Gov. Jerry Brown signed a Donald Sterling-inspired bill on Monday, prohibiting sports team owners from writing off league penalties as an operating expense on their taxes, the Los Angeles Times reports.
Discussions between Japan’s SoftBank Corp. and Glendale’s DreamWorks Animation SKG Inc. about a potential acquisition have cooled for now, the Wall Street Journal reports, though there is potential for a content partnership between the two companies.
A handful of truck drivers who carry goods from the ports of Los Angeles and Long Beach took part Monday in a day of prayer and fasting to raise awareness of three local trucking firms they say misclassify drivers as independent contractors to skirt labor laws that require fair wages: Pacific 9 Transportation, Total Transportations Services Inc. and Green Fleet Systems, the Daily Breeze reports.
The Dow Jones industrial average fell one point in Tuesday morning trading to 17,070. The S&P 500 fell three points to 1,975. The Nasdaq fell six points to 4,500.
Glendale’s DreamWorks Animation SKG Inc. is in talks to be acquired by Japanese telecommunications and Internet company SoftBank Corp. in a deal that would value the company at $3.4 billion, according to a source who tipped off the Hollywood Reporter. A source at SoftBank told Bloomberg that an acquisition hasn’t been formally discussed by senior executives, and the chances of reaching a final agreement are low.
A small stretch of Sunset Boulevard between Charing Cross Road and South Mapleton Drive remains closed today as repairs continue on a water main pipe that was ruptured on Sunday, ABC reports.
Los Angeles City Controller Ron Galperin reported Friday that revenues for the city are nearly $87 million more than expected, the Daily News reports.
Pacific Investment Management Co. investors withdrew approximately $10 billion in assets following Friday’s announcement that co-founder Bill Gross is leaving for Janus Capital Group, sources within the firm told the Wall Street Journal, echoing analysts’ predictions that it will lose at least $100 billion total. Meanwhile, shares of Janus rose as much as 40 percent on the news that Gross is starting there today, Fortune reports.
Downtown L.A.’s American Apparel Inc. appointed Scott Brubaker, an Alvarez & Marsal managing director, as interim chief executive, charged with the task of stabilizing the struggling company, the Wall Street Journal reports. The clothing company also replaced one interim chief financial officer, John Luttrel, with another interim CFO, Hassan Natha, formerly of Fisher Communications Inc.
In the largest technology buyout this year, Palo Alto software maker Tibco Software Inc. announced today that it will be acquired by private equity firm Vista Equity Partners for $4.3 billion, a sale that will take the company private, Reuters reports. Vista will pay $24 a share in cash for Tibco.
The letters that the district attorneys of Los Angeles and San Francisco sent to the three biggest ride-sharing companies last week allege that the firms misled customers to believe their drivers go through background checks, ensuring they have no criminal record or driving violations, the Los Angeles Times reports. This week, San Francisco prosecutors arraigned an Uber driver who allegedly bashed a passenger in the head with a hammer, heightening discussions about safety, though that driver had no prior criminal record, KTVU reports.
The Denzel Washington-driven thriller “The Equalizer” shot to the top of the North American box office on its debut weekend, earning an estimated $35 million and knocking “The Maze Runner” out of the top slot, the Hollywood Reporter says. There was less Denzel-mania overseas, where 20th Century Fox’s “The Maze Runner,” took in $27.5 million in 62 international markets, dwarfing the Sony Pictures’ debut of $17.8 million.
The Dow Jones industrial average fell 74 points in Monday morning trading to 17,039. The S&P 500 fell seven points to 1,976. The Nasdaq fell nine points to 4, 503.
“The bond king,” William H. Gross, who founded Pacific Investment Management Co. and built it into one of the largest asset managers in the world, is leaving the firm and will join Janus Capital, the Wall Street Journal reports. Pimco, a unit of German insurer Allianz SE, was getting ready to fire Mr. Gross just before he resigned, according to people familiar with the matter.
The district attorneys of Los Angeles and San Francisco on Thursday accused the ride-sharing app Sidecar of violating California business law and threatened an injunction on its service following a joint investigation, the Wall Street Journal reports. Similar letters were also hand-delivered to Sidecar rivals Uber and Lyft.