Stories for May 2017

Wednesday, May 31

Silicon Beach Report May 31: Musk Threatens to Withdraw from Trump Advisory Council Should U.S. Leave Paris Climate Treaty

Musk threatens to withdraw from Trump advisory council should U.S. leave Paris climate treaty, cellphone game controller manufacturer Gamevice raises $12.5 million, and FitnessGenes raises $5 million.

Ryan Names Soon-Shiong to Congressional Health IT Committee

House Speaker Paul Ryan on Wednesday named L.A. billionaire surgeon and cancer research leader Patrick Soon-Shiong to an advisory committee on health care information technology.

County Homeless Count Surges to Nearly 58,000

Almost 58,000 people are homeless in Los Angeles County on any given night, up 23 percent from a year ago, according to the latest count from the Los Angeles Homeless Services Authority released Wednesday.

Musk Threatens to Withdraw from Trump Advisory Council Should U.S. Leave Paris Climate Treaty

SpaceX and Tesla Chief Executive Elon Musk said on Twitter Wednesday that he would leave President Donald Trump’s Advisory Forum should the United States withdraw from The Paris Agreement on climate change.

Jerry Seinfeld’s Former Hollywood Hills Home for Sale for $40 Million

Jerry Seinfeld’s former Hollywood Hills home is for sale off-market, according to listing agent Rochelle Maize of Nourmand & Associates.

Tuesday, May 30

Four Seasons Residences Begins Construction with $239 Million Loan

Construction began this week on Four Seasons Residences, 58 ultra-luxury condominiums and townhouses on the outskirts of Beverly Hills, after developer Genton Property Group raised $239 million for the project.

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Insurance Firm Signs U.S. Bank Tower Lease

Cushman & Wakefield and OUE Ltd. announced that global insurance firm Marsh & McLennan Cos. has signed a 15-year lease at downtown’s U.S. Bank Tower. The tenant will occupy 72,000 square feet on floors 11 through 14 of the iconic skyscraper.

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Silicon Beach Report May 30: Mobile Game Publisher GameMine Raises $20 Million

Mobile game publisher GameMine raises $20 million, Snap Inc. acquires drone company for $1 million, and SpaceX conducts static rocket test, creates brush fire.

Monday, May 29

Leno Launch No Joke

Talk show star Jay Leno now talks about his new car care product line.

Friday, May 26

Leonardo DiCaprio and Strand Equity Partners Invest in Hippeas Snack Maker

Hippeas’ chickpea puffs are getting a boost from actor Leonardo DiCaprio and private equity firm Strand Equity Partners.

Silicon Beach Report May 26: Boring Co. Releases Images of Electric Vehicle for its Proposed Tunnel Network

Boring Co. releases images of electric vehicle for its proposed tunnel network, loser of ULA’s Vulcan engine competition could lose Air Force funding, and Seriously launches series of shorts for its mobile game “Best Fiends.”

Rexford Industrial Realty Acquires Ontario’s Safari Business Center for $141 Million

Sawtelle-based Rexford Industrial Realty Inc. has purchased an iconic safari-themed, 16-building industrial park in Ontario for about $141 million, it announced this week.

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Movers for Week Ending May 26, 2017

Los Angeles-based Puma Biotechnology Inc. was this week’s biggest mover, gaining 110.98 percent to end at $79.75. Clothing brand Guess? Inc. was also among the week’s biggest movers. The Los Angeles clothing brand and retailer gained 18.60 percent to end at $11.67. Calabasas-based software solutions company NetSol Technologies Inc. was this week’s biggest loser, dropping 13.33 percent to end at $3.90.

Brentwood Associates On Target for $1.1 Billion Fund

Private equity firm Brentwood Associates has raised $984 million of a targeted $1.1 billion fund, according to documents filed with the Securities and Exchange Commission last week.

Brentwood Associates On Target for $1.1B Fund

Firm continues busy acquisitions run, but sees personnel turnover.

Private equity firm Brentwood Associates has raised $984 million of a targeted $1.1 billion fund, according to documents filed with the Securities and Exchange Commission last week.

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Cement, Concrete Firm Will Add Facility to Mix

Construction: Cemex USA says boom in building has solidified need for site.

Cemex USA plans a new facility to serve a build-up in demand for cement and concrete.

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Bartending Machine Serves Up Spirited Presence

ALCOHOL: Somabar looks to button up drink orders at range of establishments.

Somabar believes its drink-making machines will mix well with eateries and other businesses.

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Drone Maker Eyes Military

AVIATION: AeroVironment sees Snipe as standard issue.

AeroVironment pursues big returns from sales of its pocket-size Snipe drone to the military.

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Low-Calorie Halo Top Ice Cream Has Proved Hot Sales Item

Scooping Market

Eden Creamery seeks a bigger scoop of the ice-cream market with its low-calorie Halo Top brand.

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Westside Condos Head Into New Price Territories

REAL ESTATE: Brokers pitch high-net-worth buyers $2,000-a-square-foot homes.

Ultraluxury condos on the Westside are heading north of traditional listing prices.

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Firms Look to Connect With Augmented Reality

TECHNOLOGY: Supporters cite Pokémon Go craze as strength in face of VR buzz.

Some firms see an advantage in augmented reality versus hardware-heavy virtual reality.

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Making L.A. Work

ECONOMY: Icons talk industries, culture.

Patrick Soon-Shiong, Peter Lowy, Tyra Banks, Eli Broad, and Michael Milken spoke at the Business Journal’s inaugural Icons event.

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Port Gets Moving on Data Plan

SHIPPING: Parties hope to help cargo navigate docks.

A new wave in logistics could be rolling in with a data-sharing program at the Port of Los Angeles.

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Tunnel Skepticism Runs Deep

TRANSPORTATION: Pitch by Elon Musk hits city limits.

City officials are not digging Elon Musk’s plan for underground tunnels to LAX.

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Los Angeles Still Has Home Rental Reservations

HOSPITALITY: City may restrict duration of stays through sharing platforms.

The battle over home-sharing in Los Angeles is about to heat up again as an ordinance to regulate the industry goes before a Los Angeles City Council planning committee as early as this week.

Vote Raises Bar Stakes

LAW: Clash over slate of board nominees lifts lid on rift at trade organization.

Fight over county bar nominees exposes friction and fiscal mismanagement at the organization.

Co-Working Space Out?

REAL ESTATE: Landlord Hudson Pacific seeks to evict tenant Real Office Centers.

Landlord Hudson Pacific moves to evict co-working space business Real Office Centers.

PAGE 3: Film Festival Kudo

Jeffrey Katzenberg received an honorary Palme d’Or at the Cannes Film Festival, telling the assembled that it was akin to receiving the honorary Oscar he was awarded in 2012.

Investor Pioneered Hispanic Television

A. Jerrold Perenchio acquired Univision in 1992 deal; changed channel into media powerhouse.

Billionaire TV exec and philanthropist A. Jerrold Perenchio, 86, pioneered the Hispanic broadcasting market.

Sale Date Arrives For Events Planner

Fashion-, beauty-focused Simply agrees to acquisition deal with like-minded firm Nylon Media.

Nylon Media books acquisition deal with fashion and beauty conference planner Simply.

Proposed Tunnel In Funding Hole

Metro vote to pull money likely ends drive to create 710-210 freeway connector in Pasadena.

Metro vote to scrap funding may mean the end of the road for freeway tunnel project.


Upcoming conventions


Calendar of events

Pulling Together

The values of local business leaders reflect the strengths and promise of the Los Angeles region.

Investor Doubles Down in Glendale Office Pickup

ACQUISITION: Class A pair near popular retail centers scored in $144 million deal.

Kennedy-Wilson Holdings Inc. acquired two Class A office buildings in Glendale for $144 million, the real estate investment firm said last week.

Grocery Company Bags Cooperative in $375 Million Deal

The acquisition of Commerce-based Unified Grocers Inc. came a step closer to fruition as the Federal Trade Commission cleared the way in mid-May for Supervalu Inc. to purchase the wholesale food distributor for $375 million.

Thursday, May 25

Metro Votes to End Funding for 710 Tunnel Extension

The Los Angeles County Metropolitan Transportation Authority voted Thursday to end its share of funding for a controversial proposed $3.2 billion, 4.9-mile tunnel to extend the 710 Freeway from its current terminus from Alhambra to Pasadena.

Silicon Beach Report May 25: Faraday Future Said to Plan $1 Billion Fundraising Effort

Faraday Future said to plan $1 billion fundraising effort, Chef’d raises $10 million, and Disney CEO Bob Iger says hacker threat to release stolen movie was a hoax.

Kennedy-Wilson Acquires Glendale Office Buildings for $144 Million

Two Class A office buildings in Glendale have sold for $144 million, according to their buyer, real estate investment firm Kennedy-Wilson Holdings Inc.

Wednesday, May 24

LABJ Icons: Patrick Soon-Shiong Plans Cancer Center; Peter Lowy Maps Westfield Growth

Biotech billionaire Patrick Soon-Shiong plans to open an L.A. cancer treatment center this summer, he said Wednesday during the Business Journal’s Icons event at Montage Beverly Hills.

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Billionaire Philanthropist and Former Univision CEO Jerrold Perenchio Dies at 86

Billionaire media mogul and philanthropist A. Jerrold Perenchio passed away on Tuesday at the age of 86 after a five-month struggle with lung cancer, according to a statement from his L.A.-based investment firm, Chartwell Partners.

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West Hollywood’s Simply Inc. Acquired by Nylon Media

Simply Inc., a fashion, beauty, and social media influencers event and branding company, has been acquired by Nylon Media Inc. for an undisclosed amount.

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Silicon Beach Report May 24: Snapchat Offering Discounts to Advertisers

Snapchat offering discounts to advertisers, Aerojet Rocketdyne engines to power experimental military spaceplane, and podcast search engine launched.

Tuesday, May 23

Silicon Beach Report May 23: Real Office Centers, Co-Working Tenants Evicted from Santa Monica Office

Real Office Centers, co-working tenants evicted from Santa Monica office, Snapchat launches custom group stories, and Pepsi to label millions of cans with Snapchat codes.

Real Office Centers, Co-Working Tenants Evicted from Santa Monica Office

Real Office Centers and its co-working tenants at a Santa Monica building received an eviction notice Monday from their landlord, Hudson Pacific, who said the company hadn't paid rent in April and May.

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Port of Long Beach Awards Community Sponsorships

The Port of Long Beach has awarded more than $372,000 in community sponsorships to 136 organizations in the latter half of the fiscal year, port officials announced on Monday.

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Monday, May 22

Silicon Beach Report May 22: Snapchat Has Lead in Augmented Reality

Snapchat has lead in augmented reality, Faraday Future founder steps down from CEO role at LeEco, and Hulu signs exclusive video-on-demand deal for ABC’s ‘Fresh Off the Boat.’

L.A. Chamber Cancels Turkey Business Forum after Protest Beating Incident

The Los Angeles Area Chamber of Commerce has cancelled a forum set for this week on doing business with Turkey.

Avery Dennison Corp. Acquires Irish Medical Supplier

Avery Dennison Corp. of Glendale announced on Monday that it had acquired Finesse Medical, an Irish medical supply manufacturer, for an undisclosed amount.

Friday, May 19

L.A. Unemployment Rate Falls to New Low of 4.5 Percent as Job Growth Weakens

L.A. County’s unemployment rate fell to another new low of 4.5 percent in April, but in a sign that the local economy is close to full employment, employers in the county reversed their hiring trends and shed a net 7,000 jobs last month, state figures released Friday show.

Forever 21 to Open Line of Riley Rose Beauty Boutiques

Forever 21 announced on Friday that it is launching a line of beauty boutiques.

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Cava Group Inc. Expands Mediterranean Restaurants, Food Wholesaling, in Los Angeles

Cava Group Inc., a young Mediterranean food company, is in the midst of an aggressive expansion in Los Angeles after raising a $30 million C series round in March.

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Silicon Beach Report May 19: Snap Executive Promotes Brand Engagement, Despite Slow User Growth

Snap executive promotes brand engagement, despite slow user growth, Fox developing ‘Alien’ multiplayer virtual reality game, and micro drone racing takes off in Los Angeles.

Movers for Week Ending May 19, 2017

Glendale-based Apollo Medical Holdings Inc. was this week's biggest mover, gaining 137.5 percent to end at $9.50. Los Angeles-based Cadiz Inc. was also among the week’s biggest movers. The water supply company gained 68 percent to end at $15.65. Internet advertising and marketing technology company Social Reality Inc. was this week’s biggest loser, dropping 74.4 percent to end at $1.60.

Orbiting Stars

INVESTMENT: Celeb clients can be tough acts to manage.

Wealth managers for entertainment industry clients say their oversight role can wax and wane.

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Architect Follows Career Blueprint to High End

DEVELOPMENT: Homes by Paul McLean can go for hundreds of millions.

Architect Paul McClean talks how the market is holding up for $500 million megamansions.

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Calendar of Events

Buyer Doubles Up Downtown in $20 Million Deal

ACQUISITION: DLJ scores pair of artist loft buildings; properties’ future uncertain.

An almost 100-year-old building in downtown’s Arts District designed by prolific L.A. architect John Parkinson and a neighboring brick structure were acquired this month for $20 million by DLJ Real Estate Capital Partners, said sources familiar with the deal.

Financial Firm Puts Money on Securities Acquisition

West L.A.’s B. Riley Financial Inc. has purchased Wunderlich Securities for $67 million in cash and stock options.

Big Lift for Rocket Firms

AEROSPACE: Popularity of 3-D printers rises in industry as speedy, cost-saving tool.

Three-D printing has taken off as a cost-saving method for rocket manufacturers.

Oil May Burn Investors

ENERGY: Chapter 11 plan for Breitburn may wipe out share value, boost tax bills.

Chapter 11 plan for oil and gas firm Breitburn could leave investors in the hole.

PAGE 3: In Memoriam

The last couple of weeks have been full of transitions.

English Presence Speaks to Producer

Gunpowder & Sky trains sights on digital future by opening first overseas office in London.

Digital content studio Gunpowder & Sky is accelerating its global activities with the launch of an international headquarters in London.

Philanthropist Put Focus on L.A.

Marion Anderson, 86, supported UCLA, Children’s Hospital, others, with late husband, John.

Marion Anderson, 86, was known for her support of UCLA and Children’s Hospital Los Angeles.

Century City Mall Clicks With Amazon

Westfield property will serve as home to internet retailer’s push into brick-and-mortar outposts.

Amazon pages a new sales future with plans for a bookstore at a Century City mall.

Google Takes Power Position

REAL ESTATE: Firm moves on data center in downtown.

Google comes into power downtown with data center lease.

Clothing Firm Sees Budding Opportunity in Weed

APPAREL: New owner of Dope looks to leverage name as pot use becomes legalized.

Fashion label Dope’s new owner wants to inject some green into the business he bought last month.

Former Internet Executive Remains Linked to Social Causes

Internet pioneer David Bohnett remains connected to social justice and philanthropic causes.

Rooftop Decks Prove Draw at Homes too Small for Traditional Backyards

Another Level

Homes with rooftop decks can raise the price ceiling on properties too small for backyards.

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High Speed, High Stakes

Is high-speed rail, a boon for contractors, a boondoggle for taxpayers?

Classic Game Shows Still Making Play for Viewers

TV: Deals for ‘Jeopardy,’ ‘Wheel of Fortune’ to keep programs on through 2020.

Newly renewed “Jeopardy” and “Wheel of Fortune” still deliver big audiences for their producer.

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Investors Ready to Gamble on Gaming Company

TECHNOLOGY: Gamblit raises $25 million in round as Las Vegas comes calling.

Gamblit Gaming raised a $25 million round of capital from undisclosed investors on May 9 to finance the manufacturing and development of additional touch-screen gambling machines.

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Upcoming Conventions

Colleges Build Up Ranks of Manufacturing

EDUCATION: Workers with midlevel skills in demand.

Community college initiative helps students put together careers in advanced manufacturing.

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City’s Take on Sustainability May Buoy Businesses

HOUSING: Construction, design firms get green light with Santa Monica policy.

Santa Monica’s zero-net-energy policy could pay off for construction and design businesses.

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Range of Firms Looks to Ride Rail-Line Contracts

TRANSPORTATION: Tutor Perini, Parsons among takers of $1 billion in local projects.

Local firms are on board with high-speed rail-line contracts despite criticism of the project.

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Thursday, May 18

Amazon Books Submits Plans for Westfield Century City Store

Amazon Books, part of Inc., applied for building permits last week for a 5,227-square-foot suite at the Westfield Century City mall, according to a record on the L.A. Department of Building and Safety website.

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Silicon Beach Report May 18: Social Native Raises $8 Million

Social Native raises $8 million, former Yahoo interim CEO joins SteelHouse board, and DogVacay to shut down and transition customers to Rover.

Report: New York City Tops L.A. in Creative Jobs

While California leads the nation in creative jobs, according to a new report from Westchester’s Otis College of Art and Design, Los Angeles trails New York as the city with most jobs in the sector.

L.A. Council Passes $9.2 Billion Budget

The Los Angeles City Council on Thursday unanimously passed a $9.2 billion budget for the 2017-18 fiscal year beginning July 1, a 5 percent increase over the current fiscal year, and nearly $500 million more than what Mayor Eric Garcetti proposed last month.

NFL Inglewood Stadium Opening Delayed to 2020

Southern California’s heavy rains this year eased the drought but put a damper on the NFL’s plans to build a stadium in Inglewood by 2019.

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Wednesday, May 17

Silicon Beach Report May 17: Virtual Reality Co. to Premiere ‘Raising a Rukus’ at L.A.’s Imax VR Center

Virtual Reality Co. to premiere ‘Raising a Rukus’ at L.A.’s Imax VR Center, Surf Air receives noise complaints from residents near Santa Carlos Airport, and Team Liquid Partners with gaming analytics company Mobalytics.

Virtual Reality Co. to Premiere ‘Raising a Rukus’ at L.A.’s Imax VR Center

Virtual Reality Co. plans to premiere its “Raising a Rukus” virtual reality experience at the flagship Imax VR Center in the Fairfax District on Friday.

Restaurateurs Look to Get Cooking in Venice Deal

Many Angelenos see Lincoln Boulevard in Venice as a road to the airport – one lined with a hodgepodge of small businesses ranging from auto repair shops to liquor stores.

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Tuesday, May 16

Billionaire Philanthropist and Topa Equities Chairwoman Marion Anderson Dies

Marion Anderson, the billionaire philanthropist and chairwoman of Topa Equities Ltd., died on Sunday in Los Angeles.

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Silicon Beach Report May 16: Upload Raises $4.5 Million

Upload raises $4.5 million, lens replacement startup Lensabl raises funding, and FilmOn settles lawsuit with broadcasters CBS, Fox, and NBC.

Echo Park Homes Set to be Preserved as Historic Monument after Developer Filed Plans for Demolition

Seven pre-World War II bungalows in Echo Park are set to be preserved as a historic monument, preventing L.A. developer Bixel House from demolishing them to build 12 small-lot subdivision single-family homes.

Monday, May 15

Former Neutrogena Chief, UCLA Donor Lloyd Cotsen Has Died

Lloyd Cotsen, the former chief executive and chairman of the board of Neutrogena Corp., passed away at his Beverly Hills home on May 8, according to UCLA, where his endowment established an archaeology institute. He was 88.

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Silicon Beach Report May 15: SpaceX Settles Overtime Pay Class Action for $4 Million

SpaceX settles overtime pay class action for $4 million, Snap launches new camera lens ads, and hackers may have stolen unreleased Disney movie, Chief Executive Bob Iger tells staff.

Former Paramount Pictures Chief Brad Grey Dies of Cancer at 59

Brad Grey, former Paramount Pictures Corp. chairman and chief executive, died of cancer Sunday night at his Holmby Hills home. He was 59.

SpaceX Settles Overtime Pay Class Action for $4 Million

SpaceX settled an overtime pay class action with 4,100 workers on Wednesday for $4 million.

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Gunpowder & Sky Launches International Headquarters in London

Digital content studio Gunpowder & Sky is accelerating its global activities with the launch of an international headquarters in London.

Traction Avenue Buildings in Arts District Fetch $20 Million

A century-old building in the Arts District designed by prolific L.A. architect John Parkinson and a neighboring brick structure sold last week for $20 million to DLJ Real Estate Capital Partners, sources familiar with the deal said.

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Billionaires Bloom in Big Year

The Wealthiest Angelenos were enriched at a healthier rate than all U.S. households in 2016.

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PAGE 3: Delivering on Pitches

Ribbons were cut earlier this month for the James B. Freedman Pitch Deck at the UCLA Anderson School of Management Venture Accelerator.

L.A. Welcomes Bootlegs

HOUSING: Council signs off on path to turn unapproved units into permitted homes.

HOUSING: Los Angeles City Council opens door for bootlegged residential units to gain permits.

Drug Maker Put to Test

BIOTECH: Shares of Puma tumble after exec’s exit prior to crucial review by FDA.

BIOTECH: Fate of drug company Puma could hinge on upcoming FDA review of its cancer treatment neratinib.

Unlocking Luxury

Bruce Makowsky lives on high end of mansion market with projects such as $250 million Bel Air home

REAL ESTATE: Developer Bruce Makowsky has given luxury a whole new ZIP code with his megamansions.

Comics Titan Inks Deal To Power Up in China

ENTERTAINMENT: Sale to Camsing may ease financial issues for Stan Lee’s Pow.

Camsing’s deal for comic-book legend Stan Lee’s Pow could punch up production.

City of L.A. Rewrites Environmental Report Rules

DEVELOPMENT: System will restrict EIR authors to prequalified consultants list.

In the hopes of avoiding protracted lawsuits over environmental impact reports for major projects, city of L.A. planning officials will soon start requiring that developers use only prequalified consultants to prepare those massive reports.

Firm’s Feast of Deals Includes Pickup of Importer

FOOD: Corridor Capital’s second attempt to swallow Indo-European successful.

Corridor Capital has been keeping busy.

Canadian Buyer Takes Plunge With Seafood Acquisition

Culver City seafood supplier Rubicon Resources, a venture of Thai seafood packing and distribution companies AMS and PTN Group, will be acquired by High Liner Foods Inc., a publicly traded Canadian company, in a cash-and-stock deal valued at $107 million.


Calendar of Events


Upcoming Conventions

Restaurateurs Look to Get Cooking in Venice Deal

ACQUISITION: Father, son buy Lincoln Boulevard land next to Night + Market site.

Many Angelenos see Lincoln Boulevard in Venice as a road to the airport – one lined with a hodgepodge of small businesses ranging from auto repair shops to liquor stores.

Coming to America?

U.S. business community could end up paying for an immigration policy that bars entrepreneurs

Soon-Shiong Plans Nant IPO

BIOTECH: Venture would roll up several pharma units.

Patrick Soon-Shiong will continue to nurse his presence in the sector by forming the NantBio entity.

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City of L.A.’s Rental Unit Law Proves Tough Sell

DEVELOPMENTT: New rules draw fire from businesses, which may relocate projects.

City of L.A.’s new law on rental unit requirements might spur projects to move away.

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Medical Centers Seek Healthy Boost

Cedars-Sinai, Torrance Memorial forge partnership in which both will operate under parent entity.

HEALTH CARE: Cedars-Sinai and Torrance Memorial like the prognosis for a joint medical center entity.

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Forever 21 Cuts Prices With F21 Red Chain

APPAREL: High on Low

Fast-fashion pioneer Forever 21 is speeding its efforts to expand its discount brand F21 Red.

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Development at Crossroads

REAL ESTATE: Review of project impact underway.

Hollywood’s Crossroads of the World may be getting a makeover.

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Spy Satellite May Mean Launch Firm on Way Up

AEROSPACE: Military deals could help SpaceX cope with swings in commercial orders.

Military contracts could provide a big lift to SpaceX’s launch business.

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L.A. Tourism Hits Hospitality High

Visitors spent record amount last year, but local officials wary of Trump’s impact on travel.

TOURISM: L.A. County welcomed record numbers in 2016, but officials are bracing for travel-ban fallout.

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Business Rebounds for Furniture Maker Virco as School Budgets Increase

Hard Lessons

MANUFACTURING: Furniture maker Virco is sitting prettier as school districts up their postrecession budgets.

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Friday, May 12

High Court Affirms Ruling that Mercury Insurance Can't Charge Policyholders for Sponsorships

The California Supreme Court has rejected a bid by Mercury Insurance Group to charge customers for branding costs.

Silicon Beach Report May 12: Elon Musk’s Boring Co. Begins Horizontal Digging in Hawthorne with Tunneling Machine

Elon Musk’s Boring Co. begins horizontal digging in Hawthorne with tunneling machine, military could have low-cost launch market in five years with increased investment, and Social Reality rebrands as SRAX.

Top Fox Broadcasting Exec Lists Bel Air Home for $9 Million

Fox Broadcasting Co.’s president of entertainment, David Madden, and his wife, Marci Pool, have put their Bel Air home on the market for $8.99 million, according to property records.

Movers for Week Ending May 12, 2017

Patrick Soon-Shiong’s Culver City-based biotech company NantKwest Inc. was the week’s biggest gainer, jumping 35.8 percent to close at $3.98. Real Industry Inc. of Sherman Oaks also saw big gains, adding 30.6 percent to its share price to close at $3.20. The week’s biggest laggard was Beverly Hills’ Capricor Therapeutics Inc., which dropped 62.6 percent to close at $1.16.

Developer Plans 228 Homes in Inglewood Near Rams Stadium

Harridge Development Group is swooping into Inglewood with a plan to build 228 townhomes on an 18-acre site just a mile from the Los Angeles Rams’ planned $2.6 billion stadium.

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Thursday, May 11

Silicon Beach Report May 11: Lions Gate Ordered to Pay $5.8 Million to 'Biggest Loser' Star Jillian Michaels for Airing Workout Videos on YouTube

Lions Gate ordered to pay $5.8 million to 'Biggest Loser' star Jillian Michaels for airing workout videos on YouTube, TrueCar adds pricing information to eBay Motors, and Lyft moving into space in Arts District.

Jay Z Signs $200 Million Touring Pact With Live Nation

Shawn “Jay Z” Carter and Live Nation have announced an exclusive 10-year touring partnership, continuing the rapper’s longstanding partnership with the world’s biggest live-entertainment company.

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Former Fox Exec Vinciquerra Replaces Lynton as Sony Pictures CEO

Following months of speculation about who might replace Michael Lynton as Sony Pictures Entertainment's chief executive, veteran media executive Tony Vinciquerra will assume the post, Sony announced Thursday.

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April Cargo Volumes Spike at L.A., Long Beach Ports

Cargo volumes rose in April at the country’s two busiest ports, Los Angeles and Long Beach, with L.A.’s hitting a record for the month.

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Hollywood’s Crossroads of the World Redevelopment EIR Unveiled

A mixed-use development that would be among the biggest in Hollywood history will face public scrutiny with the planned release Thursday of its draft environmental impact report.

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Wednesday, May 10

Silicon Beach Report May 10: Snap Inc. Reports Slow User Growth, Shares Drop More Than 25 Percent

Snap Inc. reports slow user growth, SpaceX considering sending two Dragon capsules to Mars in 2020, and Jordan Levin named CEO of AwesomenessTV.

Snap Inc. Reports Slow User Growth, Shares Drop More Than 25 Percent

Snap Inc., parent company of Snapchat, reported a net loss of $2.2 billion (-$2.31 a share) during its first quarter as a public company, stemming mostly from stock-based compensation issued to employees for its initial public offering in March.

Los Angeles Moves to Legalize Bootlegged Residential Units

Around 5,000 bootlegged units across Los Angeles created without a city permit could soon become legal.

Cedars-Sinai and Torrance Memorial Form Partnership

Cedars-Sinai Medical Center and Torrance Memorial Medical Center are forming an affiliation to share facilities and resources, the two institutions announced Wednesday.

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Seafood Supplier Rubicon Resources Acquired for $107 Million

Culver City seafood supplier Rubicon Resources has been acquired by High Liner Foods Inc. in a deal valued at $107 million, Rubicon announced Wednesday.

Tuesday, May 9

Silicon Beach Report May 9: Snapchat Photos Can Now Be Viewed Indefinitely

Snapchat photos can now be viewed indefinitely, Cover raises $1.6 million to build prefab structures for homes, and SpaceX tests Falcon Heavy core.

Snapchat Photos Can Now Be Viewed Indefinitely

Snapchat users can now opt to allow their photos to be viewed indefinitely instead of having them disappear after 10 seconds, according to a statement released by Venice’s Snap Inc. on Tuesday.

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Cover Raises $1.6 Million to Build Prefab Structures for Homes

Cover Technologies Inc., a prefab building company that designs and manufactures backyard studios, has raised $1.6 million in seed funding, according to a statement released Tuesday.

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Monday, May 8

Silicon Beach Report May 8: Snap Inc. Reportedly Disinterested in Snapchat Users in the Developing World

Snapchat reportedly disinterested in users in the developing world, Aerojet Rocketdyne says AR1 rocket engine development is on schedule, and Revolution Prep raises $4 million.

Puma Biotechnology Stock Slumps as Regulatory VP Departs Before FDA Review

Puma Biotechnology Inc.’s stock took a dive last week after its regulatory executive resigned less than three weeks before a U.S. Food and Drug Administration panel is scheduled to review the public company’s breast cancer drug Neratinib.

Ebony Magazine Moving Headquarters to Los Angeles

Chicago-based Ebony magazine is moving its primary operations to Los Angeles, according to reports.

NantHealth President Robert Watson Steps Down

NantHealth Inc. announced Monday that President Robert Watson will step down and become a consultant for the company.

Friday, May 5

Stan Lee’s Pow! Entertainment Snared by Hong Kong Firm for $11.5 Million

Hong Kong’s Camsing International Holding Ltd. proposed Friday to acquire Stan Lee’s Pow! Entertainment Inc. for $11.5 million.

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Movers for Week Ending May 5, 2017

Long Beach’s Molina Healthcare Inc. was the week’s biggest gainer after firing two top executives, jumping 33.4 percent to close at $66.43. Carson-based aerospace components maker Ducommun Inc. also had a big week, rising 17.3 percent to close at $34.46. Westwood’s Puma Biotechnology Inc. was the week’s biggest laggard, dropping 24.4 percent to close at $30.70.

Tan Capital Partners Acquires Assets of Market Research Firm Osurv

Tan Capital Partners has acquired the intellectual property of market research firm Osurv for an undisclosed sum, the companies announced on Friday.

Silicon Beach Report May 5: SpaceX to Relaunch Second Used Rocket in June

SpaceX to relaunch second used rocket in June, Ellen DeGeneres adds show to YouTube, and agencies say Snapchat self-service feature will make it competitive with Facebook.

El Segundo Medical Firm Radiology Partners Raises $200 Million

Specialized medical firm Radiology Partners raised $200 million for an undisclosed stake from a group of new and old investors, the privately held El Segundo company announced this week.

Larger Companies Enter Orbit of Sector Startups

AEROSPACE: Linking up with new players can provide boost to vets such as Aerojet.

Large companies such as Lockheed Martin look for a lift by connecting with startups.

Artists Canvass Deals at Open Houses

Hanging their work in high-end for-sale homes can open doors for artists.

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USC Books Expansive Student Dorm Project

DEVELOPMENT: Village complex also will bring retail.

USC’s dorm project could serve as a wake-up call that brings investment into the area.

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Investors Still Have Hunger for Meal Replacement

FOOD: Parent company of Soylent piles up $50 million in Series B funding round.

Meal-replacement drink manufacturer Rosa Foods Inc., maker of the Soylent food alternative, has raised a $50 million Series B round led by GV (formerly Google Ventures) with participation from Tao Capital Partners as well as prior investors Lerer Hippeau Ventures and Andreessen Horowitz.

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Pricey Interview Service Hopes to Speak to Execs

VIDEO: Hollywood-style production big selling point for Path Content Group.

Path Content Group frames its recorded interviews as Hollywood-level productions.

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Shoemaker Comunity Takes Steps to Support Social Responsibility

Sole Focus

Shoemaker Comunity looks to follow in the “giving company” footsteps of Toms.

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Investor At Home in Medical Buildings, Senior Housing

Kayne Anderson Capital Advisors bolstered its medical building and senior housing holdings last week, acquiring real estate investment trust Sentio Healthcare Properties of Orlando, Fla., for $825 million.

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Logistics Loses Ground in City

SHIPPING: Carson extends moratorium on new operations.

Carson and logistics firms have yet to map out a plan to balance business and residential issues.

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‘Subscription Lines’ Stir Concern for Some Firms

INVESTMENT: Increasingly common use of bank loans to fund deals may pose risk.

Popularity of using bank loans to fund acquisitions has raised concern at some firms.

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Don’t Pump the Brakes

Carson’s restrictions on warehouses run the risk of worsening its infrastructure problems, not helping them.


Upcoming Conventions


Calendar of Events

Office Development Gets Jump on Pair of Tenants

LEASES: Culver Pointe puts deals in place with Henkel, Dentsu Aegis for fall arrival.

The ultracontemporary C3 office building under construction in Culver City’s Culver Pointe business park has signed two tenants a half-year before completion.

Eatery CEOs Talk Range of Important Ingredients

CONFERENCE: Serving up branded products for online, retail sales among pursuits.

The challenges of labor costs and shifting customer tastes are forcing the restaurant industry to find new strategies, from licensing brands for products found on big-box store shelves to using creative ways to cut overhead.

Snap’s Westside Presence Blamed for ‘Freak’ Out

REAL ESTATE: Founder of carnival-like sideshow says tech scene changing Venice.

Freakshow founder fears Snap’s presence may drop the curtain on Venice’s funky vibe.

Firings a Shot in Arm?

INSURANCE: Investors go for Molina Healthcare after removal of two top execs.

Termination of two top executives at Molina Healthcare nurses the company’s stock.

Desert Project Hot Ticket

WATER: Boosted prospects for aquifer venture deliver Cadiz $300 million in credit.

Improved outlook for Cadiz’s aquifer project helps secure a loan pipeline for the company.

PAGE 3: USC Lobbies D.C.

Max Nikias led a group of trustees and university officials to D.C. last month, part of an annual USC trip to brief congressional and administration officials on issues important to both the educational community and the university.

Billionaire Brothers Jump Into Funding

Frank and Lorenzo Fertitta form eponymous investment venture.

Former mixed-martial-arts executives get into ring with funding with launch of Fertitta Capital.

First-Quarter News Not Really Positive

Parent of L.A. Times, tronc, saw advertising revenue take tumble across print, online segments.

First quarter delivered some bad news for Los Angeles Times’ parent, tronc.

New Take on TV Works for Writers

Guild inks deal with producers that takes into account concern for shows’ shorter seasons.

Support for a strike may have helped produce a contract for the Writers Guild of America.

Big Bill Ahead

RETAIL: 99 Cents Only still struggling to jump-start sales.

99 Cents Only faces a big payment as a debt deadline nears for the highly leveraged chain.

Thursday, May 4

Silicon Beach Report May 4: Soylent Raises $50 Million, Plans In-Store Sales

Soylent raises $50 million, plans in-store sales, Leaf Group acquires home goods e-retailer Deny Designs for $12 million, and Snap Inc. hires media companies to produce original shows for Snapchat

Soylent Raises $50 Million, Plans In-Store Sales

Meal-replacement drink manufacturer Rosa Foods Inc., maker of the Soylent drink, announced on Thursday that it had raised a $50 million Series B round led by GV (formerly Google Ventures) with participation from Tao Capital Partners, and prior investors Lerer Hippeau Ventures and Andreessen Horowitz.

Redondo Beach Vaporizer Distributor Sold to Cannabis Supply Company

CMP Wellness, a privately held distributor of vaporizers, cartridges, and accessories in Redondo Beach, has been acquired by Kush Bottles Inc. in a transaction valued by Bloomberg at $21 million.

Los Angeles Times Parent Tronc Reports 1Q Revenue Losses

Tronc Inc., parent company of the Los Angeles Times and Chicago Tribune, released its first quarter earnings report Thursday, which detailed revenue losses in several categories compared to 2016.

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Kayne Anderson Acquires Sentio Healthcare Properties for $825 Million

Kayne Anderson Capital Advisors bolstered its medical building and senior housing holdings last week, acquiring real estate investment trust Sentio Healthcare Properties of Orlando, Fla., for $825 million.

Wednesday, May 3

Silicon Beach Report May 3: Study Estimates 46 Percent of Snapchat Users Don’t Use Instagram

A study by App Annie estimates that 46 percent of Snapchat users don’t use Instagram, Pluto TV signs TV and movie deal with Lions Gate, MGM, and Warner Bros, and Hulu launches live TV programming.

Report: April Hiring in Los Angeles Grew by More Than 13 Percent Year-to-Year

Businesses hired at a much faster rate in April than they did a year ago, according to a monthly jobs report from professional social networking site LinkedIn.

Tuesday, May 2

Silicon Beach Report May 2: Former UFC Owners Launch Fertitta Capital With $500 Million Fund

Former UFC owners launch Fertitta Capital with $500 million fund, Venice venture capital fund raises $212 million aimed at real estate tech, and Disney rebrands Maker Studios as Disney Digital Network.

Former UFC Owners Launch Fertitta Capital With $500 Million Fund

Fertitta Capital launched its first fund on Monday, worth $500 million, which it plans to invest in technology, media, and entertainment companies.

Hudson Pacific Properties Buys Third Hollywood Studio Site

Hudson Pacific Properties Inc. has finalized its $200 million acquisition of Hollywood Center Studios, the company said Tuesday, bringing its footprint of studio and office space in the market to 1.6 million square feet.

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Cadiz Announces $255 Million in Construction Financing for Desert Water Project

With the Trump administration soon likely to approve its long-sought desert water storage and transmission project, Cadiz Inc. announced Tuesday it has arranged up to $255 million in construction financing from giant private equity firm Apollo Global Management.

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Molina Healthcare Board Removes J. Mario, John Molina from Top Posts

The board of Molina Healthcare Inc. has removed the sons of the company’s founder from its top executive positions following disappointing financial results.

No WGA Strike: Hollywood Writers, Producers Reach Tentative Contract Agreement

The Writers Guilds of America West and East, and the Alliance of Motion Picture and Television Producers have reached a tentative agreement on terms for a new three-year collective bargaining agreement, averting a possible repeat of the 2007-2008 strike that lasted 100 days and cost the local economy more than $2 billion.

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Venice Venture Capital Fund Raises $212 Million Aimed at Real Estate Tech

Venice’s fledgling venture capital firm Fifth Wall Ventures announced Tuesday its first fund closed with $212 million in capital contributions.

Monday, May 1

Silicon Beach Report May 1: SpaceX Launches First Spy Satellite

SpaceX launches first spy satellite, Awesomeness signs Netflix movie deal, and Snapchat rolls out new viewability score.

Catasys Lists on Nasdaq, Closes $15 Million Public Offering to Clear Debt

Brentwood’s Catasys Inc. moved to trading on the Nasdaq Capital Market last week and closed a $15 million public offering intended to clear certain company debt.

Hulu, NBCUniversal Partner in Livestreaming Service Deal

Santa Monica’s Hulu and NBC Universal have reached a new distribution agreement that will bring NBC and Telemundo-owned stations, as well as NBCUniversal, to Hulu’s new livestreaming service, the companies announced today.