REVIEW
October 10 – 16
Dodger Sale: Boston real estate developer Frank McCourt has signed an agreement in principle with News Corp. to purchase the Los Angeles Dodgers, along with Dodger Stadium and surrounding property, for what is believed to be around $430 million. McCourt, who had tried to purchase both the Boston Red Sox and Anaheim Angels, said he has no plans to move the team. News Corp. had purchased the Dodgers from the O’Malley family in 1998 for $311 million, but the team never fit well into its worldwide assets.
Earnings News: DirecTV parent Hughes Electronics Corp. reported a third-quarter loss of $23 million, compared with $13.6 million for the like period a year ago. In reporting the loss, El Segundo-based Hughes said it wrote down the value of two Latin American units. Revenue rose to $2.6 billion from $2.2 billion. News Corp. agreed last April to acquire a 34 percent stake in Hughes and the company’s chief executive, Jack Shaw, told Bloomberg News that he expected the sale to be completed by year’s end. Mattel Inc. reported third-quarter net income of $270 million, compared with $280.6 million for the like period a year earlier. Revenue for the El Segundo-based toy company rose 2 percent, to $1.7 billion. City National Corp., parent of City National Bank, reported third-quarter net income of $52.5 million, compared with $48.7 million for the like period a year ago. Total assets for the Beverly Hills-based company rose 14 percent, to $12.8 billion.
Implant Decision: Inamed Corp., based in Santa Barbara, may become the first company to return silicone breast implants to the U.S. market since a 1992 ban after the device won the backing of a Food and Drug Administration advisory committee. The panel voted 9-6 to recommend that the FDA approve the implant, with several conditions.
Showbiz Layoffs: Sony Pictures Entertainment announced plans to cut at least 300 jobs in the next 18 months as it seeks to reduce expenses. The latest cuts are expected to affect employees at Sony Pictures’ major units, including its Culver City-based Columbia Pictures movie studio, domestic and international television operations and Sony Pictures Digital. Sony Pictures Entertainment is expected to save as much as $75 million annually after the cuts.
Mouse Shakeup: Disneyland President Cynthia Harriss resigned and will be replaced by Matt Ouimet, who had been president of Disney Cruise Lines. Harriss had been president of the theme park during four turbulent years that included the effects of the 2001 terrorist attacks and the disappointing opening of Anaheim’s California Adventure.
Jet Lag: Singapore Airlines will inaugurate nonstop service from Los Angeles to Singapore at 18 hours and 9,412 miles, the longest continuous commercial passenger service. The previous longest flight is believed to be Continental’s New York to Hong Kong service, at 16 hours. Singapore’s service is expected to begin early next year.
Music Cuts: A restructuring of Vivendi Universal’s Universal Music Group is expected to result in the loss of 800 jobs over the next several months across all divisions. That adds to the 550 jobs cut earlier this year. The company is looking to save $200 million a year in an effort to shave operating losses.
PREVIEW
October 20 – 26
Disney Hall: This is the week for the $274 million, 293,000-square-foot Walt Disney Concert Hall. On Thursday (23rd), there’s a 10 a.m. ribbon cutting and then that evening, along with Friday and Saturday evenings, there will be inaugural galas devoted to various themes. Expect lots of media coverage over the weekend on the new 2,265-seat venue, designed by Frank Gehry.
Smith Lunch: California’s economic climate will be under discussion on Thursday (23rd) at the annual George Smith Partners Real Estate Luncheon at the Century Plaza Hotel. A panel of economists, including the Milken Institute’s Ross Devol and Jack Kyser of the L.A. Economic Development Corp., will be on hand. The Smith luncheon benefits the A-T Medical Research Foundation. For information: 310-557-8336, ext. 123
Baghdad Report: NPR correspondent Anne Garrels talks on Monday (20th) about being in the Iraqi capital during the American invasion as part of the ongoing speaker series at the Downtown Central Library (Mark Taper Auditorium). The series continues on Thursday (23rd) as two distinguished historians Joyce Appleby (Thomas Jefferson) and H.W. Brands (Woodrow Wilson) discuss their writings about past presidents. For information: 213-228-7025.
Economic Reports: Very slow week, with the Conference Board’s monthly index of leading indicators on Monday (20th) about the only number likely to get much attention. There will, however, be a slew of earnings reports that will likely get the attention of Wall Street.
Sports Beat: The Kings are home on Tuesday (21st) against Philadelphia, Thursday (23rd) against Buffalo and Saturday (25th) against Chicago. The Lakers are still in preseason mode (regular season starts on the 28th). In college football on Saturday, USC is at Washington and UCLA hosts Arizona State at the Rose Bowl. Also on Saturday, it’s the 20th annual Breeder’s Cup at Santa Anita.
Mamet on Mamet: Pulitzer Prize-winning playwright David Mamet is at the Writers Guild Theatre on Tuesday (21st) as part of the WGA’s Writers on Writing series. For information: 323-782-4692.
Economic Forecast: The South Bay Economic Development Partnership holds its annual economic summit on Wednesday (22nd) from 2 p.m. to 5 p.m. at the Torrance Marriott. For information: 310-792-0323.
Latino Business: Anaheim Angels owner Arturo Moreno will keynote the annual Latino Business Expo on Tuesday and Wednesday (21st-22nd) at the Los Angeles Convention Center. The summit features lots of exhibits, seminars and networking opportunities in most any area involving Latino business. Sponsored by the Latin Business Association. For information: 800-371-4LBA.
