VOTE SET: The Los Angeles City Council is scheduled to vote on a proposed framework for a partnership with developer Anschutz Entertainment Group to build a $1.2 billion stadium and replace a $275 million wing of the Los Angeles Convention Center. The vote was set for Tuesday. AEG has promised to finance Farmers Field, with the city committing to issue $275 million in tax-exempt bonds to pay for demolition and relocation of the center’s West Hall. The council’s Ad Hoc Committee on the Downtown Stadium and Convention Center unanimously recommended the proposal last week.
OBITUARY: Billionaire Bel-Air businessman and philanthropist John Anderson died July 29 at UCLA Medical Center from complications of pneumonia. He was 93. Anderson was founder of Century City holding company Topa Equities Ltd. He and his wife, Marion, were major contributors to his namesake UCLA Anderson School of Management and to Children’s Hospital Los Angeles. He ranked No. 14 on this year’s Business Journal List of Wealthiest Angelenos, with an estimated net worth of $2.59 billion. In 1956, he launched Ace Beverage, which received exclusive rights to distribute Budweiser in Los Angeles. The business became the cornerstone of Topa, which has 33 subsidiaries in beverage distribution, automobile dealerships, insurance, financial services, real estate and manufacturing, and employs more than 2,300 people.
NEW BUSINESS: Century City aircraft leasing company International Lease Finance Corp. plans to buy aviation parts seller AeroTurbine Inc. from Dutch competitor Aercap Holdings NV for $228 million. ILFC, a unit of New York insurer American International Group Inc., said AeroTurbine of Miami will enable it to get better value from its fleet of about 1,000 planes as they age. AeroTurbine provides a sales venue for parts from ILFC’s aging jets.
DEAL CLOSED: Downtown L.A.’s Reliance Steel & Aluminum Co. completed the acquisition of Continental Alloys & Services Inc. and certain affiliated companies in a deal valued at $415 million. Continental Alloys of Houston, which makes higher-margin metals products for the oil and gas industry, will operate as a subsidiary of Reliance Steel, North America’s largest operator of metal service centers. Continental and its affiliates had net sales of about $196 million for the first six months of this year.
ACQUISITION: Westlake Village online advertising company ValueClick Inc. announced that Dotomi, a Chicago intelligent-display marketing company, will become a wholly owned subsidiary. The deal is valued at more than $295 million, which will be split between 55 percent cash and 45 percent common stock. Dotomi has technology that enables retailers to identify and personalize their online marketing messages to highest-value consumers. It expects to generate more than $80 million in revenue this year.
GYMS MERGE: High-end New York fitness center chain Equinox plans to acquire the assets of struggling L.A. competitor Sports Club Co. for an undisclosed amount. The deal includes four Sports Club/LA locations in Los Angeles and Orange counties, and New York’s Rockefeller Center, growing Equinox to 56 clubs in the top eight U.S. markets. Separate Sports Club/LA locations in several other markets will continue to be owned and operated by former shareholder Millennium Partners Sports Club Management, which bought the clubs in 2005 after a management shakeup. Founded in 1979, Sports Club/LA was a pioneer in the urban country club concept, combining sports and fitness options with the amenities of a high-end resort.
FREE NEWS: Times Community News, a division of the Los Angeles Times Media Group, has launched weekly free community newspapers in Pasadena and the San Gabriel Valley, plus expanded coverage for an Orange County newspaper. The Los Angeles County papers, which include the Pasadena Sun, Sunday Valley Sun and Coastline Pilot in Laguna Beach, are designed to provide more opportunities for local advertisers and additional local news for Los Angeles Times subscribers. In most of these markets, they’ll compete with community papers owned by the Los Angeles Newspaper Group, parent of the Los Angeles Daily News. The papers will be inserted into the Times and available on news racks.
EARNINGS: Amgen Inc. reported second quarter net income of $1.17 billion, 3 percent lower than the same period a year earlier. Revenue rose 8 percent to $3.89 billion. … DirecTV Group Inc. reported second quarter net income of $701 million, 29 percent higher than a year earlier. Revenue grew 13 percent to $6.6 billion. … Edison International reported second quarter net income of $176 million, 48 percent lower than a year earlier. Operating revenue rose 9.5 percent to $3 billion. … Herbalife Ltd. reported second quarter net income of $111 million, 35 percent higher than a year earlier. Revenue rose 28 percent to $879 million. … Dole Food Co. reported second quarter net income of $83 million, 144 percent higher than a year earlier. Revenue rose 10 percent to $1.9 billion. … Aecom Technology Corp. reported fiscal third quarter net income of $73.8 million, 14 percent higher than a year earlier. Revenue rose 22 percent to $2 billion. … Mercury General Corp. reported second quarter net income of $57.3 million, 222 percent higher than a year earlier. Revenue rose 8 percent to more than $706 million. ... Health Net Inc. reported second quarter net income of $58.3 million, 29.5 percent higher than a year earlier. Revenue fell 19 percent to $2.8 billion. … Staar Surgical Co. reported second quarter net income of $862,000, compared with a net loss of $1.6 million a year earlier. Revenue rose 19 percent to $16.3 million. … PS Business Parks Inc. reported second quarter net income of $11.4 million, 24 percent higher than a year earlier. Revenue rose 5 percent to $73.2 million. …K-Swiss Inc. reported a second quarter loss of $20 million compared with a loss of $15.5 million a year earlier. Revenue rose 40 percent to $65.5 million. … J2 Global Communications Inc. reported second quarter net income of $28.5 million, 52 percent higher than a year earlier. Revenue rose 40 percent to $85.7 million. … Tetra Tech Inc. reported fiscal third quarter net income of $23.8 million, about 16 percent higher than a year earlier. Revenue rose 20 percent to nearly $674 million. … MPG Office Trust Inc. reported second quarter net income of $118 million, compared with a net loss of $53.5 million a year earlier. Revenue fell 2 percent $86.4 million. … RealD Inc. reported fiscal first quarter net income of $9.6 million, 225 percent higher than a year earlier. Revenue fell 7.7 percent to less than $59.6 million.
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