News from Around the Web
Chinese technology and entertainment group Le Eco has raised $600 million in fresh capital, Variety reports. The company, the principal financier of Gardena electric car maker Faraday Future, will direct half of the funding towards its electric car-making operations.
Goldman Sachs Group Inc. and three other investors could lose as much as $123 million after buying 94 percent of American Apparel Inc.’s debt when it filed for bankruptcy 13 months ago, Bloomberg reports. Goldman, Monarch Alternative Capital, Coliseum Capital Management, and Pentwater Capital Management hold $189.2 million of its senior debt, and so far American Apparel has only attracted a limited $66 million bid from Canadian T-shirt company Gildan Activewear Inc. after filing for bankruptcy protection earlier this week.
Viacom has made a deal to buy Argentina’s largest broadcast network, Television Federal, for $345 million, The New York Times reports. The acquisition will help the media giant reach 95 percent of Argentina’s households and become the first American firm to operate a free-to-air channel in Argentina in almost 50 years.
The Dow Jones industrial average fell 52 points in early Wednesday trading to 18,871. The S&P 500 fell 5 points to 2,175. The Nasdaq fell 4 points to 5,272. The LABJ stock index stayed steady at 227.
Estee Lauder Cosmetics has agreed to buy Los Angeles-based cosmetic company Too Faced for about $1.45 billion, Bloomberg reports. Too Faced will help Estee Lauder expand in e-commerce and specialty stores, and will be the biggest acquisition in the beauty brand’s history.
Fans visiting L.A. Live will get to witness a new look at the downtown sports and entertainment center. Anschutz Entertainment Group and Toshiba announced a global multiyear deal on Tuesday that gives the downtown sports and entertainment presenter a chance to offer fans interactive installations and LED digital screens across venues in North America and Europe. Financial terms of the deal were undisclosed.
Chinese conglomerate Dalian Wanda Group will be spending nearly $15 billion on a theme park and more than a dozen malls in China’s Hunan province that will compete with Walt Disney Co.’s new $5.5 billion theme park in Shanghai, the Los Angeles Times reports. The company will spend more than $7 billion on a Wanda City theme park and another $7 billion on 15 shopping plazas.
Porsche Motorsports North America has opened their 53-acre driving course in Carson, the Los Angeles Times reports. The $60 million “Experience Center” includes a 4.1-mile track that features water hazards and a slalom driving area, and the building includes a restaurant, car museum, conference center, and Porsche “laboratory.”
The Dow Jones industrial average fell 41 in early Tuesday trading to 18,828. The S&P 500 fell 6 points to 2,170. The Nasdaq rose 44 points to 5,263. The LABJ stock index stayed steady at 227.
Less than a year after emerging from bankruptcy under new leadership, American Apparel has again filed for Chapter 11 protection.
“Doctor Strange” retained the top spot at the box office for the second weekend in a row, adding $43 million in the U.S. and Canada to its gross of $153 million domestically and $493 million worldwide, the Los Angeles Times reports. DreamWorks Animation’s “Trolls” took in an additional $35.1 million, bringing its total gross to $94 million at the domestic box office since its opening last week.
Previously undisclosed conversations between media mogul Sumner Redstone’s 30-year-old grandson Tyler Korff and ousted Viacom Chief Executive Philippe Dauman set the stage for a peaceful transfer of power when the company’s board was overhauled in August, The Wall Street Journal reports. Other younger family members have also taken more prominent roles in the family business.
The Dow Jones industrial average rose 42 in early Monday trading to 18,890. The S&P 500 rose 4 points to 2,167. The Nasdaq fell 3 points to 5,234. The LABJ stock index stayed steady at 226.
The Dow Jones industrial average fell 15 points in early Friday trading to 18,793. The S&P 500 fell 6 points to 2,161. The Nasdaq fell 16 points to 5,192. The LABJ stock index rose 1 point to 225.
The Los Angeles City Board of Supervisors voted Wednesday to support building Star Wars creator George Lucas’ futuristic-looking Lucas Museum of Narrative Art in Exposition Park, The Mercury News reports. The Bay Area is also interested in the museum and San Francisco’s Board of Supervisors have already thrown their support behind building the five-story museum on Treasure Island.