Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Silicon Beach Report Jan. 20: Snap Inc. Justifies $20 Billion Valuation with User Engagement

Snap Inc. justifies $20 billion valuation with user engagement, DirecTV Now claims more than 200,000 subscribers in first month, and Warner Bros. to run first Snapchat puzzle lens ad.

L.A. County Unemployment Rate Drops to 5 Percent

L.A. County’s unemployment rate dipped to 5 percent in December amid modest job growth, state figures released Friday show.

Movers for Week Ending January 20, 2017

Glendale-based healthcare company Apollo Medical Holdings Inc. was this week’s biggest mover, gaining 20 percent to end at $10.24. Ares Management was also among the week’s movers. The Los Angeles-based global alternative asset manager gained 16 percent to end at $20.30. Santa Monica-based media company Entravision Communications was the week’s biggest loser, dropping 21 percent to end at $5.10.

Paramount Metal Plating Firm Suspends Operations to Comply with Air Agency Order

Paramount metal finishing company Aerocraft Heat Treating Co., Inc., has temporarily shut down all operations emitting the toxic compound hexavalent chromium to comply with an administrative order designed to protect public health, the South Coast Air Quality Management District announced late Thursday.

Silicon Beach Report Jan. 19: Two Bit Circus Raises $15M to Launch Amusement Park

Two Bit Circus raises $15 million to launch amusement park, Nasdaq and New York Stock Exchange fight to host Snap Inc.’s IPO, and Hyperloop One hires former Uber, Google executive as CFO, and more.

L.A. Cleantech Incubator Founding CEO to Step Down

Fred Walti, the founding chief executive of the Los Angeles Cleantech Incubator, is stepping down after six years at the helm, Los Mayor Eric Garcetti announced Thursday.

Two Bit Circus Raises $15M to Launch Amusement Park

Two Bit Circus is taking a break from its traveling carnival work to build a 30,000-square-foot amusement park in Los Angeles.

Gores Group Launches Blank Check Company in $400 Million IPO

Gores Group has completed the spinoff of its second blank check company, raising $400 million in the initial public offering for Gores Holdings II. The offering created 40 million shares priced at $10 each, according to a statement released Tuesday.

Voice Media Group Puts LA Weekly Up for Sale

Los Angeles’ feisty alternative weekly, the LA Weekly is up for sale, owner Voice Media Group has announced. Voice Media Group (VMG) owns several publications across the country, including Phoenix New Times, Houston Press, and Miami New Times, among others.

Alanis Morissette’s Accountant to Plead Guilty in $6.5 Million Embezzlement

It does not appear that Alanis Morrissette’s former accountant will get a free ride from federal prosecutors.

Silicon Beach Report Jan. 18: Hulu to Allow Users to Download Shows to Their Phones

Hulu to allow users to download shows to their phones, Hyperloop Transportation Technologies eyes European network, and TeamDom raises $1 million to sell advertisements from influencers.

Silicon Beach Report Jan. 17: Mitú to Create Latino Content for MLB

Mitú to create Latino content for MLB, Snap Inc. secrecy culture may clash with the requirements of a public company, and Seinfeld’s “Comedian’s in Cars” leaving Crackle for Netflix.

Mitú to Create Latino Content for MLB

Latino media company mitú has signed a content deal with Major League Baseball to promote baseball to young Latino audiences.

2016 “Busiest Year in Recent Memory” for On-Location Filming in L.A.

Location, location, location: FilmL.A. Inc. reports encouraging news that on-location filming in Greater Los Angeles increased 6 percent in 2016, making last year “the busiest year in recent memory” for local filming, with nearly 40,000 days of shooting in area locations.

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American Apparel Begins Laying Off Employees

Following its sale last week to a Canadian clothing manufacturer, American Apparel began laying off about 2,400 employees in Southern California, Reuters reported Monday. The majority were at the company’s downtown headquarters.

Silicon Beach Report Jan. 16: Snapchat IPO Investors Won’t Get Voting Power

Snapchat IPO investors won’t get voting power, Wilcon plans to wire downtown Los Angeles to aid increased cell demand, DirecTV Now customer complaints growing, and more.

Wilcon Plans to Wire Downtown Los Angeles to Aid Increased Cell Demand

To serve growing bandwidth demand from wireless phone companies, telecommunications firm Wilcon announced plans to expand and then connect its fiber-optic network to hundreds of small cellular sites in downtown Los Angeles.

LA 2024 Olympic Bid Committee Proposes Ceremonies at Coliseum and Inglewood’s NFL Stadium

The LA 2024 Olympic Bid Committee on Monday revealed it’s proposing to hold the opening and closing ceremonies for the Summer Games simultaneously at both the Los Angeles Memorial Coliseum and the planned NFL Stadium in Inglewood.

Palladium Project Antagonists Dominate Fundraising in L.A. Development Ban Fight

The developer of the Hollywood Palladium Towers project and the project’s main opponent dominated the early fundraising on opposite sides of the Measure S anti-development campaign, according to finance reports filed late Friday.

Michael Lynton Steps Down as Head of Sony Entertainment

Sony Entertainment chief executive Michael Lynton, 57, will step down from his post to focus on his position as chairman of the board of Snap Inc., according to news reports from The New York Times, Deadline.com, and others.