Review
APRIL 2 – 8
Murdoch Regroups: Rupert Murdoch’s News Corp. plans to shift its domicile to New York from Australia, making it easier to raise money and attract investors. The Murdoch family will exchange its indirect stakes in the company for a 29.45 percent ownership. The change could prompt News Corp. to combine with its Fox Entertainment Group, which includes its Los Angeles-based broadcast network, TV stations and film studios. Fox was set up as a separately traded company in 1996 to attract shareholders who wanted to invest in its U.S. assets and found its international business confusing.
Mayoral Entrant: Los Angeles City Councilman Bernard Parks has begun an exploratory bid to challenge Mayor James Hahn, who had blocked him from serving a second term as Los Angeles police chief. Parks would be the second candidate to announce plans to run for mayor next year; also in the race is state Sen. Richard Alarcon. Several others are considering entering the contest as well, while City Controller Laura Chick announced she would not run for mayor.
Gas Update: Local pump prices skyrocketed for the week ended April 5 amid ongoing expectations of even higher prices as the summer driving season approaches. In L.A., an average gallon of unleaded regular was $2.179, up from $2.111 the week earlier. The statewide average was $2.126, up from $2.079.
CEO Pay: Tenet HealthCare Corp. Chief Executive Trevor Fetter, hired last September, was paid $6.1 million in 2003, according to a regulatory filing. That includes a salary of $848,539, a bonus of $262,000 and additional compensation of $1.28 million, mostly relocation reimbursement. He also received $3.7 million in restricted stock and options. The Santa Barbara-based company is selling more than a quarter of its 101 hospitals to cut costs, raise cash and restore investor confidence.
Studio Deal: A group led by Lehman Brothers Holdings Inc. purchased Culver Studios from Sony Corp. for $125 million. Lehman, along with Pacific Coast Capital Partners and Pacifica Ventures, acquired 450,000 square feet of studio space that includes 14 soundstages, a screening room and a commissary where Cary Grant and Katharine Hepburn dined. The new ownership group, known as Studio City Los Angeles, plans to build a 30,000-square-foot expansion of the Culver Studios Office Building as part of the purchase agreement.
ABC Shakeup: A major overhaul of the ABC network is being considered by parent Walt Disney Co., several news organizations reported. The reorganization could signal changes for the network’s chairman, Lloyd Braun, and its president, Susan Lyne. Disney executives appear interested in giving more duties to Anne Sweeney, currently president of ABC’s cable division. The network continues to struggle in the primetime ratings.
Calpers Speaks: The California Public Employees’ Retirement System, as part of its increased scrutiny of corporate directors, will vote against seven directors of Genentech Inc. and Eli Lilly & Co. because of perceived conflicts of interest. In addition, the nation’s biggest pension fund said it supports a coalition seeking to oust Safeway Inc. Chairman Steven Burke and two directors from that company’s board because of losses and conflicts. Four public employee pension funds began a “vote no” campaign against the Safeway directors up for re-election at the May 20 annual meeting.
Carl’s Results: CKE Restaurants Inc., parent of Carl’s Jr., reported a fourth-quarter net loss of $51.2 million, compared with a net loss of $7.5 million for the like period a year earlier. Revenue for the Carpinteria-based restaurant company rose 8.8 percent, to $325.4 million.
Preview
APRIL 12 – 18
Tax Day: You haven’t forgotten that Thursday (15th) is the last day to file state and federal income taxes. Or have you? Expect crowds at the post office.
Chick Talk: Los Angeles City Controller Laura Chick (photo) speaks before a meeting of the Greater Los Angeles African American Chamber of Commerce on Tuesday (13th) at 9 a.m. at the Lucy Florence Coffee House (4305 Degnan Blvd.). Chick’s office released an audit critical last fall of the contracting practices at Los Angeles International Airport and which set in motion both county and federal investigations.
Sports Beat: The Lakers close out their regular season home schedule on Tuesday (13th) against Golden State playoff opponent to be determined while the Clippers finish up another losing year on Wednesday (14th) at home against Seattle. The Dodgers are away all week while the Angels are home for a three-game series Tuesday-Thursday against Seattle (13th-15th) and a three-game weekend series (16th-18th) against Oakland. The Avengers are home on Friday (16th) against Detroit. Also this weekend is the Toyota Grand Prix in Long Beach.
Economic Reports: Tuesday (13th): February business inventories. Wednesday (14th): February trade deficit, March consumer price index. Friday (16th): March housing starts, industrial production and capacity utilization. Preliminary April consumer sentiment numbers from University of Michigan.
Sane Sex: A Town Hall forum on same-sex marriage will be held on Monday (12th) from 7 to 10:30 p.m. in the West Hollywood Park Auditorium (647 N. San Vicente Blvd.). Separate panels will discuss the issue from legal and human rights perspectives. Sponsored by the City of West Hollywood, in conjunction with the West Hollywood Lesbian and Gay Advisory Board and the LA Weekly. For information: (323) 848-6460.
High-Speed Debate: On Tuesday (13th), the California High Speed Rail Authority holds a public hearing on the draft environmental document for a proposed $37 billion high-speed rail line from San Diego to Sacramento. A bond measure to fund a $10 billion trunk line from L.A. to San Francisco is currently on the November ballot. The hearing begins at 3 p.m. in the boardroom of the Metropolitan Transportation Authority building next to Union Station. A key issue will be which of two routes the train would take through northern L.A. County: along the I-5 “Grapevine” or a detour through Lancaster and Palmdale.
CUTTABLE FROM HERE DOWN
Koss Recognized: Michael Koss, president and founder of Koss Financial Corp. will be honored on Thursday evening (15th) by the Jewish Federation’s real estate and construction division. Event will be at the Century Plaza Hotel. For information: (323) 761-8225.
Norwegian Affairs: Jan Petersen, Norway’s minister of foreign affairs, will be the luncheon speaker at a meeting of the Los Angeles World Affairs Council on Thursday (15th) at the downtown Marriott Hotel. For information: (213) 628-2333.
Mardi Gras: Huntington Park’s annual Mardi Gras festival, “Carnaval Primavera,” takes place this weekend (16th-18th) along Pacific Boulevard. Food booths, entertainers and carnival rides will be among the featured attractions. Sponsored by the Greater Huntington Park Area Chamber of Commerce. For information: (323) 585-1155.
Drama: The L.A. Theatre Works production of Lanford Wilson’s “Fifth of July” will be performed Wednesday through Saturday (April 14-18) at the Skirball Cultural Center. For information: (800) 708-8863.
