Time Warner, Tribune Near Accord on WB
Time Warner Inc. and Tribune Co. are close to finalizing an affiliation agreement that could keep the money-losing WB network afloat, Garth Ancier, the network’s chairman, said. Ancier said a multiyear renewal of the companies’ joint venture was probable “within the next few weeks,” the Los Angeles Times reported. Ancier said what has delayed an agreement on the long-term deal was that Tribune had wanted WB programming to be available primarily on the broadcast network, not on other platforms. But when Walt Disney Co.’s ABC signed a deal last fall to make its hit shows available on Apple’s video iPod, Tribune softened its stance. Time Warner owns 78 percent of the WB network and Tribune, 22 percent.
Firm Says Process for Shipping Gas Is Safer
A major Australian energy firm plans to ship liquefied natural gas to Southern California with a new process that it says is safer and more environmentally sound than the use of the terminals that three other companies want to construct in the state. A Woodside Energy Ltd. subsidiary is set to announce its plans Wednesday but will not disclose where off the coast it hopes to build its system. The project could supply 10 percent to 15 percent of California’s natural gas supply, the Los Angeles Times reported. The firm’s entry into the California market could shake up the current liquified natural gas debate over the safest way to import the fuel. Three terminals have been proposed, one at the port in Long Beach and two off the coast of Ventura County.
CBS to Announce Identity Change
In the latest fallout from the CBS-Viacom split, CBS Corp.’s studio arm is changing its identity. The move, to be announced today, unveils a new logo and name CBS Paramount Television. It also comes amid published speculation that Brad Grey may try to start his own TV division under the -based banner, Variety reported. Under the terms of the CBS-Viacom split, CBS Corp. retained the right to use the Paramount name in its TV operations, even though Paramount Pictures remains the domain of Viacom. There has been talk that Grey may try to launch his own TV studio or use the DreamWorks banner to get into the small-screen business.
Developer Changes Plans
Mall developer Rick Caruso announced he has removed 300 apartments from the proposed Shops at Santa Anita in response to community concerns about school crowding. The move cuts the size of the mall project in Arcadia by one-quarter and eliminates what many viewed as its most controversial element. Though Caruso has argued the apartments would cater to singles, empty nesters and young couples without children, many in the community feared it would further contribute to overcrowding at Arcadia High School, the Pasadena Star News reported. The change removes a source of significant profit. With housing prices soaring, and Arcadia’s quality schools in high demand, the upscale apartments figured to attract top-dollar rents.
Higher Risk Has Lenders Wary
Mortgage lenders in California are critically scrutinizing loan applications now because of higher default risk resulting from a shift in sales patterns as the real estate market cools, the Daily News of Los Angeles reported. During the second half of 2005, risk levels for new mortgages statewide increased 28.6 percent across California from the prior six months. The risk factor is lowest in coastal Southern California and the Bay Area. The highest risk factor is in rural Central Valley communities. The risk factor in the L.A., Long Beach and Glendale area is 1.44, and in Oxnard, Thousand Oaks and Ventura it is 1.12 based on a scale of 1, the lowest, to 100, the highest.
Burbank Gets $1.4 Million Grant for Seismic Retrofits
The city has received a $1.4 million federal grant for seismic retrofits of aging municipal buildings and infrastructure. The FEMA grant will go toward strengthening five Burbank government buildings the Field Services Administration building, the Police Pistol Range, the Water Reclamation Plant, the Starlight Amphitheater and the Public Works Refuse Locker Room. As part of the grant, the city will contribute about $480,000 to the projects. Burbank is one of three California cities and one county getting a total of $8.7 million, the Daily News of Los Angeles reported.
