1. REDSTONE OUT: Sumner
Redstone resigned as CBS
Corp. executive chairman
last week amid heightened
scrutiny concerning the
92-year-old billionaire’s
physical and mental health.
Redstone will be replaced
by Leslie Moonves, chief
executive of CBS. Philippe
Dauman, who serves as
chief executive of CBS
parent company Viacom
Inc., was elected chairman
of that entertainment
conglomerate.
TRIBUNE TRANSITION:
Chicago entrepreneur Michael
Ferro invested $44.4 million
in LosAngeles Times owner
Tribune Publishing Co. of
Chicago last week. The move
makes him the company’s
largest shareholder, with
assets that could help bolster
a planned bid for the Orange
County Register. Ferro,
through his firm Merrick
Media, bought 5.22 million
newly issued shares of Tribune
stock, giving him a 16.6%
stake in the company, which
also owns the San Diego
Union-Tribune, the Chicago
Tribune and several other daily
newspapers.
‘STARZ’ STRUCK: Lions
Gate Entertainment Corp.
of Santa Monica announced
plans last week to restart talks
to acquire Salida, Colo.’s
Starz Inc., a year after
buying a stake in the pay-TV
network. Lions Gate nearly
acquired Starz in December
2014 but decided not to bid
because of valuation and tax
concerns.
AMERICAN APPEAL: In
an interview with CNBC last
week, American Apparel
Chief Executive Paula
Schneider announced plans
to revive the brand’s Made
in the USA appeal, which
has been the backbone of
the company’s existence
since it started 27 years ago.
She added the vital message
got lost amid salacious
advertising and controversial
headlines regarding founder
Dov Charney. Schneider said
she hoped a renewed interest
in American-made products
would bring shoppers back to
its stores.
MANSION MAKEOVER?:
Jeff Beacher, creator
of Beacher’s Madhouse
theater venues in Las Vegas
and Hollywood, met with
Playboy Enterprises Inc.
executives last week about
buying the iconic six-
acre Holmby Hills estate,
creating a partnership with
the Beverly Hills publisher,
and presenting paperwork
for a $90 million offer. The
proposed venture would be a
members-only club offering
a variety of business, fitness
and hospitality amenities.
Beacher told the Business
Journal that the modern
upgrades would be completed
while preserving the iconic
mansion’s original character.
RELATIVITY REVIVAL:
Beverly Hills film and TV
studio Relativity Media
faced a bankruptcy court
hearing in NewYork last
week in efforts to regain its
financial footing. Although
the company revealed it raised
just $20 million of the $100
million needed to emerge
from Chapter 11 bankruptcy,
which it declared last year,
representatives said it would
still be prepared to relaunch
its film studio under the
leadership of Kevin Spacey
and his producing partner,
Dana Brunetti, whose
Trigger Street Productions
was acquired by Relativity on
Jan. 8. In a recorded video,
Spacey urged Judge Michael
Wiles to let Relativity out of
bankruptcy protection.
REVERSED CHARGERS:
The San Diego Chargers
have decided not to pull the
plug on its home city – at
least for now. Dean Spanos,
owner and chairman of the
team, announced last week
that the Chargers would
not be joining the Rams in
Los Angeles next season.
However, Spanos said he
reached an agreement with
Rams owner Stan Kroenke
that would allow the
Chargers to relocate in 2017
if the franchise can’t reach a
stadium deal in San Diego.
PASADENA PATHWAY:
Pasadena became the fifth city
in LosAngeles County to raise
its minimum wage last week
after a City Council vote.After
a marathon session that went
into the early morning hours,
the council voted unanimously
in favor of a pathway to $15 an
hour by 2020 and in support
of wage enforcement. The
increase would begin in July,
with a minimum wage of
$10.50. It would then climb
every year to 2018, when
it would be $13.25. The
impact of the ordinance on
the local economy would be
reviewed by the City Council
in February 2019 before a
final decision on the $15 rate.
Future raises beyond 2020
would be indexed to annual
cost-of-living adjustments.
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Hirings, awards, promotions and special
accomplishments in local businessPeople on the Move
Advertising Feature
FINANCE
Citizens Business Bank is proud to
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Gary received his Bachelor of Science Degree from The
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Braunstein
LAW
Experienced
employment
attorney Linda
M. Toutant
has joined the
downtown Los
Angeles office
of Klinedinst
PC. Ms. Toutant
has over twenty
years of business
litigation experience, and assists clients in all matters
of employment law. On a related note, Klinedinst
counsel Kimberly A. Westmoreland is hosting a 2016
employment law seminar for businesses on February
11, 2016 at the San Fernando Valley Bar Association.
Topics will include CA minimum wage increase,
LA’s minimum wage hike, expanded protections
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Toutant Westmoreland
ACCOUNTING
Johnny H. Minassian, CPA, MBA,
has joined the Partnership of
NSBN LLP, CPAs & ADVISORS.
Johnny has over 20 years
providing audit and accounting
services to closely-held,
entrepreneurial, and middle market
companies. Formerly Johnny
was a Partner at both a national and
a Big Four accounting firm. His prior
experience was serving clients in
the financial services industry, working with investment
advisors and broker-dealers. Johnny serves on the
Board of Directors of the Valley Women’s Center and
the Audit Committee of the Los Angeles Mission.
Minassian
Redstone Out: CBS. Pasadena Pathway: Minimum wage. Relativity Revival: Spacey.
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