REVIEW
Aug. 29 – Sept. 4
Universal Deal: General Electric Co.’s NBC entered exclusive negotiations to purchase a controlling stake in Vivendi Universal SA’s U.S. entertainment unit a transaction that would create the sixth-biggest media company in the world. GE would own 80 percent of the venture; Vivendi the rest. The deal would give NBC, the top-ranked TV network among younger viewers, Vivendi’s Universal film and TV studios, theme parks and cable networks, which include USA. NBC’s offer beat out a bid by a group of investors led by former Seagram Co. CEO Edgar Bronfman Jr.
Checkout Woes: Albertson’s Inc. was ordered by a Superior Court judge to pay $1.9 million for scanner overcharges at its California stores. Over a 16-month period, state officials documented 335 instances at 157 Albertson’s stores in which inspectors were overcharged for items at checkout. The judge ordered Albertson’s to pay for penalties, costs and improvements, including hiring a scan coordinator.
Guilty Plea: Credit Lyonnais SA and the French government agreed to pay $575 million and admit wrongdoing related to the purchase of failed L.A.-based Executive Life. Prosecutors claim that the Paris-based bank, which was rescued from near bankruptcy in the mid-1990s by a $16.2 million government bailout, broke laws barring banks from owning insurers when it bought Executive Life’s assets in 1993. Terms of the proposed settlement are expected to be released at the end of the month. Credit Lyonnais still faces a $3 billion lawsuit from the state of California.
Ponzi Term: Reed Slatkin was sentenced to 14 years in prison for his role in a Ponzi scheme that took almost $600 million from investors. In sentencing Slatkin, U.S. District Judge Margaret Morrow rejected the recommendations by prosecutors for an 11-year sentence. Federal prisoners are eligible for release after serving 85 percent of his sentence, so Slatkin could be released in 10 1/2 years, when he is 64.
Hospital Report: Tenet Healthcare Corp. has agreed to sell four facilities in Arkansas to Triad Hospitals Inc. for $134 million in cash as part of a plan to reduce debt. Santa Barbara-based Tenet, which has lowered profit estimates three times in less than a year, earlier announced plans to sell or close 14 of its 114 hospitals.
We’re No. 5!: Los Angeles was ranked the fifth most popular city to live in or near, according a Harris Interactive Inc. random sample of 2,215 adults. New York was the top choice for the fifth straight year, followed by San Diego, San Francisco and Las Vegas. The poll was conducted between July 14 and 20.
Gas Update: Los Angeles gasoline prices fell slightly after several weeks of sharp increases. For the week ended Sept. 3, a gallon of self-serve regular averaged $2.131, down from $2.141 the week before, according to the Energy Information Administration. Statewide, the price was $2.10. Analysts had expected prices to come down following the Labor Day weekend peak. Also, short-term factors, such as refinery shutdowns and a pipeline rupture in Arizona, are being corrected. Separately, the EIA is conducting an investigation into last month’s nationwide run-up in gasoline prices.
Cable Payout: Adelphia Communications Inc. said it would drop its appeal involving an ongoing battle with the city over increased cable rates and will set in motion a $5 million refund for 250,000 customers. The refunds will take the form of credits on customer bills.
PREVIEW
September 8 – 14
Terrorism Talk: On the two-year anniversary of the Sept. 11, 2001 terrorist attacks, there will be numerous events. Surviving terrorism is the theme of a new lecture series being offered this fall at the Central Library (630 W. Fifth St.). The first program in the series, “Can We Live Through This,” is on Thursday (11th) at noon. Featured speaker is John Mohler M.D., professor emeritus of the Keck School of Medicine and retired colonel of the U.S. Army Medical Corps. For information: 213-228-7000. Also, John Miller, commanding officer of the Los Angeles Police Department’s counter-terrorism bureau, will speak to a luncheon meeting of the Japan America Society on Wednesday (10th) at the New Otani Hotel. For information: 213-627-6217, ext. 202.
Hispanic Conference: The Association of Hispanic Advertising Agencies holds its semi-annual conference in Los Angeles beginning on Thursday (11th) and running through Sunday. The organization, meeting at the Millenium Biltmore, will discuss the English vs. Spanish language debate and honor the nation’s best Hispanic advertising campaigns.
Japanese Businesswomen: The changing role of Japanese women on the executive level will be the subject of an evening program on Tuesday (9th) sponsored by the Japan America Society. Featured speaker will be Naoko Imasato, a senior advisor at Dentsu Inc., the marketing and public relations firm. For information: 213-627-6217, ext. 202.
Housing Program: UCLA’s Ziman Center will present its annual Multi-Family Housing Conference on Wednesday (10th) at the Skirball Cultural Center. Topics will include housing set-asides and zoning. For information: 310-206-9424.
Sports Beat: UCLA opens its home season on Saturday (13th) against Illinois (5 p.m. kickoff), while USC hosts Hawaii at the Coliseum (1 p.m. kickoff). The Dodgers are home this week for a three-game weekend series (12th-14th) against San Diego. The Galaxy is home on Saturday against Chicago.
Economic Reports: Monday (8th): July’s consumer credit data. Thursday (11th): July’s trade deficit. Friday (12th): August producer price index, University of Michigan consumer sentiment figures for August, and the state and county August employment numbers.
High Note: Summer’s almost over but there’s still time to listen to some jazz in Venice on Sunday (14th) at Palms Court (733-743 Palms Blvd.). Bobby Bradford and Thomas Tedesco will perform from 2 p.m. to 6 p.m. Sponsored by the Venice Community Housing Corp.
