Los Angeles Times owner Tribune Publishing told employees Monday morning it is not having any discussions to sell the company, the Chicago Tribune reports. Over the weekend, Politico Media reported that New York’s Apollo Global Management wants to buy Tribune Publishing and sell the Los Angeles Times to billionaire Eli Broad. Tribune, however, has been “non responsive.” This all started Friday afternoon with a tweet from Rupert Murdoch saying a Wall Street firm was to buy Tribune and sell the Times to a group including Broad.
History was made Sunday when the last Boeing C-17 Globemaster III cargo plane built at its Long Beach facility took flight, ending local production for now, the Los Angeles Times reports. Hundreds of the company’s employees showed up to say farewell to the last military or civilian plane to be built in the state.
The kickoff to the holiday season of shopping is proving that this year’s spending will likely be “perfectly average,” according to one retail analyst, CNBC reports. About 103 million people shopped online over Thanksgiving weekend, compared to 102 million who ventured out to retail stores, according to a National Retail Federation survey by Prosper Insights & Analytics.
Nonbank mortgage lenders, including PennyMac Financial Services, AmeriHome Mortgage Company and Stearns Lending, are dominating riskier loans, once again, such as those for first-time homebuyers and people with bad credit, the Los Angeles Times reports. However, there is a concern that borrowers may be taken advantage of similar as is what happened in 2008 which contributed to the financial crisis. But executives for the lenders say this time around will be different.
After a more than 20-year career, Lakers star Kobe Bryant has announced that this will be his last season with the team, ESPN reports. Bryant wrote in a letter posted online Sunday that “this season is all I have left to give.”
Walt Disney Co. has expanded “Star Wars” merchandise with toys geared toward girls, including purses and jewelry, ahead of the Dec. 18 opening of the film, “Star Wars: The Force Awakens,” Bloomberg reports. A main character, Rey, is helping spur the demand. However, some retailers are facing challenges with knowing which fans to target since many toy sections are gender specific.
"The Hunger Games: Mockingjay – Part Two," the Lions Gate Entertainment film starring Jennifer Lawrence, still dominated the box office in its second week, making $75.8 million over the long Thanksgiving weekend, the Los Angeles Times reports. Walt Disney Co.’s “The Good Dinosaur” came in at No. 2, grossing $56 million while the Metro-Goldwyn-Mayer Inc. and Warner Brothers New Line Cinema film, “Creed,” a spinoff from the “Rocky” movies, was No. 3 with $42.6 million.
The Dow Jones industrial average was down 32 points in early trading Monday to 17,767. The S&P 500 was down four points to 2,086. The Nasdaq was down six points to 5,123. The LABJ Stock Index was down two points to 241.
The number of shoppers at stores nationwide was low in the early hours of Black Friday, Reuters reports. That could be because many stores began their sales on Thanksgiving night in an effort to attract more shoppers and compete with online retailers. By the way, online shopping between midnight and 5 p.m. Thursday was up 22 percent from last year, according to the Adobe Digital Index.
Walt Disney Co.-owned sports network ESPN saw its subscribers drop 3.2 percent from the previous fiscal year, according to regulatory filings, CNBC reports. The shift is due to the fact more viewers are seeking sports information from digital platforms, which are cheaper. Disney stock was down 2 percent in pre-market trading Friday.
Advertisers are naturally are attracted to Venice's Snapchat, the social-networking startup, because of its 100 million daily users, the Los Angeles Times reports. But the fact the company won’t use targeted advertising – which show users ads based on their browsing histories – is becoming a bone of contention. Chief Executive Evan Spiegel said he aims to balance what users want with advertisers’ expectations. Still, Snapchat calls targeted ads “creepy.”
Despite the state’s current budget surplus – with California’s tax income for the fiscal year expected to exceed estimates by $3.6 billion – there is a proposal to continue a tax hike 12 years after its Dec. 31, 2018, cutoff date, the Los Angeles Times reports. The measure is being sponsored by the California Teachers Association and the state Services Employees International Union and has already been cleared by California’s Secretary of State.
California's wine growers are taking measures to keep their topsoil in place through the expected El Niño rains this winter, the Los Angeles Times reports. The heavy rains could make the topsoil more vulnerable, especially on steep hillsides.
The Hollywood Christmas Parade that travels down Hollywood Boulevard aims to please this year with the magicians Penn &Teller acting as this year’s grand marshals, Curbed Los Angeles reports. But anyone aiming to attend should be aware that parts of major streets will be closed, beginning at 1 p.m. Sunday.
The Dow Jones industrial average was down 37 points in early trading Friday to 17,778. The S&P 500 was down one point to 2,088. The Nasdaq was up two points to 5,118. The LABJ Stock Index was down two points to 243.