Stories for May 2020

Sunday, May 31

Manned Mission Opens Opportunities for SpaceX

Launch secures company’s status with NASA

A SpaceX Crew Dragon rocket launches the first manned mission from U.S. soil since 2011.

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Friday, May 29

Netflix Acquires Iconic Egyptian Theatre

Netflix completes its long-pending purchase of Hollywood's legendary Egyptian Theatre from American Cinematheque.

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Real Estate Strategies Speaker: Jim Kruse

Custom Content by the Los Angeles Business Journal

Mr. Kruse joined DPI in 2018 and serves as its Chief Executive Officer.

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K1 Sells Digital Software and Marketing Company

Aurora Capital acquires FMG Suite

Manhattan Beach-based private equity firm K1 Investment Management has sold FMG Suite to Aurora Capital Partners, a private equity firm headquartered in Westwood.

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Real Estate Strategies Speaker: Nicholas Sanchez, J.D., LL.M. Taxation

Custom Content by the Los Angeles Business Journal

Nicholas started his career, nearly 15 years ago, with Damasco & Associates (which became part of Miller Kaplan in 2016).

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Advertisers Question Quibi Payments

More trouble is surfacing for short-form streaming service Quibi, this time from major advertisers.

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Thursday, May 28

Real Estate Strategies Speaker: Kenneth Tindall

Custom Content by the Los Angeles Business Journal

Ken is a Director in the Los Angeles, California office, and has more than 20 years of experience in public accounting and tax consulting.

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Real Estate Strategies Speaker: Steven Lurie

Custom Content by the Los Angeles Business Journal

Steven Lurie has a national real estate law practice representing primarily developers, investors, landlords, tenants, borrowers and golf course companies.

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LA500 Speaker: Robert W. Stone

Custom Content by the Los Angeles Business Journal

Robert W. Stone leads City of Hope, a premier cancer research and treatment center dedicated to innovation in biomedical science and the delivery of compassionate, world-class patient care.

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LA500 Speaker: Yannis C. Yortsos

Custom Content by the Los Angeles Business Journal

Yannis C. Yortsos is the Dean of the USC Viterbi School of Engineering and the Zohrab Kaprielian Chair in Engineering, a position he has held since 2005.

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LA500 Speaker: Bruce Munster

Custom Content by the Los Angeles Business Journal

Bruce Munster is a principal of the Munster Freeman Group, a M&A-focused advisory practice within Merrill Private Wealth Management.

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Tuesday, May 26

Ares to Pay $1 Million Fine to SEC

Century City-based Ares Management Corp. has been charged with compliance failures by the Securities and Exchange Commission.

Monday, May 25

LA500 2020: Civic Leaders

See which civic leaders made the 2020 LA500 list.

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LA500 2020: Banks

See who made the 2020 LA500 list in the Banks category.

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LA500 2020: Arts & Philanthropy

See who made the 2020 LA500 list in the Arts & Philanthropy category.

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LA500 2020: Publisher's Letter

Los Angeles Business Journal Publisher and CEO Josh Schimmels opens the LA500 2020 special edition.

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Crisis Speeds Growth Among Gaming Companies

Usage and time spent rise sharply across most pay and free games

Gaming companies, already a nimble bunch, are adapting and even thriving in a Covid-19 world.

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Streaming Services Make the Best of a Bad Thing

Both newcomers and established services see a surge in viewers

No one was expecting the coronavirus outbreak when some of Hollywood’s biggest companies decided 2020 would be a good time to launch a host of streaming offerings.

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Banks Are Well Positioned to Weather the Storm

Local institutions likely to play a key part in economic recovery

Banks, like a majority of other industries, will not thrive in the Covid-19 downturn. But they are one of the sectors best positioned to survive.

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Real Estate Market Should Roll With the Punches

Industrial, multifamily figure to lead eventual rebound

After a nearly decadelong winning streak, the Los Angeles real estate market has run up against a formidable foe in Covid-19.

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United Against a Common Foe

LA's hospitals and biotech companies look toward treatment, tests and tools in fight against Covid-19

The Covid-19 pandemic has put L.A.’s health care sector in an unprecedented spotlight.

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Low-Income Site Sells for $34 Million

Watts multifamily complex has 102 units in 30 buildings

Washington Court, a low-income property in Watts with 102 apartments, has sold for $33.5 million.

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CorpHousing Set to Enter LA Market

Company planning to acquire $1 billion in new inventory

CorpHousing Group, a New York-based company with more than $500 million in inventory across the country, is expanding into Los Angeles.

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LABJ Insider

To Your Health

Read this week's column from Los Angeles Business Journal Editor Scott Robson for goings-on in L.A.'s business community.

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LA500 2020: Technology

See who made the 2020 LA500 list in the Tech category.

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LA500 2020: Sports & Gaming

See who made the 2020 LA500 list in the Sports & Gaming category.

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LA500 2020: Real Estate

See who made the 2020 LA500 list in the Arts & Philanthropy category.

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LA500 2020: Professional Services

See who made the 2020 LA500 list in the Professional Services category.

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LA500 2020: Media & Entertainment

See who made the 2020 LA500 list in the Media & Entertainment category.

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LA500 2020: Manufacturing & Retail

See who from the manufacturing and retail industries made the 2020 LA500 list.

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LA500 2020: Law

See who made the 2020 LA500 list in the Law category.

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LA500 2020: Health Care

See who made the 2020 LA500 list from the health care industry.

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LA500 2020: Finance

See who made the 2020 LA500 list in the Finance category.

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LA500 2020: Education

See who made the 2020 LA500 list in the Education category.

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LA500 2020: Construction & Architecture

See who made the 2020 LA500 list in the Construction & Architecture category.

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UpKeep Technologies Hits $49 Million in Funding

Firm will use new funds to improve app for technicians

UpKeep Technologies Inc., the Westwood-based work-order management software developer, said it has raised $36 million in a Series B, bringing the company’s total funding to $48.8 million.

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Nanotech Sets Series C

Graphene battery-maker raises $28 million for production

Brentwood-based Nanotech Energy Co. has raised $27.5 million to ramp up production of its graphene-based products.

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ExchangeRight Wins ‘Essential’ Bet

Firm invests in properties with health care tenants

Pasadena-based real estate investment firm ExchangeRight is carving out steady returns despite the pandemic-driven downturn.

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VCs Defend PPP Use by Companies

Local leaders push back on complaints about funds

The federal Paycheck Protection Program has served as a lifeline for struggling companies, but it has also prompted concerns over access to capital.

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Quibi Reaches Out to Homebound Audiences

Startup expands with software for TV

Smartphone-only streaming service Quibi plans to make its short-form content available for TV viewing beginning the last week in May, the company has confirmed.

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Mayer Leaves Disney to Lead TikTok as CEO

Social video platform taps entertainment veteran

Kevin Mayer, a longtime Walt Disney Co. executive, has left the company to become chief executive of TikTok, the rapidly growing short-video platform owned by Chinese startup ByteDance Ltd.

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United Dwelling Raises More Funds

Company to expand housing operation

Culver City-based United Dwelling Inc. has raised $10 million in a Series B round led by Alpha Edison.

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Junk Rating for WME Talent Agency Loan

Impact of virus cited for downgrade

Moody’s Investors Service Inc. has downgraded Beverly Hills-based William Morris Endeavor Entertainment’s new term loan further in the junk bond range.

Omninet Capital Buys Office Properties

Firm pays $78 million for campus sites in Commerce, Torrance

Omninet Capital has purchased office campuses in Commerce and Torrance for a combined $78 million.

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Live Nation Credit Is Downgraded

Company’s planned $800 million debt issuance gets junk level status

S&P Global Inc. has downgraded Live Nation Entertainment Inc.’s credit rating to junk bond status with a negative outlook and rated the company’s proposed $800 million issuance of senior secured notes at junk level.

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Alleyoop Right on Time

Cosmetics startup connects with consumers

Leila Kashani did not have the Covid-19 shutdown in mind when she founded Alleyoop Inc.

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Owners Work on Rent Issues

Tenants seek out abatements and deferrals

As the Covid-19 pandemic rages on, forcing some businesses to close and leaving others with financial challenges, many companies have sought some kind of rent relief.

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Care Agencies Struggling

Crisis slows flow of new patients

At first glance, the home health care industry would appear to be one of the winners during the Covid-19 pandemic.

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LA500 Special Issue: The Most Influential People in L.A.

The Business Journal unveils its fifth annual LA500 list, honoring the most influential leaders and executives in Los Angeles.

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Tapcart Gets a Big Boost for Its App

Startup secures $10 million to expand ecommerce tool

Santa Monica-based ecommerce startup Tapcart Inc. has raised $10 million in a Series A round led by San Francisco-based SignalFire.

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Motiv Rolls Out Robotic Space Arms

Scalable system is designed to cut costs of on-orbit work

Motiv Space Systems Inc., a Pasadena-based space motion control and robotics company, has developed a modular robotic arm system that can perform on-orbit assembly and satellite servicing tasks.

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Friday, May 22

Top Residential Agents Say Business Still Brisk

Prices are holding steady, especially in luxury markets

Some of the top residential real estate agents in the Los Angeles market say the current situation is not as dire as might be expected given the circumstances.

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LA County Unemployment Reaches Record 19.6% for April

L.A. County’s unemployment rate jumped to a modern-day record of 19.6% in April amid the fallout from the Covid-19 pandemic.

Thursday, May 21

K1 Sells Finance Marketing Company

Manhattan Beach-based private equity firm K1 Investment Management has sold FMG Suite to another local private equity firm.

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Wednesday, May 20

Mental Health Awareness: When Caregivers Need Care

Custom Content by the Los Angeles Business Journal

People who regularly care for or assist a family member or friend with a health problem or disability are more likely to neglect their own health, particularly by not having insurance or putting off necessary health services due to cost, according to a study published by the American Psychological Association.

CIT Makes $37 Million Investment in Watts

CIT and its banking subsidiary, CIT Bank, have made a $37.3 million investment in the Jordan Downs Apartments Project in Watts.

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Mental Health Awareness: Report Explores Workplace Impact on Mental Health

Custom Content by the Los Angeles Business Journal

In collaboration with the Faas Foundation, Mental Health America (MHA) last year released the 2019 Mind the Workplace report, which explores the relationships between supervisor communication styles, company culture of open and safe communication, and employee engagement and wellbeing.

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Mental Health Awareness: NAMI Spreads Message: You Are Not Alone

Custom Content by the Los Angeles Business Journal

With May being Mental Health Month, the National Alliance on Mental Illness (NAMI) has been working to raise awareness and highlighting the fact that that no one experiencing a mental health condition should feel alone.

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Mental Health Awareness: Reinventing Mental Health Services in a Pandemic

Custom Content by the Los Angeles Business Journal

The COVID-19 crisis has impacted the mental health of our entire community.

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Monday, May 18

Trusted Advisors: Terminating and Enforcing Contracts in the Age of COVID-19

Custom Content from The Los Angeles Business Journal

With COVID-19 impacting companies of every size, force majeure clauses are more important than ever.

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The Business of Cannabis: Cannabis in the Time of COVID: Where Things Stand and Where they are Going

Custom Content from The Los Angeles Business Journal

At the start of the year, the cannabis industry in California was facing growing pains. Licensed businesses were struggling with high tax rates and unfair competition from a rampant and largely unchecked black market.

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Business of Cannabis: House Committee Approves Veterans Affairs Medical Cannabis Bills

Custom Content by the Los Angeles Business Journal

The House Committee on Veterans Affairs approved two bills in March that would loosen restrictions on medical cannabis research and use by veterans.

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Business of Cannabis: House Bill Introduced to Make Cannabis Businesses Eligible for COVID-19 Relief Funds

Custom Content by the Los Angeles Business Journal

Legislation to give legal marijuana businesses, which have been declared essential in a majority of states with regulated cannabis markets, access to resources being made available by congressional COVID-19 emergency response packages was introduced in the House last month by Rep. Earl Blumenauer (D-OR) and Rep. Ed Perlmutter (D-CO).

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Business of Cannabis: NCIA Releases Extensive Report on Vaping Policies

Custom Content by the Los Angeles Business Journal

In response to an outbreak of respiratory illnesses primarily associated with unregulated cannabis vape cartridges found in the illicit market in recent months, the National Cannabis Industry Association (NCIA) Policy Council, with the help of experts in several fields, has produced an extensive report that explores the known and potential causes of the condition and offers ways for producers, regulators, and lawmakers to prevent such issues from occurring in the legal regulated market.

Business of Cannabis: Cannabis Policy Advocates Urge Congress to Include Banking Reform in Next Coronavirus Relief Legislation

Custom Content by the Los Angeles Business Journal

A group of cannabis advocacy and industry organizations sent a letter to Congress earlier this month urging lawmakers to include the Secure and Fair Enforcement (SAFE) Banking Act or similar language in the next pandemic relief package which would create a safe harbor for banks and other financial services providers to work with cannabis and ancillary businesses that are in compliance with state law.

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Fulgent Quickly Shifts to Testing for Covid-19

Company makes two kits available and works on a third

The Covid-19 pandemic has proven a double-edged sword for Temple City-based genetic testing company Fulgent Genetics Inc.

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Making Waves

Eric Manlunas’ unique approach to venture capital is paying off

Eric Manlunas is the founder of one of Silicon Beach’s most unusual venture capital funds, Wavemaker Partners.

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How Offices Will Change

Landlords, tenants prep for new normal

While health and government authorities have made recommendations, tenants and landlords are working on how to best create a safe environment when people return to the office.

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Molina Pivots to Fight Virus

Exec shifts his focus to support startups

For the next chapter in his extensive career in health care, Mario Molina had planned to serve as the first dean of a new local medical school.

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LABJ INSIDER

Open-and-Shut Case

Read this week's column from Los Angeles Business Journal Editor Scott Robson for goings-on in L.A.'s business community.

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Miller Steps Down at Cornerstone

Departure of CEO comes after company closes $1.3 billion purchase of Saba

Cornerstone OnDemand Inc., the Santa Monica-based talent management software developer, said founder and Chief Executive Adam Miller will step down and transition to co-chairman, effective June 15.

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City National Site Refinanced for $550 Million

Downtown property secures 10-year loan for use on existing debt

The iconic 2.5 million-square-foot City National Plaza in downtown has been refinanced for $550 million.

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A ‘Better Than Expected’ April for Ports of LA, LB

But lower volumes are projected in second quarter

Terminal operators and dockworkers at the Port of Long Beach moved 519,730 twenty-foot equivalent units (TEUs) of cargo last month, a 17.3% decline compared to April 2019.

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Fair Names Stewart as New CEO

Car leasing startup hires former XOJet executive

Fair Financial Corp., a Santa Monica-based car leasing and financing provider backed by SoftBank Vision Fund, has named Bradley Stewart as the company’s new chief executive.

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Beachbody Sees Gains

Company reports subscriber growth rises 300%

The Covid-19 crisis has turned into a boon for Beachbody.

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Fintech Finli Helps Small Businesses Find Customers

Startup’s packages build client relationships

Finli Inc., a downtown-based fintech startup, is adapting to the Covid-19 crisis by helping its customers adapt.

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Change of Pace

After a fast start in 2020, VC activity has slowed dramatically

Los Angeles venture capital dealmaking got off to a strong start this year, but the Covid-19 downturn dealt blows to VC-backed companies and investors alike.

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Partnerships Improve Telehealth

GoodRX, Get Heal team up to offer new patient services

In another sign of telehealth’s growing momentum in the age of Covid-19, two local companies were part of recent launches for new telehealth services.

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ChromaDex, Byte Expand Overseas

Companies extend their reach to Australia, United Kingdom

Despite the global Covid-19 pandemic, two local companies have cut deals in recent weeks to expand their products’ international reach.

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Mattel Expects Tough Times Will Continue

‘Retail disruptions’ likely to hit second-quarter results

Mattel Inc. executives did not provide revenue guidance during a recent call with analysts, but their evident sentiment can be summed up as “it will get worse before it gets better.”

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Alameda Pipe Is Acquired by JD Fields

Gardena steel products maker will retain name

Gardena-based Alameda Pipe & Steel Co. has a new owner.

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OSI Systems Sees Gains for 2020

Positive outlook for medical monitoring device maker

While most local manufacturers are refraining from providing revenue guidance during the Covid-19 pandemic, Hawthorne-based OSI Systems Inc. is pleased with the outlook for 2020.

Malibu Beach Inn Gets Creative During Crisis

Luxury hotel converts rooms into work, dining suites

Covid-19 has greatly impacted the hotel industry worldwide, and occupancy rates have fallen dramatically in Los Angeles.

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Retail Site in Pasadena Fetches $16 Million

Pottery Barn building offers office and residential spaces

The Pottery Barn building at the corner of Colorado Boulevard and Fair Oaks Avenue in Old Pasadena has sold for $16.1 million.

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Rexford Buys Property in Commerce

Company pays $21 million for industrial building

Brentwood-based Rexford Industrial Realty Inc. has purchased an industrial property in Commerce for $21 million.

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L.A. Rising: South Park

Desirable downtown area gets a residential transformation

South Park, the area of downtown near L.A. Live and the Convention Center, is home to some of the most ambitious projects in L.A.

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Friday, May 15

Medical, Dental and Veterinary Practices Should Look to Post-Covid Opportunities

Pent-up demand and new technologies will alter the landscape as the crisis eases, and the time to prepare for that is now.

These are challenging times for everyone, but they are especially so for independent medical, dental and veterinary practices as consumers put off routine checkups and elective procedures.

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Wednesday, May 13

Hollywood Bowl, Ford Theatres Cancel Seasons

The Los Angeles Philharmonic Association has canceled all 2020 summer performances at the Hollywood Bowl and the Ford Theatres due to the Covid-19 crisis.

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Monday, May 11

MBA Guide: More People are Applying for Executive MBA Programs

Custom Content by the Los Angeles Business Journal

More people are applying for Executive MBA (EMBA) programs than ever before, with a 31.6% increase in applications received since 2015, according to the results of a 2019 EMBAC Membership Program Survey conducted late last year

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MBA Guide: Survey Results Reveal Compensation Increase and Job Promotions Among Graduates

Custom Content by the Los Angeles Business Journal

Late last year, the Executive MBA Council (EMBAC) shared results of the 2019 EMBAC Student Exit Survey which revealed that Executive MBA (EMBA) graduates received a 13.5% increase in compensation – combined, both salary and bonuses – after program completion.

MBA Guide: USC Gould School of Law - MSL

Custom Content by the Los Angeles Business Journal

These days, legal knowledge isn’t just for lawyers. Now more than ever, professionals across businesses, industries and sectors regularly intersect with legal matters, from contracts and compliance to strategy and negotiation.

MBA Guide: University of La Verne

Custom Content by the Los Angeles Business Journal

They work for municipalities and major corporations such as Aerojet, American Express, Los Angeles County, and MTV.

MBA Guide: Saybrook University

Custom Content by the Los Angeles Business Journal

Why choose Saybrook University’s Leadership & Management programs?

MBA Guide: Cal Poly Pomona - College of the Extended University

Custom Content by the Los Angeles Business Journal

California State Polytechnic University, Pomona (CPP) is a top regional public university located in Los Angeles county.

MBA Guide: UCLA Anderson School of Management

Custom Content by the Los Angeles Business Journal

UCLA Anderson’s mission is to prepare leaders for the 21st century, arming them with a worldview and a sense of purpose to make a lasting difference in organizations and communities around the world.

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Trusted Advisors: Healthcare Practices Should Look to Post-COVID Opportunities

Custom Content by the Los Angeles Business Journal

These are challenging times for everyone, but they are especially so for independent medical, dental and veterinary practices as consumers put off routine checkups and elective procedures.

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MBA Guide: Loyola Marymount University - College of Business Administration

Custom Content by the Los Angeles Business Journal

LMU Graduate Business Programs Adapt to a New Global Economy

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MBA Guide: California State University, Northridge - David Nazarian College of Business and Economics

Custom Content by the Los Angeles Business Journal

Mid-career professionals improve management and leadership skills, enjoy professional advancement and have more fulfilling careers when they earn an MBA in the part-time evening program at California State University, Northridge’s AACSB-accredited David Nazarian College of Business and Economics.

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MBA Guide: Cal Poly Pomona - College of Business Administration

Custom Content by the Los Angeles Business Journal

A Southern California’s only Polytechnic University, the College of business administration (CBA) at Cal Poly Pomona takes pride in building tomorrow’s leaders through a learn by doing approach to education.

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MBA Guide: California Lutheran University - School of Management

Custom Content by the Los Angeles Business Journal

People who want to give themselves an edge in the business world have a variety of programs to choose from at California Lutheran University.

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Life in the Slow Lane

Manufacturers like Honda are grappling with ways to move forward

American Honda Motor Co. Inc. this week reopened its 12 manufacturing plants in the U.S. and Canada after a six-week shutdown that prompted the Torrance-based automaker to furlough some 14,000 factory workers.

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Endeavor’s WME IMG Takes Another Credit Hit

Moody’s downgrades agency

Moody’s Investors Service downgraded its outlook for Beverly Hills-based WME IMG Holdings to negative from stable and lowered the company’s credit rating.

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Top Developer Birtcher Dies

Responsible for Pacific Design Center

Ronald Birtcher, an influential developer who is best known for building the Pacific Design Center in West Hollywood and downtown’s Los Angeles Wholesale Produce Market, has died.

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A-List Broker Nartey Starting Agency

Firm will focus on luxury market

Kofi Nartey, a real estate agent to celebrities like Michael Jordan and Kevin Durant, has left Compass to start his own agency, Society Real Estate & Development.

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Montauk Buys Caltech IP

Geolocation tools will help emergency responders

Montauk Technologies has secured intellectual property rights from Caltech for technologies that can help first responders, miners and underwater workers locate humans and objects when GPS falls short.

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Ares Tops Expectations for Earnings

Firm reports record management fees

Century City-based asset manager Ares Management Corp. reported a net loss of $31 million, or 33 cents per share, in its first-quarter earnings.

Ratings Firms Hit CAA Over Debt

Agency suffers downgrades

Creative Artists Agency has been downgraded in the junk bond range by two credit ratings agencies, with each saying the pandemic has highlighted CAA’s high debt level.

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Activision Levels Up Full-Year Outlook

Latest ‘Call of Duty’ release drives company’s strong quarterly results

Santa Monica-based video game publisher Activision Blizzard Inc. has raised its full-year outlook after beating revenue expectations and reporting net income growth in the first quarter ended March 31.

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Disney Results Reflect Virus Impact

Company suffers $1 billion hit at parks as earnings tumble 63%

With its theme parks shuttered, its movie releases altered and its sports programming scrambled by the Covid-19 crisis, Walt Disney Co. saw a stark drop in its latest quarterly earnings.

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A Dog Training Boom for Zoom Room

Remote sessions give company a new leash on life

Children are not the only family members in need of home schooling during the Covid-19 crisis. Indoor dog-training gyms have gone virtual to provide live remote training sessions for canines stuck at home.

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LABJ Insider

Sensing an Opening

Read this week's column from Los Angeles Business Journal Editor Scott Robson for goings-on in L.A.'s business community.

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2020 Health Care Special Report

Urgent Care

Local hospitals are battling Covid-19 and related disruptions to operations and revenue.

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Loan Market Remains Active

Cautious lenders sense opportunities

Economic uncertainty is changing lending practices, but that doesn’t mean there isn’t financing available for commercial real estate in Los Angeles.

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Executive Insights

In the midst of headlines about layoffs and shutdowns, L.A. business leaders seem to be ramping up and taking advantage of remote working environments.

A View From The Pandemic's Front Lines

Julie Miller-Phipps leads Kaiser Permanente’s expansive response to the Covid-19 crisis in the LA market

Among those with major responsibility for managing the response to the Covid-19 contagion in Los Angeles, Julie Miller-Phipps shoulders one of the heaviest loads.

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Sick Days

Area hospitals are ailing in the face of virus-driven losses

The Covid-19 crisis that hit the nation in March has slammed the finances of Los Angeles-area hospitals.

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Black Creek Adds Site in Torrance

Industrial property in key location sells for $50 million

A family trust has sold a Torrance warehouse for just under $50 million.

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Magma Buys NC Complex for $50 Million

Property marks company’s fifth acquisition in the state

Manhattan Beach-based Magma Equities has closed on an apartment building in North Carolina for $50 million.

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OC Developer Sadeghi Sets His Sights on LA

Rolling out ARTery residential project in Long Beach

Shaheen Sadeghi, best known for The Lab Anti-Mall, The Camp and the Anaheim Packing District in Orange County, is planning his first venture in Los Angeles County.

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Rocket Lab Buys Sinclair

Acquisition of satellite firm will improve production

Rocket Lab USA Inc., a Long Beach-based space systems company, has acquired Canadian satellite hardware manufacturer Sinclair Interplanetary.

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Aerojet Secures $1.8 Billion NASA Project

Agency expands contract for SLS rocket engines

Rocket propulsion manufacturer Aerojet Rocketdyne Inc., a subsidiary of El Segundo-based Aerojet Rocketdyne Holdings Inc., was awarded a $1.79 billion follow-on contract by NASA to manufacture engines.

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Embodied Plans Robot for Children

Machine learning device Moxie aids development

Embodied Inc., a Pasadena-based artificial intelligence and robotics company, has created an animatronic companion that it describes as “a Pixar character coming to life.”

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Orca Secures $21 Million for Cloud

Cybersecurity company sees new opportunities

Cybersecurity firm Orca Security Ltd. has received $20.5 million in venture capital investment to build out its team and market its platform.

Angeles Supports Covid-19 Efforts

Firm’s portfolio companies contribute on many fronts

Santa Monica-based Angeles Equity Partners is working to help its portfolio companies retool for the fight against the Covid-19 pandemic.

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Saturday, May 9

Jerry Snyder: A Developer to the Very End

Friends salute iconic builder

Legendary developer Jerome H. (Jerry) Snyder passed away at his home in Bel Air on May 8 after a short battle with cancer. He was 90.

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Monday, May 4

Which Way, LA?

Forecasts for city’s economy range from dire to cautiously optimistic

Experts have differing views on how business closures and other factors will affect the local economy in the short and long term.

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Employment Law Firms Upended

‘Swamped’ attorneys racing to keep up with changes

Perhaps no sector of Los Angeles legal practice has been upended more than employment law in recent months, say both practitioners and observers, noting increases in requests for guidance on new laws prompted by the pandemic.

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Anxious Times for Restaurants

Owners are on edge as they await the new normal

Some 30,000 restaurants and bars in Los Angeles County have had to figure out how to stay afloat during pandemic-induced restrictions on social gatherings.

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For Hart, Multifamily Is What Matters

TruAmerica founder still has the passion

For Robert Hart, founder of TruAmerica, multifamily real estate is more than just a business that has brought him vast success.

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Santa Monica Multifamily Sells for $12 Million

Building’s below-market rents offer long-term opportunity

A 48-unit apartment complex in Santa Monica has sold for $12 million to a private investor.

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Decron Tries Remote Approach

Company offering virtual and self-tours for properties

Decron Properties Corp., a real estate company based in Mid-Wilshire with extensive multifamily holdings, recently added more remote options to its business.

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Crisis Units Underway

AECOM backs conversion of sites in Chicago, NY

Century City-based infrastructure giant AECOM has a new line of work during the Covid-19 crisis: overseeing the conversion of major public spaces into hospital wards capable of handling hundreds of patients.

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Long Beach Bridge Hits a Milestone

Shimmick unit leads on Gerald Desmond project

Construction crews led in part by Century City-based Shimmick Construction on April 21 lifted the final floor beam into place for the main span of the Gerald Desmond Bridge replacement at the Port of Long Beach.

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Mochi Brand Tries Single Servings

Ice cream-maker touts safety benefits of new packaging

Mochi Ice Cream Co. is adjusting its product line to accommodate coronavirus-induced social norms.

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Revenues Give Boost to Skechers

Footwear manufacturer sees strong rebound in market cap

Shares of Skechers USA Inc. rose about 25% after the footwear and apparel manufacturer reported first-quarter sales that were 2.7% below results for the same period a year earlier.

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Macerich Taps Credit Line for $550 Million

Mall operator also cuts dividend and capital expenses

Macerich Co., coping with the fallout of the Covid-19 pandemic, recently borrowed $550 million on its revolving line of credit.

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Tok of the Town

A captive and voracious audience powers mobile app TikTok to new heights

If there’s one business that has enjoyed a substantial boost from the lockdown prompted by Covid-19, it’s short-form video app TikTok.

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Modern Animal Provides Clients Virtual Pet Care

Startup relies on app, remote capabilities

Modern Animal Inc., a company that provides telemedicine services in its veterinary clinic, opened its first location in Beverly Grove in April.

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King & Spalding Hires 12 Partners From Boies Schiller

Arrivals boost firm’s media, entertainment practice

The downtown office of law firm King & Spalding has lured away 12 partners from Boies Schiller Flexner, striking a blow to the rival firm’s major media company practice.

Scopely Picks Up PierPlay

Mobile publisher acquires development studio

Scopely Inc., a Culver City-based mobile game publisher and developer, announced April 28 that it has acquired PierPlay, a game development studio based in Culver City.

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Capricor Shares Surge on Test Results

Stock skyrockets 253% after clinical trial news

Shares of Beverly Hills-based biotech firm Capricor Therapeutics Inc. surged 253% on April 29 after the company announced test results for a drug to treat Covid-19 patients.

Hightimes Acquires 13 Dispensaries

Media company pays $80M in big retail play

Venice-based Hightimes Holdings Corp. has made a major play in the retail cannabis market with the purchase of 13 dispensary locations across California.

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CIM Group Buys Crenshaw Plaza

Retail site may look to add office space

Mid-Wilshire-based CIM Group is not shying away from retail properties, even in the current environment.

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SpaceX Wins $135 Million Contract

NASA seeks return to the moon by 2024

Space Exploration Technologies Corp., the Hawthorne-based aerospace company, was awarded a $135 million contract by NASA as part of a nearly $1 billion effort to return astronauts to the moon by 2024.

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Saudi Fund Acquires Live Nation Stake

Government investment vehicle buys $500M in common stock

Saudi Arabia’s sovereign wealth fund has purchased 5.7% of Live Nation Entertainment Inc.’s common stock, the fund disclosed April 27 in a filing with the Securities and Exchange Commission.

Local Banks Brace for Possible Hit

First-quarter earnings reports reflect steep increases in loan loss provisions

Local banks have yet to feel the financial squeeze the coronavirus pandemic has put on other industries, but they're preparing for it.

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LABJ Insider

The Big Picture

Read this week's column from Los Angeles Business Journal Editor Scott Robson for goings-on in L.A.'s business community.

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Friday, May 1

Endeavor Credit Rating Gets Another Downgrade

Moody's downgrades its outlook for WME IMG Holdings.

Partnership Pays Off for Bellflower Shelter

Public-private speeds development and reduces costs

As housing the homeless has become an increasingly urgent issue in L.A. County, Bellflower has adopted a speedier and cost-effective approach.

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Crane Trainer Is Thinking National

Remote learning opens doors for Gardena firm

For local construction crane operator Payam Dehesh, Covid-related physical distancing requirements are providing an unexpected opportunity to grow his Gardena-based crane operator training business.

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