Stories for April 2017
Friday, April 28
The Venice Beach Freakshow will offer its final performances Sunday, forced to abandon its boardwalk home because its landlord declined to renew its lease, according to the founder.
Musk reveals multistoried tunnel system concept in video, Virgin Galactic’s Richard Branson noncommittal on SpaceShipTwo launch dates, and blue collar online job marketplace Work Today raises $1.1 million.
Elon Musk revealed a conceptual video of a multistoried tunnel system under the city of Los Angeles, which he aims to build with his startup Boring Co., at a TED conference in Vancouver, Canada, on Friday.
Santa Monica-based automotive pricing and information website TrueCar Inc. was this week’s biggest mover, gaining 15 percent to end at $17.52. Monrovia-based STAAR Surgical Company was also among the week’s biggest movers. The medical manufacturing company gained 11 percent to end at $10.40. Brewed soda company Reed’s Inc. was this week’s biggest loser, dropping 25 percent to end at $3.55.
Beyoncé Knowles Carter and Shawn “Jay Z” Carter have reportedly submitted a $120 million bid to buy a hilltop mansion in Bel Air.
ENERGY: SCE equips two plants with battery systems.
Southern California Edison plugs new hybrid-car-like battery storage systems at two power plants.
HOSPITALITY: Arrival of Wilshire Grand Center could overshadow rivals’ business.
Wilshire Grand Center has no reservations about checking in to L.A.’s thriving hotel scene.
Venture capital firm’s deal for snack maker gives gang reform program a taste of the equity.
FILM: Shorter content in play as studios look to hook customers outside theaters.
Trailer producers hope to make the cut with shorter teasers aimed at online viewers.
NONPROFIT: Center hopes new ‘Body Worlds’ exhibit can live up to run in 2004.
California Science Center seeks lively attendance with the return of “Body Worlds” cadavers.
CLOTHING: Jhoanna Alba credits Magic Johnson with assist in launching business.
Former Los Angeles Rams defensive end William Hayes doesn’t consider himself to be a fashion-forward guy six days a week, though he insists on looking good when he’s in front of the cameras.
Ethnic banks once focused on immigrant customers invest in connecting with the next generation.
REAL ESTATE: Tumble in share value drives deal by Kennedy-Wilson Holdings
Brexit fallout spurs Kennedy-Wilson Holdings to buy back European subsidiary.
Everyone appreciates a lower tax bill, but let’s mind the hidden costs that may come with it.
ACQUISITION: Terreno pays $31.4 million for 23.4-acre Lynwood site near rail spur.
One of the largest South Bay industrial sites to hit the market in more than a decade sold last week for $31.4 million, or $31 a square foot, according to brokerage CBRE.
The Silicon Beach tech scene saw another huge exit last week with TeleSign Corp. agreeing to be acquired by Belgacom International Carrier Services, known as Bics, for $230 million in cash.
TRANSPORTATION: City warns Turo that streets out of bounds as moneymakers.
Another sharing economy service is facing scrutiny from city of L.A. officials.
INVESTMENT: Companies continue to snap up pricey Santa Monica properties.
Douglas Emmett and the Qatar Investment Authority picked up two more Santa Monica office buildings.
AUTOMOTIVE: More bad news for Faraday Future as bike firm makes name claim.
Faraday Bicycles wants to hit the brakes on carmaker Faraday Future’s use of the name.
INTERNET: Stock rebound for TrueCar drives investors to offer up 8 million shares.
Investors in vehicle-shopping site TrueCar are sold on an offering of 8 million shares.
The Los Angeles Business Council sent a letter to Environmental Protection Agency Administrator Scott Pruitt on April 28, urging him not to end the Energy Star program.
Chris Sacca’s new direction after venture capital could mean bigger role in Hollywood production.
Early stage tech investor Chris Sacca is pulling the plug on future seed ventures.
Nicolas Berggruen moves into 20,000-square-foot Holmby Hills estate with $40 million deal.
Billionaire Nicolas Berggruen grows his L.A. roots with the purchase of a Holmby Hills mansion.
INVESTMENT: First quarter yields $370 million in deals.
Cash-positive small businesses proved a big deal in the first quarter.
Coffee shop part of roaster F. Gaviña & Sons’ expansion plans
Roaster F. Gaviña & Sons looks to heat up its revenue by opening a downtown café.
Thursday, April 27
Douglas Emmett Inc. and Qatar Investment Authority continued their sweep of Westside office towers this week, announcing on Wednesday that their joint venture purchased two prime Santa Monica buildings for almost $353 million, or $1,205 a square foot.
Elon Musk’s Boring Co. machine revealed, SpaceX launches top-secret satellite for National Reconnaissance Office, and mobile-phone tracking startup Sense360 raises $7 million.
Elon Musk’s budding tunneling company, Boring Co., showed signs of progress on Thursday as an employee posted an image of what appears to be the company’s first boring machine.
Wednesday, April 26
Westwood’s oldest hotel is slated for a makeover. The 55-room Claremont Hotel on Tiverton Avenue, built in 1940, has sold for $12.25 million to Shamina Investments, which intends to give the building its first major renovation, the new owner said Wednesday.
Faraday Future, the Torrance-based electric car company, is facing a trademark lawsuit from an unrelated business called Faraday Bicycles.
Chris Sacca retires from startup investing, Breitbart struggles to define its media role in Trump Era, and Global Eagle CEO says fraud or misconduct not responsible for exec departures and accounting issues.
Prominent seed-stage startup investor Chris Sacca announced in a blog post titled “Hanging up my spurs” on Wednesday that he has retired from venture capital investing.
Tuesday, April 25
A South Pasadena commercial real estate investment firm plans to reopen a 300-acre property in the Angeles National Forest that features a zipline course next month.
Nicolas Berggruen, once known as the “homeless billionaire,” has purchased the former Holmby Hills mansion of socialite Edith Mayer Goetz for $40 million, listing agent Aaron Kirman of John Aaroe Group said.
Belgium telecommunications company BICS to buy TeleSign for $230 million, in-home clinical trial software startup Science 37 raises $29 million, and Soylent recalls powder after accidental mixing with whey.
TeleSign Corp. of Marina del Rey, a developer of user authentication software, announced on Tuesday that it had agreed to be acquired for $230 million in cash by telecommunications company BICS of Belgium.
Monday, April 24
Silicon Beach Report April 24: Upfront Ventures Joins Jeff Skoll, Paul Allen Investing Arms in $119M Sale of TrueCar Shares
Upfront Ventures Joins Jeff Skoll, Paul Allen Investing Arms in $119M Sale of TrueCar Shares, Disney says more than 160 stations signed up for its clearinghouse, and The New York Times launches content and crossword puzzle on Snapchat.
Cushman & Wakefield has signed a 12-year lease to occupy the 24th and 25th floors of downtown’s Wilshire Grand Tower, the real estate services firm said Monday.
In coordination with a secondary offering of TrueCar’s shares, seven investors plan to sell 7.5 million of the company’s shares at an unannounced upcoming date, worth $118.9 million at the close of the stock market on Monday.
Kennedy-Wilson Holdings Inc., a Beverly Hills-based real estate investment company, is reeling in its European subsidiary.
Friday, April 21
Partnership Linked to Sons of Armenian Finance Minister Sells Holmby Hills Mansion for $18.8 Million
A limited liability corporation linked to two sons of the Armenian finance minister, Gagik Khachatryan, has sold a home it owned across the street from the Playboy Mansion in Holmby Hills for $18.8 million.
Virco Manufacturing Corp. in Torrance was the week’s biggest gainer, jumping 17.1 percent to close at $4.45. Downtown beverage maker Reed’s Inc. also saw big gains, adding 10.5 percent to its stock price to close at $4.75. Real Industry Inc. of Sherman Oaks was the week’s biggest laggard, dropping 14.7 percent to close at $2.03.
L.A. County’s unemployment rate fell to 4.6 percent in March, the lowest level in at least 30 years, state figures released Friday show.
Snap Inc. acquires geofilter patent from Mobi for $7.7 Million, Hyperloop One’s Chief Marketing Officer Kimberly Salzer leaves for Ozobot, and CalTech, UCLA ranked top universities for technology transfer.
The Brentwood house where Marilyn Monroe lived and died has hit the market for $6.9 million.
California should move as fast as possible away from its ill-conceived, money-sucking bullet train plan.
Russell Goldsmith wants California to hit the brakes on the bullet train.
BANKING: Intrepid’s Chairman says unprecedented number of prospective buyers active.
Things were busy last week for Brentwood’s Intrepid Investment Bankers, which closed four deals for four different clients, according to the firm’s founder, Jim Freedman, who also serves as chairman.
Wal-Mart’s made-in-USA program has helped bolster sales of frame maker Hollywood Bed.
ENTERTAINMENT: Election of Donald Trump credited for clients’ new engagement
Talent agencies offer direction to clients looking to act on political and social issues.
AEROSPACE: Aerojet may seek lift in satellite service
Aerojet Rocketdyne may look to pad its rocket revenue by adding satellite launch services.
LEASE: Government group in talks to take two floors at Wilshire Grand Center.
The 73-story Wilshire Grand Center, the tallest tower in the West, is close to signing its first major office tenant.
Randy’s Donuts finds a sweet spot in Century City for first expansion.
In its first year, Children’s Hospital Los Angeles treated 14 patients in a house in Chinatown known as “the little house on Castelar Street.”
It all began with two small hospitals in the early 1900s that had the goal of caring for the sick in L.A.’s Jewish community.
TECHNOLOGY: Wilcon Operations’ $600 million deal reflects industry trend.
Crown Castle International Corp. agreed last week to acquire downtown telecommunications firm Wilcon Operations in a $600 million deal with private equity firm Pamlico Capital.
HOUSING: Partners Trust duo drew on ‘La La Land’ to pitch $8.5 million home.
Some brokers make a big production out of creating potential viral videos to showcase high-end homes.
Innovative Partnerships Group looks to assist property owners in fielding business sponsors.
Innovative Partnerships Group hopes to team up property owners and businesses in sponsorships.
Platinum Equity doubled down on its play in the office supply market last week, announcing plans to acquire the Australia and New Zealand units of Office Depot Inc. subsidiary OfficeMax.
WATER: Golden State plans to continue Claremont fight despite settlement with Ojai.
Utility Golden State says the sale of its Ojai system doesn’t mean a Claremont deal is more likely.
‘Going To War’
Agents talk the tricks that open the door to winning bidding wars for prime homes.
APPAREL: Medical clothing of Jaanuu scores $5 million from fashion industry vets.
Jaanuu, a maker of clothing for the medical sector, marks a healthy $5 million investment round.
CLOTHING: Property Gets Dye Jobs
AST Sportswear will fold its dyeing operations into a former American Apparel property.
Oil industry warns such areas could lead to city of Los Angeles losing jobs as well as tax money.
Councilman’s call for study of buffer zones around L.A. drilling sites stirs deep industry concern.
David Geffen, owner of one of the largest yachts in the world, played host to an elite lineup last month, according to the U.K.’s Daily Mail.
Oil refineries fear air pollution crackdown could turn into a big turnoff for facilities.
DEVELOPMENT: Crush for crews squeezes project budgets.
Buildup in construction costs is making it harder to put together projects.
Celebrating its centennial this year, Cushman & Wakefield Inc.’s big splash in Los Angeles came 50 years ago, when John C. Cushman III was tapped to lead the largest leasing challenge the city had ever seen – filling Arco Plaza, now called City National Plaza, a 52-story, 2.6-million-square-foot twin structure downtown.
From its launch in 1885, law firm O’Melveny & Myers has been intimately connected with growth and development in Los Angeles.
Monica C. Lozano approached her stewardship of Spanish-language newspaper La Opinión as a family business that provided a voice for immigrant, Latino communities.
Monica C. Lozano worked to deliver more than just news to the Latino community while running La Opinión.
Even with the drought over, the state still needs to do more resource management, advise Kevin Tilden and Noah Mundt.
An effort to require workers’ comp insurance for day laborers is pulled – as it should have been.
Thursday, April 20
Andy Schuon, who co-founded music-focused cable network Revolt Media & TV alongside hip-hop artist and entrepreneur Sean “Diddy” Combs, is selling his Beverly Hills home for $12.5 million.
L.A. seed funding falls sharply in first quarter, Brian Lee and Ron Burkle-backed medical apparel Startup Jaanuu raises $5 million from retail execs, and Nasty Gal founder Sophia Amoruso’s dramatic biopic releases Friday on Netflix.
The California Chamber of Commerce on Thursday released an expanded list of 23 “job killer” bills that it is targeting for defeat in the state Legislature.
While venture capital investment in L.A. startups rose slightly in the first quarter of 2017, seed-stage investments went in the other direction.
Wednesday, April 19
A medical apparel startup looking to disrupt the industry has raised $5 million from investors, including former executives from ecommerce women’s clothier Nasty Gal Inc. and Nordstrom.com, the company announced Wednesday.
Analyst says Facebook monopoly crushing competitors such as Snapchat, Hyperloop One delays testing of pod, and Jam City launches bubble shooter game based on ‘Peanuts.’
With the lease officially signed in the fourth quarter of 2016, Brea-based AST Sportswear Inc. has finally moved into the former American Apparel facility in Hawthorne.
Los Angeles City Council President Herb Wesson on Wednesday introduced a motion calling for a study of the feasibility of enacting a half-mile buffer zone around all oil drilling operations in the city, a move that could ultimately lead to the shutdown of hundreds of wells.
French multinational food company Bonduelle acquired Irwindale prepackaged salad maker Ready Pac Foods Inc. last week for $409 million.
Tuesday, April 18
Snap launches additional augmented reality features for Snapchat, Facebook defends Snap copying strategy, says it’s just getting started, and TeleSign launches self-service APIs.
The tallest tower in the West, the 73-story Wilshire Grand Center in downtown, appears close to claiming its first major office tenant.
Commonwealth Business Bank released its first quarter earnings report on Tuesday, showing growth in net income and diluted earnings per share.
Monday, April 17
A cluster of office buildings in Monterey Park has sold to Omninet Capital, a Beverly Hills-based real estate and venture capital fund, broker Newmark Grubb Knight Frank announced. The price tag was $81 million, according to a source familiar with the deal.
Telecom firm Wilcon acquired for $600 million by Crown Castle Corp., SpaceX’s August hyperloop competition will test maximum speed, and alleged comments from Snap CEO Evan Spiegel drop stock.
Crown Castle International Corp. has agreed to acquire downtown telecommunications firm Wilcon Operations for $600 million from private equity firm Pamlico Capital.
Creative Artists Agency has partnered with China’s CMC Capital Partners, a leading investment fund in the media and entertainment, internet and mobile, and lifestyle sectors.
Molecular diagnostics firm NantOmics, a subsidiary of billionaire Patrick Soon-Shiong’s Culver City-based NantWorks, has acquired Genos, a genetic sequencing company.
Friday, April 14
Best Buy Co. Inc. has snagged nearly half a million square feet of industrial space at the Brickyard in Compton, the property’s leasing broker said Friday, bringing the 58-acre project to full occupancy.
RadPad ordered to pay $60.5 million judgment to Craigslist, Hulu opens 500 employee service center in Texas, and in possible win for SpaceX, NASA may rely on commercial partners for Mars trip.
Biotechnology company Capricor Therapeutics Inc. was this week’s biggest mover, gaining 10 percent to end at $3.15. Carson-based U.S. Auto Parts Network, Inc. was also among the week’s biggest movers. The auto parts company gained 9 percent to end at $3.62. Culver City-based healthcare company NantHealth was this week’s biggest loser, dropping 29 percent to end at $3.86.
A final $60.5 million judgement was issued against RadPad Inc. after the upstart was found liable for unlawfully scraping apartment listings and spamming users of rival Craigslist Inc.
There are some boldface names behind the opening of the Nobu Ryokan hotel on Carbon Beach in Malibu later this month.
A state committee on Thursday approved $24 million in tax credits for 21 companies investing up to $314 million to add as many as 1,970 L.A. jobs.
The L.A. office market saw more than a quarter-million square feet of space put back on the market in the first quarter, but analysts framed the early 2017 setback as a blip in an otherwise strong economy.
EMPLOYMENT: Workpop partners with industry group to boost bosses’ hire power.
A state restaurant advocacy group and a job search startup want to make the process of matching employers with potential employees more palatable.
Santa Monica’s energized office market is squeezing power supply maker Pioneer Magnetics.
FOOD: Poor harvest boosts prices, reduces availabilty as Cinco de Mayo closes in.
Off production year will pare back the availability of avocados for Cinco de Mayo.
health care: Lawsuit says San Gabriel broke law by denying residents clinic.
Doctor taps disability law to challenge San Gabriel’s rejection of his dialysis clinic.
DEVELOPMENT: Proximity to Westside, downtown, rail line fuels market’s attraction.
Koreatown has proved a popular middle ground between downtown and the Westside.
New city of L.A. trash-hauling system will dump higher pickup costs on some property owners.
Investment in period up year to year as Greycroft Partners paces local field, backing 19 companies.
Greycroft Partners, Snap’s IPO help fuel strong first quarter for venture capital.
FINANCE: Vision, Struans see e-sports, virtual reality as means to score big returns.
Two new investment firms look to bank on the future by backing millennial-focused content creators.
Embodied sees future in social assistants.
Embodied engineers robots to help human patients get with their health programs.
UTILITY: Ojai's fight with Golden State ends in $34.5 million system sale
Water fight is over as Golden State agrees to sell Ojai system to Casitas municipal district.
Lowell Milken’s family foundation has donated $1.5 million to the UCLA Herb Alpert School of Music.
Roy Choi, Daniel Patterson, and Tony Konecny form Yez Plz to seek heat at low price point.
Locol’s Roy Choi and Daniel Patterson aim to cut costs for cups of joe with Yes Plz venture.
HOUSING: Licenses on wane as L.A. market harder to crack.
HOUSING: Agents and brokers are finding it tougher to live with the residential market’s challenges.
With health care reform apparently back on the agenda, insurers need to make their voices heard.
Private equity outfit Brentwood Associates made a big foray into the health care world last week with the acquisition of Texas-based Jefferson Dental Care from Century City’s Black Canyon Capital.
MANUFACTURING: Call for increased facility supervision may yield speedier closures.
Manufacturers and metal finishers are concerned about a planned crackdown on toxic emissions by the South Coast Air Quality Management District.
ENTERTAINMENT: Pair of Hollywood families casts lot with Glendale development.
Families with showbiz histories will raise the curtain on a theater-anchor mixed-use development.
Thursday, April 13
Mario Cordero is set to become the Port of Long Beach’s new executive director after a Board of Harbor Commissioners vote scheduled for Friday.
Restaurateurs Roy Choi and Daniel Patterson, the team behind Los Angeles healthy fast-food restaurant chain Locol, are planning to scale up their premium affordable coffee brand, Yes Plz, with coffee windows and standalone shops.
PBS SoCal’s KOCE-TV public broadcasting station is among 175 nationwide winners of the Federal Communications Commission’s first-ever Broadcast Incentive Auction.
Instagram Stories users rise to 200 million per day, Aerojet moves rocket engine work to Alabama, and Hulu Live TV service to cost $39.99 per month with ads.
The twin ports of Long Beach and of Los Angeles saw increased cargo traffic in March. The Port of Long Beach saw a 20 percent increase in its cargo numbers compared to a year ago and posted its best quarter since 2007. The Los Angeles port saw a whopping 29 percent jump in incoming cargo containers compared to the year earlier.
Wednesday, April 12
L.A. City Controller Ron Galperin on Wednesday called for an overhaul of the city’s antiquated system of issuing police permits for movie theaters, pool halls, massage parlors, and more than 50 other types of businesses.
Report: Major L.A. Employers Concerned High Housing Costs are Barrier to Attracting and Retaining Talent
The region’s high housing costs are deterring top talent from entering the Los Angeles job market and leading to higher recruiting costs for employers, according to a survey released Wednesday from USC and the Los Angeles Business Council.
On-location filming in Greater Los Angeles decreased by 2.1 percent in the first quarter of 2017, according to statistics released today by FilmL.A. Inc. Among all filming categories, on-location feature film production suffered the steepest quarterly decline, slipping 36 percent and dropping to levels not seen since 2012. The decline occurred despite increase in tax credit use, the film office said.
Tuesday, April 11
Netflix Chief Content Officer Ted Sarandos said the company intends to bring as much Netflix production as possible to California.
First-quarter sales of small business in Los Angeles were up 4.4 percent year over year, according to numbers from BizBen released Tuesday.
Monday, April 10
Boies Schiller Flexner is snapping up downtown’s Caldwell Leslie & Proctor effective April 17, according to the firms, giving the New York-based outfit a robust addition to its West Coast practice.
Pritzker Group Private Capital’s recently acquired ProAmPac on Monday folded in a competitor in the packaging manufacturing industry, marking the first deal of the year for the West L.A. private equity firm.
Friday, April 7
Beverly Hills-based Genius Brands International Inc. was the week’s leader, gaining 20.6 percent to close at $4.51. Furniture maker Nova Lifestyle Inc., headquartered in Commerce, was close behind, shooting up 15.7 percent to close at $1.92. The week’s biggest laggard was Ritter Pharmaceuticals Inc. in Beverly Hills, which dropped 19.7 percent to close at $1.14.
Hollywood director and producer Joe Carnahan is selling his Pacific Palisades home for $3.89 million.
Tronc Inc.’s second-largest shareholder slung another missive at the Chicago media company on Friday in a fast-escalating war of words over the future of its flagship newspaper, the Los Angeles Times.
Upfront Ventures’ Mark Suster plugs L.A.’s tech scene after forming an early connection.
Business Journal photographer Todd Frankel hit the streets in April 1992 to frame the fallout of the unrest.
Holiday’s later date could spur shoppers to put even more in baskets, according to retail group
Industry group expects Easter’s later date to egg on shoppers to increase their holiday spending.
INVESTMENT: Snap’s IPO powered up improved period in year-to-year comparison.
The market for emerging companies put up strong first-quarter numbers on the back of Snap Inc.’s March initial public offering, according to data released last week by big four accounting firm Ernst & Young.
ACQUISITION: Co-owners expect multifamily boom to feed interest in work space.
The eight-story office building at 520 N. Central Ave. in downtown Glendale sits on a street where several apartment complexes have popped up in the last couple of years.
APPAREL: Bid Buttoned Up
Tokyo’s Adastria zips up deal for clothing company Velvet.
SHIPPING: Port businesses wait as partners come together.
New alliances among cargo lines have left some port businesses high and dry on scheduling.
Some neighborhoods and properties damaged in the Rodney King riots have made full recoveries, while others are still working to bounce back from the unrest.
DEVELOPMENT: Vermont Avenue tenants credit lift to efforts by Leonardo Lopez.
Olympian Burgers’ Pete Zinelis lived through the Rodney King riots and the neighborhood’s recovery.
The last 25 years have seen tremendous economic growth across Los Angeles, but at the epicenter of the unrest problems persist.
Platinum Equity made a play into the immigration services sector last week, acquiring Ashburn, Va.-based government contractor FCi Federal for an undisclosed sum through its PAE portfolio company.
TRANSPORTATION: Bids will be cut to three, with one selected for development.
After receiving proposals from more than 2,600 organizations and individuals, downtown’s Hyperloop One last week selected 11 projects to consider for financing and construction of potential hyperloop systems.
No sequel to 2007’s production boom as writers, producers talk contract.
Producers head into negotiations with writers without staging a ramp-up in production.
REGULATION: Imposition of ‘facility caps’ could spur companies to leave state.
Cargo handlers fear being boxed out by a state proposal to curb pollution at facilities.
SHIPPING: Zero-emission timeline relies on existence of undiscovered technology.
Terminal operators say a proposal for zero-emission equipment by 2030 doesn’t add up.
We’re heading into graduation season, and that means it’s time to start doling out the honors.
PacWest shells out $705 million to acquire CU with eye toward beefing up operations in SoCal.
PacWest believes deal for CU will pay off in an expanded presence in Southern California.
HEALTH CARE: Sector resists Obamacare concerns.
Medical sector still gets dealmakers’ blood racing despite concerns for fate of Obamacare.
Thursday, April 6
Silicon Beach Report April 6: Hyperloop One Asks Public to Suggest U.S. Routes, Selects 11 Regions for Further Study
Hyperloop One asks public to suggest U.S. routes and selects 11 regions for further study, on-demand doctor app Heal adds Obama’s Secretary of Navy to board, and Virgin Galactic planning for test space launch before end of year.
Dov Charney is following his American Apparel blueprint by inking an exclusive wholesale distribution deal for his new clothing venture with one of the same companies he worked with before.
Chicago media company tronc Inc. said in a public filing on Thursday that it would be open to considering a proposal from its second-largest shareholder, Patrick Soon-Shiong, to buy out the company in order to own its trophy publication, the Los Angeles Times.
A state appeals court on Thursday upheld the state’s cap-and-trade program to reduce carbon emissions, rejecting a challenge from several business and industry groups.
After receiving proposals from more than 2,600 individuals, downtown’s Hyperloop One has selected 11 U.S. regions to study financing and construction of potential Hyperloop systems.
Beverly Hills-based PacWest Bancorp and downtown’s CU Bancorp announced Thursday they will merge, with PacWest acquiring CU for $705 million in cash and stock considerations.
Wednesday, April 5
MGM Holdings Inc. announced Wednesday it is taking over premium channel Epix in a $1.03 billion acquisition of the 80.9 percent stake in the company it doesn’t already own.
SpaceX gains substantial cost savings from reused Falcon 9, TaskUs moves headquarters to Santa Monica Airport, and Enthusiast Network launches Motor Trend streaming video in UK and Europe.
Businesses hired at a faster rate in March than in the year earlier, according to a monthly jobs report from professional social networking site LinkedIn.
A Mediterranean-style retail building on Montana Avenue in Santa Monica recently sold for $15.5 million, or $1,582 a square foot, according to brokerage NAI Capital.
Tuesday, April 4
Silicon Beach Report April 4: Spotify, Universal Music Agreement Offers Album First Dibs to Subscribers
Spotify and Universal Music agreement offers album first dibs to subscribers, FreedomPop launches plan for small businesses, and Pluto TV taps former E! exec Robert Magdlen as chief programming officer.
For L.A. travelers seeking Old World charm, two European airlines are starting their first flights out of the Los Angeles International Airport.
Music streaming service Spotify and Universal Music Group announced a multiyear global license agreement Tuesday that will allow Universal artists the option to release new albums to premium subscribers for two weeks before public distribution.
Monday, April 3
Shares of tronc Inc., parent of the Los Angeles Times, jumped 4.6 percent on Monday after the company pushed back against claims of unfair treatment by Patrick Soon-Shiong, its second-largest shareholder.
A Japanese retail company announced today that it had agreed to acquire upscale Culver City clothing brand Velvet. Terms of the deal were not disclosed.
Silicon Beach Report April 3: SpaceX Plans ‘Silly Payload’ on First Falcon Heavy Launch in Late Summer
SpaceX plans ‘silly payload’ on first Falcon Heavy launch in late summer, Snapchat adds Instagram layout as April Fools’ joke, and Wpromote acquires Prime Visibility.
When SpaceX’s Falcon Heavy lifts off for the first time this summer it will rank as the most powerful operational rocket in the world by a factor of two - but its payload will less than serious.