REVIEW
September 19 – 25
Done Deal: Univision Communications Inc.’s $3.4 billion purchase of Hispanic Broadcasting Corp. won final approval from the Federal Communications Commission. The purchase had been criticized by competitors, lawmakers and Hispanic groups, largely on the grounds that it would create too much consolidation in the Spanish-language market. Los Angeles-based Univision is the largest U.S. Spanish-language TV broadcaster.
Court Speaks: California’s Oct. 7 election to recall Gov. Gray Davis must proceed on schedule, an 11-member panel of the 9th U.S. Circuit Court of Appeals said, throwing out a ruling that postponed the vote until March, when punch-card machines in six counties could be replaced. The American Civil Liberties Union said it would not appeal to the U.S. Supreme Court. The ruling removes the last legal challenge to the recall vote.
Bond Sale Blocked: A Sacramento Superior Court judge blocked the state’s plan to borrow $2 billion for employee pensions part of the fragile budget agreement worked out in the legislature this summer. Judge Thomas M. Cecil said the budget plan was unconstitutional. The Howard Jarvis Taxpayers Association filed suit to block the bond sale, arguing that a constitutional provision prohibits excessive borrowing to cover routine expenses. Other litigation has been filed.
Hollywood Votes: Melissa Gilbert was reelected president of the 118,000-member Screen Actors Guild with 50 percent of the vote, topping challengers Kent McCord, with 42 percent, and Gordon Drake, with 8 percent. Gilbert said she will resume efforts to consolidate with the American Federation of Television and Radio Artists. A July vote on the merger received 57 percent of the vote, shy of the required 60 percent. Later in the week, SAG and the advertising industry reached a tentative three-year contract. Separately, Victoria Riskin was reelected president of the Writers Guild of America, West. The guild did not release the vote count.
Falling Prices: As expected, gasoline prices keep dropping. In Los Angeles, the average price of a gallon of self-serve regular for the week ended Sept. 22 was $2.004, down from $2.056 a week earlier and continuing a downward trend that began after the Labor Day weekend. Despite the drop, prices remain higher than for the like period a year ago.
Landmark Sale: Dallas Mavericks owner Mark Cuban (photo), along with business associate Todd Wagner, will acquire the Landmark Theatres chain, according to several news reports. With 55 art houses nationwide, including the venerable Nuart in West Los Angeles, the theater chain has been on the block for two years when Los Angeles-based Oaktree Capital Management pulled Landmark’s parent, Silver Cinemas International Inc., out of bankruptcy protection.
Corporate Enforcement: Gov. Gray Davis signed into law legislation that would fine companies up to $1 million for hiding damaging information from their shareholders. The bill, introduced by Assemblyman Lou Correa, D-Anaheim, would bring state penalties in line with federal laws. The legislation also prohibits executives from retaliating against employees who refuse to take part in illegal activities. Separately, Davis signed into law a measure that prohibits marketers from sending unsolicited e-mail, or spam. There have been doubts about whether the law, which goes into effect Jan. 1, will have a deterrent effect, as well as whether it will hold up to court challenges.
PREVIEW
Sept. 29 – Oct. 5
Economic Reports: Once again, attention will be focused on unemployment. The Labor Department is out with September data on Friday (3rd) that will provide more clues on whether the last few months of growth have resulted in new jobs. Projections, which have been off the mark for some time, range from a loss of 60,000 jobs to a gain of 20,000; the median is a loss of 15,000. August’s unemployment rate stood at 6.1 percent. Otherwise, it’s a fairly quiet week, with August personal spending and personal income both due out on Monday (29th).
Giving Discussion: Philanthropy and the obligation to give will be the topic of a luncheon meeting of Town Hall Los Angeles on Tuesday (30th) at the Millenium Biltmore. Featured speaker is Rebecca Rimel, president and chief executive of the Pew Charitable Trusts. For information: 213-628-8141.
Location, Location: Where and how to shoot your movies will be the topic on Thursday (2nd) in a session sponsored by the Pacific Rim Chamber of Commerce from 6:30-9 p.m. at the Courtyard by Marriott Hotel in Marina del Rey. Representatives of film commissions, along with location managers, will be on hand. For information: 310-822-8555.
Chicano Tribute: Lalo Guerrero, the musician, singer and satirist from the 1930s who has been called the father of Chicano music, will be honored as part of a concert on Saturday (4th) at the John Anson Ford Amphitheater. Net proceeds from the concert go to the Mariachi USA Foundation. For information: 323-0461-3673.
Sports Beat: Baseball’s divisional playoffs get started this week. In college football on Saturday (4th), UCLA is home against Washington while USC is at Arizona State.
Election Deadlines: Tuesday (30th) is the last day to apply for an absentee ballot for the Oct. 7 gubernatorial recall election. All applications must be received by the Registrar of Voters by 5 p.m. Friday (3rd) is the last day to vote at one of 12 touchscreen voting locations in Los Angeles County. For information: lavote.net.
Risk Averse: The UCLA Extension will hold its 10th annual Real Estate Finance and Investment Conference at the Wilshire Grand Hotel on Thursday (2nd). Subject is “Real Estate Pricing, Value and Risk,” and developer Rick Caruso will be honored. Panelists include Eastdil Realty President Roy March. For information: 310-206-1409.
