REVIEW
November 21 – 26
Bulls Eye: CBS will win the November “sweeps” audience-ratings period, while NBC will rank first among young adults, a category sought by advertisers. CBS’s household ratings will rise 9 percent during the four-week sweeps period ended last Wednesday, according to the network’s chief executive, Leslie Moonves. Sweeps ratings are used by local television stations to set advertising prices. “CSI: Crime Scene Investigation” was the network’s top-rated show and “Cold Case” was the No. 1 new drama.
Music Sale: Edgar Bronfman Jr. and an investor group led by Thomas H. Lee Partners agreed to buy Time Warner Inc.’s music unit for $2.6 billion in cash. Time Warner will get cash for its recorded-music and music-publishing units and the option to buy as much as a 20 percent stake in the business later. Time Warner Chief Executive Richard Parsons favored the Bronfman bid in part because it wasn’t likely to be challenged by antitrust regulators. Besides Bronfman and Lee, the investor group includes Bain Capital LLC and Providence Equity Partners Inc.
Where Are the Boys?: Nielsen Media Research released a report confirming what the TV ratings giant has been saying for weeks: Younger men aged 18 to 34 are not watching as much television as they used to. The report noted that in prime time, the decline is 7.7 percent, higher than the overall drop. The networks have challenged Nielsen’s methodology, although there is an acknowledgement that this year’s new shows are not catching on.
Higher Prices: The median price for an existing home in California last month rose 17.4 percent, to $381,200, from the year-earlier period amid a tight housing market and low mortgage rates. Statewide, the highest prices were in Laguna Beach, with a median price of $1.06 million; Malibu, $1.03 million; Beverly Hills, $980,000; Palos Verdes Estates, $970,000.
Governor’s Cut: Gov. Arnold Schwarzenegger proposed $3.8 billion worth of budget cuts in programs, including $319 million to higher education and reducing fees paid to doctors through Medi-Cal. Finance Director Donna Arduin said the cuts are needed because spending has grown faster than the economy since the late 1990s. The proposals need to be approved by the Democrat-controlled Legislature, and there was some concern that the cuts would diminish services needed by the state’s poorest and neediest citizens. California faces a budget deficit of at least $14 billion through July 2005 and has a BBB credit rating from Standard & Poor’s.
Gas Update: The party’s over. L.A. gasoline prices rose for the week ended Nov. 24, with an average gallon of self-serve regular now running $1.707, up from $1.675 a week earlier, according to a weekly survey by the Energy Information Administration. That compares with San Francisco’s $1.700 and the statewide average of $1.691. Gasoline prices had been steadily dropping for weeks but rising demand and higher oil prices are likely to change that for a while.
Tenet Judgment: Tenet Healthcare Corp. said an appeals court lowered a $253 million judgment against it by $100 million after reconsidering how to calculate damages for a former executive who sued to get unpaid promised benefits. The court ruled that interest owed to John C. Bedrosian should be calculated from Oct. 3, 2002 instead of April 1995. The ruling could boost Santa Barbara-based Tenet’s earnings this year.
PREVIEW
December 1 – 7
World Gala: The Los Angeles World Affairs Council celebrates 50 years with a gala on Tuesday (2nd) featuring United Nations Secretary General Kofi Annan and United States Ambassador to the U.N., John Negroponte. Larry King will host the evening, at the Century Plaza Hotel. For information: 213-628-2333.
Western Show: The cable television industry meets up this week at the annual Western Show from Tuesday to Friday (2nd-5th) at the Anaheim Convention Center. This year’s conclave will feature Comcast President and Chief Executive Brian Roberts. Sponsored by the California Cable & Telecommunications Association. For information: 510-428-2225.
Cop Talk: L.A. Police Chief William Bratton will discuss his first year on the job on Thursday (4th) from 4:30-6:30 p.m. during a session of the Milken Institute Forum in Santa Monica. Also on hand will be James Q. Wilson, the prominent criminologist. For information: 310-570-4605.
PowerPoint Talk: Artist and musician David Byrne will speak about his use of PowerPoint presentation software as an art medium on Thursday (4th) at 7:30 p.m. at the Los Angeles County Museum of Art. Byrne, known as one of the Talking Heads, has a book and DVD with five of his PowerPoint presentations. For information: 877-522-6225.
Serious Laughter: TV stars Ray Romano and Kevin James will headline a charity benefit on Saturday (6th) at UCLA’s Royce Hall to raise money for Rx Laughter, a study examining the effects of laughter on the immune systems of sick children and adolescents. The five-year study was launched in 2000. For information: 310-825-2101.
Sports Beat: The only home game for the Lakers this week is on Sunday (7th) against Utah. The Clippers are home on Monday (1st) against San Antonio, Wednesday (3rd) against Cleveland and Sunday afternoon against Minnesota. The Kings are home Thursday (4th) against Dallas and Saturday (6th) against Washington. Also on Saturday, it’s the John Wooden Classic at the Arrowhead Pond in Anaheim as UCLA takes on Kentucky and Stanford faces Kansas.
Economic Reports: Monday (1st): October construction spending. Friday (5th): November unemployment and October factory orders and consumer credit.
Sunday Walk: Don Rickles is honorary chairman of the Walk of Ages IV, a 5K walk/run on Sunday (7th) sponsored by the Jewish Home for the Aging. The walk will begin and end at the Jewish Home’s Eisenberg Village Campus at 18855 Victory Boulevard in Reseda. For information: 818-774-3100.
