MERGER?: AT&T Inc. has approached DirecTV about a possible purchase of the El Segundo satellite TV company, the Wall Street Journal reported, citing people familiar with the situation. A deal would likely be worth at least $40 billion, DirecTV’s current market capitalization, the newspaper said. A combination of AT&T and DirecTV would create a pay-TV network that could rival Comcast Corp. if it completes its purchase of Time Warner Cable Inc.
BANNED: L.A. billionaire Donald Sterling, owner of the Los Angeles Clippers basketball team, was allegedly taped expressing racist comments about companion V. Stiviano’s online photos showing her with black people, notably Earvin “Magic” Johnson. The revelation led to the National Basketball Association banning him for life from attending games. The league also opened a battle to force him to sell the team. Sterling’s wife, Shelly, had sued Stiviano, alleging her husband had given Stiviano community property. Potential bidders for the team include Johnson, Rick Caruso, David Geffen and Oprah Winfrey.
SENTENCING: Scott London, a former L.A.-based partner with accounting giant KPMG, has been sentenced to 14 months in federal prison and fined $100,000 for giving confidential information about clients to a golfing buddy. London, 51, pleaded guilty to insider-trading charges last year, admitting that he gave confidential information about KPMG clients, including Herbalife Ltd. and Skechers USA Inc., to Bryan Shaw. Shaw in return rewarded London with thousands of dollars in cash, concert tickets and jewelry. Prosecutors had wanted London to serve three years in prison.
JOINT VENTURE: Oakwood Worldwide has announced a $4 billion joint-venture deal that is expected to more than triple its global reach over the next five years. The West L.A. extended-stay and corporate housing company struck a deal with Singapore-based Mapletree to acquire and develop more than 100 corporate apartment buildings worldwide. The deal gives real estate firm Mapletree, a 49 percent stake in Oakwood Asia Pacific, an Oakwood subsidiary that manages about 28 buildings throughout Asia. Oakwood Worldwide will handle acquisition and development deals for Mapletree within North America.
TESLA SUPPORT: Three members of the Federal Trade Commission have announced their support for Tesla Motors Inc. in its ongoing fight to sell electric cars directly to consumers. Automobile dealers around the country, particularly in New Jersey, have lobbied state officials to ban or limit the showrooms of the Palo Alto company, led by Bel Air billionaire Elon Musk. FTC officials said such restrictions reduce competition and unfairly favor incumbent businesses.
SENTENCED AGAIN: Barry Minkow, who built a wonder-boy reputation in the 1980s for his Los Angeles carpet-cleaning business before it was exposed as a fraud, was sentenced to five years in prison for embezzling $3 million from his San Diego church congregation. Minkow admitted stealing donations and making unauthorized loans in the church’s name. He is now serving a five-year sentence after pleading guilty to fraud over his efforts to damage Miami homebuilder Lennar Corp. Minkow will serve the church embezzlement sentence once he completes the Lennar sentence. He had served seven years in the carpet cleaning case.
PARTNERS: L.A. office developer Nelson Rising has joined with Guggenheim Partners co-founder Todd Morley to launch a real estate investing venture. Rising, co-founder of Rising Realty Partners , and Morley, who left Guggenheim to start his own private equity firm, said they plan to raise $3 billion initially for their Rising Realty Merchant Bank, which will initially focus on commercial and residential opportunities throughout California.
NEW CEO: Veteran auto industry executive Donald Stebbins has been named chief executive of Van Nuys aluminum wheel maker Superior Industries International Inc. Stebbins most recently was chairman and chief executive of Visteon Corp., an auto components manufacturer in Van Buren Township, Mich. He replaces Steven Borick, who retired in March.
SENIOR LIVING: Long Beach real estate investment trust HCP Inc. has announced a joint venture with Brookdale Senior Living in Nashville, Tenn., to operate a $1.2 billion portfolio of continuing-care retirement communities. Brookdale will handle management duties of the retirement communities. The initial portfolio comprises 7,000 units at 14 facilities, mostly in Florida, but could grow over time. HCP specializes in senior housing and health care facilities.
DONE DEAL: El Segundo toymaker Mattel Inc. has completed its $460 million acquisition of Montreal toymaker Mega Brands Inc. Mega is known for its children’s building blocks, construction sets and other arts and craft toys. The deal was seen as a way for Mattel to expand in a segment now dominated by Danish building toy giant Lego Group.
EARNINGS: DineEquity Inc. reported first quarter net income of $20.5 million, compared with $17.9 million in the same period a year earlier. Revenue rose 2.5 percent to $167 million. ... Herbalife Ltd. reported net income of $74.6 million, compared with $119 million a year earlier. Revenue rose 12 percent to $1.26 billion. … DreamWorks Animation SKG Inc. reported a net loss of $43 million, compared with net income of $5.6 million a year earlier. Revenue rose 9 percent to $147 million. ... Edison International reported net income of $176 million, compared with $271 million a year earlier. Operating revenue rose 11 percent to $2.93 billion. ... City National Corp. reported net income of $54.5 million, compared with $51.5 million a year earlier. Net interest income of $206 million was unchanged from last year.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Mapletree’s Extended Interest Lands Deal For Oakwood Worldwide
- Oakwood Worldwide Strikes $4 Billion Expansion Deal
- Oakwood Venture Pays Top Dollar on Miracle Mile
- News of the Week
- News of the Week
- Investors Move Into Residential on Miracle Mile
- Minkow Sentenced for Embezzling From Church
- DirecTV Posts Customer Gains During Q4