JANUARY

Wildfires Devastate Los Angeles

Devastating wildfires swept through Altadena and Pacific Palisades – the worst natural disaster Los Angeles has seen since the 1994 Northridge earthquake. 

Thousands of housing units were destroyed; tens of thousands of Angelenos were forced out of their homes; and tens of billions of dollars in economic losses were incurred. At least 31 were killed directly by the fires.

By the end, more than 16,000 homes and structures had been confirmed damaged or destroyed between the Eaton and Palisades Fires.

Damage and economic loss estimates have reached nearly $300 billion.

“The damage from the Northridge quake was spread throughout the region, though maybe concentrated more in some places than in others,” Christopher Thornberg, founding partner of Beverly Grove-based Beacon Economics, told the Business Journal at the time. “Here, the damage is very localized to Altadena and the Palisades.”

Thornberg noted the level of destruction in those communities is far worse than any neighborhood suffered in the quake.

Except for some schools, most of the damage from the fires affected private properties, which means the ability to obtain insurance payouts will be paramount. 

The Northridge quake also caused significant infrastructure damage, most notably the collapse of a portion of the 10 Freeway. Thornberg said this type of damage is most suitable for federal funds.

Beyond the massive economic loss, the wildfires’ fallout includes a deepening housing crisis with soaring rents, significant infrastructure damage, and more – all of which have created long-term challenges for rebuilding. — Virginia Akujobi-Egere

Meet Tutor Perini’s New CEO

Gary Smalley took over as the chief executive of Sylmar-based civil construction giant Tutor Perini Corp., succeeding Ronald Tutor. Smalley previously served as the company’s president and was appointed to his new role as part of a planned succession.

In his first-ever media interview, he told the Business Journal that “it’s quite an honor (to be the new CEO). I was humbled when Ron selected me, and the board approved me. … (Ron is) a legend and an icon in the industry. That’s some big shoes for me to fill.”

— Monée Fields-White

FEBRUARY

Dave’s Hot Chicken Sells Majority Stake

Roark Capital Management announced plans to acquire Dave’s Hot Chicken for about $1 billion.

The private equity firm will add the fast-growing Pasadena-based fried chicken chain to its extensive portfolio, which includes Subway, Dunkin’ and Buffalo Wild Wings.

Dave’s was founded in 2017 by childhood friends Dave Kopushyan, Arman Oganesyan and Tommy Rubenyan. It has since recruited Bill Phelps, co-founder and former chief executive of Pasadena-based Wetzel’s Pretzels and sold the rights to more than 1,000 franchise locations.

It plans to open over 80 new locations this year.

The Nashville hot chicken restaurant chain has reached $1 billion in annual sales, Reuters reported. It has also attracted celebrity investors and is building a significant social media presence on the way. — Zhiyu Luo

In-N-Out’s HQ Moves to Baldwin Park 

Irvine-based restaurant chain In-N-Out Burger announced plans to move back to Baldwin Park.

The popular burger chain plans to relocate its corporate offices and West Coast headquarters by the end of 2029, bringing it back to its roots.

“I know my family would be in support of this move because it brings our In-N-Out family back together in a way that helps us better serve our customers, who are the most important priority,” owner and president Lynsi Snyder said at the time.

Snyder has since moved to Franklin, Tennessee, where a new Eastern territory officer is under construction.

In-N-Out has more than 400 locations today.

— Zhiyu Luo

MARCH

Edison Faces Fire-Related Lawsuits

Indications mounted that transmission infrastructure of Southern California Edison, a utility subsidiary of Rosemead-based Edison International, appeared to trigger the massively destructive January Eaton Fire in and around Altadena. Attorneys representing homeowners whose property was damaged in the blaze began filing dozens of lawsuits against the utility, even though the cause was still under investigation.

In late October, Edison released details of a plan to compensate property owners for fire damage.

Edison is planning to tap the state’s wildfire fund for the billions of dollars in payouts. That could hinge on whether Edison is found to have acted prudently in wildfire mitigation efforts. — Howard Fine

Scopely Acquires Niantic for $3.5 Billion

Mobile gaming giant Scopely Inc. scooped up Niantic Inc.’s gaming division in a $3.5 billion deal, marking one of the largest acquisition of a privately-owned venture-backed gaming company.

The deal size in the gaming industry was second to Scopely’s own sale to Savvy Games Group in 2023.

Culver City-based Scopely now owns two of the largest mobile gaming titles in the world: Monopoly Go, Scopely’s in-house invention, and Niantic’s well known Pokémon Go.

The Niantic deal, which closed in May, is Scopely’s fifth acquisition since the company started in 2011. It highlights how the game developer is making moves amid an industry rife with layoffs and sluggish investment activity. —  Keerthi Vedantam

Mattel’s First Round of Layoffs 

Toymaker Mattel Inc. filed a notice with the state employment department that it would lay off 120 employees from its El Segundo headquarters.

The cuts, which came amid growing concerns about U.S. tariff policies, represented about 35% of its non-manufacturing workforce.

The Barbie and Hot Wheels maker is transitioning from a toy seller to an intellectual property-based media company, said Chief Executive Ynon Kreiz.

To navigate the threat of higher tariffs, Mattel said it would ensure that none of its seven manufacturing countries would account for more than 25% of its global manufacturing by 2027.

In May, the toy giant said it planned to boost prices for some of its most popular toys. Mattel then announced in November it was planning to lay off an additional 89 employees at its headquarters by January.

Analysts still expect a rebound for Mattel and the toy industry in the new year as popular new IPs appear in the entertainment market. — Zhiyu Luo

Forever 21 Files for Bankruptcy – Again

Downtown-based fast fashion brand Forever 21’s parent company filed for bankruptcy after previously announcing several layoffs and store closures. 

Forever 21’s locations outside of the U.S. are operated under different licensee agreements and are not involved in the Chapter 11 filing. It marked the second such filing the retailer has pursued. The first time happened in 2019. 

The retailer, known for its cheap, trendy clothes, has faced increased competition in recent years.

“We have been unable to find a sustainable path forward, given competition from foreign fast fashion companies, which have been able to take advantage of the de minimis exemption to undercut our brand on pricing and margin, as well as rising costs, economic challenges impacting our core customers, and evolving consumer trends,” Brad Sell, chief financial officer of F21 OpCo, said in a statement.

He said that the company would “wind down” its operations unless it found a buyer. The retailer did indeed follow suit, closing all its brick-and-mortar stores in May. — Monée Fields-White

APRIL

L.A. Rams Village Plans Debut 

Developer titan Stan Kroenke showcased his plans for a 52-acre development in Woodland Hills on properties he had spent years acquiring.

The Los Angeles Rams owner will build what the informally titled Kroenke Organization is calling Rams Village in the Warner Center area of Woodland Hills. The Gensler-designed project, like Kroenke’s other recent developments, will include a mix of entertainment and sports venues, retail space, residential units, and open park space.

Kroenke highlighted that as the Rams prepare for their 10th season back in Los Angeles, his organization remains “committed to helping shape the future of this great city.”

“Rams Village at Warner Center will continue to transform Woodland Hills by providing a vibrant gathering place for the community through publicly accessible open spaces, new entertainment venues, a retail village, and residential offerings,” he said. — Zane Hill

Trump’s Tariffs Disrupt Supply Chains

President Donald Trump imposed sweeping tariffs on many of the U.S.’s major trading partners.

The move triggered a domino effect among Los Angeles companies with close business ties to countries such as China, Taiwan and South Korea.

The Port of Long Beach and the Port of Los Angeles – the two largest ports in the nation – also braced for major disruptions. Together, the two ports moved 20 million containers last year. — Keerthi Vedantam

LAX Drops Off Top 10 Busiest Airports List 

Airports Council International issued its annual ranking of the world’s 10 busiest airports. For the first time in decades, Los Angeles International Airport didn’t make the cut – it had slipped to No. 11.

The culprit: passenger traffic was still more than 15% below pre-pandemic levels, making LAX one of the few major airports that have not fully rebounded.

Since late 2023, domestic air passenger counts have been decreasing year-over-year, while international passenger tallies started declining early this year. Airports Council International had earlier announced that for 2024, LAX had slipped to the fifth slot in passenger counts in the U.S. Before the pandemic, the airport was the second busiest.

— Howard Fine

Team of Lawyers Secure $4B from County

Los Angeles County in April agreed to settle thousands and thousands of sex abuse claims filed by plaintiffs who were under county custody in juvenile detention or foster care by paying out a record $4 billion.

A majority of the plaintiffs – whose claims largely range from the 1980s to the early 2000s – were represented by a collection of six law firms: Slater Slater Schulman, McNicholas & McNicholas, Herman Law, ACTS Law, Boucher LLP and Becker Law Group. Many of the cases were tied to the infamous MacLaren Children’s Center in El Monte.

The settlement largely dwarfs others reached in similar abuse cases and is expected to be paid out to plaintiffs over several years and remain a drag on the county’s budget for decades. — Zane Hill

MAY

Rhode Sells to E.l.f. Beauty

E.l.f. Beauty Inc. acquired Rhode, a Beverly Hills beauty brand founded by model and entrepreneur Hailey Bieber, for $1 billion.

The Oakland-based cosmetic and skincare company paid $600 million in cash and $200 million in newly issued common stock upfront. It will provide a potential payout of $200 million based on Rhode’s growth over the next three years.

Rhode’s consumer base doubled over the past year, and it generated $212 million in net sales over the 12 months before March 31.

The deal, which closed in August, marked E.l.f.’s third acquisition since buying the clean-beauty brand W3ll People for $27 million in 2020 and the skincare brand Naturium for $355 million in 2023. — Zhiyu Luo

Skechers Goes Private 

Skechers USA Inc. accepted a substantial $9.4 billion deal from investment firm 3G Capital to go private.

The transaction, which officially closed in September, represented a nearly 30% premium in its stock price at the time of the announcement.

Skechers had a market value of approximately $7.4 billion before the news of its going-private deal. 3G Capital, based in New York, opted to pay $63 per share in cash, valuing the footwear company at $9.4 billion – thus ending Skechers’ nearly three-decade tenure as a public business.

Shareholders had the choice between a $63-per-share cash payout and a $57-per-share cash payout coupled with a non-transferable equity stake in the newly privatized Skechers.

Robert Greenberg, the founder and chief exeutive of Skechers, remained in charge alongside President Michael Greenberg and Chief Operating Officer David Weinsberg. The company headquarters stayed in Manhattan Beach. — Virginia Akujobi-Egere

Tourism Wage Ordinance Passes 

The Los Angeles City Council passed the Tourism Wage Ordinance, raising the minimum wage employers must pay hotel and private-sector airport workers to $30 an hour by mid-2028.

Mayor Karen Bass signed the ordinance into law on May 28. The ordinance mandates wage hikes in stages in increments of $2.50 an hour, starting this past July 1.

A coalition of hotel owners, commercial airlines and other impacted business owners attempted to qualify a referendum that would put the ordinance to voters for an up-or-down vote. That was done with the intent of campaigning against it. However, the referendum failed to gather enough valid signatures, allowing the law to take effect. — Howard Fine

Feds Mandate VA to House 6K Vets 

President Donald Trump issued an executive order to increase housing for homeless veterans at the West Los Angeles VA Medical Center.

The mandate called for the facility, which Trump renamed the National Center for Warrior Independence, to house 6,000 veterans by 2028. However, there were just under 3,000 homeless veterans in Los Angeles County in 2024, according to the L.A. County Department of Military and Veterans Affairs.

Trump hadn’t been the only one eyeing the West Los Angeles VA Medical Center. In fall 2024, U.S. District Judge David O. Carter ordered that the center’s external leases, including those from UCLA and the Brentwood School, be voided to make way for more veteran-focused services, including additional housing. — Kennedy Zak

JUNE

ImmunityBio Gets FDA Nod for Expanded Use

Culver City-based ImmunityBio Inc. announced that the U.S. Food and Drug Administration had granted “expanded access authorization” for the use of the immunotherapy company’s leading drug platform, Anktiva.

The original FDA approval in 2024 was for the treatment of a rare form of bladder cancer. This expanded use is to treat lymphopenia in patients who have gone through chemotherapy, radiation, or other standard treatments for cancer tumors, which is a much larger patient pool. The company plans to seek FDA approval for several other expanded uses for Anktiva.

ImmunityBio was founded by billionaire biotech magnate Patrick Soon-Shiong, who is now the executive chairman and owns more than 80% of the company’s shares. — Howard Fine

L.A.’s Top Office Deal

In L.A.’s biggest office deal of 2025, Uncommon Developers purchased the property at 601 S. Figueroa St. for $210 million, or $202 per square foot.

The previous owner, Brookfield Properties, had the Class A, 52-story office tower in its portfolio for close to a decade.

Newmark represented Brookfield in the transaction.

Upon closing, Kevin Shannon, co-head of U.S. Capital Markets at Newmark said this deal was “a sign of the market recovering.”

Even still, a building like this would have sold pre-pandemic for more than $500 per square foot. At the time of the purchase, 601 Fig was 72% leased. — Kennedy Zak

ICE Raids Hit Los Angeles 

After months of threats from President Donald Trump, U.S. Immigration and Customs Enforcement agents descended on the Ambiance Apparel factory in Los Angeles and detained dozens of patrons and workers. 

That kicked off the first of many raids that would eventually leave businesses in Los Angeles and across California at a loss.

Business and economic analysts estimate the state could lose an estimated $278 billion in economic output due to the raids, according to the Bay Area Council Economic Institute. That would put the state at risk of losing its status as the fourth-largest economy in the world, behind Japan, the United Kingdom and India. 

Not only had the raids disrupted business operations, but tourism in the state also took a hit. — Keerthi Vedantam

Guess Being Taken Private

Downtown-based Guess Inc. agreed to go private in a $1.4 billion deal.

Authentic Brands Group, a New York-based global brand management firm, announced it planned to acquire 51% of Guess’ common stock in an all-cash transaction. The remaining balance is owned by a group of shareholders, including the denim brand’s co-founders – Maurice Marciano, Paul Marciano and Nicolai Marciano – and Chief Executive Carlos Alberini.

In addition to the rolling stockholders, shareholders will receive $16.75 per share in cash. The company proposed taking Guess private at a $ 13-per-share cash valuation, according to Reuters.

Upon closing the deal, Guess will continue under its existing leadership.

Alberini said the deal would help the denim brand strengthen its foundations and remain competitive.

— Virginia Akujobi-Egere

Weingart Tower Opens

Weingart Center Association and Related California officially opened the largest permanent supportive housing development in Los Angeles.

Dubbed 600 San Pedro, the downtown L.A. project is a 17-story high-rise, mixed-use building with 302 units, all of which have been designated for permanent supportive housing, according to a release from housing supportive provider Weingart Center and Irvine-based developer Related California.

Located on a former parking lot site, Weingart Center and Related California broke ground in October 2023 and completed construction ahead of its original June 2025 schedule. 

The complex, which has fully furnished studio apartments, has been designed for people living in interim housing to transition into permanent housing with services. New residents will have access to on-site case managers who will provide support in an array of services, including job training and educational assistance. — Monée Fields-White

JULY

Philanthropist Wallis Annenberg Remembered

An outpouring of condolences and statements poured in to reflect on the passing of Los Angeles philanthropist Wallis Annenberg and her influence within the community.

Annenberg – who was board chair, president and chief executive of the Annenberg Foundation, a Century City-based philanthropic organization founded by her father, Walter Annenberg – died on July 28.

The foundation hailed the 86-year-old as “a true visionary and spirited innovator who forged her own groundbreaking philanthropic path for the good of others.”

L.A. Mayor Karen Bass echoed the sentiment, asserting that Annenberg’s work has put homeless people indoors, expanded the quality and quantity of public spaces for residents, and opened doors for art- and science-minded children seeking inspiration.

“This is a loss that resonates beyond words here in Los Angeles. Wallis Annenberg’s selfless leadership and visionary spirit transformed our city in profound and lasting ways,” Bass said. — Zane Hill

Los Angeles Times to Go Public

Patrick Soon-Shiong, owner and executive chairman of the Los Angeles Times, made yet another monumental move – announcing a plan to take the newspaper public in the following year.

The business operation will be revamped into a variety of media suites, including gaming and creator platforms, under the umbrella of Los Angeles Times Next Network.

Soon-Shiong said he will pursue regulation A financing rather than a traditional initial public offering. The decision to go public raised many questions among its editorial staff, who responded with shock and derision.

Soon-Shiong’s investment firm, NantCapital, acquired the Los Angeles Times and the San Diego Union-Tribune from Tronc Inc. for $500 million in 2018. Since then, the Los Angeles Times has faced multiple layoffs, a change in corporate leadership and a loss of millions in revenue. — Zhiyu Luo

SAG-AFTRA Ends Video Game Strike

The Screen Actors Guild-AFTRA video game strike ended after members ratified a new three-year contract, securing “crucial” guardrails against artificial intelligence. 

The 11-month strike began in July 2024 and was waged against the industry’s biggest video game companies, including Santa Monica-based Activision Blizzard Inc. The new protections include consent and disclosures for replicas. Video game performers also secured a 24% wage increase. 

This new contract comes after theatrical and television actors reached a historical deal in 2023, valued at more than $1 billion in a new compensation and benefits plan.

— Keerthi Vedantam

AUGUST

California Post Coming to Town

Another player has joined Los Angeles’ ever-evolving media scene.

The New York Post announced that its parent company, News Corp., will launch a sister publication, California Post, in early 2026. Editor-in-Chief Nick Papps, a former weekend editor of the Herald Sun in Melbourne, Australia, will be its first leader.

The news came amid frequent layoffs in L.A.’s publishing industry. The El Segundo-based Los Angeles Times has been weathering controversy over owner Patrick Soon-Shiong’s changes in editorial direction, including numerous layoffs since 2023. Pasadena’s LAist has dealt with layoffs over the last three years, and Santa Monica-based KCRW, an NPR affiliate, also laid off staffers the previous year. California Post appears unfazed.

“Los Angeles and California surely need a daily dose of The Post as an antidote to the jaundiced, jaded journalism that has sadly proliferated,” said Robert Thomson, chief executive of News Corp. – Zhiyu Luo

Playboy Makes a Move to Miami

Calling California “anti-business,” Playboy Inc. will leave its Westwood offices behind – with plans to move to Miami Beach.

In its new home, the company planned to explore a hospitality venue.

“We are excited to move the company to the city of Miami Beach, which has been phenomenal to deal with, very pro-business,” Playboy President and Chief Executive Ben Kohn said in statements to the media. “When you look at the cost of doing business in California against the cost of doing business in Florida, and you combine that with the energy of Miami Beach, it made all the sense in the world for Playboy to move there.”

Playboy has seen a lot of success this year. Its magazine returned in print this spring after a five-year hiatus and gained so much attention that the company decided to up its once-a-year publication schedule. Its lingerie brand, Honey Birdette, also saw a significant revival. – Zhiyu Luo

Change of Guard

After 34 years as chief executive of Matt Construction, Steven Matt passed the baton to Brian Saenger, who had previously served as chief executive of The Ratkovich Co.

Matt continued his role as chairman. The firm is known for several iconic L.A. projects, including redesigning The Petersen Automotive Museum and renovating the Hollywood Bowl Stage and Shell.

“My approach is simple: It’s evolution, not revolution,” Saenger told the Business Journal at the time. “Matt has a great team of capable builders already, and my goal is to support that team as they seek to evolve and grow their business across product types and geographies.” – Kennedy Zak

SEPTEMBER

Air Lease For Sale

Century City-based aircraft leasing firm Air Lease Corp. agreed to be acquired by a private consortium based in Dublin in a deal valued at roughly $7.4 billion, the company said.

The consortium includes Tokyo-based financial giant Sumitomo Mitsui Financial Group, Dublin-based SMBC Aviation Capital, the world’s second-largest leasing company, and investment vehicles affiliated with New York-based Apollo Asset Management-managed funds and Toronto-based Brookfield Asset Management. Sumitomo Mitsui owns SMBC Aviation Capital.

Air Lease was founded in 2010 by aircraft-leasing pioneer Steven Udvar-Hazy, who had exited his first aircraft-leasing company, International Lease Finance, which he sold years earlier to American International Group. — Howard Fine

Westside Pavilion Complex Opens

The final phase of the Westside Pavilion mall’s $350 million redevelopment wrapped up with Overland & Ayres, a six-story, 201-unit apartment complex.

GPI Cos. developed the 200,000-square-foot residential building at the mall’s former parking garage in Rancho Park.

Overland & Ayres is near GPI’s 235,000-square-foot West End creative office building and will also be neighbors with UCLA Research Park, which will span 700,000 square feet once completed.

The massive redevelopment had been in the works since GPI acquired the Westside Pavilion parking lot and what used to be a Macy’s in 2017 in an off-market deal that spanned 6 acres. — Kennedy Zak

L.A. Sparks Unveil Home Facility

The Los Angeles Sparks struck out and established their own home.

The team showcased its plans to build a 55,000-square-foot practice facility in El Segundo for $150 million. The team expects a quick turnaround, with plans to open the facility in 2027. The facility was designed by Gensler, while the interior build is being planned by Studio Blitz, a women-run architecture firm with offices in Culver City.

It will be the team’s first dedicated space, as it has, to this point, used commercial facilities or shared training areas with other athletic operations. It will also be the second sports team headquarters in El Segundo, after the Los Angeles Chargers opened The Bolt last year.

“We’re building a place where Sparks players can be at their best on and off the court,” said Eric Holoman, managing partner and governor of the Sparks. — Zane Hill

OCTOBER

NBA Approves L.A. Lakers Sale

The National Basketball Association Board of Governors approved Mark Walter as the majority stakeholder of the iconic Los Angeles Lakers.

The deal valued the team at around $10 billion.

Walter already co-owns the Los Angeles Dodgers and the Los Angeles Sparks as chief executive of Guggenheim Partners. Current team governor Jeanie Buss will still lead the team for at least the next five years, and the Buss family will retain a minority stake of more than 15%, according to ESPN.

“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said in a statement. “Few teams carry the legacy and global influence of the Lakers.” — Zhiyu Luo 

TrueCar Going Back Private

TrueCar’s founder, Scott Painter, returned to buy back and take his Santa Monica online auto sales platform private in a $227 million deal.

Fair Holdings Inc., Painter’s investment consortium, announced in mid-October to acquire TrueCar for $2.55 a share. The deal is expected to close by year’s end or early 2026.

Painter previously stepped down as chief executive in 2015 following a major exit of car dealers from the retail site over pricing concerns, according to Bloomberg News.

Painter’s other business, Santa Monica-based electric vehicle subscription company NextCar Holding Co. Inc., which does business as Autonomy, also announced in November plans to invest $25 million in more than 1,000 new electric vehicles. — Zhiyu Luo

State’s First Carbon Capture, Storage Project

Long Beach-based California Resources Corp. (CRC) broke ground on the state’s first major carbon capture and storage project, next to its Kern County oil drilling operations.

The site can store up to 1.6 million metric tons of carbon dioxide annually, for a total capacity of 38 million metric tons. The first injection is planned for early 2026.

Also, CRC announced plans to acquire Dallas-based Berry Corp. in an all-stock transaction that valued Berry at $717 million. Berry has more than 80% of its production in California, with much of that in Kern County.

The deal still needs regulatory approvals. — Howard Fine

Amgen Kicks Off on $600M R&D Complex

Thousand Oaks-based biotech giant Amgen Inc. broke ground on a $600 million research and development building complex on its global headquarters in Thousand Oaks.

The four-story building will bring together researchers, engineers and scientists across disciplines to enhance collaboration and accelerate the discovery of next-generation therapeutics for patients with the most serious diseases. The center will replace an existing building and will feature advanced automation and digital capabilities.

The Amgen project represents a vote of confidence in Southern California, amid a time when Fortune 500 companies are increasingly moving their headquarters out of the region and siting manufacturing and research facilities elsewhere. — Howard Fine

NOVEMBER

L.A. Dodgers Win World Series

The Los Angeles Dodgers won the 2025 MLB World Series, defeating the Toronto Blue Jays in a seven-game matchup. 

The win marked the Dodgers’ second consecutive championship and their ninth dating back to 1955.  

— Monée Fields-White

Skims Reaches $5 Billion Valuation Milestone

Kim Kardashian’s Skims, the Hollywood shapewear and apparel brand, raised $225 million in new capital, boosting its valuation to around $5 billion.

Goldman Sachs Alternatives, an investment platform within Goldman Sachs Asset Management, led the new funding round, with participation from BDT & MSD Partners and existing investors.

The deal was considered one of the largest private raises for a U.S. consumer brand this year.

Skims has earmarked the new capital for expansion, including adding more brick-and-mortar stores and expanding its international presence. The company also absorbed Skkn, Kardashian’s makeup line, this year.

— Zhiyu Luo

Chaos Industries Hits $4.5-Billion Valuation

Chaos Industries raised a whopping $510 million in series D funding, pushing the Hawthorne-based intelligence startup’s valuation to $4.5 billion.

The company, launched in 2022, has raised more than $1 billion in 2025 – a banner year for the aerospace and defense industry.

That sector alone garnered most of the venture funding in Los Angeles in 2025. — Keerthi Vedantam

Grindr Board Rejects Bid to Go Private

West Hollywood-based dating app Grindr Inc. reversed a proposal to buyout shareholders and take the company private for $3.5 billion.

The company’s special committee of independent directors declined to discuss further a take-private deal, citing “continued uncertainty as to the financing.” 

James Fu Bin Lu and George Raymond Zage III, the company’s largest investors who had filed the proposal to take the company private, officially announced in regulatory filings that they would end their pursuit. Lu, who was then chairman, and board member Zage offered a bid in late October to purchase the remaining Grindr stock at $18 per share. Together, they owned more than 60% of Grindr stock. Lu early in the discussion resigned from his chairmanship after five years in the role.

— Virginia Akujobi-Egere

Trevor Saliba Returns to Construction Roots

Beverly Hills private equity magnate Trevor Saliba returned to his family’s century-old construction roots.

Saliba announced he had spun off Saliba Group Inc. from his NMS Capital Group and its management consulting arm, with Saliba Group focusing on construction management. He said his firm was in the late stages of discussions for several contracts on projects collectively worth about $500 million.

Saliba’s grandfather, after working for a family construction business, started his own construction firm in Los Angeles in 1941. The grandfather then went into partnership with another local construction powerhouse, Ronald Tutor, to form Tutor Saliba Corp. in 1972, which was famous for building the Metro Red Line through Hollywood. — Howard Fine

Arrowhead Hits the Mark 

Pasadena-based Arrowhead Pharmaceuticals Inc. announced Nov. 18 that it had received its first-ever approval from the U.S. Food and Drug Administration for its lead drug candidate, Redemplo, which treats a rare condition that causes frequent, severe bouts of pancreatitis.

The FDA approval marks the first time in Arrowhead’s 36-year history that it becomes a commercial pharmaceutical company. — Howard Fine

James Beard Chef to Open New Steakhouse

Collaborating with Newport Beach-based River Jetty Restaurant Group, Nancy Silverton and Rick Caruso unveiled plans to launch Spacca Tutto, a new Italian American steakhouse, at Caruso’s Palisades Village.

The project coincides with Caruso’s plan to revitalize his upscale shopping and dining enclave after the Pacific Palisades Fire.

Spacca Tutto will open in late summer 2026. Early renderings and conceptual details of the new dining location were revealed, including the architectural details, menus and live music options. — Zhiyu Luo

Archer Aviation Nabs Hawthorne Airport Lease

San Jose-based air taxi developer Archer Aviation Inc. announced that it will pay $126 million for the master lease for Hawthorne Municipal Airport, 3 miles east of Los Angeles International Airport and less than 3 miles southeast of SoFi Stadium. Archer plans to use the airfield as the hub for its Los Angeles-area operations for the 2028 Summer Olympic and Paralympic Games and beyond. — Howard Fine

DECEMBER

Port of Long Beach Taps New Leader

Noel Hacegaba, a 15-year veteran of the Port of Long Beach, has been tapped to succeed Mario Cordero as chief executive of the central trade hub at the start of the new year.

As chief operating officer, Hacegaba has been Cordero’s right-hand man for years and a growing public representative for the container port. The Long Beach Board of Harbor Commissioners approved Hacegaba’s appointment on Dec. 8.

Cordero announced in October his plans to retire from the port by the end of the year. He took the top job in 2017, following a tenure on the Federal Maritime Commission. Before that, he was appointed for two terms to the harbor commission. — Monée Fields-White

Warner Bros. Discovery’s Bidding War 

In a dramatic deal that has taken Hollywood by storm, Netflix Inc. and Paramount Skydance Corp. entered a bidding war over Warner Bros. Discovery – with Warner Bros. ultimately picking Netflix.

Netflix offered about $27.75 a share – or nearly $83 billion in a total enterprise value, while Paramount issued an offer of $30 a share, or over $108 billion, in a proposal that also included Warner Bros.’ television assets.

While Netflix has entered into a definite agreement with Warner Bros. Discovery, Paramount launched a hostile takeover attempt that Ellison argues is more stable, less susceptible to regulatory issues, and more pro-Hollywood.

Paramount is eyeing Warner Bros. Discovery’s entire business, including its Global Networks division, which controls CNN. Netflix is interested in its streaming and studios division, which includes iconic DC intellectual properties and HBO Max. The deal is expected to play out over the next 12 to 18 months. — Zhiyu Luo

TJH Marks First Pacific Palisades Rebuild

Thomas James Homes completed the first rebuilt home in Pacific Palisades following the January wildfires, which was unveiled in a tour and celebration held this month.

The Aliso Viejo-based developer doesn’t plan to stop there, anticipating 100 new construction starts in the area in 2026. The newly built home will serve as a model home for future business.

This came just after TJH debuted a new design studio in Brentwood to serve Palisades customers.

TJH is confident it can deliver homes to those rebuilding in 12 months or less – after they secure permits – and for $650 per square foot. TJH Chief Executive Jamie Mead said that so far, their average permit approval time has been less than 60 days. — Kennedy Zak

Renowned Architect Frank Gehry Dies

Legendary architect Frank Gehry, who long lived in Santa Monica, died in December at 96.

The prolific designer is known for a variety of iconic and eclectic institutions, including the Guggenheim Museum Bilbao in Spain, the Louis Vuitton Foundation in France and of course the Walt Disney Concert Hall in downtown L.A. — Zane Hill