Stories for January 2017
Tuesday, January 31
Snap Inc. opens up its automated bidding platform, Disney relaunches Club Penguin as mobile game, and Radish raises $3 million for serialized fiction stories.
After a years-long struggle for recognition, street vendors in Los Angeles won a major victory Tuesday as the City Council voted to decriminalize street vending and laid out a compromise proposal for regulating vending within the city.
Ahead of its forthcoming initial public offering, Snap Inc. has unlocked its automated advertising bidding program to all marketers.
Monday, January 30
Facebook cloning efforts appear to curb Snapchat, Bouqs Co. raises $24 million, Amplify raises $10 million seed fund, and more.
Fintech platform developer InvestCloud Inc. is moving into new West Hollywood digs as the company looks to expand operations.
Online flower shop Bouqs Co. has raised a $24 million Series C round of capital led by Partech Ventures.
The site of one of Snapchat parent company Snap Inc.’s new offices in Venice is on the market for $20 million, or a sky-high $2,877 a square foot, just as the tech upstart prepares to go public.
Friday, January 27
Snap Inc. intends to publicly file for an IPO next week, according to Recode, putting it on track for a March offering.
About 30 percent of brand accounts on Snapchat are dormant, Virtualitics raises $3M to Visualize data in VR and AR, and SpaceX runs Hyperloop contest this weekend.
Downtown real estate developer Cadiz Inc. was the week’s biggest gainer, shooting up 18.4 percent to close at $14.80. Internet advertiser and marketer Social Reality Inc. also made a big jump. The arts district-based company gained 13.9 percent to close at $3.69. Beverly Hills-based kids entertainment outfit Genius Brands International Inc. was the week’s biggest loser, dropping 14.8 percent to $4.35.
A prime dining corner of Silver Lake has sold for $13.3 million, putting its value at a solid $1,267 a square foot.
Something fishy might be going on in the sushi supply chain. The 26 L.A. restaurants that a recent UCLA study found had incorrectly identified almost half of their sushi could be the victims of fish fraud rather than the perpetrators, according to one of the report’s authors.
Los Angeles has a new home-grown private equity player looking to tap deal flow from the lower middle market.
The push to deal more effectively with the region’s homeless crisis got a cash infusion last week, when Richard Riordan hosted a fundraising dinner to benefit Mark Ridley-Thomas’ Communities United to End Homelessness.
City voters have acted, now it’s the county’s turn. Measure H should be approved.
FILM: Nominations boost ad spending as producers vie for Hollywood’s golden guy.
Oscar nominations often provide a bigger box-office bang for advertising buck than an actual win.
HOUSING: Forum will look at how high costs of living drive out L.A. businesses.
Real estate forum will look at finding ways for the middle class to afford living in Los Angeles.
New owner Onni Group plans to move in residential, retail space at Times Mirror Square property.
Times Mirror Square complex owner Onni Group homes in on residential and retail plans.
TECHNOLOGY: Bot Home’s $109 million feeds IPO buzz
Doorbell maker Bot Home rings up $109 million Series D round with eyes on IPO.
EXPANSION: Aristotle unit headquartered in New York lands Deutsche departures
Rumors have swirled that Deutsche Bank, reeling after agreeing to a $7.2 billion settlement with the feds over its handling of mortgage securities in the run-up to the 2008 market collapse, was interested in spinning off its asset management unit as a separate public company.
LENDING: Steven Sugarman leaves Banc of California; opens Santa Monica space.
Exit of Banc of California’s chairman-CEO may leave space for pricey Santa Monica tenancy.
AVIATION: JetBlue’s losing bid for international flights may mean Long Beach cuts.
JetBlue Airways fails to land clearance for international flights at Long Beach Airport.
SHIPPING: Trump trade policy stokes concern among port executives.
Long Beach port’s CEO says scrapping of Trans-Pacific Partnership could sink export hopes.
Greenland Group will open doors to downtown development with boutique Indigo’s March debut.
Greenland Group looks to open doors downtown with the opening of boutique hotel Indigo.
INTERNET: Startups look to satellites for higher security.
Cloud Constellation is high on the cybersecurity prospects of storing data on satellites.
City of L.A. got jump on tourism efforts in 2006 with overseas office
City of L.A.’s outreach strategy drew record number of Chinese visitors last year.
Healthy sale prices for industrial spaces pay off for Arts District landlords willing to depart.
ENERGY: Eagle Crest’s land offer could improve desert venture’s prospects
Eagle Crest seeks to gain ground on its storage project by giving land to the National Park Service.
INVESTMENT: Will tech giant Snap Inc. fight suits to clear IPO path?
Snap could be courting more lawsuits as the tech giant moves forward on going public.
DEVELOPMENT: Couple headed to court to fight fees on live-work property
Residents file suit to have their live-work property zoned out of Venice’s new BID.
ACQUISITION: Buyer pays $168 million for Malibu, Playa Vista office buildings.
Three Westside office buildings sold to a single buyer this month, at prices far higher than their trades just a few years ago.
SPORTS: City signs off on host contract that calls for coverage of cost overruns.
City of Los Angeles signs up for host duties in a bid to score the 2024 Olympics and Paralympics.
Thursday, January 26
Jeffrey Katzenberg raises nearly $600 million for new fund, Cedars-Sinai names new accelerator class, and Hulu to debut virtual reality show.
Tutor Perini Awarded Contract for Wilshire Subway Extension; Gold Line Extension Completion Pushed Back
A joint venture led by Sylmar-based Tutor Perini Corp. has been awarded a $1.4 billion contract by the Los Angeles County Metropolitan Transportation Authority to construct the second phase of the Metro Purple Line subway through Beverly Hills and into Century City.
Wednesday, January 25
President Donald Trump’s decision to abandon the Trans-Pacific Partnership could affect the Port of Long Beach’s ability to reduce its trade imbalance, Interim Chief Executive Duane Kenagy said Wednesday.
Three Westside office buildings sold this month for prices far higher than their trades just a few years ago, proof of ongoing demand for renovated office space in L.A.’s seaside submarkets.
Ring raises $109 million and eyes initial public offering, Elon Musk endorses former ExxonMobil Chief Tillerson for Sec. of State, and 3-D car part printer Divergent raises $23 million.
The Long Beach City Council on Tuesday night rejected a plan for international flights at Long Beach Airport, throwing JetBlue Airways future flight plans for the airport into disarray.
The Los Angeles City Council Wednesday voted unanimously to authorize the signing of the host city contract with the International Olympic Committee should the city win the bidding to host the 2024 Summer Olympic and Paralympic Games.
Tuesday, January 24
Hyperloop Transportation Technologies plans French research center, Warner Bros. Interactive to develop Disney’s “Cars 3” game, and Faraday Future hit with another lawsuit for unpaid bills.
L.A. has a new, home-grown private equity player looking to tap into the lower middle market.
Hyperloop Transportation Technologies announced plans today to open a research and development center in Toulouse, France.
Monday, January 23
SpaceX won’t try to land its next rocket, Snapchat implements rules to combat fake news and explicit content, and Southern California Edison seeks $570 million for electric vehicle programs.
Los Angeles Football Club has signed Delta Air Lines and its partner Aeromexico as the official airlines for the new Major League Soccer club, LAFC announced Monday.
Southern California Edison is seeking $570 million from ratepayers to fund electric vehicle charging stations and other electric transportation services, it announced Monday.
Southern California Edison is seeking $570 million from ratepayers to fund electric vehicle charging stations and other electric transportation services, it announced Monday.
Irvine-based Banc of California Inc. announced Chairman and Chief Executive Steven Sugarman has resigned.
Friday, January 20
Snap Inc. justifies $20 billion valuation with user engagement, DirecTV Now claims more than 200,000 subscribers in first month, and Warner Bros. to run first Snapchat puzzle lens ad.
L.A. County’s unemployment rate dipped to 5 percent in December amid modest job growth, state figures released Friday show.
Glendale-based healthcare company Apollo Medical Holdings Inc. was this week’s biggest mover, gaining 20 percent to end at $10.24. Ares Management was also among the week’s movers. The Los Angeles-based global alternative asset manager gained 16 percent to end at $20.30. Santa Monica-based media company Entravision Communications was the week’s biggest loser, dropping 21 percent to end at $5.10.
Paramount metal finishing company Aerocraft Heat Treating Co., Inc., has temporarily shut down all operations emitting the toxic compound hexavalent chromium to comply with an administrative order designed to protect public health, the South Coast Air Quality Management District announced late Thursday.
Los Angeles County is skipping into the new year with office vacancies sliding down and rents creeping up.
The Westside’s office vacancy took a tiny dip in the fourth quarter, reaching 13.4 percent from 13.6 percent the prior quarter, and compared with 13.2 percent in the year-earlier period.
Hotelier hopes to book deal for a neighboring property to his Beverly Hills project.
The Santa Clarita Valley’s office vacancy rate bumped up in the fourth quarter, reaching 12 percent from 11.5 percent the prior quarter, and compared with 12.9 percent in the year-earlier period.
Partnership plans mixed-use repackaging to revitalize Herald-Examiner building.
Partnership looks to deliver a ground-up makeover for the former Herald-Examiner building.
The San Fernando Valley’s office vacancy rate tightened in the fourth quarter to 12.9 percent from 13.3 percent the prior quarter, and compared with 13 percent in the year-earlier period.
The office vacancy rate in the Burbank, Glendale, and Pasadena market slid notably in the fourth quarter, hitting 11.6 percent from 12.3 percent the prior quarter, and compared with 13.5 percent in the year-earlier period.
How does the man who has everything accessorize at a white tie affair?
Wilshire Corridor’s office vacancy rate narrowed a bit in the fourth quarter, dipping to 18 percent from 18.3 percent the prior quarter, and compared with 19.1 percent in the year-earlier period.
INVESTMENT: Increase in funding levels could push away EB-5 participants.
Proposed hikes in project funding requirements may curb participation in EB-5 visa program.
The South Bay’s industrial vacancy rate increased slightly in the fourth quarter, growing to 1.1 percent from 0.8 percent the prior quarter, and compared with 1.9 percent in the year-earlier period.
MARIJUANA: Vendors look to former bank branches as safe spaces for operation.
Pot shop operators find security depositing their wares in former bank sites.
SPORTS: League to mark 100th year with weekend of events at L.A. Live.
National Hockey League to take shot at heating up L.A. Live with its All-Star Game.
San Gabriel Valley’s industrial vacancy rate grew a bit in the fourth quarter, ticking up to 0.9 percent from 0.7 percent the prior quarter, and compared with 2 percent in the year-earlier period.
Projects hoping to tap city bonds mull risk with Measure S looming
Homeless housing plans could get hung up on Measure S’ restrictions on development.
GOVERNMENT: Financial support eased creation of affordable housing units.
Developer Dan Rosenfeld says city financing can open doors for affordable housing projects.
POLITICS: John Chiang unsure what Trump presidency will mean for trade.
State Treasurer John Chiang talks how Los Angeles could work with pot, Trump, and China.
Los Angeles is a magnet for people and jobs. Halting development will only put pressure on the working poor.
ENTERTAINMENT: Tight market leaves little room for large production facilities.
Smaller production spaces take a bigger role in L.A.’s tight real estate market.
TAXES: Companies must shell out as much as $168 per worker this month.
California employers, hit by an increase in the minimum wage this month, have another cost hike to worry about: an increase of as much as $168 per employee in the annual federal unemployment insurance tax, a sum that’s due at the end of the month.
Construction moratorium imposed by Measure S would costs jobs, lead to higher residential costs.
Gary Toebben and Ron Miller see Measure S’ construction moratorium as a bad development.
DINING: Developers add food halls to menu to draw in shoppers.
Developers serve up food halls as a means to feed foot traffic to retail properties.
DINING: Researchers say eateries that served wrong fish may have been duped.
Something fishy might be going on in the sushi supply chain.
Michael H. Kelly details public- and private-sector moves that would boost South Los Angeles.
RESIDENTIAL: Values soar as neighborhood proves big draw for house buyers
West Adams sits among the most competitive home markets nationally.
Dave Gross and Andy Howell, co-founders of Santa Monica cosmetic customization company MatchCo, which sold to Japanese beauty giant Shiseido Co. Ltd. last week, have learned a lot about makeup since launching their business in 2013.
INTERNET: Digital denizens sold on brick-and-mortar’s pull
Physical stores still attract e-tailers as a means to build sales and brands.
Downtown’s office vacancy rate stayed nearly flat in the fourth quarter, inching up to 16.4 percent from 16.3 percent in the prior quarter, and compared with 17.9 percent in the year-earlier period.
Grand Ole Opry vet Pete Fisher heads to L.A. to tune up ACM’s ties in entertainment business.
Academy of Country Music’s Pete Fisher is heading to Los Angeles to play up the genre.
RETAIL: Discounter could fit American Apparel sites.
Bankruptcies by a trio of chains leave lots of room for new tenants at shuttered locations.
Hollywood’s office vacancy rate shrank considerably in the fourth quarter, reaching 21.6 percent from 27.6 percent in the prior period, and compared with 21.7 percent in the year-earlier quarter.
Thursday, January 19
Two Bit Circus raises $15 million to launch amusement park, Nasdaq and New York Stock Exchange fight to host Snap Inc.’s IPO, and Hyperloop One hires former Uber, Google executive as CFO, and more.
Fred Walti, the founding chief executive of the Los Angeles Cleantech Incubator, is stepping down after six years at the helm, Los Mayor Eric Garcetti announced Thursday.
Two Bit Circus is taking a break from its traveling carnival work to build a 30,000-square-foot amusement park in Los Angeles.
Gores Group has completed the spinoff of its second blank check company, raising $400 million in the initial public offering for Gores Holdings II. The offering created 40 million shares priced at $10 each, according to a statement released Tuesday.
Los Angeles’ feisty alternative weekly, the LA Weekly is up for sale, owner Voice Media Group has announced. Voice Media Group (VMG) owns several publications across the country, including Phoenix New Times, Houston Press, and Miami New Times, among others.
Wednesday, January 18
It does not appear that Alanis Morrissette’s former accountant will get a free ride from federal prosecutors.
Hulu to allow users to download shows to their phones, Hyperloop Transportation Technologies eyes European network, and TeamDom raises $1 million to sell advertisements from influencers.
Tuesday, January 17
Mitú to create Latino content for MLB, Snap Inc. secrecy culture may clash with the requirements of a public company, and Seinfeld’s “Comedian’s in Cars” leaving Crackle for Netflix.
Latino media company mitú has signed a content deal with Major League Baseball to promote baseball to young Latino audiences.
Location, location, location: FilmL.A. Inc. reports encouraging news that on-location filming in Greater Los Angeles increased 6 percent in 2016, making last year “the busiest year in recent memory” for local filming, with nearly 40,000 days of shooting in area locations.
Monday, January 16
Following its sale last week to a Canadian clothing manufacturer, American Apparel began laying off about 2,400 employees in Southern California, Reuters reported Monday. The majority were at the company’s downtown headquarters.
Snapchat IPO investors won’t get voting power, Wilcon plans to wire downtown Los Angeles to aid increased cell demand, DirecTV Now customer complaints growing, and more.
To serve growing bandwidth demand from wireless phone companies, telecommunications firm Wilcon announced plans to expand and then connect its fiber-optic network to hundreds of small cellular sites in downtown Los Angeles.
The LA 2024 Olympic Bid Committee on Monday revealed it’s proposing to hold the opening and closing ceremonies for the Summer Games simultaneously at both the Los Angeles Memorial Coliseum and the planned NFL Stadium in Inglewood.
Friday, January 13
The developer of the Hollywood Palladium Towers project and the project’s main opponent dominated the early fundraising on opposite sides of the Measure S anti-development campaign, according to finance reports filed late Friday.
Sony Entertainment chief executive Michael Lynton, 57, will step down from his post to focus on his position as chairman of the board of Snap Inc., according to news reports from The New York Times, Deadline.com, and others.
Silicon Beach Report Jan. 13: Head of Sony Entertainment, Michael Lynton, Steps Down to Become Snap Chairman
Head of Sony Entertainment, Michael Lynton, steps down to become Snap chairman, Rubicon shares soar after rumor of a sale, RadPad acquired after rough 2016, and more.
Los Angeles-based VCA Antech Inc. was this week’s biggest mover, gaining 29 percent to end at $91.25. ImmunoCellular Therapeutics Ltd was also among the week’s movers. The Calabasas-based clinical-stage immune-based therapy company gained 27 percent to end at $2.75. Los Angeles internet advertising and marketing technology company Social Reality Inc. was the week’s biggest loser, dropping 21 percent to end at $3.94.
Apartment listing service RadPad Inc. of Venice has been purchased by tenant-screening service LandlordStation of Dallas for an undisclosed amount.
The Department of Homeland Security published Friday new proposed rules for the popular EB-5 visa program that allows foreign investors to put money into a job-creating U.S. project in exchange for a green card.
INTERNET: Investment by Lions Gate latest sign of sector’s growing power.
Another big L.A. player is diving into the digital world of e-sports, hoping to grab a piece of a market that is expected to grow to $1 billion as early as next year.
With Donald Trump’s inauguration days away, it was no surprise that Tom Barrack, tapped to lead the festivities, was in New York last week meeting with the president-elect.
HOSPITALITY: 4 Corners’ suit alleges self-dealing by hotelier Sam Nazarian.
Former investors in an SBE hotel claim they’ve been booked out of profits.
FOOTBALL: Rams will get roommate as San Diego’s Chargers opt to relocate.
Inglewood’s future stadium will tackle another team as the San Diego Chargers choose to relocate.
Michael Levine endorses President-elect Donald Trump’s business-minded approach.
Creditors are making waves over the sale of Hanjin’s stake in the Port of Long Beach’s Pier T.
REAL ESTATE: Prospect of continued rise has some buyers in rush to move in.
Some house hunters fear rising mortgage rates may lock them out of a dream home.
It appears this was the right tree to bark up.
City applies with federal government to open streets for autonomous vehicle testing.
Beverly Hills hopes to get on board with federal testing of autonomous vehicles
SnapMD investors check in with $8.5 million to help firm nurse video-streaming consultations.
Funding round gives a shot in the arm to SnapMD’s online doctor consultations.
Government policies have helped city of Los Angeles stake out turf as supporter of entrepreneurs.
City of L.A. policies have helped jump-start startups, according to Nobel Chang.
SPORTS: Tourney fits Tiger Woods to a tee.
Golfer Tiger Woods’ foundation has bagged the PGA Tour’s Riviera Country Club event.
REAL ESTATE: Stockdale sees sites as lots of money
Stockdale Capital Partners sees lots of investment opportunities in parking properties
LAX looks to get moving on transit improvements as the way is cleared for project bidding.
It’s about time infrastructure improvements got underway around LAX, but let’s be sure they anticipate future demands.
Genius Brands International enlists kids’ TV veteran to help produce more revenue.
SPORTS: Study sees boost in spending from longer stays for twin 2024 events.
Economic study says 2024’s Olympics and Paralympics will have Los Angeles teeming with tourists.
ART: Annual fair positions some purchasers to frame acquisitions as investment
Exhibitors at the upcoming Art Los Angeles Contemporary picture a busy season.
ACQUISITION: Kilroy pays $210 million for group of retail, office buildings.
Kilroy Realty Corp. has plunged into the fray on the Sunset Strip with a multimillion-dollar acquisition: a 179,000-square-foot mixed-used development it bought for $210 million.
TOURISM: Officials cast filming locations for hit ‘La La Land’ as draw.
Local officials are framing the shooting locations of hit movie “La La Land” as star attractions.
INVESTMENT: L.A.’s dip to $3.49 billion less severe than nationwide decline.
The flow of venture capital dollars into L.A.-area companies fell to $3.49 billion last year, off more than 16 percent from the year-earlier high of $4.17 billion, according to a report by Dow Jones Venture Source.
ADVERTISING: Tech tracks, values sightings.
Image-tracking software by GumGum aims to help clients picture the value of sponsorships.
Thursday, January 12
Venture capital investment in Los Angeles drops, Honest Co. recalls baby powder, Snap Inc. sued for alleged patent infringement, and more.
The flow of venture capital dollars invested into Los Angeles-area companies fell 16.3 percent from a high of $4.17 billion in 2015 to $3.49 billion last year, according to a report by Dow Jones Venture Source.
The co-founders of California Pizza Kitchen Inc. are at it again. After selling their restaurant empire to private equity firm Golden Gate Capital in 2011 for $470 million, Larry Flax and Rick Rosenfield are facing the heat of the kitchen again with the recent opening of an upscale seafood eatery in Brentwood and plans for a sit-down pizza restaurant.
After numerous failed attempts to land a new stadium in their longtime San Diego home, the Chargers have decided to flee the coop and move to Los Angeles.
Wednesday, January 11
SpaceX explains plans to land three boosters at once, inside LA 2024’s social media strategy for winning the Olympics, and Global Eagle fully rents out a satellite.
For 2016, it was a tale of two ports when it comes to container cargo traffic. Last year, the Port of Los Angeles logged record container levels, with nearly 8.9 million container units passing through the port, up 8.5 percent over 2015 and eclipsing the 2006 record of nearly 8.5 million container units.
Universal Studios Hollywood is L.A.’s most popular tourist destination. So it seems only fitting that Los Angeles Mayor Eric Garcetti and other city and entertainment officials chose Universal as the site for today’s announcement of 2016 as a record year for Los Angeles tourism.
Tuesday, January 10
Los Angeles has won the battle to become home to filmmaker George Lucas’s $1 billion art museum.
Snap Inc. places international headquarters in London, Lionsgate invests in e-sports team Immortals, and crowd-finance startup MobileCause raises $15 million.
The Canadian clothing manufacturer which put in a stalking horse bid for American Apparel has won the bankruptcy auction, the buyer announced today.
A group of L.A. city councilmembers on Tuesday proposed banning contributions to council campaigns from developers with projects currently or recently before the city.
DreamWorks Animation is getting a new chief. Chris DeFaria, president of animation and technical innovation at Warner Bros. Pictures, is expected to be named DreamWorks chief executive, the Hollywood Reporter said Tuesday.
Monday, January 9
VCA Inc., the West Los Angeles-based chain of veterinary clinics received a buyout offer Monday from Mars Inc. valued at $9.1 billion, according to the companies.
Court approves British company’s bid for bankrupt Nasty Gal, SpaceX delays rocket launch one week, telemedicine platform SnapMD raises $3.25 Series A extension, and more.
If the 2024 Summer Olympic Games were held in Los Angeles, it would generate $11 billion in local economic impact, according to a study released Monday by the LA 2024 Olympic Organizing Committee.
The U.S. Bankruptcy Court of the Central District of California approved a $20 million stalking horse bid by British e-commerce clothing company Boohoo.com to buy the intellectual property and customer databases of clothing company Nasty Gal on Jan. 6.
Friday, January 6
Netflix Inc. just put another spotlight on its Hollywood real estate romance. The video streaming company has signed a deal for the full five floors at Cue office building, bringing its total Hollywood footprint to more than 500,000 square feet.
Pasadena has again proved itself a prime target for multifamily developers. A 1.27-acre site on South Lake Avenue near Caltech sold last month for $16.55 million, said listing broker Laurie Lustig-Bower, an executive vice president at CBRE, who fielded offers from nearly 20 prospective buyers over just a couple of months.
Faraday Future claims electric car has more than 64,000 reservations, Honest Co. draws boycott for support of Trump’s ‘Apprentice,’ SpaceX wins several manned space-flight contracts from NASA, and more.
Amazon.com Inc. and Forever 21 have joined the ranks of suitors interested in acquiring bankrupt clothing company American Apparel, Reuters reported on Jan. 4.
Glendale-based Apollo Medical Holdings Inc. was the week’s biggest gainer jumping 33.3 percent to close the week at $10. Arrowhead Pharmaceuticals Inc. also posted big gains. The Pasadena biotech firm ticked up 26.4 percent to close at $1.96. Downtown advertising firm Social Reality Inc. was the week’s biggest loser, dropping 18.6 percent to close at $5.
Faraday Future said that 64,124 reservations were placed for its FF 91 electric SUV within 36 hours of the vehicle’s unveiling at the Consumer Electronics Show in Las Vegas.
Developers look to reframe a warehouse as a live-work space for artists.
ACQUISITION: Both sides trumpet deal as means to improve service to clients.
The ad industry is still seeing a number of mergers and acquisitions with many of the bigger players gobbling up smaller firms.
On Roll in Hollywood
Beverly Hilton rolls out the red carpet, a mountain of food, and an army of employees to serve the Golden Globes.
Kambiz Hekmat checks into Westwood with Old World influence guiding project.
Hotel developer Kambiz Hekmat had no reservations about putting his new project in Westwood.
Bankers are investing in expansion in expectation of a strong year of growth.
Former food editors now hope to make cut with Silver Lake’s Botanica.
Former food editors are using an online magazine to make headlines for their restaurant venture.
DWP’s proposed “Customer Bill of Rights” rates some time to see if the changes work.
For the principal architects of NewSpring Holdings’ purchase of Pasadena financial tech outfit Vertical Management Systems, old business connections led to a new deal.
Glendale cannabis consultancy Siva Enterprises has seen business light up after passage of Proposition 64.
INTERNET: Ex-employee alleges company misled him on app user metrics.
Fired executive claims Snap misstated growth to present better image for IPO.
TRANSPORTATION: Bike shops position once niche items to power up sales.
Local dealers are gearing up to ride an increased interest in electric bikes
TECHNOLOGY: 3Diligent works as middle man to line up companies, clients.
3Diligent has formed a business around lining up 3-D printing companies with clients.
A Look Ahead: What’s on the agenda for Los Angeles business in the coming week
Seth Manheimer sure wishes the “bill of rights” for customers of the Los Angeles Department of Water and Power that will be voted on Jan. 17 had been around a year ago when he was trying to open a yoga studio in Hollywood.
TAXES: BizFed supports action against levy that hits developed properties.
A local business group is welcoming a legal challenge to a park tax measure approved by voters in November.
Owners of office buildings at Corporate Pointe aim to build up with a new name and focus on creative space.
ACQUISITION: Jefferson apartments deal hailed as sign of market’s strength.
The Jefferson at Hollywood apartments sold this month for $132.5 million, just a few years after Essex Property Trust picked up the property for $120.5 million.
DINING: CPK co-founders dive into Bottlefish chain; another pizzeria planned.
The co-founders of California Pizza Kitchen Inc. are at it again.
There are many ways restaurateurs respond to bad reviews. Some ignore, some strike back against the reviewer. And some, such as Roy Choi, view them as a challenge.
Thursday, January 5
Imax to launch VR arcade in Los Angeles, former Snapchat executive alleges app misrepresented growth numbers, and Hulu to add CBS to live streaming service.
Imax Corp. will open a virtual reality arcade at the Grove shopping center at the end of this week. The facility is the first of six planned virtual reality arcades worldwide, including spaces in Great Britain, Japan, and China.
Wednesday, January 4
The former head of Snap Inc.’s user growth filed a lawsuit Wednesday alleging the company is cooking those numbers.
Opponents of a ballot measure that would limit development in Los Angeles announced late Wednesday that they have reached an agreement to change the language of their ballot argument to settle a lawsuit brought last month by supporters.
A federal grant and loan totaling nearly $1.5 billion to build the second phase of the Metro Purple Line subway extension from Beverly Hills to Century City was announced Wednesday by the U.S. Department of Transportation and the Los Angeles County Metropolitan Transportation Authority.
Faraday Future Unveils Its Production Car
Cedars-Sinai Medical Center filed a lawsuit Tuesday alleging El Segundo-based HealthCare Partners has failed to pay more than $6 million for services provided by the hospital.
Tuesday, January 3
Silicon Beach Report Jan. 3: Proterra Raises $140M, Plans to Increase Hiring at City of Industry Plant
Proterra raises $140 million and plans to increase hiring at City of Industry plant, SpaceX to resume launches on Jan. 8, and Mattel working on voice assistant for kids.
OpenGate Capital announced today it sold its portfolio company Getronics LATAM to a South American private investment firm Southern Cross Group for 11 times what they paid for the company in 2012. The Century City-based private equity shop did not disclose financial details of the transaction.
Electric bus manufacturer Proterra of Burlingame announced on Tuesday that it has raised $140 million from investors, which will be partly used to start manufacturing and hiring at its City of Industry plant.
Los Angeles Mayor Eric Garcetti on Tuesday unveiled a new customer Bill of Rights for the Department of Water and Power, including a guarantee of new business service connections within 10 business days.