Review
December 19 – 31
Universal Snag: NBC and Vivendi Universal Entertainment’s $14 billion merger has run into a problem with U.S. regulators who are concerned about documents that suggest the combined company could boost fees paid by cable operators to access its programming, USA Today reported. An NBC spokeswoman said the company still anticipates the deal to close in the first half of 2004, the paper said.
Vivendi Settlement: Meanwhile, Vivendi Universal settled a dispute involving its former chief executive, Jean-Marie Messier (photo). The French media company agreed to pay a $50 million fine and Messier agreed to relinquish a $25 million severance package. Under the settlement with the Securities and Exchange Commission, Messier will also pay a $1 million fine. The company had been accused of misleading investors about its financial problems. The SEC said the fines and returned money would be disbursed to Vivendi shareholders.
Naked Barbies: Mattel Inc. can’t sue Thomas Forsythe, a Utah artist whose photographs portray naked Barbie dolls attacked by household appliances. The 9th U.S. Court of Appeals ruled Forsythe’s use of Mattel’s copyrighted work was fair use and that consumers wouldn’t be confused that Mattel had sponsored his art. The court upheld a judge’s ruling and dismissed the suit. Forsythe earned less than $3,700 from his Barbie work, with half those sales coming from investigators from the El Segundo-based toy company.
Bank Deal: Hanmi Financial Corp., the nation’s largest Korean American bank, will acquire Pacific Union Bank in a cash and stock deal valued at about $300 million. Pacific Union, with assets of almost $1.1 billion, has been on the selling block for some time and Los Angeles-based Hanmi was considered among the front-runners.
Mail Deal: Pitney Bowes Inc. and Santa Monica-based Stamps.com Inc. settled four years of litigation over technology patents for the secure purchase and printing of postage on the Internet. The settlement, under which there would be “no material financial payment” between the two companies, includes a five-year agreement that would have each firm license some of the other’s patents. Other terms were not disclosed.
Gas Update: L.A. gasoline prices edged closer to other major cities outside California. For the week ended Dec. 29, a survey by the Energy Information Administration found that the average price of a gallon of self-serve regular was $1.596, down from $1.623 the previous week. In New York, the most recent price was $1.575, even though gasoline refined for California markets is more expensive to produce.
Farmers Update: Farmer Brothers Co. bought 23 percent of its shares from the dissident Crowe family for about $111 million. The Torrance-based company bought back the shares at 21 percent below the closing price the day the agreement was announced. The buyback, approved by a Superior Court judge, settles issues between the Farmer family, led by Chairman Roy F. Farmer, and a group of shareholders led by the chairman’s sister. Farmer Brothers also said it hired Credit Suisse First Boston LLC to look into potential acquisitions, stock buybacks and extraordinary dividends.
Preview
January 5 – 11
Arnold Budget: It’s a big week in Sacramento. On Tuesday (6th), Gov. Arnold Schwarzenegger gives his first State of the State Speech in the Assembly chambers, where he is expected to lay out his goals for his first full year as governor. Then on Friday (10th), Schwarzenegger presents his 2004-05 budget to the Legislature, thereby laying down the battle lines for months of debates over budget cuts.
Sports Beat: The NFL post-season heats up with divisional playoffs on Sunday (11th). As for pro hoops, the Lakers are home on Friday (9th) against Atlanta, while the Clippers are home on Sunday against Memphis. The Kings are home on Thursday (8th) against Vancouver and Saturday (10th) against Columbus. Both UCLA and USC basketball teams are away this week. Also this week, the PGA golf season gets started with the Mercedes Championships in Maui.
Economic Reports: Tuesday (6th): November factory orders. Thursday (8th): December Producer Price Index, November consumer credit. Friday (9th): December unemployment, November wholesale trade.
Skirball Display: An exhibit marking the 150th anniversary of Jewish Family Service will open on Wednesday (7th) at the Skirball Cultural Center and run through Feb. 24. The exhibit includes historical documents, photographs and original artwork involving the largest charitable organization in Los Angeles. For information: 310-440-4500.
Movie Talk: A retrospective of films by Clint Eastwood and presented by American Cinematheque will begin on Friday (9th) and run through the 14th, when his current release “Mystic River” will be shown and Eastwood will appear for a post-screening discussion. The retrospective will be shown at the Egyptian Theatre in Hollywood. For information: 323-466-FILM.
Awards Season: Here they go again the start of what promises to be week after week of awards ceremonies, many of them televised. This week’s lineup includes the ninth annual Critics’ Choice Awards on Saturday (10th) at the Beverly Hills Hotel, broadcast live on E! Entertainment Television. The selections come from the 184 members of the Broadcast Film Critics Association. On Sunday (11th), it’s the 30th annual People’s Choice Awards, broadcast on CBS and coming from the Pasadena Civic Auditorium.
