Review
June 25 – July 1
Valenti’s Replacement: Dan Glickman, secretary of Agriculture in the Clinton administration, was named president of the Motion Picture Association of America, replacing Jack Valenti as the top lobbyist for Hollywood studios. Valenti, 82, a former aide to President Lyndon Johnson, has held the post since 1966. He established the movie ratings system and has actively lobbied Congress to fight illegal copying of films on home video and the Internet.
Staples Deal: News Corp. said it lost $7 million on the $128-million sale of its stake in the Staples Center to billionaire Philip Anschutz. The Australian-based media conglomerate sold off its portion of the arena because it wasn’t related to its primary business. The transaction followed the company’s sale in February of the Dodgers.
Parkinson’s Study: Amgen Inc. said a Parkinson’s disease drug delivered directly to the brain failed to help patients in a study. Thousand Oaks-based Amgen is continuing its research with the drug, known as GDNF, to determine whether the patients might benefit with longer treatment. The medicine is in the second of three stages of testing for U.S. approval.
Gas Update: Amid the continued decline in oil prices, local gasoline prices kept sliding lower. For the week ended June 28, a gallon of self-serve regular in Los Angeles was $2.263, down from $2.284 the week before, according to the Energy Information Administration. It was the fourth consecutive week that prices had fallen. The statewide average was $2.237, down from $2.259 a week earlier.
Higher Rates: As expected, Federal Reserve policymakers raised the U.S. benchmark interest rate by a quarter-point, to 1.25 percent and reiterated that further increases can come at a “measured” pace as long as inflation remains “relatively low.”
WellPoint Deal: Shareholders approved the $16.4-billion sale of WellPoint Health Networks Inc. by Anthem Inc. The acquisition of Thousand Oaks-based WellPoint, which would create the world’s largest health insurer, still needs approval from California regulators, who are examining the cash bonuses and stock options that would be paid to several hundred WellPoint executives.
Mattel Suit: Mattel Inc. filed a patent lawsuit seeking to block Dorel Industries Inc. from selling a child’s racing car that would compete with the El Segundo-based toymaker’s Fisher-Price unit. Dorel’s Safety 1st Corvette race car includes features that are protected by four patents owned by Mattel and licensed to Fisher-Price, according to the suit, filed in federal court in Buffalo, N.Y.
MGM Saga: Now it’s Time Warner Inc. that might be interested in bidding for Metro-Goldwyn Mayer Inc. Several news organizations reported that Time Warner may pay as much as $4.7 billion, less than the $5 billion asking price. Meanwhile, Sony Corp. and an investment group are struggling to reach an agreement for purchasing the studio, controlled by Kirk Kerkorian. Without being specific, MGM Chief Executive Alex Yemenidjian told investors that, “we have more strategic alternatives available to us than we realized and we need more time.”
Preview
July 5 – 11
Monday Off: Most everyone has designated the fifth of July as a holiday, what with Independence Day falling on a Sunday this year. That means most government offices and financial markets will be shut down, though the shopping malls will be open.
Economic Reports: Thursday (8th): May consumer credit. Friday (9th): May wholesale trade, May unemployment figures for California and L.A. County.
Skirball Comedy: Bob Hope and Bing Crosby star as two vaudeville performers who find a map to a secret gold mine in “Road to Utopia” on Tuesday (6th) at 1:30 p.m. at the Skirball Cultural Center, part of the classic film series. Then on Friday (9th), writers Eric Gilliland of “That ’70s Show,” Amy Harris of “Sex and the City” and Kevin Nealon of “Saturday Night Live” perform on stage in the “Say the Word” series. For information: 310-440-4500.
Sports Beat: A week before the All-Star game, the Dodgers are home for a Monday-Wednesday series (5th-7th) against Arizona and a four-game series (8th-11th) against Houston. The Angels are away all week, first at Chicago and then Toronto. The Sparks are home on Wednesday (7th) against Phoenix and the Galaxy is home on Saturday (10th) against Colorado. Also starting on Wednesday and running through the 14th are the U.S. Olympic Team Trials in swimming at Long Beach Swim Stadium.
Marilyn Movies: The One Colorado shopping complex begins a series of Marilyn Monroe classics on Friday (9th) and Saturday (10th) with 1953’s “Niagra,” also starring Joseph Cotton. The screenings, which start at 8:30 p.m., run through the end of July. For information: 626-564-1066.
Cathedral Art: A collection of inspirational art will open on Wednesday (7th) at the Cathedral of Our Lady of the Angels. The exhibition, which features 84 paintings and sculptures, will be on display in the Cathedral’s chapels and gardens through Aug. 27. For information: 213-680-5224.
Library Discussion: Iraq and the Middle East will be the subject of a forum on Tuesday (6th) at the Central Library’s Mark Taper Auditorium at 7 p.m. Panelists include Amy Wilentz, former New Yorker correspondent in Jerusalem, and Nick Goldberg, op-ed editor of the Los Angeles Times. For information: 213-228-7025.
