Los Angeles Business Journal

Moviegoers Flock To “The Angry Birds Movie”

“The Angry Birds Movie” beat back “Captain America: Civil War” as the No. 1 box office movie over the weekend making $39 million, the Associated Press reports. “Captain America: Civil War” made $33.1 million while “Neighbors 2” trailed with $21.8 million and and “The Nice Guys” grossed $11.3 million.

Stocks Mixed

The Dow Jones industrial fell 11 points in early Monday trading to 17,490. The S&P 500 fell 2 points to 2,051. The Nasdaq rose 13 points to 4,783. The LABJ stock index stayed flat at 226.

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Blackstone Sells Stake in Santa Monica Office Property for $500M

Blackstone Group is selling its 50 percent stake in a Santa Monica office complex for more than $50 million, the Los Angeles Business Journal reports. The investment firm is selling its interest in Colorado Center, a six-building campus, to Boston Properties Inc., a real estate investment trust.

Catch the Train

The new Expo Line from downtown to Santa Monica opens at noon today. The train bypasses the 10 freeway and takes 50 minutes to get from downtown the beach, with fares at $1.75 for up to two hours using the Transit Access Pass (TAP) card already used on California public transportation services, KPCC reports.

San Pedro Port Closer to Facelift

The developers planning to transform the Ports O’ Call Village in San Pedro were approved for a 50-year land lease by the Board of Harbor Commissioners yesterday, the Daily News reports. Ratkovitch Co. and Jerico Development plan to transform the 30 acres of aging port into a $150 million San Pedro Public Market that could include a ferris wheel and carousel as well as a discovery sea park. City Council approval is still needed.

Snapchat the New Facebook?

Snapchat is working on a new algorithm would give brands and media accounts the top spot in user’s content feeds, a departure from the current design that displays the content by user’s interest and previous engagement, Business Insider reports. The change would give brands more control of who sees engages with their content and is likened to the algorithm already used on Facebook.

Stocks Rise

The Dow Jones industrial rose 129 points in early Friday trading to 17,565. The S&P 500 rose 15 points to 2,055. The Nasdaq rose 47 points to 4,758. The LABJ stock index fell one point to 225.

Oaktree Capital Hits Snag

Bill Egan, the former Bank of America executive who was starting a reinsurance venture with Los Angeles-based Oaktree Capital Group, has cut ties with the asset manager, Bloomberg reports. The split follows the company’s struggle to raise enough funds to set up a large enough operation as well as lack of investor interest in the industry.

Tribune Urged to Reconsider Gannett Offer

Tribune Publishing Co.’s second-largest shareholder wants the board to reconsider Gannett Co.’s $474 million unsolicited takeover, The Wall Street Journal reports. In a strongly worded letter to the Tribune board, Oaktree Capital Management Chairman John Frank said he had little confidence the company’s new management team would find another deal as good as the one now on the table.

Tesla Electrifies Production

Elon Musk’s Tesla Motors Inc. is is looking to fund faster production of its more affordable Model 3 sedan by selling $2 billion worth of stock, the Los Angeles Times reports. The company plans to begin produce up to 500,000 cars a year at its factory in Fremont by 2018, two years ahead of earlier estimates.

Redstone, One of L.A.’s Wealthiest, Gets Pay Cut

Sumner Redstone, the 92-year-old billionaire chairman emeritus of Viacom, will no longer be receiving a paycheck from the company, The Wall Street Journal reports. Redstone has long been distance from operations and is now the subject of a legal fight over his mental competency.

Stocks Fall

The Dow Jones industrial fell 64 points in early Thursday trading to 17,4962. The S&P 500 fell 8 points to 2,040. The Nasdaq fell 18 points to 4,721. The LABJ stock index fell 2 points to 223.

Activision Executives Make $1.2B in $100M Deal

Bobby Kotick and Brian Kelly, chief executive and chairman, respectively, of Activision Blizzard, stand to pull in $1.2 billion from their $100 million bet on the company in 2013. Bloomberg reports the payout comes as a result of the deal to buy out French telecom giant Vivendi SA’s 601 million-share stake in the business.

A 1 Percent Solution to Homelessness?

Top earners in Los Angeles may be paying more to combat homelessness if a ballot measure to tax personal income above $1 million goes through, the Daily News reports. The Board of Supervisors directed its staff to seek a change in state law that would allow it to pursue the ballot measure and to audit the county’s spending on homelessness.

Arsenic Emissions Problematic for Plant

City of Industry battery recycler Quemetco was told to cut arsenic emissions after officials discovered the plant posed an increased cancer risk to 12,000 nearby residents, the Los Angeles Times reports. The cut was mandated by more stringent state guidelines in the wake of a report that breathing air pollutants is three times more dangerous than originally thought.