LA BUSINESS JOURNAL DAILY NEWS

Silicon Beach Report May 15: SpaceX Settles Overtime Pay Class Action for $4 Million

SpaceX settles overtime pay class action for $4 million, Snap launches new camera lens ads, and hackers may have stolen unreleased Disney movie, Chief Executive Bob Iger tells staff.

Former Paramount Pictures Chief Brad Grey Dies of Cancer at 59

Brad Grey, former Paramount Pictures Corp. chairman and chief executive, died of cancer Sunday night at his Holmby Hills home. He was 59.

SpaceX Settles Overtime Pay Class Action for $4 Million

SpaceX settled an overtime pay class action with 4,100 workers on Wednesday for $4 million.

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Gunpowder & Sky Launches International Headquarters in London

Digital content studio Gunpowder & Sky is accelerating its global activities with the launch of an international headquarters in London.

Traction Avenue Buildings in Arts District Fetch $20 Million

A century-old building in the Arts District designed by prolific L.A. architect John Parkinson and a neighboring brick structure sold last week for $20 million to DLJ Real Estate Capital Partners, sources familiar with the deal said.

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Billionaires Bloom in Big Year

The Wealthiest Angelenos were enriched at a healthier rate than all U.S. households in 2016.

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Medical Centers Seek Healthy Boost

Cedars-Sinai, Torrance Memorial forge partnership in which both will operate under parent entity.

HEALTH CARE: Cedars-Sinai and Torrance Memorial like the prognosis for a joint medical center entity.

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High Court Affirms Ruling that Mercury Insurance Can't Charge Policyholders for Sponsorships

The California Supreme Court has rejected a bid by Mercury Insurance Group to charge customers for branding costs.

Silicon Beach Report May 12: Elon Musk’s Boring Co. Begins Horizontal Digging in Hawthorne with Tunneling Machine

Elon Musk’s Boring Co. begins horizontal digging in Hawthorne with tunneling machine, military could have low-cost launch market in five years with increased investment, and Social Reality rebrands as SRAX.

Top Fox Broadcasting Exec Lists Bel Air Home for $9 Million

Fox Broadcasting Co.’s president of entertainment, David Madden, and his wife, Marci Pool, have put their Bel Air home on the market for $8.99 million, according to property records.

Movers for Week Ending May 12, 2017

Patrick Soon-Shiong’s Culver City-based biotech company NantKwest Inc. was the week’s biggest gainer, jumping 35.8 percent to close at $3.98. Real Industry Inc. of Sherman Oaks also saw big gains, adding 30.6 percent to its share price to close at $3.20. The week’s biggest laggard was Beverly Hills’ Capricor Therapeutics Inc., which dropped 62.6 percent to close at $1.16.

Developer Plans 228 Homes in Inglewood Near Rams Stadium

Harridge Development Group is swooping into Inglewood with a plan to build 228 townhomes on an 18-acre site just a mile from the Los Angeles Rams’ planned $2.6 billion stadium.

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Silicon Beach Report May 11: Lions Gate Ordered to Pay $5.8 Million to 'Biggest Loser' Star Jillian Michaels for Airing Workout Videos on YouTube

Lions Gate ordered to pay $5.8 million to 'Biggest Loser' star Jillian Michaels for airing workout videos on YouTube, TrueCar adds pricing information to eBay Motors, and Lyft moving into space in Arts District.

Jay Z Signs $200 Million Touring Pact With Live Nation

Shawn “Jay Z” Carter and Live Nation have announced an exclusive 10-year touring partnership, continuing the rapper’s longstanding partnership with the world’s biggest live-entertainment company.

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Former Fox Exec Vinciquerra Replaces Lynton as Sony Pictures CEO

Following months of speculation about who might replace Michael Lynton as Sony Pictures Entertainment's chief executive, veteran media executive Tony Vinciquerra will assume the post, Sony announced Thursday.

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April Cargo Volumes Spike at L.A., Long Beach Ports

Cargo volumes rose in April at the country’s two busiest ports, Los Angeles and Long Beach, with L.A.’s hitting a record for the month.

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Hollywood’s Crossroads of the World Redevelopment EIR Unveiled

A mixed-use development that would be among the biggest in Hollywood history will face public scrutiny with the planned release Thursday of its draft environmental impact report.

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Silicon Beach Report May 10: Snap Inc. Reports Slow User Growth, Shares Drop More Than 25 Percent

Snap Inc. reports slow user growth, SpaceX considering sending two Dragon capsules to Mars in 2020, and Jordan Levin named CEO of AwesomenessTV.

Snap Inc. Reports Slow User Growth, Shares Drop More Than 25 Percent

Snap Inc., parent company of Snapchat, reported a net loss of $2.2 billion (-$2.31 a share) during its first quarter as a public company, stemming mostly from stock-based compensation issued to employees for its initial public offering in March.

Cedars-Sinai and Torrance Memorial Form Partnership

Cedars-Sinai Medical Center and Torrance Memorial Medical Center are forming an affiliation to share facilities and resources, the two institutions announced Wednesday.

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