Review
January 16 – 22
Hoy Debut: Tribune Co. announced its Spanish-language daily newspaper, Hoy, would be launched in Los Angeles in March. Chicago-based Tribune, owner of the Los Angeles Times, already publishes editions of Hoy in Chicago and New York. Disclosure of the start date follows the announcement of a joint effort by the publishers of L.A.’s La Opinion and New York’s El Diario/La Prensa to establish Spanish-language papers in other cities.
Gas Creep: Los Angeles had the dubious distinction of having the highest prices among the major cities surveyed by the Energy Information Administration for the week ended Jan. 19. A gallon of self-serve regular in L.A. was $1.721, up from $1.691 the week before. San Francisco, normally the highest-priced city, fell to second position, at $1.714. Statewide, an average gallon was $1.690, up from $1.667 a week earlier.
‘Friendly’ Prices: NBC is charging $2 million for a 30-second ad on the final episode of the hit series “Friends” on May 6 and has already sold out its inventory, Broadcasting & Cable reported. The $2 million compares with $2.3 million that CBS is asking for a 30-second spot for Sunday’s Super Bowl game. The ad rate on the final episode will be more than five times the $380,000 average that NBC charged for 30-second spots on the series in the last quarter of 2003.
Tax Suit: California Gov. Arnold Schwarzenegger was sued by college students who claim he broke state law by repealing a car tax and making up the lost revenue by cutting $148 million from education and health service programs. The University of California Student Association and other groups filed a petition with the California Supreme Court to block the budget cuts and reverse Schwarzenegger’s tax repeal, saying the actions violate the state constitution by overstepping the Legislature’s power to determine how public funds are spent. A spokesman for the Department of Finance said Schwarzenegger stands by his decision.
Medicare Reaction: Stock in PacifiCare Health Systems Inc. and other HMOs rose after the government announced a 10.6 percent increase in payment rates for Medicare HMOs an effort to keep these health plans in the program. The hike compared with 2 percent to 3 percent increases in previous years. Older Americans are being encouraged to enroll in private Medicare programs.
Earnings Results: Occidental Petroleum Corp. reported fourth-quarter net income of $382 million, compared with $322 million for the like period a year earlier. Revenue for the Los Angeles-based energy company rose to $2.37 billion from $1.99 billion. San Marino-based East West Bancorp Inc., parent of East West Bank, reported fourth-quarter net income of $16.4 million, compared with $12.6 million for the like period a year ago. Ryland Group Inc. reported fourth-quarter net income of $86.1 million, compared with $67.5 million for the like period a year ago. Revenue for the Calabasas-based homebuilder rose 15.3 percent, to $1.01 billion. Amgen Inc. reported fourth-quarter net income of $546.9 million, compared with $456.4 million for the like period a year ago. Revenue for the Thousand Oaks-based biotech company jumped 33 percent, to $2.35 billion.
Media Move: John Malone’s Liberty Media Corp. has increased his stake in News Corp. to about 18 percent, giving him the largest equity position in the company behind Rupert Murdoch, whose family owns about 30 percent of the voting shares. Malone’s move raised speculation about his motives, especially since he had not disclosed his intention to Murdoch in advance, according to several news reports. News Corp.’s interests include the Fox television network, the 20th Century Fox studio and DirecTV.
Preview
January 26-February 1
Super Sunday: At last it’s upon us, Super Bowl XXXVIII, from Houston’s Reliant Stadium. Expect the usual hyperbolic build-up leading up to the New England Patriots-Carolina Panthers matchup, including the group Aerosmith headlining the pre-game show. Kickoff is 3:25 p.m. on CBS.
Sports Beat: The Lakers have a brief two-game home stand on Wednesday (28th) against Seattle and Friday (30th) against Minnesota before hitting the road for seven games. They won’t be back at Staples until after the All-Star break, on Feb. 17. The Clippers, too, have a heavy road schedule, with their only home game this week on Tuesday (27th) against Chicago. The Kings are home on Monday (26th) against Minnesota and Thursday (29th) against Colorado. In men’s college basketball, UCLA is home against USC on Wednesday (28th).
Awards Season: If you think the Super Bowl hoopla is unrelenting, try the Academy Award nominations, which will be announced on Tuesday (27th) at a little after 5:30 a.m. to accommodate the network morning shows back East. “Mystic River,” “Cold Mountain” and “Lord of the Rings: The Return of the King” are among the top contenders for multiple nominations.
Economic Reports: Monday (26th): December homes sales. Tuesday (27th): The Conference Board’s consumer confidence data for January and December new home sales. Wednesday (28th): December durable goods orders. Thursday (29th): Advanced Gross Domestic Product numbers for the fourth quarter. Friday (30th): December personal income and personal spending and final January consumer sentiment figures from the University of Michigan.
VICA Fair: The Valley Industry and Commerce Association hosts its annual Committee Fair on Wednesday (28th) from 5-6:30 p.m. at the Airtel Plaza Hotel in Van Nuys. The gathering presents a chance for VICA members to discuss local, state and federal legislation, including L.A. business tax reform, Gov. Arnold Schwarzenegger’s budget proposal, workers’ compensation reform and runaway film and television production.
State of Hollywood: Los Angeles City Councilman Eric Garcetti keynotes the Hollywood Chamber of Commerce’s State of Hollywood Luncheon on Monday (26th) at the Hollywood Renaissance Hotel. Among the topics on tap are public safety, tourism and new businesses’ relocation to Hollywood. For information: 323-469-8311.
