Trial is set to begin Monday in the city of Claremont’s attempt to take over a water system from Golden State Water, the private utility serving the city.
Business social networking site LinkedIn is in talks to be bought by Microsoft in a $26.2 billion cash deal, The New York Times reports. Microsoft has agreed to pay $196 a share after stocks fell to $131.08 on Friday, but since the announcement LinkedIn shares have surged 48 percent while Microsoft stocks have fallen 4 percent before being halted before an announcement of the all-cash deal.
Walt Disney Co. is set to open the new $5.5 billion Shanghai Disney Resort on June 16, making it the most expensive Disney theme park ever built, The Wall Street Journal reports. Analysts expect the new theme park to lose money in the first few years but but ultimately grow the Disney brand and boost the international theme park business’s bottom line.
Horror movie sequel “The Conjuring 2” made box office bank this weekend with an estimated $40.4 million opening weekend, slightly less than the original’s 2013 debut of $41.8 million, The Associated Press reports. “Warcraft” came in second with just $24.4 million, but has been a hit overseas taking in $156 million in its first five days, surpassing the foreign release of “Star Wars: The Force Awakens” and “Avengers: Age of Ultron.”
A man was arrested on Sunday in a car filled with rifles, ammunition, and explosives while en route to the LA Pride Musical Festival and Parade in West Hollywood, The Daily News Reports. In April, James Howell, 20, from Indiana was convicted of intimidation in his home state and ordered to surrender all weapons, but under a plea agreement the intimidation charge and charge of pointing a gun was dismissed and his one year jail term was suspended.
The Los Angeles Business Journal won the Gold award in the category of Best Newspaper at The Alliance of Area Business Publishers on Saturday. The award was presented at a conference in Des Moines, Iowa and the paper competed against large weekly business news tabloids in other cities on the basis of overall quality.
The Dow Jones industrial fell 22 points in early Monday trading to 17,843. The S&P 500 fell 1 point to 2,095. The Nasdaq fell 5 points to 4,889. The LABJ stock index rose one point to 228.
CBS-TV Channel 2 has scored a multiyear partnership by becoming the official TV home to preseason Rams games, The Los Angeles Times reports. CBS 2 will provide the Los Angeles market with exclusive telecasts of Rams preseason games, including match-ups that will be broadcast by the National Football League’s national TV partners.
Media mogul Sumner Redstone is preparing to replace a handful of directors on the Viacom board, a move that is expected to reshape the board and end with the firing of the current chairman Philippe P. Dauman, The New York Times reports. Kenneth Lerer, the co-founder of the Huffington Post and chairman of Buzzfeed as well as Sony executive and lawyer Nicole Seligman are among the people in consideration for board positions.
Plans for a high-speed rail from Los Angeles to Las Vegas have hit a speedbump after XpressWest said that the deal between a China Rail International is off, NBC Los Angeles reports. The private company behind the plan said that the decision to terminate the partnership was based upon challenges associated with timely performance and regulatory approvals and they will seek a partner elsewhere.
A Los Angeles estate in the gated Beverly Hills Post Office area that was once owned by Cher and Eddie Murphy is going on the market for $85 million, The Wall Street Journal reports. The property is about 16 acres and includes a 20,000 square-foot main house, four-bedroom Moroccan-themed guest house, equestrian barn, swimming pool, and tennis court.
The Dow Jones industrial fell 137 points in early Friday trading to 17,848. The S&P 500 fell 18 points to 2,097. The Nasdaq fell 54 points to 4,904. The LABJ stock index fell two points to 228.
The Los Angeles Police Department will be adding 100 BMW i3 all-electric plug-in vehicles to their fleet of environmentally friendly cars, The Los Angeles Times reports. The LAPD had been seen testing Tesla’s P85D electric car, but decided to go with the more affordable BMW for use in community outreach and other police business but will not use them as patrol cars.
Dallas-based hotel owner Ashford Hospitality Prime Inc. received an unsolicited offer from the Weisman Group to buy the company for about $735 million in cash, Bloomberg reports. The price for the common shares is 79 percent more than Tuesday’s closing price of $11.32 and the deal is valued at $1.48 billion.
More than 200 companies will be represented at this year’s Electronic Entertainment Expo kicks off this Tuesday, but some big names in the video-game industry won’t be there, Bloomberg reports. Electronic Arts Inc. who is usually a big presence on the showroom floor will instead host its own party at the Novo theater next door and Avision and the Walt Disney Co. won’t be there at all.