Stories for April 2014
Wednesday, April 30
Inktank, a Los Angeles open-source storage software developer, has been acquired by software subscription provider Red Hat of Raleigh, N.C., for $175 million.
Edison International reported a lower first quarter profit, but its core earnings rose as the company benefited from revenue growth, lower expenses and workforce reductions.
Extended-stay and corporate housing specialist Oakwood Worldwide on Wednesday announced a $4 billion joint venture deal that is expected to more than triple its global reach over the next five years.
A veteran auto industry executive has been named the new chief executive of aluminum wheel manufacturer Superior Industries International Inc.
A USC alumnus has made a large gift to its Marshall School of Business to enhance programs and student opportunities there, the university announced Wednesday.
American Homes 4 Rent announced Wednesday the pricing for its secondary offering of preferred shares.
In Wednesday trading, the Dow Jones industrial average closed up 45 points to 16,581. The Nasdaq rose 11 points to 4,115. The S&P 500 rose 6 points to 1,884. The LABJ Stock Index rose less than 1 point to 186.
A new World Bank reports says the United States may lose its status as the world's largest economy — measured by its currency's purchasing power — sooner than expected, CNBC reports. China is downplaying the report's prediction, possibly to avert pressure to take on financial obligations or make concessions on climate change, the Associated Press reports.
The U.S. economy grew in the first quarter — but very, very slowly. Most economy watchers blame frigid winter weather for dampening progress but not everyone is convinced weather tells the whole story, Forbes reports.
Donald Sterling could choose to sell the L.A. Clippers — possibly for upward of $1 billion — or he could stand and fight. The Los Angeles Times looks at his options and explores potential buyers. At least one attorney believes a forced sale of the team could prompt an antitrust lawsuit. Also, CBS Los Angeles reports that UCLA is rejecting a $3 million pledge he recently made to support kidney research.
The consortium representing the nation’s largest airlines is threatening legal action against the city of Los Angeles over what it says is an unfair proposal that would make it easier for a labor union to organize at LAX, the Daily Breeze reports.
Fillmore & Western Railway Co. may be forced to shut down as a result of a legal dispute with the Ventura County Transportation Commission, which recently filed a lawsuit to evict the company, the Los Angeles Times reports.
Time Warner Inc. said its first-quarter profit soared as revenue across all segments jumped, including double-digit growth from its Warner Bros. movie business, the Wall Street Journal reports.
Michael Johnson vowed Tuesday that the Los Angeles nutritional products company Herbalife would emerge unscathed from a Federal Trade Commission investigation stronger than ever, the Los Angeles Times reports.
A bill that would require adult film actors to wear condoms during productions anywhere in California and to be tested regularly for sexually transmitted diseases passed a committee vote Tuesday, the Associated Press reports.
The parent of Anthem Blue Cross on Wednesday said its first-quarter profit shrank a narrower-than-expected 21 percent as the Indianapolis-based health insurer reported a jump in administrative expenses, the Wall Street Journal reports.
Los Angeles Mayor Eric Garcetti on Tuesday spoke of his desire to work with neighboring Long Beach on port issues, the Daily Breeze reports.
Veteran investor T. Boone Pickens told Reuters at the Milken Institute Global Conference that he expects natural gas prices to climb above $5, and says he'd like to see the United States stop importing OPEC crude.
Shares of Twitter this morning dropped to their lowest point since the company went public in November, reflecting investor concerns over the messaging service's ability to grow, the Associated Press reports.
Another airline is promising to change the way we fly by offering cheap base fares, then adding a bevy of additional fees, Fox News reports. Passengers flying Denver-based Frontier Airlines will now have to pay extra to place carry-on bags in the overhead bin or for advance seat assignments.
In Wednesday morning trading, the Dow Jones industrial average was up 10 points to 16,546. The Nasdaq fell 8 points to 4,095. The S&P 500 rose 1 point to 1,879.
Tuesday, April 29
Los Angeles Clippers owner Donald Sterling was banned from any involvement in the National Basketball Association for the rest of his life and could also be forced to sell his team, NBA Commissioner Adam Silver announced Tuesday.
NantHealth, billionaire Patrick Soon-Shiong’s health care technology company, on Tuesday announced it is getting an investment of $100 million from Kuwait’s sovereign wealth fund.
Box office turkey “Mr. Peabody and Sherman” contributed to DreamWorks Animation SKG Inc. reporting a much wider first quarter loss than analysts expected on Tuesday.
Jacobs Engineering Group Inc. fell more than 8 percent on Tuesday after the technical services consultant reported a worse-than-expected fiscal second quarter and cut its guidance.
Pritzker Group Private Capital has acquired custom packaging company Technimark.
West Los Angeles private equity firm Gores Group announced Tuesday that it had finalized a joint venture with British food manufacturer Premier Foods to control Hovis, Premier’s branded line of bread and flour.
In Tuesday trading, the Dow Jones industrial average closed up 87 points to 16,535. The Nasdaq rose 29 points to 4,104. The S&P 500 rose 9 points to 1,878. The LABJ Stock Index rose less than 1 point to 185.
Marina del Rey’s TeleSign, a mobile phone authentication service, has raised $40 million in a Series B round led by Illinois private equity fund Adams Street Partners.
Jash, a YouTube comedy channel headquartered in Century City started by Sarah Silverman, Michael Cera and others, has received a pilot commitment from Xbox Entertainment Studios.
Drivers and their supporters are picketing several trucking companies and marine terminals at the ports of Long Beach and Los Angeles, causing a work stoppage at one terminal and traffic backups at others, the Los Angeles Daily News reports.
To force a sale of the team, the NBA is expected to fine and suspend L.A. Clippers owner Donald Sterling amid a scandal over alleged racist remarks, the Los Angeles Times reports, but the team owner may not go without a fight. The Wall Street Journal says the Clippers are worth hundreds of millions more than the $12.5 million Sterling paid in 1981.
Toyota Motor Corp.'s move to Texas will mean the transfer of 3,000 marketing and finance jobs from its sprawling Torrance campus to a new North American headquarters, the Los Angeles Times reports.
The U.S. and U.K. governments are advising computer users to consider using alternatives to Microsoft’s Internet Explorer browser until the company fixes a security flaw that hackers used to launch attacks, Reuters reports.
BMW is recalling more than 156,000 cars and SUVs in the U.S. because the engines can lose power or stall, the Associated Press reports. In addition, Mercedes-Benz is recalling more than 284,000 C-Class cars in the U.S. and Canada because the rear lights can fail.
Barry Minkow, who built a reputation as a wonder boy from his L.A. carpet-cleaning business before it collapsed as a fraud, was sentenced to five years in prison for embezzling $3 million from his San Diego church congregation, the Los Angeles Times reports.
Walt Disney Co. on Monday announced an expansion of the Shanghai Disney Resort before it has even opened, as it seeks to capitalize on a boom in Chinese tourism, the San Fernando Valley Business Journal reports.
Gov. Jerry Brown received a warm welcome from lawmakers Monday as he pitched his proposal to pay off debt and save money for future economic downturns, the Los Angeles Times reports.
Herbalife's announcement on Monday that the company would suspend its dividend in order to buy back more stock may buy Chief Executive Michael Johnson more time as he waits for multiple investigations to play out, Bloomberg News reports.
During a Milken Institute Global Conference session on Monday, Relativity Media Chief Executive Ryan Kavanaugh described how he faced critics when he wanted to change the status quo in the movie business, the Hollywood Reporter says.
NBCUniversal today will rename its Universal City-area news office in honor of veteran NBC journalist Tom Brokaw, who got his start with the network here and is now battling cancer, the Los Angeles Times reports.
The Silicon Valley court battle between Apple and Samsung is entering its final phase as each company accuses the other of stealing key features to develop some of the latest smartphones on the market, the Associated Press reports.
From Starbucks to Google and Steve Jobs to Oprah Winfrey, CNBC looks back at the companies, technology and people that shaped the business world during the cable network's first quarter century.
In Tuesday morning trading, the Dow Jones industrial average was up 71 points to 16,520. The Nasdaq rose 14 points to 4,089. The S&P 500 rose 7 points to 1,876.
Monday, April 28
Downtown L.A. real estate company Rising Realty Partners announced today that its equity partner in the historic Pac Mutual building, New York investment firm Mount Kellett Capital Management, had sold its stake to Houston pension fund advisor Lionstone Group for an undisclosed price.
Herbalife Ltd. reported a 37 percent drop in first-quarter profit Monday and said it would suspend its quarterly dividend so it could use the cash to repurchase shares. Adjusted net income and sales were better than expected.
The Antelope Valley Transit Authority will take delivery in the next few weeks of the first two electric buses made by Chinese manufacturer BYD Motors Inc. at its assembly plant in Lancaster.
Mercury General Corp. on Monday reported 9 percent higher first-quarter profit as revenue from both premiums and investment income rose.
In Monday trading, the Dow Jones industrial average closed up 87 points to 16,449. The Nasdaq fell 1 point to 4,074. The S&P 500 rose 6 points to 1,869. The LABJ Stock Index rose less than 1 point to 185.
Toyota Motor Corp. plans to move large numbers of jobs from its sales and marketing headquarters in Torrance to suburban Dallas, the Los Angeles Times reports.
Cable companies Comcast Corp. and Charter Communications have agreed to a $20-billion deal that would exchange subscribers in numerous markets should Comcast successfully acquire Time Warner Cable, the Los Angeles Times reports. Nearly 280,000 homes in Los Angeles would be affected.
Some truck drivers for companies that move cargo in and out of the ports of Los Angeles and Long Beach this morning began a two-day strike that could be far more disruptive than past job actions, Southern California Public Radio reports.
Pfizer Inc. today confirmed that it has made a renewed approach to AstraZeneca on a takeover bid valued at nearly $100 billion, the Wall Street Journal reports. Separately, Forest Laboratories has agreed to acquire Furiex Pharmaceuticals in a deal worth up to $1.33 billion.
As the L.A. Clippers struggle in the playoffs, pressure has increased on team owner Donald Sterling following the release of a racially charged recording, the Los Angeles Times reports.
For a contaminated, 20-acre site on the southeastern edge of downtown Los Angeles, the fourth time is finally the charm as construction begins on the long-awaited Cleantech Manufacturing Center, the Downtown News reports.
The National Association of Realtors says U.S. home buyers signed more contracts to buy existing homes in March, as weather in much of the country warmed and as more listings came on the market, CNBC reports.
Prominent Los Angeles developer Nelson C. Rising has joined with Guggenheim Partners co-founder Todd Morley to launch a massive real estate investing venture, the Los Angeles Times reports.
MacMall parent PCM Inc., an El Segundo company that sells information technology products and services, is facing a possible takeover attempt by a competitor, the Los Angeles Times reports.
Bank of America on Monday revised its previously announced regulatory capital ratios downward and suspended its share buyback, CNBC reports.
In the wake of a $10-million payout to a whistleblower, UCLA's School of Medicine is drawing more scrutiny over its financial ties to industry and the possibility that it compromised patient care, the Los Angeles Times reports.
Warner Bros. has put renewed focus on reinvigorating its DC Comics characters in movies and television. But the Wall Street Journal reports that the studio has a long way to go to catch up to its more-successful nemesis Marvel Comics, now owned by Walt Disney Co.
Nearly two years after launching a studio to create shows to be streamed on Xbox consoles, Microsoft is almost ready to serve an assorted helping of original programming, the company announced during an event at its offices in Santa Monica, the Associated Press reports.
Ad agency employment is at its highest level since 2001, agency stocks have hit all-time highs and U.S. ad spending this year is forecast to grow at its fastest clip since 2004, according to an analysis by Ad Age.
As air passengers are increasingly allowed Internet access to ease boredom, analysts warn that in-flight catalog SkyMall must modernize or join the Montgomery Ward and Sears catalogs on the retail scrap heap, the Los Angeles Times reports.
At least 45 water agencies throughout California are imposing and enforcing mandatory restrictions on water use as their supplies run dangerously low, the Associated Press reports.
In Monday morning trading, the Dow Jones industrial average was up 110 points to 16,471. The Nasdaq rose 13 points to 4,088. The S&P 500 rose 9 points to 1,872.
SALE: Popular’s branches, $2.2 billion in assets, deposits to go to Irvine lender.
After buying two L.A. banks in the past 18 months, Steven Sugarman figured his Banc of California Inc. in Irvine was about done consolidating and ready to focus on organic growth.
insurance: Investor claims firm misrepresented health of insured.
Investor in life insurance policies sues brokers over failing to provide healthy returns.
online: Invisible Text plies shortlived sector; Privatus offers law firms security.
Makers of messaging apps Invisible Text and Privatus are latest entrants to a crowded field.
Show looks to ride cape of Marvel movies
Co-producers of comic book-based traveling show Marvel Experience are betting on a super-size response.
Steve Moya and Alvaro Huerta home in on the family unit in preparing Latinos for the workforce.
As the nation’s largest racial group, Latinos represent an important demographic sector for L.A.’s economic prosperity.
Proposed free-trade agreement for United States, European Union would be job creator for Los Angeles.
How to jumpstart job growth in Los Angeles?
A proposed state law would require that employers grant sick pay, but it also encourages lawsuits over the issue. So the Business Journal asks: Should the government mandate sick pay, even if it means
Should the government mandate sick pay, even if it means more lawsuits?
Motorists should not be driving the debate on how to ease traffic, according to Joe Markowtiz.
INVESTMENT: Off-market deal for Brentwood office building hits $39 million.
A six-story Brentwood office building on an up-and-coming stretch of Wilshire Boulevard sold late last month for $39.3 million in an off-market deal.
Cleveland High, CSUN alumnus Scott Beiser now schools middle-market investment industry as CEO of top performer Houlihan Lokey.
L.A. native Scott Beiser’s love of numbers has added up to a healthy career at investment bank Houlihan Lokey.
Last week’s major news from labusinessjournal.com and other sources
CIM Group plans to buy Farmers Insurance Group’s longtime headquarters in Park Mile for an undisclosed amount.
CLOSURE: Lateral moves abound as slowdown causes Stutman Treister wind-down.
The upcoming closure of top bankruptcy litigation boutique Stutman Treister & Glatt has led to a flurry of lateral moves as the firm’s talent searches out landing spots.
FINANCE: Green Dot shares fall after retailer signs deal with American Express.
FINANCE: Shares fall as Green Dot investors fear a competing prepaid debit card at Wal-Mart may swipe business.
INTERNET: Oversee.net puts focus on growing presence in comparison shopping.
Oversee.net sells off ad-site business as the Web publisher puts more money into comparison shopping.
MUSIC: Businesses fear Labor Day weekend event will drive off customers.
Downtown L.A. leaders are questioning if a Labor Day weekend festival will work for businesses.
MANUFACTURING: Film part of Mattel’s plan to lift sales of sagging product.
Live-action Barbie film plays into toymaker Mattel’s plan for big-screen productions.
HOSPITALITY: HBA expands beyond luxury market to interior design for less expensive hotels.
Luxury hotel interior designer HBA/Hirsch Bedner Associates now seeks inside jobs for lower-price lodgings.
News and notes from communities across Los Angeles County
Pasadena’s Jacobs Engineering Group Inc. has entered into an agreement to acquire Federal Network Systems, an Ashburn, Va., provider of communication and information security and services.
In his 34 years as an attorney in Los Angeles, Michael A. Sherman has made a name for himself as a bet-the-company litigator.
Gardein looks to hook more than just vegans with meatless product.
Gardein hopes to scale more than vegetarian and vegan markets with its fishless filets.
Crystal Cruises offers visit to sets of HBO’s ‘Game of Thrones.’
Crystal Cruises looks to ride HBO’s buzz with “Game of Thrones” packages – dragons not included.
Granite Park Place serves private label to push luxury units.
Granite Park Place uncorks a private-label wine to bottle up buyers for its luxury condos.
PR: SEC’s change in disclosure regulations sets firms atwitter.
PondelWilkinson says its public company clients have yet to click with using social media to inform investors.
real estate: KB refocuses from suburbs to transit hubs.
KB Home shifts its focus to urban infill residences and away from its traditional suburban roots.
Friday, April 25
City National Corp. reported a 6 percent increase in first-quarter net income, but Los Angeles's largest locally based bank still missed Wall Street forecasts by 4 cents a share.
Canadian toymaker Mega Brands Brands Inc. on Friday said that its acquisition by Mattel Inc. had been approved by Canadian regulatory courts and was expected to be completed next week.
The Los Angeles Business Journal’s index of largest local public companies closed down for the week, in line with the larger markets.
In Friday trading, the Dow Jones industrial average closed down 140 points, or 1 percent, to 16,361. The Nasdaq fell 73 points, or nearly 2 percent, to 4,076. The S&P 500 fell 15 points, or 1 percent, to 1,863. The LABJ Stock Index fell more than 2.5 points, or 1 percent to 185.
Federal Trade Commission officials said Thursday they oppose banning automakers such as Tesla from selling cars directly to consumers, Reuters reports. The Associated Press reports that Tesla CEO Elon Musk was paid less than $70,000 last year but could get more later.
Scott London, a former L.A.-based partner with accounting giant KPMG, has been sentenced to 14 months in federal prison and fined a $100,000 for giving confidential information about clients to a golfing buddy, the Los Angeles Times reports.
Fandango, the Los Angeles online ticketing service owned by NBCUniversal, has signed a deal to acquire Venice-based Zefr Inc.'s Movieclips, an operator of film-related channels on YouTube, the Business Journal reports.
"It's a Small World", the 50-year-old Disneyland attraction with the catchy theme song performed by automatonic children, is being turned into a movie, Deadline.com reports.
Michael Drobot pleaded guilty on Thursday to federal charges related to his role in a medical fraud scheme linked to the corruption cases pending against state Sen. Ron Calderon and former Assemblyman Tom Calderon, the Long Beach Press-Telegram reports.
Mortgage lending declined to the lowest level in 14 years as homeowners pulled back sharply from refinancing and house hunters showed little appetite for new loans, the Wall Street Journal reports.
As part of the government’s crackdown on banks that sold troubled mortgage investments during the financial crisis, the Justice Department several weeks ago made Bank of America an opening settlement offer of roughly $20 billion, sources tell the New York Times.
Long Beach real estate investment trust HCP Inc. announced a joint venture with Brookdale Senior Living of Nashville, Tenn. to operate a portfolio of continuing-care retirement communities, the Long Beach Press-Telegram reports.
Two appointees of Mayor Eric Garcetti filed a lawsuit in Los Angeles Superior Court on Thursday against Brian D’Arcy, head of the L.A. Department of Water and Power’s biggest union, concerning two union-related trusts he helps oversee, the Los Angeles Daily News reports.
A federal judge on Thursday sentenced two San Gabriel Valley men to prison and fined their South El Monte-based import-export company $75,000 for illegally moving millions of dollars from the U.S. to Mexico as part of a “black market peso exchange,” the Pasadena Star-News reports.
A Texas state representative announced Thursday he will be among a delegation of politicians and business leaders from the Lone Star State who next month will tour the Irwindale factory where hot chili sauce Sriracha is made, the Pasadena Star-News reports.
In Friday morning trading, the Dow Jones industrial average was down 131 points to 16,370. The Nasdaq fell 57 points, or nearly 2 percent, to 4,091. The S&P 500 fell 13 points, or 1 percent, to 1,866.
Thursday, April 24
Fandango, a movie information and ticket-purchasing website owned by Burbank’s NBCUniversal, has acquired the 45,000-item Movieclips catalog from Venice ad services firm Zefr.
The U.S. Environmental Protection Agency on Thursday announced an agreement with AllenCo Energy Inc. that will require the Signal Hill company to make significant improvements at its controversial oil field near USC.
American Homes 4 Rent on Thursday announced yet another public offering of preferred shares as it continues to acquire rental homes across the country.
USC's Rossier School of Education is working with an Arizona provider of cloud-based educational software to launch the school's first doctorate degree delivered online, a Doctor of Education in Organizational Change and Leadership.
In Thursday trading, the Dow Jones industrial average closed unchanged at 16,502. The Nasdaq rose 21 points to 4,148 The S&P 500 rose 3 points to 1,879. The LABJ Stock Index rose less than 1 point to 187.
Faced with a flock of Sriracha supporters, the Irwindale City Council on Wednesday night delayed its decision to declare the Huy Fong Foods hot chili sauce factory a public nuisance, the Pasadena Star-News reports.
One of the most desirable pieces of real estate in the country, the former site of a Robinsons-May store in Beverly Hills, is once again on the market after the latest in a succession of owners abandoned development plans, the Los Angeles Times reports.
The Federal Communications Commission today will propose new rules on Internet traffic that would allow broadband providers to charge companies a premium for access to their fastest lanes, the Wall Street Journal reports.
Rumors are swirling that Tesla will begin making more cars in California at a facility the company has leased in Lathrop, east of San Francisco, but the company isn't saying, the Los Angeles Times reports.
The Food and Drug Administration today plans to impose the first federal regulations on electronic cigarettes, eventually banning sales of the popular devices to anyone under 18, the Wall Street Journal reports.
Thousands of postal workers around the country, including in Los Angeles, today are expected to protest the opening of postal counters in Staples stores staffed with retail employees, not union workers, the Associated Press reports.
Apple posted quarterly earnings and revenue that topped estimates late Wednesday and announced a 7-1 stock split, leading shares to spike in early trading today, CNBC reports.
The New York Times looks at the increasingly sophisticated real estate chops of talk show host Ellen DeGeneres, who has bought, renovated and sold more than half a dozen California homes in recent years.
The first comprehensive analysis of Los Angeles County's experimental toll lanes indicates the pay-to-drive routes made some rush-hour commutes faster and less painful, but made little to no difference for many drivers battling morning traffic, the Los Angeles Times reports.
Two local members of Congress on Wednesday urged local business leaders to increase their involvement in issues ranging from transportation to immigration reform if they want to bring more federal dollars to the San Fernando Valley and Los Angeles, the Los Angeles Daily News reports.
Orders for long-lasting U.S. manufactured goods rose more than expected in March and a measure of business capital spending plans surged, bolstering views of an acceleration in growth in the second quarter, Reuters report.
The nearly $13.4 billion cash-and-stock deal, announced today, brings together two providers of orthopedic, surgical and dental products, and is the latest in a wave of health care and pharmaceutical deals. the New York Times reports.
Not long ago, a cereal called Holy Crap might have been the punch line of a joke, or even banned. Few would have expected annual sales to grow to $5.5 million in four years. The New York Times looks at how risqué company names can lead to sales success.
In Thursday morning trading, the Dow Jones industrial average was up 29 points to 16,531. The Nasdaq rose 29 points to 4,156. The S&P 500 rose 7 points to 1,882.
Wednesday, April 23
Downtown Los Angeles Web and mobile publisher Oversee.net has sold its domain monetization business known as “DomainSponsor” to Rook Media, a Swiss tech firm.
Twelve Los Angeles-area branches of Puerto Rico’s Popular Community Bank are being purchased by an Orange County lender.
Sony Pictures Entertainment and toymaker Mattel Inc. on Wednesday announced a deal to bring the El Segundo toymaker's Barbie doll to life in a comedy film.
Shares of Skechers USA Inc. jumped 5 percent Wednesday after the Manhattan Beach shoe company announced first quarter earnings that soared above expectations.
Shares of Jakks Pacific Inc. fell 9 percent on Wednesday after the toy company reported higher revenue and a narrower loss in the first quarter.
A slimmer Avery Dennison Corp. on Wednesday announced fiscal first quarter results that were in line with Wall Street expectations for profit. Cheesecake Factory Inc. said Wednesday that same-store sales rose at most of its outlets during the fiscal first quarter but poor weather cut into profits. IPC disappoints. Defense cuts hit Teledyne. On Assignment meets forecasts.
An L.A. environmental group is seeking to halt a planned Ikea in Burbank that would be the nation’s largest, alleging that the massive project did not undergo a proper review to assess and reduce its impact on global warming.
In Wednesday trading, the Dow Jones industrial average closed down 13 points to 16,502. The Nasdaq fell 34 points to 4,127. The S&P 500 fell 4 points to 1,875. The LABJ Stock Index fell 2 points, or 1 percent, to 187.
Exide Technologies, the operator of a Vernon battery-recycling plant, announced temporary layoffs of nearly all of its employees due to its shut-down was over air pollution concerns, the Los Angeles Times reports.
Tourism in Los Angeles is failing to keep pace with Orlando, New York and Chicago, primarily because the city lacks enough hotel rooms near the downtown convention center, the Los Angeles Times reports.
U.S. Supreme Court justices appeared skeptical on Tuesday about online TV service Aereo Inc.'s position in a copyright dispute with broadcasters, but several raised concerns about how a ruling against the startup could affect cloud computing services, Reuters reports.
Two of L.A.’s Asian-American banks ranked near the top of analysts' national lists of bank stocks that investors should buy, a signal of economic strength in local immigrant communities, the Los Angeles Times reports.
Films from Miramax's library of titles will be available to stream free via mobile and other connected devices on Miramax's AOL channel, the Hollywood Reporter says.
For the last few years Valeant Pharmaceuticals has been buying big medical brands like Bausch & Lomb. Forbes looks at whether the latest decision to team up with hedge fund manager William Ackman in a bid to acquire Botox-maker Allergan could work. Also, Ackman tells CNBC that he did not front-run Allergan stock.
A $10 million settlement ends a case brought by a UCLA department chairman who says the college’s medical school allowed doctors to take industry payments that may have compromised patient care, the Los Angeles Times reports.
Boeing Co. on Tuesday said pension charges pushed down net income in the first quarter, but improvements in its core operations beat analysts' expectations as output for jetliners continued to rise, the Wall Street Journal reports.
"Arrested Development" creator Mitch Hurwitz has signed a multiyear deal with Netflix to create and produce a new show and serve as executive producer for other projects, Deadline Hollywood reports.
In Wednesday morning trading, the Dow Jones industrial average was down 21 points to 16,494. The Nasdaq fell 22 points to 4,140. The S&P 500 fell 2 points to 1,877.
Tuesday, April 22
Classic Party Rentals on Tuesday said that a bid by affiliates of Apollo Global Management beat out an offer by creditors to take over the company.
Amgen Inc. on Tuesday reported a lower-than-expected first quarter profit, but said it plans to submit its experimental cholesterol drug for approval by the end of the year.
Jacobs Engineering Group Inc. on Tuesday said it will acquire Federal Network Systems from Verizon Communications.
In Tuesday trading, the Dow Jones industrial average closed up 65 points to 16,514. The Nasdaq rose 40 points to 4,161 The S&P 500 rose 8 points to 1,880. The LABJ Stock Index rose 1 point to 189.
With a surge in rail construction in Los Angeles, governing boards are expected to choose in coming weeks among several proposals that would connect the airport to the Crenshaw Line, expected to be complete in 2019, and the existing Green Line, the New York Times reports.
Tesla Motors Inc. Chief Executive Elon Musk, who’s preparing to begin deliveries of the Model S electric vehicle in China, forecast the company will be making cars in the country in the next three to four years, Bloomberg News reports.
Activist investor William Ackman and Valeant Pharmaceuticals revealed their offer to acquire Allergan, valuing the wrinkle treatment maker at about $46 billion, the Wall Street Journal reports.
With open enrollment for Obamacare wrapped up, insurance giant Anthem Blue Cross stayed ahead of the pack in California sign-ups, the Los Angeles Times reports.
A San Francisco man has pleaded guilty to a single count of securities fraud Monday related to the 2009 acquisition of Marvel Entertainment by Walt Disney Co., the Los Angeles Times reports.
Drug giants Novartis and Glaxo today unveiled a series of transactions worth more than $20 billion that transforms both companies, the Wall Street Journal reports.
A vice president at Fox Cable Networks was fired this month after allegedly using her work email to discuss fundraising with the girlfriend of a passenger who was on the missing Malaysia Airlines Flight 370, the Los Angeles Times reports.
Drivers in the U.S. are facing rising gasoline prices ahead of summer-vacation season, just as refiners here are shipping more gas to other countries, the Wall Street Journal reports.
After three decades of slow growth, median income in the U.S. trails that of Canada, and poor Americans now make less than the poor in several other countries, the New York Times reports.
For Americans who can't find jobs, the booming demand for temp workers has been a path out of unemployment, but CNBC reports that now many fear it's a dead-end route.
Airbnb is in court today over efforts by the New York State Attorney General's office to get details on thousands of people suspected of renting out rooms illegally, CNBC reports. The New York Times looks at the challenges facing regulators of home and auto "sharing" firms like Airbnb, Uber and Lyft.
NBCUniversal Chief Executive Steve Burke said today that NBC is going into the May upfront presentations to advertisers in its best position in more than a decade, the Wrap reports.
Local leaders say progress since the first Earth Day in 1970 in cleaning up the skies of Los Angeles is great, but new problems — particularly global climate change — have grown into a daunting challenge, the Los Angeles Daily News reports.
In Tuesday morning trading, the Dow Jones industrial average was up 94 points to 16,544. The Nasdaq rose 39 points to 4,160. The S&P 500 rose 10 points to 1,882.
Pasadena ad exchange firm OpenX has partnered with YP Intellectual Properties, operator of the Yellow Pages brand, to bring programmatic display advertising to the localized online and mobile directory service.
Monday, April 21
Hollywood developer CIM Group on Monday said that it has agreed to buy Farmers Insurance Group's longtime headquarters on Wilshire Boulevard.
The Los Angeles Board of Airport Commissioners recommended approval on Monday of a five-year lease with Japanese railcar manufacturer Kinkisharyo International LCC for space in Palmdale.
In Monday trading, the Dow Jones industrial average closed up 41 points to 16,449. The Nasdaq rose 26 points to 4,122. The S&P 500 rose 7 points to 1,872. The LABJ Stock Index rose 1 point to 188.
Social media display maker Enplug has received $2.5 million in seed funding from a slew of venture capital funds and private investors.
The state Air Resources Board might give small trucking operations more time to comply with rules to clean up diesel emissions, the Los Angeles Times reports.
The Wrap's annual executive compensation survey finds that yet again Sumner Redstone pays himself off the charts.
Heading into the third year of a prolonged drought, many California farmers forced to make dire choices that could that could leave fallow about 7 percent of the state’s cropland, the New York Times reports.
Three of the biggest Hollywood movies this month — “Captain America: The Winter Soldier,” “Draft Day,” “Transcendence” — have one thing in common: They don’t look like they were shot in L.A., the Los Angeles Daily News reports.
The U.S. Food and Drug Administration has granted fast-track designation for ivabradine, a heart drug licensed for sale by Amgen Inc., the San Fernando Valley Business Journal reports.
Objections and legal challenge have been filed against the proposed deal that would stick Southern California utility ratepayers with $3.3 billion in San Onofre nuclear plant costs, Southern California Public Radio reports.
The Beverly Hills Courier has been sold to Paula Kent Meehan, a former hair-care products executive turned philanthropist, the Los Angeles Times reports.
Los Angeles entertainment giant AEG has seen most of its worldwide operations surge after a rough year that included a corporate shake-up and the Michael Jackson civil trial, the Los Angeles Times reports.
E-cigarette users in the city of Los Angeles were relegated to the ranks of tobacco smokers at midnight Friday, when a ban on e-cigarette use at bars, restaurants and other public areas took effect, the Los Angeles Daily News reports.
A group led by private-equity firm TPG has finalized an agreement to invest more than $450 million in Airbnb Inc., valuing the home-rental site at $10 billion, sources tell the Wall Street Journal.
Twentieth Century Fox Consumer Products is to set up its first branch in the Asia Pacific region, Variety reports.
The amount owed on student loans has tripled in a decade, to nearly $1.1 trillion, keeping a crucial segment of potential home buyers on the sidelines, the Los Angeles Times reports.
A federal judge has rejected an attempt by American Airlines to quickly cut off benefits for many of its retirees, the Associated Press reports.
When it comes to its ignition-switch debacle, General Motors wants to play it both ways, Bloomberg BusinessWeek reports.
Toys, dolls, and clothes have always been a big part of strategy at Disney. Even so, Bloomberg BusinessWeek reports, the world’s largest licensing company has hit an unexpected merchandise jackpot with the Snow Queen of Arendelle's ice gown, Bloomberg BusinessWeek reports.
A new study indicates that biofuels made from the leftovers of harvested corn plants are worse than gasoline for global warming in the short term, the Associated Press reports.
In Monday morning trading, the Dow Jones industrial average was up 26 points to 16,434. The Nasdaq rose 7 points to 4,103. The S&P 500 rose 3 points to 1,868.
GOVERNMENT: Employers say mandate would cost jobs.
Business owners and groups say a state proposal for three days of employee sick leave just won’t work.
Residential, retail developers look to get in on act as Hollywood’s star rises.
Residential and retail developers have taken a leading role in Hollywood’s revival.
TECHNOLOGY: Platform by Citizen Global to handle videos, photos from public.
Sheriff books Citizen Global platform to handle crowdsourced data from emergency and crime scenes.
HEALTH CARE: BlackBerry takes stake in NantHealth; will work on new handset.
NantHealth gets a line on mobile technology with an investment from phone maker BlackBerry.
INTERNET: Rubicon stock flourishes in contrast to other recent flotations.
Online ad company Rubicon bucks trend and clicks with investors.
New licenses rev up auto insurer’s focus
Spain’s Mapfre hopes illegal immigrants obtaining drivers licenses will rev up its auto coverage market.
James Morel sees cash-free sales of lottery tickets as a safe bet.
One-way streets during rush hour could help reduce time drivers waste trapped in gridlock.
Ted Lux would like to see local leaders make some inroads into easing traffic.
Last week’s Business Journal featured an article on fashion sneakers that sell for more than $1,000. So the Business Journal asks: What’s the most you’ve spent on sneakers?
What’s the most you’ve spent on sneakers?
Erik Deutsch touts L.A.’s home field advantage in producing branded content.
The South Bay industrial market had a robust first quarter, fed by continuing improvement in the general economy. As a result, rents increased in both the office and industrial markets.
The Tri-Cities office market slowed a bit in the first quarter as tenants vacated space, but landlords remained bullish in the face of the setback.
The Santa Clarita Valley commercial market continues to exhibit signs of stabilization, fueling increases in asking rates and decreases in concessions.
Strong demand and several quarters of good momentum drove the San Gabriel Valley’s industrial market to outperform every other regional market in Southern California in the first quarter.
Vacancy rates continued to fall in the San Fernando Valley office market in the first quarter as the region experienced healthy net absorption, though without any of the large marquee deals that characterized 2013.
Despite a 21 percent vacancy rate, landlords along Wilshire Corridor continue to seek higher rents from tenants in advance of large-scale new residential and transit development.
oin me in the Wayback Machine, Sherman.
The numbers say Hollywood had a slow first quarter, but it would be hard to tell from a landlord’s or developer’s perspective.
The downtown L.A. office market saw gains in the first quarter as more than 110,000 square feet were absorbed by a mix of relocations and internal expansion.
The Los Angeles County office market continued to heat up for its third consecutive quarter, helping reinvigorate construction and redevelopment across the area to levels last seen five years ago.
Hoteliers are bringing room service to what they see as a growing scene in Hollywood.
Last week’s major news from labusinessjournal.com and other sources
Huy Fong Foods gave a tour of its Irwindale factory for representatives from cities in California and 10 other states, with owner David Tran saying he may consider leaving.
MANUFACTURING: Shares of Nova Lifestyle fall even as company eyes China market.
Nova Lifestyle Inc., a Commerce furniture manufacturer and distributor, had an up and down week last week.
INTERNET: Radio Titans relaunches in downtown L.A. with sponsorship model
Carl Kozlowski is giving podcasting another try – and hoping to sustain his network with a newly introduced sponsorship model.
ENERGY: Rentech pulls in $150 million from Blackstone to pursue new ventures.
Blackstone Group powers up wood- and fertilizer-focused Rentech with $150 million investment.
development: Primestor buys into low-income city as prime shopping spot.
City leaders sold Primestor on low-income South Gate as the site of a $100 million shopping center.
News and notes from communities across Los Angeles County
eturn to Sender: Zumbox, a digital postal services company in Inglewood, informed users that it was shutting down operations last week.
It wasn’t Hollywood where dreams of stardom came true for Steve Jaffe. It was Guayaquil, Ecuador.
Creators hope exercise attire works out as clothes for office.
Ortiz Industry fashions a line of exercise clothing that also can be worn at the office.
Hyun Jin Ryu steps up to plate to promote Jin Ramen noodles.
Ottogi sees Dodgers pitcher Hyun Jin Ryu as quite a catch as a spokesman for its brand of ramen noodles.
Professor Egghead’s hands-on lessons turn into budding business.
Professor Egghead Science Academy looks to class up after-school programs with its hands-on lessons.
INVESTMENT: Shackled banks open up market for Ares.
Equity firm Ares Management stepped into direct lending after new regulations handcuffed banks.
MANUFACTURING: Law firm, rival say toymaker stashed assets.
Creditors allege toymaker Wham-O is playing games to dodge paying its debts.
Friday, April 18
The U.S. Food and Drug Administration has granted fast-track designation for ivabradine, a heart drug licensed for sale by Amgen Inc. in Thousand Oaks.
Online video advertising service Zefr has hired two new executives to lead its media sales division.
Employers in Los Angeles County added nearly 19,000 jobs in March, led by a rebound in local government services, according to state figures released Friday.
Los Angeles faces budget deficits through 2018 even if elected officials keep a lid on spending and secure new concessions from the workforce, the Los Angeles Times reports.
A surge of eleventh-hour enrollments has improved the outlook for President Barack Obama's health care law, with more people signing up overall and a much-needed spark of interest among young adults, the Associated Press reports.
Problems at some of the state's fuel refineries have sent gasoline prices soaring in California, just in time for the kickoff of the busy driving season, the Los Angeles Times reports.
Lions Gate Entertainment and Summit have merged their marketing divisions into one entity, Variety reports, forcing the ouster of longtime Summit marketing exec who oversaw the “Twilight” and “Divergent” campaigns.
A battle for filmmaking tax credits has begun in several states — including California, the New York Times reports.
With L.A. Mayor Eric Garcetti seeking to boost local filming, his Office of Motion Picture and Television Production presented its first formal recommendations at a City Hall hearing Thursday, the Los Angeles Daly News reports.
With all the trouble in the air in Irwindale, Huy Fong Foods is being peppered with offers of new homes close by and far away. But moving to any of them would be costly, Southern California Public Radio reports.
The Hollywood Reporter and its parent company Prometheus Global Media have filed a motion to dismiss film financier David Bergstein's $150 million lawsuit charging the company with defamation, conspiracy and business interference, the Wrap reports.
Canadian police have arrested a 19-year-old man and charged him in connection with exploiting the "Heartbleed" bug to steal taxpayer data from a government website, Reuters reports.
Lone Star Funds, a Dallas-based firm with no Hollywood experience, has raised $45.5 billion since its founding by billionaire John Grayken in 1995, the Hollywood Reporter says.
Chobani plans to expand beyond its Greek yogurt cups this summer as it faces intensifying competition in the fast growing category, the Associated Press reports.
In the first quarter, Goldman Sachs Group Inc. and Morgan Stanley rode a wave of corporate deal making, helping bolster revenue in their traditional merger-advice and securities-underwriting businesses, the Wall Street Journal reports.
Wall Street banks are turning to an old-school way to make a profit: using their own money to help investors sell big blocks of stock. But an up-and-down performance in major indexes this spring underscores the risk of the practice, the Wall Street Journal reports.
The stock markets are closed today for Good Friday.
Thursday, April 17
Mattel Inc. on Thursday reported its first quarterly loss in five years, blaming it on weaker Barbie sales and excess inventory marked down due to a lackluster holiday season.
The Illinois Attorney General’s Office on Thursday said that it is investigating allegations that Herbalife is running a pyramid scheme.
Hanmi Financial Corp. on Thursday said that shareholders of Central Bancorp Inc. have approved a merger with Hanmi.
Traffic at the Port of Los Angeles surged 34 percent in March compared with the same month last year.
The Los Angeles Business Journal’s index of largest local public companies made gains at the end of a shortened trading week on Thursday, ahead of the markets’ close on Good Friday.
In Thursday trading, the Dow Jones industrial average closed down 16 points to 16,409. The Nasdaq was rose 9 points to 4,095. The S&P 500 fell 3 points to 1,865. The LABJ Stock Index rose 1 point to 187.
Culver City digital publisher Woven Digital has purchased Miami entertainment and news website Uproxx, further expanding its offerings aimed at young males.
Huy Fong Foods hosted a factory tour for politicians and business leaders from California cities and 10 other states on Wednesday, a sign the Sriracha hot sauce maker may move from Irwindale amid controversy about the facility's spicy odor, the Los Angeles Times reports.
Rapper Jay Z's Made in America music festival is coming to downtown's Grand Park on Labor Day despite concerns that the influx of thousands of people attending multiple stages with access to beer could create a "nightmare," the Los Angeles Times reports.
Hudson Pacific Properties plans to build the 14-story Icon at Sunset Bronson Studios next to the 1920s landmark Hollywood building that was once executive headquarters of Warner Bros., the Los Angeles Times reports.
Wal-Mart Stores said today it will partner with Ria Money Transfer to launch the Walmart-2-Walmart Money Transfer Service, a program that will allow customers to transfer money to and from more than 4,000 of its stores, CNBC reports.
The L.A. Register's debut on Wednesday reflects a belief by the owner of Freedom Communications that print can still sell well in the digital era, the Los Angeles Times reports.
BlackRock Inc. said its first-quarter earnings jumped 20 percent as revenue jumped and investors poured money into its mutual funds, the Wall Street Journal reports.
About two dozen health industry stakeholders, including lobbying groups for hospitals and health insurers, issued recommendations Wednesday on how to provide patients more information about the cost of health-care services, the Washington Post reports.
Home Depot Inc. which has long excelled at the traditional retail model of growing by adding new locations, is making a hard turn toward the Internet in the face of changing shopper habits, the Wall Street Journal reports.
As cocoa prices surge to near-record highs on demand for emerging markets, chocoholics brace for a hike in price – and maybe even a different taste – as chocolate makers hunt out cheaper ingredients, CNBC reports.
Local gas prices have risen dramatically in recent days, and one industry expert believes they'll remain above $4 a gallon until September, the Los Angeles Daily News reports.
The union representing Hollywood crew members has expressed dismay over plans to resume production of “Midnight Rider” in Los Angeles after a train accident in Georgia killed an assistant, the Los Angeles Times reports.
Top Hollywood publicist Leslie Sloane, whose clients have included Katie Holmes, Blake Lively and Melissa McCarthy, has come to a mutual decision with BWR to part ways, the Wrap reports.
In Thursday morning trading, the Dow Jones industrial average fell 7 points to 16,418. The Nasdaq was up 11 points to 4,097. The S&P 500 rose 2 points to 1,865.
Wednesday, April 16
U.S. Rep. Tony Cardenas wrote an open letter Wednesday to Sriracha-sauce maker Huy Fong Foods Inc. to consider relocating to the San Fernando Valley.
American Apparel Inc. said late Wednesday that it had been informed by the NYSE Mkt Exchange that the company was back in compliance with the exchange’s listing requirements.
Traffic at the Port of Long Beach declined 1.9 percent in March compared with the same month last year, according to figures released Tuesday.
Political analyst and former Clinton White House press secretary Dee Dee Myers has been named as the head of worldwide corporate communications at Warner Bros., the company announced Wednesday.
In Wednesday trading, the Dow Jones industrial average closed up 162 points, or 1 percent, to 16,425. The Nasdaq rose 52 points, or 1 percent, to 4,086. The S&P 500 rose 19 points, or 1 percent, to 1,862. The LABJ Stock Index rose 2 points, or 1 percent, to 186.
CBS Corp. Chief Executive Leslie Moonves' $66.9 million compensation in 2013 will make him the best-paid CEO in American media and put him among the world's highest-paid executives in any industry, the Hollywood Reporter says.
Production on the film "Midnight Rider" could resume in June and be relocated from Georgia to Los Angeles, the Hollywood Reporter says. Filming on the Gregg Allman biopic was suspended in February when camera assistant Sarah Jones was killed while shooting on a train track.
Bank of America said it swung to a first-quarter loss as results were hurt by $6 billion in legal charges and slumping mortgage originations, the Wall Street Journal reports.
The median price of a house reaches $400,000 in the Southland. But would-be buyers of low- and mid-priced properties are increasingly priced out amid tight lending standards and stagnant paychecks, the Los Angeles Times reports.
With seven out of the 10 IPOs that priced last week now trading below their IPO price, CNBC reports that every single IPO deal so far this week has priced below the expected range. Moelis & Co.'s shares opened higher in their trading debut this morning, but only after an initial public offering that priced below the New York investment bank's expectations, the Wall Street Journal reports.
U.S. industrial production rose at a faster-than-expected clip in March, the latest sign the economy was gaining momentum. But Reuters also reports that groundbreaking for new homes still remains well below its post-recession peak in November.
The defunct bitcoin exchange has given up its plan to rebuild under bankruptcy protection and said it has agreed with a Tokyo court on the first step toward liquidation, the Wall Street Journal reports.
SB 391 would fund more than 10,000 subsidized homes a year through a new fee on recording real estate documents. The Los Angeles Times reports that critics say it unfairly saddles homeowners and businesses with added costs.
With several states and municipalities considering various mandatory "kill-switch" laws for mobile devices, the wireless industry on Tuesday announced a voluntary commitment to include new anti-theft technology on phones starting next year, CNBC reports.
The Long Beach City Council on Tuesday voted to approve a $1.85 million contract increase to upgrade electrical infrastructure at Alamitos Bay Marina, the city's oldest marina, the Long Beach Press-Telegram reports.
Transportation officials have shelved plans for a second entrance to a downtown subway station across from L.A. police headquarters and the Los Angeles Times because the newspaper's parent company says it may develop the site, the Times reports.
A parade of Owens Valley residents at a public hearing Tuesday said the Los Angeles Department of Water and Power's plan to cover two square miles of high desert with a million solar panels would destroy scenic vistas and ruin the sense of isolation at Manzanar National Historic Site, the Los Angeles Times reports.
The Chinese have long been potent rivals to American and European manufacturers. Now, China is giving Westerners something new to worry about: a generation of workers able to compete in higher-technology endeavors, Bloomberg News reports.
In Wednesday morning trading, the Dow Jones industrial average was up 98 points to 16,360. The Nasdaq rose 21 points to 4,055. The S&P 500 rose 10 points to 1,853.
Tuesday, April 15
Santa Monica enterprise messaging app TigerText announced Tuesday that it named three new members to its board representing its latest investors.
Smartphone maker BlackBerry announced Tuesday that it has invested in Dr. Patrick Soon-Shiong’s NantHealth with the hope that its smartphones can be married to the West L.A. billionaire’s next-generation medical information technology.
On-location production remained flat in the first quarter despite evidence that the state’s tax credit program is keeping more production in the Los Angeles region.
A.F. Gilmore Co. has obtained a $100 million credit facility from Wells Fargo Bank, secured by its iconic Farmers Market retail center in the Fairfax District.
In Tuesday trading, the Dow Jones industrial average closed up 89 points to 16,263. The Nasdaq rose 11 points to 4,034. The S&P 500 rose 12 points to 1,843. The LABJ Stock Index rose 1 point to 184.
The New York Attorney General’s Office is investigating Herbalife over claims it is a pyramid scheme, the New York Post reported. At least two whistleblowers have given investigators sworn testimony, sources said.
L.A. Mayor Eric Garcetti's proposed budget calls for hiring 140 firefighters and a sweeping overhaul of the city's 911 dispatch system, the Los Angeles Times reports. But the $8.1-billion budget plan also delays a promised cut in the city business tax.
Los Angeles County’s budget officials on Monday unveiled a proposed spending plan that calls for hiring about 1,300 new employees, as well as money for reforms in the troubled jail and child welfare systems, the Los Angeles Daily News reports.
Southern California Edison Co. plans to lay off hundreds of employees in a management streamlining move, mostly at its Irwindale offices, the Los Angeles Times reports.
The South Coast Air Quality Management District wants to hold the ports of Los Angeles and Long Beach responsible for earlier pledges to cut pollution from the thousands of trucks, ships and trains carrying goods to and from the nation's largest port complex, the Los Angeles Times reports.
Robert Rizzo, the former city administrator who ruled the city of Bell during an era of widespread corruption, was sentenced Monday to 33 months behind bars for tax fraud, the Los Angeles Times reports.
Susanna Artsruni of Midvalley Medical Supply in Van Nuys, who pleaded guilty of submitting nearly $25 million in bogus bills to Medicare, was sentenced Monday to six years in federal prison and ordered to pay nearly $10 million restitution, the Los Angeles Daily News reports.
Federal Reserve Chairwoman Janet Yellen said today that the largest U.S. banks might need to hold additional capital to withstand periods of financial stress, the Associated Press reports.
Science Channel has named Rita Mullin, an 18-year Discovery Communications veteran who has been executive vice president of programming and development at Oprah Winfrey Network, as its new general manager, the Wrap reports.
In Tuesday morning trading, the Dow Jones industrial average was down 5 points to16,168. The Nasdaq fell 28 points, or 1 percent, to 3,993. The S&P 500 fell 1 point to 1,830.
Monday, April 14
Lions Gate Entertainment Corp. on Monday announced a multi-year partnership with Freddie Wong's popular YouTube content producer RocketJump Studios.
The board of directors and shareholders of Maker Studios have approved its acquisition by Walt Disney Co. despite a counter-offer made public Monday for the Culver City media company.
In Monday trading, the Dow Jones industrial average closed up 146 points, or 1 percent, to16,173. The Nasdaq rose 23 points, half a percent, to 4,023. The S&P 500 rose 15 points, or 1 percent, to 1,831. The LABJ Stock Index rose 2 points to 184.
Midsize film and entertainment company Relativity Media has made a bid to buy Maker Studios, the online-video producer that is preparing to vote this week on a separate bid from Walt Disney Co., the Wall Street Journal reports.
Freedom Communications’ Los Angeles Register, a new daily newspaper, will debut Wednesday in the Orange County Register parent's latest expansion in Southern California, the Register reports.
TIAA-CREF has agreed to buy Nuveen Investments for $6.25 billion including debt, in the retirement- and financial-services behemoth's largest acquisition ever, the Wall Street Journal reports.
Tesla Motor Inc.'s Chief Executive Elon Musk reportedly is visiting China this month for talks with one of China's largest refiners to build charging units in its nationwide service-station network, MarketWatch reports.
The Los Angeles Times looks at efforts by SpaceX's Elon Musk to break the controversial grip of Boeing and Lockheed Martin on launches of the U.S. government's most sophisticated national security satellites.
A huge former department store on Broadway in downtown Los Angeles is being sold to a New York real estate investment firm that intends to pump new life into the old building and its rebounding neighborhood, the Los Angeles Times reports.
Rep. Henry A. Waxman said media experts he consulted have serious concerns about the fate of the Los Angeles Times under the Tribune Co.'s plans to spin off the newspaper into a separate unit, and he called on executives to change the terms, the Los Angeles Times reports.
Budget cuts and new responsibilities are straining the Internal Revenue Service's ability to police tax returns, the Associated Press reports. This year, the IRS will have fewer agents auditing returns than at any time since at least the 1980s.
Most of us spend much of our lives thinking that we should do the right thing. Larry Ellison, the fifth-richest person in the world and the chief executive with the highest total compensation in 2013, appears burdened by no such concerns, the New York Times reports.
An increasing number of rent-controlled units are being converted to condos or simply flattened, leaving a dwindling supply and fewer affordable options for residents, the Los Angeles Times reports. Check out the Business Journal's coverage of a state bill aimed at limiting evictions under the Ellis Act.
Odd as it sounds, some investment pros say all that air coming out of bubble-like tech momentum stocks might actually be a healthy development, USA Today reports.
Despite an audience that is minuscule compared with FM radio stations in big markets, Sirius XM Radio Inc.'s contemporary country channel increasingly wields a disproportionate influence on sales of records and concert tickets, the Wall Street Journal reports.
As last decade’s gourmet cupcake craze fades away, the 62-store Crumbs Bake Shop chain is shifting its energies from its own struggling outlets to sales through other retailers, and also is trying to cash in on another snack fad, Bloomberg BusinessWeek reports.
Wi-fi service on plane flights is taking off, promising much better connections for travelers and a bonanza for the companies that sell the systems. Reuters looks at which Wi-Fi system may win out.
Ken Forsse, whose cuddly talking teddy bear marked a technological leap forward for toys in the mid-80s, has died at age 77, the Los Angeles Times reports.
George Washington University’s law school is offering the first course devoted to the legal implications of sports-related traumatic brain injuries, the New York Times reports.
In Monday morning trading, the Dow Jones industrial average was up 108 points to16,135. The Nasdaq rose 42 points, or 1 percent, to 4,041. The S&P 500 rose 15 points, or 1 percent, to 1,831.
TV: Carriers say high price of channel will lose customers.
Time Warner Cable may have dropped the ball in its plan for other carriers to pick up its new Dodgers channel.
City zones may bury waste haulers
Waste haulers fear getting dumped by city of L.A.’s new franchise zone plan.
Banking: Low-profile First Credit rides bridge financing to become L.A.’s most profitable lender for three years running.
First Credit has crossed over into elite territory with its high returns from bridge financing.
Cave CrossFit looks to make play with new program for children.
Cave CrossFit works out a plan for a new kids’ program.
Armstrong gardening business traces roots back to 1889.
Armstrong Garden Centers planted itself in Los Angeles way back in 1889.
Vycon sets up kinetic energy storage system at subway station.
Vycon hopes its kinetic energy storage system gets on a roll from installation at a subway station.
FOOTWEAR: Collector steps it up as $1,000 sneaker designer.
Former Wall Street exec has proved a high-end shoo-in as the maker of $1,000-plus sneakers.
The death of Mickey Rooney last week got Michael Levine reminiscing.
News and notes from communities across Los Angeles County
J2 Global Inc., a Hollywood Internet services and media company, has acquired Critical Software Ltd., a Staffordshire, England, email security and management company operating under the brand name iCriticalTM.
FOOD: Duo says rival ice-cream distributor is freezing them out.
Fruit bar makers claim new rival is using its powerful ice-cream distribution network to freeze them out.
Castuló de la Rocha and Jonathan Plutzik praise a program that works to get employees citizenship.
Tenants in rent-controlled units should help building owners bear expense of retrofitting properties.
John R. Donaldson and Joshua Marrow want soft-story apartment tenants to help financially support quake retrofitting.
The city of Pasadena has joined with developers to bring in a more eclectic selection of shops and restaurants to draw crowds. So the Business Journal asks:
Do you patronize Pasadena’s stores and restaurants?
Charles Crumpley pushes for a sea change in the way the ports are promoted and operated.
acquisition: Duo plans office-retail renovation for downtown Los Angeles.
Commercial property sales are surging in downtown L.A.’s Arts District as more developers and investors see potential in the once heavily industrial area.
Upcoming local conventions.
Upcoming calendar of events.
Investment: Canyon Creek put a total of $530,000 in retail services tech company Bridg in April and October funding rounds.
Buck Jordan, managing partner at Canyon Creek Capital, says his firm is a “bridge fund” that targets companies between the seed and Series A stages.
Investment: Plus Capital and AMC Networks co-led last year’s $4 million seed funding round of YouTube network DanceOn in August. Other investors include Nigel Lythgoe, executive producer of “So You Th
When Plus Capital Managing Partner Adam Lilling sat down with DanceOn Chief Executive Amanda Taylor, he got more than a good story.
Investment: Upfront Ventures provided $500,000 in seed funding last April to downtown L.A.’s DailyLook, an online fashion retailer. Upfront followed that up by investing in DailyLook’s Series A round
Yves Sisteron didn’t get caught up in analysis paralysis when he decided to invest in DailyLook.
Investment: Mucker participated in online tuxedo rental company Black Tux’s $2.6 million February seed round.
Everyone loves a wedding.
Investment: Double M participated in Santa Monica firm MomentFeed’s A round in December after having made seed-round investments in the company.
Before Mark Mullen upped his investment in social media marketing company MomentFeed late last year, he wanted to know if customers liked the Santa Monica company’s product.
Investment: Karlin Ventures invested in Santa Monica mobile advertising company NearWoo’s $1.2 million seed round last August.
About half of Karlin Ventures’ portfolio companies are found through incubators.
Investment: Science incubated Dollar Shave Club and participated in the online razor club’s $1 million seed round in March 2012. Dollar Shave Club has since become one of L.A.’s hottest startups.
It began with a viral video. As soon as Mike Jones saw Michael Dubin swinging a tennis racket and riding a forklift through Dollar Shave Club’s downtown L.A. warehouse, he was intrigued.
Almost every day brings news of another investment in a startup technology company. But what makes an investor decide to bankroll one company and not another?
Seven venture capitalists discuss the key criteria they review before investing in startups.
Last week’s major news from labusinessjournal.com and other sources
Boeing Co. expects to end production of its C-17 Globemaster III transport jet at its Long Beach plant three months earlier than expected.
EMPLOYMENT: Manatt division brings in 18-year industry vet Eunice Shin.
Manatt Digital Media has hired Eunice Shin to head its business consulting services, capping off nearly a year of growth for the new investment and consulting arm of West L.A. law firm Manatt Phelps & Phillips.
FOOD: $75 million venture aims to handle imports, exports through Long Beach.
Construction of a $75 million, 250,000-square-foot cold-storage facility in Long Beach began last month.
PUBLISHING: Investors shed Research Solutions over plan for reverse stock split.
Document-finding company Research Solutions at a loss with investors after planning a reverse stock split.
INTERNET: Clearance.co in reverse merger with Miami shell company.
Executives’ connection leads to e-commerce site Clearance.co’s union with Development Capital Group.
METALS: National Fire says it shouldn’t have to cover Reliance’s antitrust damages.
Insurer refuses to cover damages against Reliance Steel for meddling with Houston competitor.
ACCOUNTING: Nigro Karlin hopes to add sectors with its extra personal services.
Nigro Karlin looks to add more non-show business clients to its beyond-bean-counting personal service.
BIOTECH: Sector selloff also a factor as shares of cancer drug maker plunge.
Puma shares take a drubbing as investors are spooked by test results and a sector sell-off.
Friday, April 11
A report that both the U.S. Department of Justice and the FBI are investigating Herbalife sent shares of the nutritional supplement company sliding 14 percent on Friday.
The city of L.A.’s plan to create franchised zones for commercial trash hauling promises to dramatically scramble a long-established market, creating winners and losers.
After doing the math, pay-TV providers appear to be sticking to their story that carrying the all-Los Angeles Dodgers channel SportsNet LA on Time Warner Cable’s terms doesn’t pencil out.
Providence Saint Joseph Medical Center announced it is the first hospital in the nation to conduct an MRI scan of a patient with a new MRI-compatible heart pacemaker.
The Los Angeles Business Journal’s index of largest local public companies fell for the week.
In Friday trading, the Dow Jones industrial average closed down 143 points, or 1 percent, to 16,027. The Nasdaq fell 54 points, or 1 percent, to 4,000. The S&P 500 fell 17 point, or 1 percent, to 1,816. The LABJ Stock Index fell 3 points, or 1.5 percent, to 183.
Barry Diller’s IAC/InterActiveCorp has upped its stake in West Hollywood hookup app Tinder Inc.
Integrated digital media company Evolve Media has brought on former CareerArc Group executive Travlin McCormack as its new chief technology officer.
After years of eliminating jobs in Southern California, aerospace giant Boeing Co. announced plans to increase its engineering workforce in Long Beach and Seal Beach by 1,000 positions, the Los Angeles Times reports.
L.A. Mayor Eric Garcetti presented list of initiatives in his first State of the City address Thursday, promising to reinvigorate the city's major boulevards, cut taxes for businesses, put building records online and keep a lid on DWP rates, the Los Angeles Times reports.
Private space companies, such as SpaceX in Hawthorne, would get a local property tax break on launch vehicles, fuel, satellites and other gear under a bill approved overwhelmingly Thursday by the California Senate, the Los Angeles Times reports.
Sources tell New York Post's Page Six that CBS chief Les Moonves has bought Microsoft co-founder Paul Allen’s home on Malibu’s prestigious Carbon Beach for $28 million. Moonves reportedly will keep his Holmby Hills mansion, and use the beach house as a weekend retreat.
Fleur de Lys, the Westside mansion that recently sold for a record price of $102 million – possibly to Michael Milken is now available for lease for $400,000 a month to long-term tenants, the Los Angeles Times reports.
Stephen Colbert's agent reached out to CBS about his taking over “Late Night” the day after David Letterman announced his retirement, and Colbert quickly emerged as the top candidate, CBS entertainment chief Nina Tassler told the Wrap.
Angela Spaccia on Thursday became the first person sentenced in the Bell municipal corruption case. The Los Angeles Times reports that her lengthy 11-year prison term was the first indicator of how Judge Kathleen Kennedy intends to punish those convicted of misappropriating more than $10 million from one of the county's poorest cities.
Health and Human Services Secretary Kathleen Sebelius, who led the troubled rollout of the 2010 health-care law, will step down, capping a rocky five years in the Obama cabinet, the Wall Street Journal reports. Bloomberg News looks at how her departure may help shift the debate on Obamacare.
DreamWorks Animation, which has been looking to expand its business beyond animated movies, is eyeing music site Vevo, which is controlled by Universal Music Group, Sony Music and Abu Dhabi Media, sources tell ReCode.
The Recording Industry Association of America filed a lawsuit Thursday against MegaUpload and its founder, Kim Dotcom, just three days after the Motion Picture Association of America filed a similar suit against the defunct file-sharing service, CNet reports.
Recent investment decisions by four iconic tech companies comes in the midst of a heated debate over whether it is too easy for patent owners to extract large royalty payments, and whether patent buying firms like Intellectual Ventures spur or stifle innovation, Reuters reports.
Viacom plans to underpin its social media guarantees to advertisers with data from Mass Relevance on social activity across Twitter, Facebook and other venues in real time, Ad Age reports.
Google Glass experimental sunglasses will become available to the mass public for the first time, the company announced Thursday. Google has restricted the number of people who can buy, but next Tuesday anyone can buy a pair for $1,500 plus tax, The Wrap reports. (And wait for the punchline.)
Families of children with disabilities have sued Walt Disney Co. over a new policy that change how theme park and resort guests with disabilities can get quick access to rides and attractions, the Los Angeles Times reports.
In Friday morning trading, the Dow Jones industrial average was down 40 points to 16,130. The S&P was down 1.7 points to 1,831. The Nasdaq was up 5 points to 4,059.
Thursday, April 10
Shares of Rentech Inc. jumped 13 percent on Thursday after the company said that a Blackstone Group unit would invest $150 million in its wood fiber business. It also announced a settlement with a dissident investor group.
Former officers with Maker Studio Inc., including the chief executive, are seeking a court order to stop a shareholder vote on the company’s $500 million acquisition by Walt Disney Co.
Digital postal mail startup Zumbox has informed users that it will shut down operations next week.
Trading in shares of GrowLife Inc. was halted Thursday for two weeks after the Securities and Exchange Commission questioned some of the company’s stock transactions.
In Thursday trading, the Dow Jones industrial average closed down 267 points, or more than 1 percent, to 16,170. The Nasdaq fell 130 points, or 3 percent, to 4,054. The S&P 500 fell 39 points, or 2 percent, to 1,833. The LABJ Stock Index fell 5 points, or more than 1 percent, to 185.
Long Beach leaders attacked a proposal by the Los Angeles 2020 Commission to merge the nation’s two busiest seaports, the Long Beach Press-Telegram reports.
The Los Angeles 2020 Commission report offers prescriptions to reverse a net decline in jobs over the last two decades, but leaves the film and TV industry out of the picture, the Los Angeles Times reports.
The popular Sriracha hot sauce found itself in hot water again Wednesday night when the Irwindale City Council labeled its factory a public nuisance, the San Gabriel Valley Tribune reports.
A British company developing a pharmaceutical version of a cannabis extract used to treat epilepsy could test its product at UCLA as part of the Food and Drug Administration approval process, the Los Angeles Daily News reports.
The Los Angeles City Council will reconsider an ordinance approved Wednesday that automatically raises the wages of some of City Hall’s top earners, the Los Angeles Daily News reports.
Designs for the $200-million Beverly Hills Waldorf Astoria -- the luxury chain's first new U.S. outpost west of Chicago -- have been unveiled by local hotelier Beny Alagem, the Los Angeles Times reports.
The long-running Bell corruption scandal drew toward an end Wednesday when five former council members pleaded no contest to criminal charges and agreed to pay restitution to the small, cash-strapped city, the Los Angeles Times reports.
The biggest investment banks recently signaled a sea change in corporate culture, telling their junior employees to ease up a bit on their hard-charging work schedules. But a number of young bankers tell the New York Times that while they now can enjoy a leisurely brunch on Saturdays, their overall workload has not changed noticeably.
David Madden has signed a new long-term contract with 20th Century Fox Television, where he'll remain as president of Fox Television Studios, the Wrap reports. Madden has been in the role since 2010.
Hewlett-Packard will pay $108 million in criminal fines and civil penalties for bribing officials in Russia, Poland and Mexico to win technology contracts, the Wall Street Journal reports.
Wal-Mart will announce today that it is putting its muscle behind Wild Oats organic products, offering the label at prices that will undercut brand-name organic competitors by at least 25 percent, the New York Times reports.
Hollywood business manager Gary Haber has died, the Wrap reports. The CPA, whose Haber Corp. was established in Encino in 1977, served on the boards of the Academy of Country Music and many other industry and philanthropic organizations. He was 68.
Some small-business owners are complaining that a deal in which Yelp provides business listings for Yahoo searches is erasing years of positive feedback from customers, the Wall Street Journal reports.
The computer bug known as Heartbleed is a stark reminder that the Internet is still in its youth, and vulnerable to all sorts of unseen dangers, including simple human error, the New York Times reports.
Consumers won access to their credit scores more than a decade ago, after advocates voiced concerns over errors and lending bias. But most people remain in the dark about hundreds of other data-collection programs, the Los Angeles Times reports.
Mannequins are the latest weapons in the ever-intensifying push to get consumers more excited about shopping in stores rather than online, the Wall Street Journal reports.
In Thursday morning trading, the Dow Jones industrial average was down 70 points to 16,367. The Nasdaq fell 74 points to 4,110. The S&P 500 fell 15 points to 1,858.
Wednesday, April 9
A commission of civic leaders on Wednesday recommended combining the ports of Los Angeles and Long Beach, creating a regional tourism authority and setting up an independent rate-setting body for the Los Angeles Department of Water & Power.
The California Chamber of Commerce released its annual list of “job killer” bills on Wednesday – and the current tally of 26 is fewer than in recent years.
Joe's Jeans Inc. on Wednesday reported a smaller fiscal first-quarter net loss and a boost in sales, both attributed to its acquisition of Hudson Clothing Holdings Inc.
A subsidiary of Teledyne Technologies Inc. acquired Photon Machines Inc., a Montana company that makes lab instrumentation equipment.
Gores Group on Wednesday said it has sold an Alabama security products company to Cornerstone Detention Products in the same state.
In Wednesday trading, the Dow Jones industrial average closed up 181 points, or 1 percent, to 16,437. The Nasdaq rose 71 points, or 2 percent, to 4,184. The S&P 500 rose 20 points, or 1 percent, to 1,872. The LABJ Stock Index rose more than 1 point to 190.
The discovery of a significant flaw in software that was supposed to provide extra protection for thousands of websites has thrown the tech world into chaos, as experts scramble to understand the scope of the vulnerability, the Los Angeles Times reports. Time looks at ways you can protect yourself.
Toyota said it is recalling 6.39 million vehicles, in a blow to the company's reputation for quality control, the Wall Street Journal reports. The recall involves 27 vehicle models, including the RAV4, Corolla, Yaris, Matrix and Highlander.
The Irwindale City Council will hold a public hearing tonight to determine whether the smells coming from Huy Fong Foods' Sriracha hot sauce factory constitute a public nuisance, the Los Angeles Times reports.
As it prepares to expand into the Southland, Oakland-based cult coffee roaster Blue Bottle Coffee is acquiring two Los Angeles coffee businesses — Handsome Coffee Roasters in the downtown Arts District and subscription coffee service Tonx, the Los Angeles Times reports.
Prosecutors want former KPMG auditing partner Scott London to serve three years in federal prison for giving confidential information about his firm’s clients to a friend, who used the tips to make more than $1 million in illegal stock-trading profits, the Los Angeles Times reports.
After announcing a major round of funding last week, ridesharing start-up Lyft has said it is immediately lowering the cost of rides in all its markets. In Los Angeles, prices have decreased by about 20 percent, Lyft told the Los Angeles Times.
Federal Communications Commission Chairman Tom Wheeler, a former venture capitalist and lobbyist, told broadcasters Tuesday that they need to look toward the future online or they may find themselves trampled like other failed industries before them, ReCode reports.
The $1.4 billion in debt and loans that will be assigned to Time Inc. in its spinoff will be used in large measure to pay its Time Warner parent for the British publishing subsidiary IPC Media, the New York Post reports. Ironically, IPC is still technically carried on Time Warner’s books.
As lawmakers in the nation's capital are mired in debate over likely outcomes from raising the federal minimum wage, businesses hit with local wage increases already are grappling with the reality, the Wall Street Journal reports.
Medicare paid almost 4,000 doctors and medical professionals more than $1 million apiece in 2012, including seven who received more than $10 million, Bloomberg News reports. One Florida ophthalmologist was paid $21 million.
The rate at which Americans are starting new businesses declined last year to prerecession levels, according to the Kauffman Foundation's annual study released today. CNBC says that's a sign more individuals are landing jobs and not opting to start businesses out of necessity.
The eight largest U.S. banks were told Tuesday that they will have to add as much as $68 billion in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal reports.
Goldman Sachs Group Inc. is considering shutting down Sigma X, one of the world's largest private stock-trading venues, sources tell the Wall Street Journal.
In Wednesday morning trading, the Dow Jones industrial average was up 41 points to 16,297. The Nasdaq rose 25 points to 4,138. The S&P 500 rose 5 points to 1,857.
Tuesday, April 8
DirecTV on Tuesday said that it will once again offer the Weather Channel to subscribers after reaching a carriage deal with the cable channel’s owner.
The University of Southern California and its Marshall School of Business announced Tuesday that local real estate executive William J. McMorrow made a substantial gift to the school to establish a global real estate program.
A Swiss investment firm has acquired more than a third of American Apparel’s latest stock offering, becoming the company’s second-largest investor and bailing the L.A. company out of a debt crisis.
AFEX, a Woodland Hills provider of cross-border payment services for businesses, has purchased Jameson Bank in Toronto, the company announced Tuesday.
Omega Cinema Props is relocating from Santa Monica to the Burbank Airport Commerce Center.
West Los Angeles private equity firm Gores Group announced Tuesday that it has made an equity investment in Clinton Township, Mich. automotive publishing company Tweddle Group Inc.
In Tuesday trading, the Dow Jones industrial average closed up 10 points to 16,256. The Nasdaq rose 33 points to 4,113. The S&P 500 rose 7 points to 1,852. The LABJ Stock Index rose 1 point to 188.
Los Angeles multiplatform content maker AwesomenessTV has hired veteran retail sales executive James Fielding as the company’s new global head of consumer products and retail.
Los Angeles City Hall, under threat of county sanctions, is planning a dramatic increase in the amount services for the Skid Row area, the Los Angeles Daily News reports.
Comcast Corp. today filed federal documents required for its acquisition of Time Warner Cable Inc., arguing that there is ample competition in the video and broadband markets thanks to new technologies, the Wall Street Journal reports.
Microsoft Corp. today stopped supporting Windows XP, leaving many companies to run parts of their enterprises on the near-obsolete software, CNBC reports.
Six major film studios have filed suit against Kim Dotcom's shuttered file-sharing site Megaupload for mass copyright violations, PC World reports.
Billboard, the music industry’s premier trade publication for more than a century, has named Tony Gervino to the top editor position, the latest in a series of changes to remake the magazine in a more general-interest direction, the New York Times reports.
Adweek spoke with Dick Clark Productions' Allen Shapiro and Mike Mahan about the company's growth, with roughly 100 televised musical performances, most of them live and in prime time, on tap for broadcast this year.
After years of semi-neglect by previous owners, the Southland theme park is getting a $1.6 billion overhaul as Comcast tries to broaden its appeal, the New York Times reports.
CAA promoted eight of its trainees to agent or executive at six of its departments during its corporate retreat in Carlsbad, the Wrap reports, reflecting the growing diversity of CAA's business portfolio.
Veteran Los Angeles building inspector Samuel In, sentenced last month to prison in an FBI corruption case, will continue to receive a yearly pension of more than $72,000, the Los Angeles Times reports.
The technology giant will give more assistance to Glass users at businesses, where the wearable device has already found some acceptance, the New York Times reports.
The Democratic-led U.S. Senate on Monday passed a bill to restore expired jobless benefits for 2.4 million Americans who have been out of work for at least six months. Reuters reports that the bill faces an unclear future in the Republican-led House of Representatives.
In Tuesday morning trading, the Dow Jones industrial average was up 26 points to 16,272. The Nasdaq rose 29 points to 4,109. The S&P 500 rose 6 points to 1,851.
Monday, April 7
Shares of Puma Biotechnology Inc. dropped 18 percent on Monday after the Westwood drug developer reported clinical trial results for its experimental breast cancer drug that were less dramatic than investors expected.
Boeing Co. said Monday it expected to end production of its C-17 Globemaster III transport jet at its Long Beach plant three months earlier than expected.
Shares of MannKind Corp. fell nearly 8 percent Monday after the company announced that the FDA’s final decision on its inhalable insulin could be delayed beyond an expected April 15 deadline.
John Drayman, a former Glendale councilman and mayor, was sentenced Monday to one year in jail for embezzling some $300,000 from the Montrose farmers market, the L.A. County District Attorney announced.
In Monday trading, the Dow Jones industrial average closed down 167 points, or 1 percent, to 16,246. The Nasdaq fell 48 points, or 1 percent, to 4,080. The S&P 500 fell 20 points, or 1 percent, to 1,845. The LABJ Stock Index fell 2 points, or 1 percent, to 187.
A sell-off of Internet and technology stocks that started on Wall Street last week spread around the globe today, with tech companies hammered by worries about excessively high valuations, the Associated Press reports.
Mallinckrodt is buying Anaheim Hills' Questcor Pharmaceuticals Inc. for a combination of stock and cash valued at about $5.6 billion that will help to further diversify the Irish company's business, the Associated Press reports.
Hoping to win over e-commerce companies and mobile-game developers, Twitter will debut 15 types of new ad products and improved ways to target users over the next six months, sources tell the Wall Street Journal.
No sooner did the mansion known as Fleur de Lys sell last week for a record-breaking $102 million than another L.A. estate hit the market with even higher aspirations: $135 million, the Los Angeles Times reports.
A class action by former interns on the 2010 film "Black Swan" could radically change Hollywood's reliance on unpaid neophytes. But proponents of the practice say the experience and opportunities are invaluable, the Los Angeles Times reports.
Blackstone Group LP, the world’s largest buyout firm, agreed to acquire industrial-products maker Gates Global Inc. of Denver from Onex Corp. and Canada Pension Plan Investment Board for $5.4 billion, Bloomberg News reports.
Microsoft Corp. is going Hollywood with a cast including comedians Sarah Silverman and Seth Green, aspiring World Cup players and eerily human robots, Bloomberg News reports. All are involved in shows that Microsoft’s new Xbox television studio plans to roll out globally in June.
Yahoo Inc. is raising its ambitions in online video, with plans to acquire the kind of original programming that typically winds up on high-end cable-TV networks and streaming services like Netflix, sources tell the Wall Street Journal.
Ed Catmull's new book "Creativity Inc." explores animation film studio Pixar's triumphs and near-disasters, outlining a system for managing people in creative businesses, the Los Angeles Times reports.
Global ad spending is on track to grow 5.5 percent this year to $537 billion, while Internet advertising will account for nearly one-quarter of that, according to the latest forecast from Publicis' ZenithOptimedia TechCrunch reports.
The personal data gathering abilities of Google, Facebook and other tech companies has sparked growing unease among Americans, with a majority worried that Internet companies are encroaching too much upon their lives, a new Reuters/Ipsos poll indicates.
"Captain America: The Winter Soldier" opened over the weekend with a record April box office, Variety reports, but as AdAge notes, the film might as well have been called "Scarlett Johansson Drives a Corvette Stingray" as movie-goers witnessed a flood of well-integrated General Motors product placements.
New data indicates that while the number of Americans that listen to some AM/FM radio has shrunk marginally over the past decade, it has also remained firmly above the 90 percent threshold – an astonishing level of penetration when you consider the number of alternatives that have emerged, Quartz reports.
In Monday morning trading, the Dow Jones industrial average was down 101 points to 16,312. The Nasdaq fell 20 points to 4,107. The S&P 500 fell 9 points to 1,856.
Rightscorp enlists Internet service providers to pull the plug on users of illegal TV- and movie-sharing sites.
INVESTMENT: Incubator Imprint Venture Lab forgoes tech scene to find and power up apparel, appliance businesses.
The incubator Imprint Venture Lab eyes new brands in the hope of repeating its success with Knockaround Sunglasses.
MANUFACTURING: Smaller player Astrophysics aims to expands sales by 50 percent.
Astrophysics battles bigger rivals to lock down a piece of the security screening market.
MEDIA: New York’s RNN opens L.A. outpost to land new media customers.
New York news producer looks to channel content to new media businesses.
NON-PROFIT: LMG Studio offers makeovers to women after Chrysalis training.
Hair salon holds event to help women in workplace counseling program make the cut at job interviews.
News and notes from communities across Los Angeles County
Fullscreen Inc., a Culver City-based YouTube network, has acquired ScrewAttack, a Dallas video game-focused media company.
BIOTECH: MannKind stock rises after its device receives FDA panel’s OK.
Shares of MannKind climb after its inhalable insulin device receives FDA panel’s approval.
Ruben Guerra backs legislation that would let motorists steer the collection of and access to car data.
LEASE: Social media giant sheds temporary outpost, signs up for five years.
Another major Silicon Valley company is getting serious about Silicon Beach.
Last week’s major news from labusinessjournal.com and other sources
The U.S. Senate confirmed Maria Contreras-Sweet, co-founder of Los Angeles community bank ProAmerica Bank, to head the Small Business Administration.
DINING: Chef Richard Petty to serve up Southern cuisine at legendary music venue.
Chef Richard Petty plans to bring a Southern-style dining experience to a South L.A. site once known as a venue for jazz legends Duke Ellington, Count Basie and Ella Fitzgerald.
PUBLISHING: Lang parent Digital First reportedly looking to cut costs.
Is the Los Angeles News Group about to go on the market as part of its parent company’s sale?
ACQUISITION: Future of Wedbush Bank in question amid Grandpoint deal.
Wedbush Bank, a savings and loan owned by securities brokerage Wedbush Inc., is selling its loans and deposits to Grandpoint Bank.
energy: Urban site may close despite corrections by AllenCo.
Oil field operator fears unfounded fracking allegations could force it to shutter the urban site.
LAW: Quinn Emanuel can’t put number on Elie Samaha’s worth.
Quinn Emanuel may be wondering why it repeatedly represented a client who didn’t pay his bills.
Los Angeles needs to get to work on job creation, according to Edward E. Leamer and Judy D. Olian.
Bizainy kits make kids bosses of their own businesses.
Bizainy makes a play for young entrepreneurs with its line of business-launching kits.
Bridgepoint’s new Zouq line serves up South Asian flavors.
Bridgepoint looks to spice up the snack market with its new South Asian-influenced line.
Spanish ads pull in Hispanic customers.
Sit n’ Sleep says it’s now freeeeeee in recovering economy to launch a Hispanic ad campaign.
Daniel Singer is the 14-year-old creator of Backchat, an anonymous messaging application.
Pasadena taps eclectic lineup to pull in crowds
Pasadena looks to sell itself as a hip shopping and dining spot by courting quirky and high-end stores.
L.A.’s downtown has everything in place to maintain its resurgence except, perhaps, parking.
Parking could be a central issue to reviving L.A.’s city center, writes Robert Cohen.
The city of Los Angeles is considering a proposal to ban fracking while the safety of the practice is researched.
Friday, April 4
Los Angeles has snagged a major environmental convention from San Diego.
Santa Monica’s booming auto shopping website TrueCar has registered for an initial public offering with the Securities and Exchange Commission, seeking to raise up to $125 million.
Shares of Amgen Inc. fell 4 percent on Friday after the Thousand Oaks biotech giant said an experimental skin cancer drug had not significantly improved survival rates in clinical trial patients although it reduced the size of tumors.
Guitar Center has announced deals with debtor Ares Management and lender Wells Fargo Capital Finance that the Westlake Village-based music retailer said puts it in a significantly stronger financial position.
The Los Angeles Business Journal’s index of largest local public companies gained slightly for the week.
In Friday trading, the Dow Jones industrial average closed down 160 points, or 1 percent, to 16,413. The Nasdaq fell 110 points, or 2.6 percent, to 4,128. The S&P 500 fell 24 points, or 1 percent, to 1,865. The LABJ Stock Index fell 3 points, or 2 percent, to 189.
Mayor Eric Garcetti is offering incentives for CBS to bring the next 'Late Show' to Los Angeles in the wake of David Letterman's announcement that he will retire from the New York-based show, the Hollywood Reporter says. Fox News looks at how a ratings slip contributed to the 66-year-old entertainer's decision and CNN gives an appreciation of Letterman.
Time Warner Cable has revealed that the company is no longer in negotiations with DirecTV to carry the Dodgers-owned SportsNet LA channel, meaning the satellite company’s L.A. subscribers will be left without access to the team’s baseball games, Variety reports.
U.S. employers hired at a steady pace in March, putting the economy on firmer footing for the spring, the Wall Street Journal reports. The U.S. unemployment rate held steady at 6.7 percent as more people found work and more people joined the labor force.
Zillow says high prices, climbing interest rates and flat incomes are pushing home-buying out of reach for more Southern Californians. And that’s starting to bring back behavior seen in the bubble days, the Los Angeles Times reports.
One of Long Beach’s trophy skyscrapers, Shoreline Square, has been sold for nearly $102 million to a San Diego real estate investment firm, the Los Angeles Times reports.
The U.S. Trademark office has pushed back on Google’s effort to trademark the term ‘Glass’ for its electronic wearable glasses device, the Wall Street Journal reports.
Ares Management has gained control of Westlake Village retailer Guitar Center Holdings Inc. in a debt-for-equity swap, the Los Angeles Times reports.
The Los Angeles Unified School District has found an unusual solution to at least some of its budget woes selling more licenses to film production companies. Filming fees are up 40 percent for the district, Southern California Public Radio reports.
Boutique investment bank Moelis & Co., the boutique investment bank, disclosed today that it was seeking to raise more than $211 million in its coming initial public offering, the New York Times reports.
Univision Communications is restructuring its radio division, eliminating dozens of workers at stations around the country as the company centralizes its programming functions, the Los Angeles Times reports.
Sources tell the Hollywood Reporter that Jennifer Lopez has bested her ex-boyfriend Sean “Puffy” Combs in the contest to acquire cable music channel Fuse TV.
Edison International's chairman and chief financial officer pocketed a combined $17.7 million when they sold stock after an increase in price followed a major settlement involving the defunct San Onofre nuclear power plant, Southern California Public Radio reports.
A lawsuit accusing Lululemon Athletica Inc. of defrauding shareholders by hiding defects in its yoga pants that led to a costly recall should be dismissed, a U.S. judge has concluded, Reuters reports.
IPic Theaters, the Boca Raton, Fla. chain that operates a popular luxury movie theater in Pasadena, is bringing its brand of premium cinema to Westwood, the Los Angeles Times reports.
It's a full-on smush-fest between the U.S. and Europe as "Jersey Shore's" SallyAnn Salsano scores $50 million for her unscripted company and an overseas reality TV acquisition boom continues, the Hollywood Reporter says.
“There is a tragic end to all living things,” says Pimco’s Bill Gross in his latest investment outlook. No, the fixed-income money manager is not talking about the bond market. He is referring to his beloved cat Bob, who apparently was a prized stock picker, MarketWatch reports.
In Friday morning trading, the Dow Jones industrial average was down 11 points to 16,561. The Nasdaq fell 58 points to 4,180. The S&P 500 fell 4 points to 1,885.
Thursday, April 3
Amgen Inc. on Thursday said it would pay GlaxoSmithKline more than $275 million to get out of a co-marketing agreement with the British drug company to promote Amgen’s osteoporosis drug Prolia in certain regions outside the United States.
Shares of Response Genetics Inc. jumped 18 percent on Thursday after the cancer diagnostic test company signed agreements with six additional health plans and two large health care groups.
Stratasys, an international 3-D printing company, said it plans to buy Valencia’s Solid Concepts Inc. and another private company in Texas, and will merge them with its own manufacturing subsidiary.
In Thursday trading, the Dow Jones industrial average closed down less than 1 point to 16,573. The Nasdaq fell 39 points to 4,238. The S&P 500 fell 2 points to 1,889. The LABJ Stock Index fell less than 1 point to 193.
Knocking down one of the last hurdles for L.A.’s long-awaited Westside subway extension, a judge ruled late Wednesday that transit officials followed environmental laws when choosing a route that will require tunneling under Beverly Hills High School, the Los Angeles Times reports.
Playa Vista's Rubicon Project received a warm reception from investors on Wednesday when it debuted as a public company, but the Wall Street Journal reports that marketers remain skeptical about automated ad buying systems in general. Rubicon shares, which rose by more than third yesterday, were up 4 percent in morning trading today.
Truck drivers at the ports of Los Angeles and Long Beach who want to be classified as employees rather than independent contractors have scored another victory, Southern California Public Radio reports. A California labor office ruled in favor of seven drivers for transport company Pacer International.
White Memorial Medical Center in Boyle Heights is facing a lawsuit filed by the family of a woman relatives claim was frozen to death at the hospital in 2010, the Los Angeles Times reports.
Republican Gov. Bobby Jindal of Louisiana, trying to distinguish himself from other potential presidential candidates, outlined a replacement for the Affordable Care Act that he said would expand health coverage to more Americans by making insurance more affordable, the Wall Street Journal reports.
The number of Americans filing new claims for unemployment benefits rose more than expected last week, but the underlying trend continued to point to some strength in the labor market, Reuters reports. Service firms expanded more quickly last month as new orders rose and hiring increased, according to the Associated Press.
Some bars and restaurants that subscribe to DirectTV, which has not reached an agreement to carry the Dodgers new channel, have added Time Warner Cable to draw more customers, the Los Angeles Times reports.
Discovery Communications is teaming with Brian Grazer and Ron Howard to launch a digital studio called New Form, The Hollywood Reporter says. Discovery plans to unveil the venture at its upfront presentation today.
Starting today, Instacart customers in Los Angeles can order groceries and other items from Whole Foods Market and have them delivered in as little as an hour, the Los Angeles Times reports. Additional stores are scheduled to be added in the coming weeks, and shoppers will be able to combine items from multiple stores into one order.
Liberty Media Corp. says it is cutting its stake in Barnes & Noble Corp., sending the bookseller's shares down sharply this morning, the Associated Press reports.
Lucy Hood, a well-regarded entertainment industry veteran and president and chief operating officer of the Academy of Television Arts and Sciences, died Wednesday of cancer, Variety reports.
Regulators are warning bankers that hackers have succeeded in changing the controls on automated teller machines to allow thieves to make nearly unlimited withdrawals, the Los Angeles Times reports.
In Wednesday morning trading, the Dow Jones industrial average was down 6 points to 16,564. The Nasdaq fell 15 points to 4,262. The S&P 500 fell 1 point to 1,890.
Wednesday, April 2
Shares of Rubicon Project Inc. on Wednesday rose more than a third in its New York Stock Exchange debut.
Internet advertising company ReachLocal Inc. has named Sharon Rowlands as its chief executive, the company announced Wednesday.
Los Angeles content maker and distributor AwesomenessTV has acquired Hollywood YouTube network Big Frame in a $15 million cash deal, marking yet another acquisition in the red-hot multichannel network market.
Platinum Equity on Wednesday said that has sold Truesense Imaging to On Semiconductor Corp., a Phoenix maker of chips for electronic systems.
In Wednesday trading, the Dow Jones industrial average closed up 40 points to 16,573. The Nasdaq rose 8 points to 4,276. The S&P 500 rose 5 points to 1,890. The LABJ Stock Index rose less than 1 point to 193.
MannKind Corp.'s share price more than doubled this morning, a day after its inhaled diabetes treatment was backed by an FDA advisory panel, Bloomberg BusinessWeek reports. Shares at midday fell back slightly to $7.10, a 77 percent gain.
The UCLA Anderson Forecast said in a report today that L.A. hasn't had positive job growth in the last 23 years and needs to make bigger strides in improving the education of its workers and business climate, Southern California Public Radio reports. The city has lost more net jobs than any large metropolitan area in the nation from 1990 to 2013.
The Supreme Court today struck down aggregate limits on political contributions, saying such rules violate the First Amendment, the Wall Street Journal reports. The high court left in place limits on contributions to individual candidates and political committees.
House Budget Committee Chairman Paul Ryan on Tuesday introduced a budget proposal that would cut more than $5 trillion in federal spending over the next decade, primarily by effectively repealing President Obama’s health-care reform and greatly reducing social program spending, the Washington Post reports.
It may not seem like it when you’re stuck in traffic on the 110 Freeway, but a new report says Southern California is home to some of the least-sprawling metro areas in the country, the Los Angeles Times reports.
Facing a relentless congressional panel Tuesday, General Motors Co. Chief Executive Mary Barra lost some of that new-CEO smell, the Wall Street Journal reports.
Payroll processer ADP said U.S. companies increased hiring at a healthy pace last month, suggesting that the jobs market is recovering from a brutal winter, the Associated Press reports.
Long Beach is the first city in Southern California to be named a host town for the Special Olympics World Games Los Angeles 2015, when more than 7,000 athletes from 177 countries descend on Southern California in July for a three-day program, the Los Angeles Daily News reports.
Nearly four years after regulators tried to curb overdraft fees, banks are lifting them to new heights, the Wall Street Journal reports.
Investors pulled another $3.1 billion from Pimco's flagship fund in March, the 11th straight month of outflows, and its performance lagged 95 percent of its peers due to a spate of wrong calls by long-time manager Bill Gross, Reuters reports.
Charles H. Keating Jr., who went to prison and came to symbolize the $150 billion savings-and-loan crisis a generation ago after fleecing thousands of depositors with regulatory help from a group of United States senators known as the Keating Five, has died, the New York Times reports.
In Wednesday morning trading, the Dow Jones industrial average was up 28 points to 16,561. The Nasdaq rose 8 points to 4,276. The S&P 500 rose 4 points to 1,890.
Tuesday, April 1
MannKind Corp.'s share price more than doubled in after-hours trading Tuesday, following news that an FDA advisory panel had finally recommended approval of the Valencia company's Afrezza insulin inhaler.
The Los Angeles City Council on Tuesday approved a controversial program to turn commercial trash hauling in the city into an exclusive franchise system.
The Federal Reserve board on Tuesday approved a deal that will create the fourth biggest local bank: Century City’s PacWest Bancorp’s acquisition of downtown L.A. CapitalSource Inc.
Gamblit Gaming in Glendale has raised $12 million in financing that will be used to prepare for launching its online gambling software this year, the company said Tuesday.
Pasadena mobile game maker Industrial Toys announced Tuesday that it has secured $5 million in Series A funding from Accel Ventures, according to a statement.
DreamWorks Animation SKG Inc. on Tuesday said Brenda Freeman, a former marketing executive at Turner Animation, will be become its head of television marketing.
In Tuesday trading, the Dow Jones industrial average closed up 75 points to 16,533. The Nasdaq rose 69 points, or 1 percent, to 4,268. The S&P 500 rose 13 points, or 1 percent, to 1,886. The LABJ Stock Index rose 2 points, or 1 percent, to 193.
The Los Angeles Times says millionaire investor and philanthropist Michael Milken may be the buyer of a Westside mansion, often described as a French palace, for $102 million in the most expensive residential sale ever recorded in Southern California.
Universal Music Group is reorganizing its Island Def Jam Motown group into three standalone labels, the Hollywood Reporter says. Def Jam, Island and Motown Records will function as standalone labels with the latter moving to Los Angeles.
The City Council today is scheduled to consider a controversial transformation of garbage collection for businesses and apartment buildings, the Los Angeles Times reports. Read the Business Journal’s earlier article.
A half-cent sales tax increase being weighed for Los Angeles for the November ballot could endanger a countywide measure being studied for 2016, the Los Angeles Times reports.
Spanish-language television personality Raul Gonzalez, who recently left Univision, has joined Telemundo, where he plans to develop and host a weekly prime-time variety show to launch this fall, the Los Angeles Times reports.
The FBI has launched a wide-ranging investigation into high-speed trading, with an eye on whether some firms are acting on fast-moving market information that isn't available to other traders, the Wall Street Journal reports.
The Federal Communications Commission approved measures on Monday that will free up more airwaves for Wi-Fi and wireless broadband, the New York Times reports.
The FCC on Monday passed a rule that prevents many TV stations from jointly negotiating retransmission consent payments for their signals from cable and satellite operators, Variety reports.
A dozen large investors filed a joint lawsuit against 12 of the world's largest banks, including Bank of America, Barclays and J.P. Morgan Chase, for allegedly conspiring to rig global foreign-exchange prices, the Wall Street Journal reports.
Million-dollar screenplay sales in recent months by independent producer Lawrence Grey for 'Section 6' and 'Winter's Knight' show the market is improving after several years in decline, the Los Angeles Times reports.
StyleHaul, a venture-backed multichannel network focused on fashion and beauty, has hired Mia Goldwyn, Paramount Pictures’ vice president of digital business development, Variety reports. In the newly created position of chief content officer, Goldwyn will oversee the company’s original programming strategy.
Aria, a $74 million, 198-unit apartment complex under construction across from the Cerritos Towne Center mall, is the first new large multifamily project built in Cerritos in more than 40 years, the Los Angeles Times reports.
AdAge reports that the not-too-distant future of advertising may work like this: You order a movie ticket on your phone, then decide to stop at a convenience store to buy snacks. As you stand in the aisle, your wrist vibrates. The company whose candy you were eyeing just sent you a discount.
Facebook Chief Executive Mark Zuckerberg has joined the prestigious $1-a-year CEO club, Yahoo's Daily Ticker reports.
In Tuesday morning trading, the Dow Jones industrial average was up 63 points to 16,521. The Nasdaq rose 49 points, or 1 percent, to 4,249. The S&P 500 rose 8 points to 1,880.