ratkovich Co.
CLOTHING: Laird’s $175 quarterly service will limit membership to 100 clients.
Big-wave surfer Laird Hamilton made a splash when he launched his own clothing line in October at Santa Monica retailer Ron Robinson, with celebrities such as Oprah Winfrey, Orlando Bloom and record producer Rick Rubin showing up to catch a peek.
INTERNET: Oro plans to use $12 million raise to grow cloud-based product.
Oro of Beverly Grove, a developer of cloud-based customer relationship management software, has raised $12 million from private equity group Highland Europe of London.
INTERNET: Stamps.com’s stock soars after beating earnings expectations.
Investors adds shares of Stamps.com to their pouch after the online postage provider beats earnings expectations.
ENERGY: Ted Craver talks keeping costs in check as Edison upgrades system.
Edison International CEO Ted Craver has power points to make on the costs of running utilities.
MEDIA: IBD to cut staff in bid to connect with future as digital content provider.
Investor’s Business Daily to cut staff as the paper presses into developing digital operations.
News and notes from communities across Los Angeles County
Ducommun Inc., a Carson-based aerospace and defense contractor, has reached a deal to sell its Miltec Corp. subsidiary for $14.6 million to San Diego defense contractor General Atomics.
When Scott Flabetich went to Mexico City for six weeks recently as part of an Ernst & Young outreach program, he was taken aback by the intense interest Mexicans expressed about the American presidential campaign in general and Donald Trump in particular.
Franklin and Co. sees beefed-up concoction as profile booster.
Franklin & Co. looks to feed its reputation with a meal-in-a-glass take on Bloody Marys.
Just Float intends to get together with fans of isolation tanks.
Therapy center Just Float aims to not make waves with its saltwater sensory deprivation tanks.
Flap over STD ads prompts Tinder to tap Healthvana services.
Healthvana helps users of dating site Tinder hook up with STD tests.
GROCERY: Aldi to check out region that sunk other firms.
Market chain Aldi looks to brave the SoCal market despite the short shelf life of some recent entrants.
HEALTH: Herbalife’s shares tumble shortly after news of probe talks boosted stock.
Herbalife’s stock falls as investors find it tough to stomach the supplement maker’s misstatement of 2015 growth.
PRODUCTION: Country offers tax credits to lure movie shoots, businesses.
Just as Los Angeles starts to celebrate luring back film and TV productions and related business thanks to the expanded California tax credits, Ireland has come along to spoil the party.
Friday, March 4
While L.A.’s jobless rate dipped to 5.8 percent in January, employers in the county shed almost 88,000 jobs from their payrolls, marking an especially dismal start to the year, according to state figures released Friday.
The governing board of the Southern California Air Quality Municipal District voted 7-6 to fire Barry Wallerstein, amid concerns from its new Republican majority that the agency needs to be more business friendly.
A new retail, restaurant and office community dubbed Row DTLA is being planned for downtown Los Angeles by New York City developer Atlas Capital.
Leading producer Mary Parent, who recently was a producer on multiple Oscar winning film “The Revenant,” is slated to take on new role as Legendary Entertainment’s new vice chairman of worldwide production.
Mid-city lender and private equity firm Hankey Capital announced Monday that it joined Edison, N.J. nonprofit Musculoskeletal Transplant Foundation and Lewisville, Texas medical device company OrthoFix Holdings Inc. in financing a $5.75 million funding round for Boston regenerative medicine firm Bone Biologics. Further details were not disclosed.
The Dow Jones industrial average rose 63 points in Friday trading to close at 17,006. The S&P 500 rose 6 points to 2,000. The Nasdaq rose 10 points to 4,717. The LABJ Stock Index remained at 219.
California Resources Corp., NantKwest among the week's biggest gainers.
Snapchat of Venice has raised $175 million from Boston’s Fidelity Investments at a $16 billion valuation, the same valuation the company raised money at last year, according to a source cited by the Wall Street Journal.
A weekly roundup of must-read L.A. tech investments and acquisitions.
Docstoc founder Jason Nazar’s stealth startup has launched itself publicly as Comparably, a platform that provides compensation data for public and private companies.
UCLA will receive a hefty payday for its role in developing a prostate cancer drug. According to the Los Angeles Times, New York´s Royal Pharma paid $1.14 billion for royalty rights to the drug known as Xtandi, with UCLA expected to pocket $520 million of the proceeds.
Tuition at USC will surpass $50,000 for the first time. According to the Los Angeles Times, undergraduate tuition at the school will cost $51,442 for the 2016-2017 academic year, making the university one of the most expensive schools in the country.
Local restaurant-goers may soon be able to access an eatery’s health inspection history with their smartphones, the Los Angeles Daily News reports. The Los Angeles County Department of Public Health is recommending the county include a QR code on grade cards so customers can view previous health code violations.
Wahlburgers, a Boston-area burger chain created by actor Mark Wahlberg and his two brothers, is coming to Los Angeles. According to CBS, the fast-casual chain will expand its business in seven states thanks to new franchise deals.
The Dow Jones industrial average was up 45 points in early trading Friday to 16,944. The S&P 500 was up 7 points to 1,993. The Nasdaq was up 4 points to 4,707. The LABJ Stock Index was up 1 point to 219.
Thursday, March 3
Oro of Beverly Grove, a developer of cloud-based customer relationship management software, has raised $12 million from private equity group Highland Europe.
L.A.'s NFL stadium isn’t even built yet but it is in the running to host the Super Bowl in either early 2020 or 2021. The NFL is to decide in May.
Herbalife, the Los Angeles producer and seller of supplements and weight-loss products said that it overstated its worldwide member growth for 2015.
In spite of recent stock setbacks, Walt Disney Co. appeared to have the trust of shareholders at its annual meeting in Chicago on Thursday. They voted overwhelmingly in favor of management positions.
The city attorney secured a court order for a one-year closure of the Bronco Motel after owners failed to make improvements to curb gang and narcotics activity.
While California’s economy is strong, home ownership remains cost prohibitive. And that’s driving a number of people out of the state, the Los Angeles Daily News reports.
The Dow Jones industrial average rose 44 points in Wednesday trading to close at 16,943. The S&P 500 rose 7 points to 1,993. The Nasdaq rose 4 points to 4,707. The LABJ Stock Index rose 1 point to 219.
Several local Albertsons, Vons and Pavilions stores that closed last year to become part of Haggen’s ill-fated expansion into Southern California have re-emerged in their old locations, reports the Los Angeles Daily News. More are on the way in a reacquisition unprecedented in the supermarket industry.
Porter Ranch residents who do not believe it is safe to move home yet following the gas leak will be able to keep their temporary housing until March 18, according to the Los Angeles Times. Southern California Gas Co. will have to continue paying for temporary accommodations, an appeals court ruled Wednesday.
Hollywood is getting a heartbreaking new attraction. The Museum of Broken Relationships, which collects and displays objects from people's failed romantic relationships, will open a permanent location at 6751 Hollywood Blvd. in May, reports L.A.Weekly.
Developers have divulged details for the makeover of San Pedro’s Ports O’Call and the plans include shops, event spaces and even a Ferris wheel. According to the LA Daily News, the first phase of the $100 million waterfront transformation is slated to be finished in 2020.
Tesla and its Chief Executive Elon Musk are the target of one of Wall Street's most prominent short sellers, CNN Money reports. Citron Research, which said in a tweet that Tesla is having problems with both supply and demand and its stock could fall to $100, caused a selloff on Wednesday.
After much speculation, David Hasselhoff has now joined the cast of the movie version of his old TV series about Los Angeles lifeguards, “Baywatch,” E! Online reports. Filming is currently underway in Boca Raton, Fla.
The Dow Jones industrial average fell 27 points in early Thursday trading to 16,872. The S&P 500 fell 6 points to 4,698. The Nasdaq fell 4 points to 1,982. The LABJ Stock Index fell slightly to 218.
Wednesday, March 2
Internet publisher Demand Media’s revenue fell 27 percent last year to $126 million, the company reported Tuesday – a decrease of 27 percent compared to 2014 when it generated $172 million.
Miramax and its library of more than 700 films have been sold to the BeIn Media Group of Doha, Qatar.
The promotion of L.A. Times Editor Davan Maharaj to editor and publisher and acquisition of LA.com are part of larger “content-first” initiative at Tribune, the new publishing company chief said Wednesday.
The Los Angeles City Council on Wednesday gave preliminary approval to increase water and power rates, moving DWP customers closer to higher bills this spring.
The Beverly Hills City Council considers an informal review process for Frank Gehry’s mixed use campus plan.
Developer Leonard Hill donated $1.9 million to create The Leonard Hill Arts Plaza, a public space under the Sixth Street Viaduct replacement.
J.J. Abrams' production banner Bad Robot has created a policy to encourage more diversity in Hollywood.
A recent decision by the California Supreme Court will allow some former homeowners to pursue lawsuits that allege wrongful foreclosure.
The Dow Jones industrial average rose 34 points in Wednesday trading to close at 16,899. The S&P 500 rose 8 points to 1,986. The Nasdaq rose 14 points to 4,703. The LABJ Stock Index fell 1 point to 218.
READER POLL: Would you be comfortable with more medical marijuana dispensaries operating in the city of Los Angeles?
READER POLL: Would you be comfortable with more medical marijuana dispensaries operating in the city of Los Angeles?
Davan Maharaj, editor of the Los Angeles Times, has also been named publisher, a move by Tribune Publishing Co. meant to save money by cutting out a layer of top executives in the company. Editors will assume editor-publisher roles at eight other Tribune papers, according to the Los Angeles Times.
DreamWorks Animation SKG Inc would be interested in a merger with Viacom Inc.’s Paramount Pictures, Chief Executive Jeffrey Katzenberg said Tuesday. According to Fortune, Katzenberg called a potential merger ¨extremely valuable.”
The South Coast Air Quality Management District is moving to replace its longtime top executive, a month after Republicans gained a majority on the governing board and vowed to make regulations less burdensome for business, according to the Los Angeles Times.
The county's Community Development Commission may offer business loans, waive county fees and refund property taxes to boost the local economy. According to Patch, some officials are concerned that incomes are lower and poverty rates are higher in Los Angeles County than statewide, while the unemployment rate is 1.5 times the national average.
As part of a bigger renovation, a fully enclosed glass slide on the side of the U.S. Bank Tower in Downtown Los Angeles will open in June, according to the Los Angeles Times. For $8, customer will be able to ride from the 70th floor to the 69th floor of the tallest building on the West Coast.
Tinder Chief Executive Sean Rad´s $1.8 million Los Angeles pad is up for sale, according to Business Insider. The Wilshire Corridor condo is 2,298 square feet, with 2 bedrooms and 3 bathrooms.
The Dow Jones industrial average was up 345 points in early trading Wednesday to 16,865. The S&P 500 was up 46 points to 1,978. The Nasdaq was up 132 points to 4,690. The LABJ Stock Index was up 6 points to 219.
Tuesday, March 1
Snapchat Chief Executive Evan Spiegel told a group of investors recently that the company’s app is bringing in 8 billion video views a day, according to unnamed sources cited by Bloomberg.
Robert Kleinhenz, the well-known chief economist at the Los Angeles County Economic Development Corp., is moving on to Beacon Economics. He’ll be replaced by Christine Cooper, who was promoted from within.
The Universal Studios Hollywood version of Harry Potter’s magical kingdom opening April 7 will be less than a third the size of its Orlando counterpart, but Pottermania will prevail, earning the park riches beyond ticket admissions.
Four prominent architecture and landscape firms, whose designs were previewed recently at City Hall, are competing for the opportunity to transform a long-abandoned parcel into Downtown L.A.'s newest park.
A popular dog park, baseball fields and the private Brentwood School are among tenants in Brentwood’s Barrington Park still engaged in a long fight with the Veteran’s Administration, as it starts transforming its campus into a veteran's village.
Jamie McCourt, once known as the highest ranking woman in baseball, is channeling the tough life lessons wrought from her high profile divorce into advice for young women: Educate yourself on financial matters.
The Dow Jones industrial average rose 347 points in Tuesday trading to close at 16,864. The S&P 500 rose 46 points to 1,978. The Nasdaq rose 132 points to 4,690. The LABJ Stock Index rose 5 points to 219.
Online elderly caretaker marketplace HomeHero of Santa Monica is offering 1,200 of its independently contracted workers employee status.
Tribune Media has hired Moelis & Co. and Guggenheim Securities as financial advisors to explore a possible "sale or separation of select lines of business," according to the Los Angeles Times. In a bid to increase stock prices, Tribune´s Chief Executive Peter Liguori suggested any of the company's assets, including 42 TV stations, could be sold. Among those TV stations is KTLA-TV, Channel 5, in Los Angeles.
The oil well on the grounds of Beverly Hills High School will stop extracting oil at the end of this year. However, according to the Beverly Hills Courier and Curbed LA, cleanup of the site will take years and Venoco, the oil company that owns the well, might not be in business long enough to pay the bill.
More than 2,000 letters of protest over a water rate-hike proposal were sent to Los Angeles City Hall and the Department of Water and Power, the Los Angeles Daily News reports. The increase would raise average customers’ bills by 4.8 percent each year for five years while high-use households would see rates rise by approximately 7.2 percent a year.
HomeHero of Santa Monica, which provides in-home care for the elderly, is offering 1,200 of its independent contractors employee status, according to the Business Journal. HomeHero says the mass hiring will make it one of the largest homecare providers in California. The company is making the move so it can sign lucrative in-home care deals with hospitals in keeping with IRS rules.
A self-driving car being tested by Google was involved in a fender-bender with a public bus in Silicon Valley, the Associated Press reports. Google has accepted some responsibility for the collision, which occurred on Valentine's Day.
The Dow Jones industrial average was up 74 points in early trading Tuesday to 16,591. The S&P 500 was up 13 points to 1,944. The Nasdaq was up 32 points to 4,590. The LABJ Stock Index was down slightly to 216.