News from Around the Web
The high-stakes chess match for control of tronc Inc., Chicago parent of the Los Angeles Times, reached a fever pitch this week as biotech billionaire Patrick Soon-Shiong upped his stake with a series of stock acquisitions that appeared to be part of a move for control of the company.
Los Angeles County ranks seventh in income inequality out of the nation’s 150 largest metro regions, according to a new report.
The L.A. metro area has topped a list of the world’s most gridlocked cities, according to a report issued late Sunday.
The recent sale of Macy’s Inc.’s Westside Pavilion location in West Los Angeles has cast doubt on the store’s future as the company progresses with plans to close about 100 retail sites nationwide.
Stung by the surprise election of Donald Trump as president, L.A. consumers turned bearish on the economy during the fourth quarter, sending a new consumer sentiment index plunging 12 percent from the previous quarter.
The sale of Nasty Gal Inc. to British e-tailer Boohoo.com for $20 million is going forward after the bankrupt fast-fashion company failed to attract any other qualified bids, the companies announced Monday.
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.
Los Angeles could be sending another local player to join Donald Trump’s nascent presidential administration. NBC News and the Wall Street Journal reported Tuesday that Trump was considering Debra Wong Yang, a partner at downtown’s Gibson Dunn & Crutcher, to chair of the Security and Exchange Commission.
Transamerica announced Thursday that it will be closing its offices in Los Angeles and Folsom and cut 345 jobs on the West Coast starting next year, the Los Angeles Times reports.The financial services and insurance company will no longer have operations in California, except for the Transamerica Pyramid it still owns in San Francisco, and will be eliminating 800 total positions nationwide.
Some Hollywood studios are considering offering high-priced home rentals of new films shortly after they debut in theaters, Bloomberg reports. Rental prices would range from $25 to $50 per film and would be available on streaming platforms. The idea could trigger a fight with theater operators who previously enjoyed as much as six months of exclusive rights to new releases.
Rep. Xavier Becerra, the head of the House Democratic Caucus and former state deputy attorney general, has been named California’s next attorney general by Gov. Jerry Brown, Politico reports. The office will be vacated in January when Kamala Harris is sworn in as a U.S. senator and a special election will be held for Becerra’s congressional seat after his appointment.
The San Diego Chargers may be moving to Los Angeles in 2017 after a ballot measure regarding a new $1.8 billion San Diego stadium failed to pass in November, ESPN reports. The Chargers were granted the option to relocate and have until the Jan. 15, 2017 NFL owners meeting to alert the league about their plans.
The Dow Jones industrial average fell 22 points in early Friday trading to 19,170. The S&P 500 rose 4 points to 2,195. The Nasdaq rose 10 points to 5,261. The LABJ stock index rose 1 point to 226.
Arrowhead Pharmaceuticals Inc. is firing 30 percent of its staff, halting all human trials, and going back to the lab after a seeing troubling safety concerns in a technology to cure liver disease, Bloomberg reports. Shares plunged 66 percent on Wednesday, and the once billion-dollar company’s market cap is now down to about $100 million.
Some major advertisers at Breitbart News Network are leaving after Donald Trump’s victory, and Breitbart is fighting back, the Los Angeles Times reports. The site called some departures “un-American” and a war “against conservative customers whose values propelled Donald Trump into the White House.”