Los Angeles Business Journal

Tribune Publishing Shareholders Restless

More Tribune Publishing investors are speaking out after the company rejected a buyout bid from Gannett and instead accepted an equivalent offer from Los Angeles billionaire Patrick Soon-Shiong, The Los Angeles Times reports. Its third-largest shareholder, Oaktree Capital Management and St. Louis investment firm Towle & Co criticized the transaction as a “disturbing development” and have raise the prospect of litigation.

Ousted Redstone Trustees Fight Back

Shares of Viacom shot up after 92-year-old media mogul Sumner Redstone jettisoned CEO Philippe Dauman and George Abrams from the seven-person trust overseeing his holdings, the Hollywood Reporter reports. Dauman has sued to be reinstated, but some insiders are expecting Redstone’s daughter Shari, to keep both men out.

Bullet Train Financing Slows Down

Financing for the state’s planned $64 billion high-speed rail fell short after the latest cap-and-trade auction for greenhouses gasses raised just $10 million for state programs, including only $2.5 million for the bullet train, the Los Angeles Times reports. The rail authority had been expecting financing from the deal of about $150 million and had been counting on the fees to fulfill its obligation of matching about $3.5 million in federal grants.

Bike Around L.A.

Angelenos will be able to bike around DTLA using rent-a-bike kiosks as part of a pilot program this summer, Curbed LA reports. Riders can use their current TAP card or sign up for a new bike share card to rent the more than 1,000 bikes from 65 hubs after the program opens on July 7.

Stocks Fall

The Dow Jones industrial fell 8 points in early Thursday trading to 17,843. The S&P 500 fell 2 points to 2,089. The Nasdaq fell 6 points to 4,889. The LABJ stock index stayed flat at 230.

Long Beach Port Chief Sees Ongoing Slide

Jon Slangerup, chief executive of the Port of Long Beach, says he expects the shipping industry to see one to two more years of losses, Bloomberg reports. His comments came as a research report was released projecting industry losses of $6 billion in 2016 due to shifting demand, low fuel prices, and an excess of container ships.

Redstone Appoints New Stewards

After dismissing two of the trustees of the entity controlling his media empire last week, Sumner Redstone has appointed two new stewards to fill the vacancies, The Wall Street Journal Reports. Jill Krutick and Tad Jankowski will join the seven-member trust that will oversee his controlling stakes in Viacom Inc. and CBS Corp. when he dies or is deemed incapacitated. His granddaughter Kimberlee Ostheimer was appointed to the board of National Amusements.

SpaceX Blasts Away

SpaceX is planning to attempt its fifth rocket launch of the year out of Cape Canaveral, Fla., on Thursday, Business Insider reports. The Falcon 9 rocket will be carrying a 7,000-pound satellite that will provide TV and internet to Southeast Asia. SpaceX also hopes to attempt its third successful at-sea landing on a drone ship in the Atlantic.

Caltech Professor First Woman to Collect $1.1M Prize

A Caltech bioengineer has become the first woman to win the $1.1 million Millennium Technology Prize for her pioneering work in directed evolution, the Daily News reports. Frances Arnold is a professor of chemical engineering, bioengineering and biochemistry and is the fourth U.S. Citizen to win the prestigious prize.

Stocks Rise

The Dow Jones industrial rose 116 points in early Wednesday trading to 17,824. The S&P 500 rose 13 points to 2,089. The Nasdaq rose 22 points to 4,883. The LABJ stock index rose 1 point to 229.

Viacom Executives Fight Back

Viacom executives Philippe Dauman and George Abrams, ousted last week from the trust that manages Sumner Redstone’s holdings, are firing back. The pair allege in a suit filed Monday that the media mogul is being subject to undue influence by his daughter, The New York Times reports. Dauman, Viacom’s chairman and chief executive, is calling the move “an unlawful corporate takeover.”

Battery Recycler Gets Charged Up

City of Industry battery recycler Quemetco will start testing the soil around its plant at the end of the month, KPCC reports. Soil in major thoroughfares, creek beds, and residences within a quarter-mile of the plant will also be tested by September.

Front Page News for Soon-Shiong?

Billionaire and Wealthiest Angeleno Patrick Soon-Shiong wants to use “machine vision” technology and update the reader experience with his $70.5 million investment in Tribune Publishing Co., Bloomberg reports. Soon-Shiong will become the second-largest shareholder and vice chairman of the board with his 12.9 percent stake.

Ares Capital Buys Lender For $3.4B

Ares Capital Corp. said yesterday it would acquire American Capital Ltd. in a deal valued at $3.4 billion, Bloomberg reports. Ares Capital will pay $14.95 a share in cash for the company, and the combined operation will manage more than $13 billion.

Sanders Brings Out Backers

Presidential hopeful Bernie Sanders packed an Eastside Los Angeles baseball field and Santa Monica High School stadium in a last-minute attempt to appeal to Southern California voters, the Daily News reported. Donald Trump will be in Los Angeles on Wednesday for a fundraiser hosted by private equity investor and friend Thomas Barrack as well as an event at the Anaheim Convention Center.

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