With 2020 finally in the rearview mirror and nothing but 2021 on the road ahead, we should be brimming with optimism. But as Los Angeles becomes the epicenter of the pandemic, it’s not easy to strike the balance between a bitter present and hopes for a post-vaccine future.
All over town, businesses continue to struggle, and unemployment remains high — check out Howard Fine’s smart reporting on page 1 about where economists see the jobs situation heading.
The Rose Parade went dark. The Rose Bowl moved to Texas. Staying home is again the order of the day as the safest and smartest way to flatten a soaring curve.
Yet in the remarkably nimble L.A. business community, there are also tales of inspiration and motivation — like this week’s cover story by Jenna Chandler on Curative, a company that didn’t even exist 12 months ago and now plays a critical role for the City of L.A.’s Covid testing program.
And no matter how difficult the environment, deals continue to be made. Elijah Chiland has coverage on this page, for instance, of the $4.4 billion purchase of Aerojet Rocketdyne by Lockheed Martin. On page 5, see how Elon Musk is gearing up SpaceX for an even bigger year in 2021. And on page 29, we’ve got the latest on West Hollywood-based Wondery, which was snapped up in a year-end purchase by Amazon.
Clearly, L.A. companies continue to make for fascinating stories, even in the most challenging times. While we know 2021 won’t be easy, you can count on the Business Journal — in print, online, on social media, and through our regular webinars — to help make sense of whatever comes along in the months ahead.
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The pandemic has been a boon for some companies (keep an eye out for our Esports and Gaming special report in the Jan. 11 issue to learn more about that sector’s astronomical gains).
Netflix, of course, reaped more than its share of rewards in a year that took streaming to new heights as viewers hunkered down. And now the Los Gatos-based company that continues to gobble up Hollywood real estate is planning another round of mogul-worthy payments to its co-chief executives.
According to the Hollywood Reporter, Ted Sarandos and Reed Hastings are each in line to earn $34.7 million in 2021, matching their pay from 2020.
Sarandos has a $20 million base topped by $14.7 million in stock options. Hastings makes a paltry $650,000 base but a whopping $34 million in options. It’s safe to say that almost all of us have a hand in funding those fortunes.
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Longtime lobbyist and consultant Steve Afriat has passed away at the age of 68. Afriat and his firm played a key role in major real estate developments around town including the Red Building at the Pacific Design Center, Metropolis downtown and the London West Hollywood hotel. He also helped drive West Hollywood’s successful effort to become a stand-alone city in the 1980s. See Nat Rubio-
Licht’s story on page 29 for more.
