REBOUND: Three days after Chivas USA shut down, Major League Soccer announced that a new team had been awarded to an ownership group led by venture capitalist Henry Nguyen, Los Angeles Dodgers co-owner Peter Guber and former National Basketball Association executive Tom Penn. The new team, which has a working name of Los Angeles Football Club, is scheduled to begin play in 2017 at a stadium that will be built somewhere in Los Angeles County. The 22-person ownership group of the new franchise includes Earvin “Magic” Johnson, Mia Hamm and motivational speaker Tony Robbins.
TABLED: The Los Angeles City Council’s economic development committee has ordered an independent economic study of two proposals to raise the minimum wage in the city, delaying consideration of a wage hike until at least early next year. The study will examine the potential effects of both Los Angeles Mayor Eric Garcetti’s proposal to raise the minimum wage to $13.25 an hour by 2017, as well as a proposal from six council members to further hike the wage to $15.25 an hour by 2019.
LIVE AT THE GREEK: The Los Angeles Recreation and Parks Commission has voted to recommend Live Nation to run the Greek Theatre. The Beverly Hills concert giant beat out a bid from the venue’s longtime operator, Nederlander Corp. Live Nation also won out in another area: earnings. The company reported net income of $105.2 million (49 cents a share) for the quarter ended Sept. 30, up from $43.8 million in the same period a year earlier.
ACTION: A new joint venture among Hollywood heavy hitters will operate a studio in Glendale that will produce animated and hybrid animated-live action feature films. Billionaire investor Haim Saban, film director Chris Columbus, producer Michael Barnathan and ZAG Entertainment’s Jeremy Zag will launch ZAG Animation Studios. The studio will begin releasing two films a year starting in 2017 and already has a slate of 10 films in development. The first release from ZAG will be “Melody,” a computer-animated film co-directed by Columbus and Zag.
RIGHT SWIPE: Venice startup Tinder has announced that Silicon Valley venture capital firm Benchmark has taken an equity stake in the dating app and General Partner Matt Cohler will join its board. The size of the stake was not disclosed, though Re/Code reported Benchmark didn’t invest any money, trading instead on Cohler’s time and expertise. Cohler was a top lieutenant to Mark Zuckerberg at Facebook Inc. and a founding employee at LinkedIn Corp.
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