Los Angeles Business Journal

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Spring Street Historic Office Sells to Rising Realty

The Title Insurance Building in downtown’s Historic Core just traded for at least five times the amount it sold for in 2012.

Sony To Launch Virtual Reality Headset

Sony Corp announced Monday that it will be launching a $399 virtual-reality headset on Oct. 13, The Wall Street Journal reports. Blockbuster game titles such as “Final Fantasy,” “Star Wars,” “Batman Arkhan,” and “Resident Evil” will be playable on the device.

Money Manager Dana Giacchetto Found Dead

53-year-old “Stockbroker to the Stars” Dana Giacchetto was found dead in his Upper West Side apartment Sunday morning, the New York Daily News reports. The money manager, who plead guilty to securities fraud in 2001, was found dead after a weekend of heavy partying when his estranged girlfriend became concerned when she couldn’t get ahold of him and started calling friends for help on Saturday night.

Stocks Fall

The Dow Jones industrial fell 52 points in early Tuesday trading to 17,681. The S&P 500 fell 5 points to 2,073. The Nasdaq fell 7 points to 4,841. The LABJ stock index stayed steady at 226.

Trial to Start Monday in Claremont’s Attempt to Take Over Water System from Golden State Water

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.

Microsoft to Buy LinkedIn for $26.2B

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.

Shanghai Disneyland Readies for Opening Day

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.

‘Conjuring 2’ Wins at BO

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.”

Gunman Arrested En Route to LA Pride

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.

LABJ Wins Top Journalism Award

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.

Stocks Mixed

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 Wins Rams Rights

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.

Redstone Prepares for Battle

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 Bullet Train Slow Down

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.

Beverly Hills Estate On The Market for $85M

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.