Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Silicon Beach Report Feb. 23: DeviantArt Sold for $36M

DeviantArt sold for $36 million, AirMap raises $26 million in round led by Microsoft Ventures, and Disney laysoff 80 Maker Studio employees.

DeviantArt Sold to Israeli Web Developer for $36 Million

Israeli web development company Wix announced Thursday the purchase the of popular West Hollywood-based online artist platform DeviantArt for $36 million, including $3 million in assumed debt.

Gov. Brown Comes Out Against Measure S

Gov. Jerry Brown on Thursday formally announced his opposition to Measure S, the anti-development initiative on the March 7 Los Angeles city ballot.

Los Angeles to Donate Rent-Free Space to Manufacturing Institute

The city of Los Angeles is planning to donate rent-free space to the recently launched Clean Energy Smart Manufacturing Innovation Institute.

Latham Picks Up Former Skadden and Paul Hasting Partners to Bolster Litigation Practice

Latham & Watkins announced Wednesday that it had poached a pair of high-profile litigators for its downtown and Century City offices.

L.A. Times-Parent Tronc Reports Yearly Profit Despite Revenue Drop

Tronc Inc., the parent company of the Los Angeles Times and Chicago Tribune, reported a profit of roughly $6.5 million (19 cents a share) in 2016 compared to a loss of $2.8 million (-11 cents a share) the year before.

LAEDC Raises More than $1 Million for New Initiative to Attract High-Paying Jobs

The Los Angeles Economic Development Corp. announced Wednesday it has raised more than $1 million from major employers, universities, and civic organizations to fund a new initiative to bring more high-paying jobs to the county.

Forecast: Unemployment to Hold Steady in L.A. County as Job Growth Slows

L.A. County’s unemployment rate is expected to hover around 5 percent this year and next year as the job growth rate slows, according to a forecast issued Wednesday by the Los Angeles County Economic Development Corp.

Silicon Beach Report Feb. 22: Global Eagle Stock Plunges After CEO and CFO Resign

Global Eagle stock plunges after CEO and CFO resign, AwesomenessTV CEO Brian Robbins resigns, microfinance startup Tala raises $30 million, and more.

Global Eagle Stock Plunges After CEO and CFO Resign

Global Eagle Entertainment Inc.’s stock fell 23.9 percent to $4.48 a share on Tuesday, after the company’s chief executive officer, Dave Davis, and its chief financial officer, Tom Severson resigned abruptly the day before.

Quinn Emanuel Sues Billionaire Xerox Shareholder Over Unpaid Legal Bill

Downtown law firm Quinn Emanuel Urquhart & Sullivan sued former client and billionaire entrepreneur Darwin Deason Tuesday claiming the influential Republican political donor has failed to pay them $1 million in fees.

Magic Johnson Named Lakers’ President of Basketball Operations

Earvin “Magic” Johnson has been named president of basketball operations for the Los Angeles Lakers, according to a Tuesday announcement from the team’s president and co-owner, Jeanie Buss.

Tease photo

CityView Sells Wilmington Apartments for $75 Million

Developer and investment management firm CityView has sold the Wilmington apartment complex it built last year to the Redfern Family Trust for $75 million, according to public records.

Lovell Minnick Takes Stake in Spanish Wealth Management Company

Lovell Minnick Partners announced Monday it took a “significant” but undisclosed stake in Spanish investment firm Trea Asset Management.

Silicon Beach Report Feb. 21: Goldman Sachs Predicts $2B in Revenue for Snap Inc. In 2018

Goldman Sachs predicts $2 billion in revenue for Snap Inc. in 2018, Breitbart editor Milo Yiannopoulos resigns after controversial statements surface, Disney demonstrates wireless charging technology, and more.

CIM Group Lands Over $450M Japanese Investment

Developer and asset management firm CIM Group is set to land an investment of roughly half a billion dollars from a Japanese corporation.

Silicon Beach Report Feb. 20: Whatsapp Updates with Snapchat-Like Vanishing Content

WhatsApp updates with Snapchat-like vanishing content, SpaceX lands its latest Falcon 9 rocket booster, media buying on Snapchat confuses advertisers, and more.

L.A. Tops Congestion Ranking for U.S., Global Cities

The L.A. metro area has topped a list of the world’s most gridlocked cities, according to a report issued late Sunday.

Tease photo

DineEquity Inc. Shares Drop Almost 10 Percent on News of CEO Resignation

The resignation of DineEquity Inc.’s chief executive amid declining sales Friday caused the restaurant company’s stock to fall 9.6 percent in a single day, closing at $60.14.

Paramount Pictures Chairman Brad Grey Expected to Step Down

Paramount Pictures Chairman and Chief Executive Brad Grey is apparently on his way out after 12 years at the helm of the financially troubled studio.