BATTLE ROYALE: An announcement regarding a buyer for the Los Angeles Clippers was expected at press time, although that selection won’t end the conflict. In a series of bizarre public declarations, Shelly Sterling claimed her husband authorized her to negotiate a sale of the basketball team. Donald Sterling countered that she wasn’t. He also issued a scathing response to the National Basketball Association’s plan to force the sale of the team, saying he shouldn’t be punished so severely for private comments he made to his mistress, V. Stiviano.
MANUFACTURING AID: In a major victory for the region, Los Angeles was one of 12 metropolitan areas nationwide made eligible for $1.3 billion in federal manufacturing assistance. This program gives manufacturing companies in the region preferential access to a pool of $1.3 billion in federal assistance through the Small Business Administration or federal research grant money. “This will allow us to stay the nation’s No. 1 manufacturing region,” said Rep. Tony Cardenas, D-Arleta.
SHOOTING CREDITS: Trying to match generous tax incentives in other states and keep entertainment production jobs in California, the Assembly has approved an expanded version of its tax credit program for the film and television industries. The current program is not open to big-budget feature films or to one-hour TV series seen on broadcast or premium networks. The new bill would allow those productions to qualify for tax credits as well. The legislation is a reaction to the flight of film jobs to New Mexico, New York and other states that have lured film producers with generous tax breaks and other incentives.
BEAT GOES ON: Apple Inc. has confirmed it will purchase Santa Monica’s Beats Electronics in a $3 billion deal. Apple will pay $2.6 billion in cash plus $400 million in stock for the headphone maker and streaming-music service. Beats is led by rap star Andre Young, better known as Dr. Dre, and music executive Jimmy Iovine. The co-founders will become Apple employees as part of the agreement. Apple has said it plans to keep selling Beats products under that brand name. The acquisition is the largest in Apple’s 38-year history.
POST SELLING: Hollywood postproduction company Todd-Soundelux has filed for Chapter 11 while creating a restructuring plan in advance of a sale. The company expects to remain open during its transition, according to an article in the Hollywood Reporter. The company’s sound work has recently been featured in the film “Divergent” and HBO’s fantasy TV series “Game of Thrones.” The filing was the result of a decline in revenue, particularly in feature films, according to a statement the company gave to the trade publication. Todd-Soundelux changed its name from CSS Studios a year ago.
HOT STUFF: The Irwindale City Council’s battle with hot-sauce brand Sriracha cooled off a bit after officials unanimously dismissed a lawsuit and public nuisance declaration against manufacturer Huy Fong Foods. The standoff between the city and Sriracha creator David Tran began in October when the city filed a lawsuit against his company. A meeting Tuesday between Tran and city officials and a written statement from Tran provided the council the assurance it needed that Huy Fong will address residents’ odor complaints.
PORT SKIPPER: Shipping executive Gene Seroka has been appointed to lead the nation’s busiest seaport. Mayor Eric Garcetti appointed Seroka to serve as executive director of the Port of Los Angeles, leading a city department with a $1.1 billion budget and about 1,000 employees. Nearly 900,000 local jobs and nearly 3 million U.S. jobs are tied to the port. The nomination of Seroka will come before the Los Angeles Board of Harbor Commissioners this week and is subject to confirmation by the City Council. The salary range for the position is $240,579 to $360,764.
MALIBU SALE: One of Malibu’s biggest shopping centers has been sold to an Atlanta real estate investment firm, Jamestown. The firm bought the 50,000-square-foot outdoor mall, Malibu Village, at Cross Creek Road and Pacific Coast Highway, from a group of Southern California investors. Terms were not announced, but insiders said the transaction was likely worth more than $120 million. Jamestown doesn’t plan any big changes to the mall, but it will make an effort to get more local shops and restaurants as tenants.
READING CAMPAIGN: Actor LeVar Burton and his Burbank digital publishing company, RRKidz, launched a $1 million Kickstarter campaign to create a Web version of Reading Rainbow’s educational app. The company owns the Reading Rainbow brand, which became popular as a PBS kids show hosted by Burton. RRKidz has a free version of the app, which gives people limited access to a vast array of children’s books and video field trips. The campaign had raised nearly $1.9 million in its first 24 hours. It closes July 22.
