Stories for May 2019
Friday, May 31
Silicon Beach Report May 31: Snap Sells Location Data Business to Foursquare
Foursquare purchases Placed from Snap; Pluto TV carves out LA footprint; Netflix raises U.K. subscription prices
Hana Financial lines up $100M factoring credit line
Downtown-based Hana Commercial Finance Inc., a factoring and trade finance subsidiary of Hana Financial Inc., established a new factoring credit line through the issuance of $100 million in note borrowings.
SETTING THE STAGE
Streaming is a boon for the handful of companies that own Tinseltown’s studio space
Streaming platforms flock to local soundstages.
Bucking the Trend
Music Center, other public venues turn to alternate ticketing services
Venues Grapple With Ticketmaster Costs
ENTERTAINMENT: Fees can add 30% to ticket prices
Ticketmaster fees pile on costs for events at public venues.
LABJ Insider
Goings-on in L.A.’s business community.
ABB Faces Suit From Ex-CFO
BANKING: Whistleblower claims she was forced out
Suit claims American Business Bank CFO was forced out for whistleblowing.
Risks Surround Revolve IPO
RETAIL: Ecommerce fashion brand could face challenges
Revolve hopes to gain followers on Wall Street.
Second Home Taps Ex-Clippers Exec
Company to open first flexible office location in Hollywood later this year
Second Home looks for Hollywood beginning.
LA Acquires Industrial Lot
City will expand adjacent transportation yard
City buys downtown industrial property.
Scooter Wars
More than half a dozen companies are off and rolling in LA’s micro-mobility market
Scooting into L.A.
Platinum Makes Move For Customs Broker
Livingston deal gives PE firm presence in cargo industry
Platinum Equity buys Toronto customs brokerage.
Tetra Tech Wins Soil Cleanup Contract in DC
INFRASTRUCTURE: Work comes amid controversy
Tetra Tech awarded cleanup contract in D.C.
Armanino Unveils Pot Practice
Accounting firm will work with range of cannabis clients
Accounting firm Armanino jumps into pot market.
MedMen Gets Infusion
Gotham Green Partners sets $80 million investment
Gotham Green infuses cannabis retailer with $80M.
B. Riley Buys Wunderlich Warrants
Firm pays $2.8M to stop potential stock dilution
B. Riley shells out $2.8M for Wunderlich warrants.
Metro Blue Line Renovation Hits Halfway Mark
Work begins on northern portion of project between Willowbrook, downtown
Light at the end of the tunnel as Blue Line upgrade hits halfway mark.
Kim Takes Chairman Mantle
Hope consolidates leadership positions with chief executive
Hope Bancorp names new chairman.
MedMen Cuts Executive Salaries
RETAIL: Company looks to reduce expenses as losses continue to widen
Culver City-based MedMen Enterprises Inc., said it was cutting executive salaries by nearly 96% as losses in its latest fiscal quarter continued to widen.
Family rule ends at Oltmans
Whittier contractor names John Gormly as CEO
Whittier contractor names John Gormly as CEO
LAX, LAUSD Partner for Jobs
Program will place students in positions throughout the airport
LAX, LAUSD launch student job training program.
Upfront-Backed Software Comes Out of Stealth
Collaborative design program is browser-based
Projector launches presentation software.
Feather Plans to Land in LA
Furniture rental service sets expansion after $12M raise
High residential turnover brings Feather to L.A.
Killer Thirst? Try Liquid Death
Science Inc.-backed water-in-a-can startup raises $1.6 million
Water company Liquid Death raises $1.6M.
Sunset Strip Hotel Nabs $300M Loan
Mirae Asset Daewoo, Deutsche Bank provide funding for project
West Hollywood Edition secures $300M loan.
$400M Tower Planned for Miracle Mile
Mid-Wilshire development to create 42-story high-rise
Mid-Wilshire will soon be home to Walter Marks’ new high-rise.
Trion Sells Redondo Retail Spaces
Seaside Village tenants include a mix of ‘internet resistant’ businesses
Trion sells Redondo retail properties for $9M.
CHARACTER STUDY
Heather de Michele • The Groundlings Theatre and School
Groundlings’ Heather de Michele boasts of theater’s direct line to SNL.
Thursday, May 30
LAX Passenger Traffic Up 1 Percent in April
April passenger traffic at Los Angeles International Airport rose by 63,000, or 1 percent, compared to April of last year to reach 7.2 million, according to figures released by the airport’s governing authority on May 29. The figures from Los Angeles World Airports also show that passenger traffic for the first four months of this year rose by 380,000 from the first four months of last year to reach 27.4 million, also an increase of 1 percent.
Amgen Collaboration to Further Cancer Research
Amgen Inc., with the help of leading community oncology networks, has launched Amgen Community Oncology Research Collaborators, an initiative to introduce more people to clinical research.
Silicon Beach Report May 30: Moonshots Capital Backs Backtracks
Mission finds $15 million; Moonshots leads Backtracks funding round; ATTN hires new executive from Vox
Stone Canyon Industries Snaps Up Reddy Ice
Stone Canyon Industries Holdings acquired the largest manufacturer and distributor of packaged ice in the United States, Reddy Ice Holdings, from New York private equity firm Centerbridge Partners.
Moonshots Capital Leads $2.1 Million Backtracks Seed Round
Podcast analytics software developer Backtracks Inc. announced May 30 it raised a $2.1 million seed round led by Marina del Rey-based venture capital firm Moonshots Capital.
Wednesday, May 29
BLT Purchases Stages in Hollywood
A subsidiary of Santa Monica-based BLT Enterprises purchased the Ben Kitay Stages in Hollywood for an undisclosed sum, the group announced May 29. It is BLT’s first studio acquisition.
Silicon Beach Report May 29: Cinelytic Brings AI to Film Casting
3Diligent begins offering consulting services; Hulu reports majority of users pay for ads; Hollywood experiments with AI to measure impact of key filmmaking decisions.
MedMen Trims CEO, President Salaries as Losses Widen in 2019 3Q
Culver City-based cannabis retailer MedMen Enterprises Inc. said it was cutting executive salaries as losses in its latest fiscal quarter continued to widen, according to a company statement.
Tetra Tech Snags $25M Contract for Anacostia River Sediment Cleanup
Pasadena-based Tetra Tech Inc. announced May 28 that it has been awarded a $25 million contract for technical support services for assessment and remediation of contaminated sediments in the tidal portion of the Anacostia River, which flows through Washington D.C.
Walter Marks Planning 42-Story, $400M Apartment Tower in Miracle Mile
Developer Walter Marks plans to build a 42-story, $400 million luxury apartment tower at 5411 Wilshire Blvd.
Tuesday, May 28
Revolve Sets IPO for $211 Million
E-commerce seller fueled by influencers
Cerritos-based fashion brand Revolve set the terms of its initial public offering in disclosures filed May 28 with the Securities and Exchange Commission.
Watson Joins TrueCar as Chief Financial Officer
Noel B. Watson will join Santa Monica-based digital auto marketplace TrueCar Inc. as its new chief financial officer.
Atom Tickets Strikes Deal With Cinemark
Santa Monica’s Atom Tickets significantly expanded its share in the movie ticketing service market May 28, announcing that they struck a deal with Cinemark, the third largest movie theater exhibitor in the U.S.
Silicon Beach Report May 28: SpaceX Works to Reduce Impact of Starlink
Cornerstone OnDemand aids job seekers; SpaceX Starlink’s astronomical implications; Snap working to integrate music
Culver City-Based MedMen Lands $80M Credit Advance From Gotham
Culver City-based MedMen Enterprises Inc. has been advanced an $80 million investment from marijuana industry investor Gotham Green Partners.
The Business of Cannabis: Investment Opportunities in the Cannabis Industry
Custom Content by the Los Angeles Business Journal
In 2018, global legal cannabis sales were between $18-20 billion.
The Business of Cannabis: Tax Planning for Cannabis Companies
Custom Content by the Los Angeles Business Journal
Now legal in 33 states (as well the District of Colombia, Guam and Puerto Rico), cannabis has seen a rise in the percentage of Americans favoring legalization with a majority now in support of ending prohibition.
The Business of Cannabis: Solutions for the Cannabis Industry’s Packaging Needs
Custom Content by the Los Angeles Business Journal
Everyone in the cannabis industry has a “story.” Acorn is no different. A Los Angeles based family-owned and operated business since 1946, Acorn has been dedicated to serving the packaging needs of numerous California based industries.
The Business of Cannabis: Counterfeit Cannabis - A Threat to Public Health
Custom Content by the Los Angeles Business Journal
Walk into a cannabis dispensary and chances are you will see on display products of some of the top brands in California, such as Heavy Hitters, Absolute Extracts, and King Pen.
The Business of Cannabis: Cannabis Insurance - From Seed to Sale
Custom Content by the Los Angeles Business Journal
The level of complexity to operate a cannabis business and the myriad of federal, state and local requirements businesses face requires a diligent and thoughtful approach to bring “out of the box” results, and deliver on relevant solutions.
Scientists Explore Ketamine as Tool to Fight Depression
Custom Content by the Los Angeles Business Journal
Researchers have identified ketamine-induced brain-related changes that are responsible for maintaining the remission of behaviors related to depression in mice – findings that may help researchers develop interventions that promote lasting remission of depression in humans.
Eating Disorders Affect All Body Sizes
Custom Content by the Los Angeles Business Journal
The National Eating Disorders Association (NEDA) announced in March that the Long-term InVestment in Education for Wellness (LIVE Well) Act was reintroduced in the U.S. House of Representatives.
MHALA: Helping Those Who Need it Most
Custom Content by the Los Angeles Business Journal
Founded in 1924, Mental Health America of Los Angeles (MHALA) is one of the oldest nonprofit mental health organizations in the country.
Friday, May 24
Sunset Strip Project Gets $300M Loan
The West Hollywood Edition Hotel and Residences has received a $300 million floating-rate loan.
SoundCloud Acquires Repost Network
Audio sharing platform Soundcloud Inc. announced May 23 it will acquire Venice-based rights distribution company Repost Network.
SpaceX Fundraising Spree Tops $1B
Space X has raised over $1 billion in the last six months as it seeks to bolster its plans to build a network of satellites in space, new filings show.
Silicon Beach Report May 24: Snap Hires New Diversity Lead
PeerStreet hires new sales manager; SpaceX successfully deploys 60 Starlink satellites; Snap gains new diversity lead
Retail Opens Up
As shoppers move to ecommerce, more retail space available By HANNAH MADANS Staff Reporter
Vacancies rise in L.A.’s retail market.
Group Pushes for Nightlife Bill
Alliance wants state to extend alcohol serving hours to 4 a.m.
Los Angeles Nightlife Alliance pushes for extended alcohol serving hours.
LEVELING UP
Immortals tries new strategy to win more of the $1B esports market
As competition heats up in the esports industry, companies are working out new strategies for winning.
Malibu Mall Nears Completion
Real Estate: Local pushback delayed project
Before Malibu’s first Whole Foods opens its doors in June, its 15-year lease will have already expired once.
PacWest Execs Move to Denver
FINANCE: BH bank to grow in Rocky Mountain market
PacWest executives relocate to Colorado with thoughts of expansion.
Canada Woos Pot Companies
FINANCE: Exchanges fight to list LA cannabis stocks
Canada’s stock exchanges are courting L.A. cannabis firms.
Endeavor IPO Cements Pivot
MEDIA: Agency files to go public as its business shifts
Talent agency WME’s parent company Endeavor Group Holdings Inc. is planning to go public, a move that vindicates the company’s recent shift toward producing and selling content rather than focusing exclusively on talent representation.
LABJ INsider
Inglewood Mayor James Butts Jr. had plenty of reasons to smile as he worked his way across the crowded terrace at the Montage hotel.
EV Battery Maker Raises $88M
MANUFACTURING: Funding follows new partnership with auto parts co.
Electric-vehicle battery-maker Romeo Systems Inc., also known as Romeo Power Technology, raised $88.5 million in a new round of funding, according to a May 20 filing with the Securities and Exchange Commission.
Fika Raises $76 Million Fund
FINANCE: VC aims to lead seed rounds in B2B tech startups
West Los Angeles-based investor Fika Ventures announced May 23 it completed the raise of a $76 million fund, the VC’s second since its 2017 launch.
CAA Launches Film Financing Company
MEDIA: Agency sets international deals
One of Hollywood’s top talent representation firms, Creative Artists Agency, has formed a new company to finance film projects — even as many of the writers it’s represented are taking action against the agency over such business ventures.
Clearlake Capital Doubles Down on Dubs
PE firm adds MHT Luxury Wheels to Wheel Pros portfolio company
Clearlake’s Wheel Pros combines with luxury wheel company.
B. Riley Sells Broadsmart
Firm fetches $7.4 million for communications company
B. Riley Financial to sell Broadsmart Global.
Cedars Credit Union Merges
Hospital CU folds into Credit Union of SoCal
Hospital CU folds into Credit Union of SoCal
Long-Awaited Long Beach Mall Names Tenants
‘Coastal contemporary’ complex to offer shopping, dining, fitness studios
Long Beach’s 2nd & PCH will be home to Shake Shack and Whole Foods.
Garcetti Delays Port Vote Again
Mayor seeks automation deal between union, LA terminal
Vote delayed again on Port of L.A. automation.
Tetra Tech Bids for UK Firm
WYG focuses on major infrastructure, environmental services
Tetra Tech looks to acquire U.K.-based WYG.
Paramount Pictures Continues Profitability Push
Long-term streaming strategy, competition questions remain for studio
Paramount continues to see boost in profitability.
LA Weekly Talks Progress
Lawsuit over leadership moves toward mediation
LA Weekly’s legal woes may soon be at an end.
LA Care Signs Huge Downtown Office Lease
Health group sets plan to consolidate into 370k square foot space by 2024
L.A. Care Health Plan moving to larger office downtown
Blueground Growing in LA
Apartment sublease firm offers units to corporate travelers
Blueground Co. growing apartment sublease business in L.A.
Cosmetix West Sets Expansion
Beauty products maker leases warehouse space in Torrance
Cosmetix West to expand into new space in Torrance.
L.A. Rising: West Adams
Historic Neighborhood Finds New Development Focus
Historic West Adams in developers’ sights.
Thursday, May 23
PacWest Bank Moves Top Executives to Denver, Seeks Acquisitions in Rocky Mountain Market
Beverly Hills-based PacWest Bancorp. is relocating three of its top executives to Denver and looking to make acquisitions in the Rocky Mountain region in what the company says is part of a plan to establish a beachhead in that market.
Silicon Beach Report May 23: Boring Co. Contracted for Las Vegas Tunnel
Riot Games creates gaming association; Simran Sethi vacates Netflix post; Boring Co. to build Las Vegas tunnel
Endeavor Files for Initial Public Offering
Endeavor, the parent company of talent agency WME filed to go public with the Securities and Exchange Commission May 23, the latest and perhaps most dramatic instance of Hollywood talent agencies diversifying their business models beyond representing writers, actors, and producers.
Fika Ventures Completes $76 Million Raise
West Los Angeles-based investor Fika Ventures announced May 23 it completed the raise of a $76 million fund, the VC’s second since its 2017 launch.
Wednesday, May 22
CAA Launches Library Pictures to Finance Film Projects, Drawing Writers' Ire
One of Hollywood’s top talent representation firms, Creative Artists Agency, has formed a new company to finance film projects — even as many of the writers it’s represented are taking action against the agency over just such business ventures.
Silicon Beach Report May 22: Precellerator Begins New Class
Precellerator takes new applications; Snapchat backpedals from x-rated lenses, WarnerMedia co-hosts esports tournament
Leonard Green Takes Stake in Catalent, Adds Board Member
Sawtelle-based Leonard Green and Partners plans to place an executive on the board of Catalent Inc., a Somerset, N.J.-based company involved in technology and development for drugs, biologics and consumer health products.
Romeo Power Raises $88M
Electric vehicle battery maker Romeo Systems Inc., also known as Romeo Power Technology, raised $88 million in a funding round, according to a May 20 filing with the Securities and Exchange Commission.
Tuesday, May 21
Disney’s Fox Film Corporation to Lay Off 53
The first notification of mass layoffs following Walt Disney Co.'s acquisition of Fox Corp.’s film assets was sent May 14 to the California Employment Development Department.
Silicon Beach Report May 21: Tyffon Gains $7.8 Million
Snapchat links with Naughty America; Aerojet Rocketdyne explores battery storage market; Tyffon raises nearly $8 million
Monday, May 20
Footwear Brands Say Shoe Tariff Would be ‘Catastrophic’ to Business
A proposed 25% tariff on shoes made in China would be “catastrophic” for the industry and consumers, Los Angeles-based shoe companies Skechers, K-Swiss and L.A. Gear Inc. and dozens of other footwear brands and retailers warned President Donald Trump in a May 20 letter.
Silicon Beach Report May 20: Snap Hires New CFO, HR Leads
Tetra Tech acquires WYG; Riot Games employees unsatisfied with walkout results; Snap finds new executives
Expo Park Plaza Sells for $18M
Expo Park Plaza, a retail center in Exposition Park, has sold for $17.85 million, Lee & Associates announced May 20.
DAVID SHAHEEN
2019 LA500
Head of Entertainment Industries and West Region for Corporate Client Banking and Specialized Industries, J.P. Morgan
ENRIQUE “RICK” HERNANDEZ JR.
2019 LA500
Chief Executive and Chairman, Inter-Con Security Systems Inc.
SEAN BURTON
Chief Executive, Cityview
CLAUDIA BODAN
2019 LA500
Executive Vice President and Los Angeles Market President, Commercial Bank of California
TAMARA MELLON
Founder, Tamara Mellon Brand Inc
MICHAEL REINSTEIN
Chief Executive and Chairman, Regent
RICK PARENT
2019 LA500
RICK PARENT Managing Director, Audit and Accounting Shareholder Gumbiner Savett
STEVEN UDVAR-HÁZY
Executive Chairman, Air Lease Corp.
JANIS PAMILJANS
2019 LA500
Corporate Vice President, President of Aerospace Systems, Northrop Grumman Corp.
LEWIS HORNE
Divisional President, Pacific Southwest CBRE Group Inc.
ELON MUSK
2019 LA500
Chief Executive, Space Exploration Technologies Corp., Boring Co., Tesla Motors Inc.
RICK HILTON
Chairman, Hilton & Hyland Real Estate Inc.
STEVE FLYNN
Los Angeles City President, Commercial Banking, BBVA Compass
TOM GILMORE
Owner, Gilmore Associates
RONALD HAVNER JR.
Chairman, Public Storage
DAVID MACDONALD
2019 LA500
Regional President of Commercial Banking, West Coast Region, Woodforest National Bank
KEVIN LEGRETT
2019 LA500
President, Los Angeles Region, and President, West Division, iHeartMedia and Entertainment Inc.
JULIE MILLER-PHIPPS
2019 LA500
President, Kaiser Permanente Southern California Region Kaiser Foundation Health Plan and Hospitals
FRANK SCHERMA
2019 LA500
Chairman and Chief Executive, The Television Academy President and Co-Founder, Radical Media
BERT DEZZUTTI
Vice President, Western Region, Brookfield Office Properties
PAUL DEMARTINI
2019 LA500
Senior Managing Director and Regional Director, Southern California Tishman Speyer Properties
LACHLAN MURDOCH
2019 LA500
Co-Chairman, News Corp, Executive Chairman and Chief Executive, Fox Corp.
NISHEN RADIA
Managing Partner and Co-Founder, FocalPoint Partners
JOCELYN PASTORE
2019 LA500
Executive Vice President and Regional President, Commercial Loan Production, Pacific Premier Bancorp Inc.
GWYNNE SHOTWELL
2019 LA500
President and Chief Operating Officer, Space Exploration Technologies Inc.
MARCEL LOH
Chief Executive, Providence Saint John’s Health Center and John Wayne Cancer Institute
FRANK SYMONS
2019 LA500
Executive Vice President of Northern California, Santa Barbara and Santa Fe Regions, Sotheby's International Realty Inc.
KEVIN DEMOFF
2019 LA500
Chief Operating Officer and Executive Vice President of Football Operations, Los Angeles Rams
STENDER SWEENEY II
2019 LA500
Executive Vice President and Division Executive, Commercial Banking Wells Fargo & Co.
RICK CARUSO
Founder and Chief Executive, Caruso
CHANDRA SUBRAMANIAM
2019 LA500
Dean, David Nazarian College of Business and Economics, Cal State Northridge
JEFF BABIONE
2019 LA500
Vice President and General Manager, Advanced Development Programs, Lockheed Martin Corp.
BRIAN D’ARCY
Business Manager, International Brotherhood of Electrical Workers Local 18
ALEX CAPUTO-PEARL
President, United Teachers Los Angeles
MICHAEL KONETZKE
2019 LA500
Greater Los Angeles and Orange County Area Regional Business Unit Leader, DPR Construction
DAVID CALLIS
2019 LA500
Senior Vice President and Southern California Region Manager, Swinerton Builders
PETER ARKLEY
2019 LA500
President, Specialty Group Executive Vice President and Senior Managing Director, Construction Services Group, Alliant Insurance Services Inc.
MICHAEL FOX
2019 LA500
Managing Director, Southern California/Southwest, Willis Towers Watson Public Ltd. Co.
PHILLIP WASHINGTON
2019 LA500
Chief Executive, Los Angeles County Metropolitan Transportation Authority
HERB WESSON JR.
2019 LA500
City Council President, Councilman, Council District 10, City of Los Angeles
SUE ZABLOUDIL
Office Managing Partner, Akerman