MIRAMAX SCANDAL: Billionaire Tom Barrack, chief executive of Santa Monica private equity firm Colony Capital, is taking over as chairman of film and TV studio Miramax. Barrack replaces Richard Nanula, who took a leave of absence in June after a website published photos of a man identified as Nanula having sex with an adult film actress. Nanula, a former executive at Walt Disney Co. and Amgen Inc., also severed his ties with Colony.
APPAREL SALES: Clothing maker American Apparel announced sales were up last month due to strong demand for summer wear. The downtown L.A. company had revenue of $56 million in June, up 7 percent from $52 million in June 2012. Revenue has been climbing monthly at the company for two years.
REIT IPO: L.A. real estate investment trust Rexford Industrial Realty announced the pricing for its initial public offering. The REIT will offer 16 million shares at an estimated price of $13 to $15 a share. The company founded by Southern California real estate tycoon Richard Ziman first disclosed plans to raise as much as $300 million in a May filing with the SEC. The stock will trade under the ticker REXR on the New York Stock Exchange.
TWO TRIBUNES: Tribune Co. announced it will spin off its newspapers, including the Los Angeles Times and the Chicago Tribune, into a separate business called Tribune Publishing Co. Its broadcasting properties will remain together with other assets in the Tribune Co. The announcement follows Tribune’s purchase of 19 television stations earlier this month.
NEW HOME: Legendary Entertainment, producer of recent Batman films, is moving to NBCUniversal. The deal gives Legendary distribution through studio Universal Pictures, as well as distribution through NBCUniversal TV properties and opportunities for new rides in Universal theme parks. Legendary previously released movies through Warner Bros.
TICKET TAKERS: Online movie ticketing service Fandango scored a deal with seven-theater L.A. chain Pacific Theatres. Pacific Theatres previously had a deal with Fandango rival MovieTickets.com
LYFT BOOSTERS: Ridesharing startup Lyft held a community meeting to rally support for its service. The rally was attended by Lyft drivers and passengers who are challenging a Los Angeles cease-and-desist order targeting ridesharing companies. Lyft, which allows smartphone users to hail one of its moustache cars, has made enemies of local taxi companies and unions, who see the service as unfair competition.
REELED IN: Hermosa Beach private equity firm Marlin Equity Partners closed a $1.6 billion fund from investors that include sovereign wealth funds, pension funds, endowments and foundations, insurance companies, fund of funds and family offices.
SUNNY FORECAST: A study from real estate experts predicts a boom in the California commercial real estate market. The California Commercial Real Estate Survey, which polls development and investment executives in the real estate industry, predicted that the nonresidential real estate market in California will grow steadily for the next three years. The study was published by L.A. law firm Allen Matkins and UCLA Anderson Forecast.
TAKING OFF: Fledgling airline Surf Air added flights to and from Santa Barbara. The company launched twice-daily flights leaving Bob Hope Airport in Burbank for Santa Barbara. The flights continue to the San Carlos Airport in Silicon Valley and then do the same route in reverse. Surf Air plans to expand into other cities in California in the coming months, including Monterey, Palm Springs, San Diego and Lake Tahoe.
REBOOT: Mid-Wilshire publishing company Writers’ Group Film Corp. announced it will acquire Amiga Games Inc., which licenses and republishes video games originally created for Commodore PCs, for $500,000 in cash and stock. Amiga games include the “Alien Breed” franchise.
HIYO SILVER: Analysts following Walt Disney Co. estimated the Burbank entertainment giant will take a large write-off due to the costly flop of “Lone Ranger” at the box office. Barton Crockett, an analyst at Lazard Capital Markets, said the write-off could reach $190 million, while Matthew Harrigan, an analyst at Wunderlich Securities, wrote in a note that the he expects a write-off of about $150 million.
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