Los Angeles Business Journal

Ferro: Gannett ‘Trying to Steal Company’

In addition to a fight over newspapers, Tribune Publishing and Gannett Co. are in a war of words. On Tuesday, Tribune Publishing Chairman Michael Ferro criticized the publisher of USA Today for “trying to steal the company” and pressed for board acceptance of a strategic plan for Tribune before a June 2 shareholders’ meeting, the Los Angeles Times reports.

Led Zeppelin Offered Path Out of Suit

Lawyers for the estate of Randy California suing Led Zeppelin for copyright infringement over the song “Stairway to Heaven” are willing to settle, but their idea may not be palatable to the band. According to Bloomberg, they offered to settle for $1 if California were given writing credit on the song going forward, a potentially lucrative concession. The case is set for trial in Los Angeles this summer.

Box Office Bust: ‘The Huntsman’

Universal could lose as much as $70 million on its “The Huntsman: Winter’s War” release. Home video could cut those losses, Variety reports, but the film is expected to reach just $200 million in global box office.

L.A. County Bans Travel to North Carolina

The Board of Supervisors suspended all official travel to North Carolina, citing the state’s passage of a bill restricting the use of bathrooms transgender people can use in public facilities, the Los Angeles Times reports.

Stocks Down

The Dow Jones industrial average fell 34 points in Wednesday trading to 17,956. The S&P 500 fell 4 points to 2,087. The Nasdaq fell 45 points to 4,843. The LABJ Stock Index fell one point to 234.

Tribune Publishing Shares Surge

Shares of Tribune Publishing, publisher of the Los Angeles Times, rose sharply Monday following news of a potential takeover by USA Today Publisher Gannett Co. The stock closed at $11.50, a 53 percent improvement over Friday’s closing price and its highest close since August. The Times reports Gannett was up $1.02, or 6.5 percent, to $16.79.

Turner Launches FilmStruck

Turner Broadcasting System, a division of Time Warner Inc., will launch its first video streaming service this fall. According to Variety, the service will be known as FilmStruck and will offer a rotating selection of more than 1,000 art-house and indie titles.

Minimum Wage Hike Drives Parts Maker to Texas

California Composites, which makes parts for commercial airplanes, said it would move to Texas from Santa Fe Springs to take advantage of cheaper wages. According to KPCC, the company’s president said rising wages would make the company unprofitable because the business is locked into long-term contracts where the price is already set.

Garcetti to Talk Business

Mayor Eric Garcetti will visit Washington, D.C., Tuesday as part of a delegation led by the Los Angeles Area Chamber of Commerce. MyNewsLA reports the mayor will speak at a reception during the annual Access Washington D.C. event, where about 200 business and civic representatives from Los Angeles will meet White House officials and members of Congress to discuss issues affecting Southern California.

Stocks Rise

The Dow Jones industrial average rose 45 points in early Tuesday trading to 18,022. The S&P 500 rose 7 points to 2,095. The Nasdaq rose 10 points to 4,906. The LABJ Stock Index rose 1 point to 235.

Gannett Bids for Tribune Publishing

Gannett Co. said this morning that it had offered $815 million for Tribune Publishing Co., parent of the Los Angeles Times and Chicago Tribune. The deal, at $12.25 a share, is at a 63 percent premium to Tribune’s Friday close and includes the assumption of $390 million in debt, USA Today reports. Gannett is the owner of USA Today and more than 100 other media properties.

Los Angeles Raid Yields Hoverboard Knockoffs

Despite the confiscation of nearly 4,000 counterfeit hoverboards last week by the Los Angeles County Sheriff’s Department, a number of fake hoverboards are still on the market, according to ABC Radio. The station reports that federal officials have already seized more than 100,000 knock-offs at the border.

Ticketed: L.A. Street Vendors

Los Angeles vendors have been receiving $250 citations for unauthorized street sales. According to KPCC, the citations have been issued while a long-running proposal to create a legal street vending program in L.A. awaits approval.

'Jungle Book' Tops Box Office

Disney's "The Jungle Book" led the box office this weekend, edging out Universal Pictures' "The Huntsman: Winter's War." The Los Angeles Times reports that the live-action movie grossed an estimated $60.8 million in the U.S and Canada, becoming the fourth-biggest movie of the year with a domestic total of $192 million in its first 10 days.

Stocks Down

The Dow Jones industrial average fell 87 points in Monday trading to 17,917. The S&P 500 fell 7 points to 2,083. The Nasdaq fell 9 points to 4,897. The LABJ Stock Index fell slightly to 232.