CAPSULE VIEW: Elon Musk, the billionaire entrepreneur behind Space Exploration Technologies Corp., or SpaceX, in Hawthorne, unveiled the Dragon V2 manned spaceship as a 21st century space taxi for astronauts. The capsule has a sleek interior design, complete with a large tabletlike computer that swivels down in front of the capsule’s tan leather seats. The capsule can ferry up to seven astronauts to and from the International Space Station.
CLIPPERS DEAL: Donald Sterling has agreed to go along with the $2 billion sale of the Los Angeles Clippers negotiated by his wife, Shelly, and also to drop his $1 billion antitrust lawsuit against the National Basketball Association. The league, in turn, will agree not to file any lawsuits against Sterling and to drop the charges it levied against him for racially inflammatory remarks made by the Clippers owner. The deal paves the way for the sale of the team to former Microsoft Chief Executive Steve Ballmer.
ROLL CREDITS: A record number of film and TV show producers applied to the California Film Commission for a piece of the $100 million in tax credits allotted annually to productions filming in the state. The number of applications rose 31 percent to 497 compared with last year. Twenty-three projects were initially selected in a lottery to receive tax credits. The other projects were placed on a waiting list and will have another chance at credits if a production withdraws.
BANK DEAL: Encino bank holding company CU Bancorp will acquire downtown L.A. lender 1st Enterprise Bank in an all-stock deal. Holders of 1st Enterprise stock will receive about 1.3 shares of CU stock for each of their current shares, valuing the bank at about $103 million. CU is the parent of California United Bank, which holds $1.4 billion in assets. Combined with 1st Enterprise, the bank will have about $2.2 billion in assets.
LAYOFFS: Maker Studios will lay off about 10 percent of its workforce after the YouTube network’s acquisition by Walt Disney Co. The cuts were expected to be distributed throughout the roughly 400-employee Culver City company, but are not expected to affect upper management. Maker, which operates 55,000 YouTube channels, was acquired in March for $500 million and an additional $450 million in possible earn-out payments by the Burbank studio.
CONSOLIDATION: Israeli lender Bank Leumi USA has consolidated its three L.A-area branches into one in downtown Los Angeles. Bank Leumi formerly had branches in Los Angeles, Beverly Hills and Encino. The consolidated branch is on the 33rd floor of 555 W. Fifth St. Bank Leumi USA is the largest subsidiary of Israel’s Leumi Group.
SOLD: Private equity firm KKR & Co. in New York has agreed to buy El Segundo’s Internet Brands, which operates a portfolio of websites including Lawyers.com and CarsDirect.com, for $1.1 billion. KKR is buying the company from two other private equity firms, Hellman & Friedman and JMI Equity, which bought it for $640 million in 2010. Members of the Internet Brands management team, including Chief Executive Bob Brisco, are investing in the deal alongside KKR and will hold a minority stake and continue to run the company.
SHOPPING: San Diego real estate investment trust Retail Opportunity Investments Corp. has agreed to purchase the Fallbrook Center in West Hills for $210 million from longtime owner General Growth Properties in an all-cash transaction. The 1.12 million-square-foot mall features a mix of major retailers including a Trader Joe’s, Target, Wal-Mart, Kohl’s and Sport Chalet. The mall was built in 1966 as an enclosed facility and refurbished with an open-air design in 2003.
DELAYED: Broad Collection, a $140 million art museum that will house the collection of Eli and Edythe Broad, has filed a $19.8 million lawsuit against a German engineering company for alleged delays in fabricating the materials for the museum’s latticed façade. The suit against Seele Inc. alleges that the German company is responsible for putting the construction of the downtown L.A. museum at least 15 months behind schedule.
BAD NEWS: Less than two months after launching the Los Angeles Register, Freedom Communications Inc. of Santa Ana has announced wide-ranging cost-cutting efforts. The newspaper publisher is integrating the Long Beach Register into the L.A. paper and imposing two-week furloughs for all employees, shrinking the number of news pages by 25 percent and offering buyouts to employees. There are plans for as many as 100 layoffs.
GENDER ISSUE: An internal review has concluded that the Anderson School of Management at UCLA was “inhospitable to women.” Among the findings cited in the Wall Street Journal: Anderson is inconsistent in how it hires and promotes women, has created “gender ghettos” in certain academic areas and shows a “lack of confidence” in female faculty.
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