Los Angeles Business Journal

‘Strange’ and ‘Trolls’ Continue to Dominate BO

“Doctor Strange” retained the top spot at the box office for the second weekend in a row, adding $43 million in the U.S. and Canada to its gross of $153 million domestically and $493 million worldwide, the Los Angeles Times reports. DreamWorks Animation’s “Trolls” took in an additional $35.1 million, bringing its total gross to $94 million at the domestic box office since its opening last week.

Sumner Redstone’s Grandchildren Take the Reigns

Previously undisclosed conversations between media mogul Sumner Redstone’s 30-year-old grandson Tyler Korff and ousted Viacom Chief Executive Philippe Dauman set the stage for a peaceful transfer of power when the company’s board was overhauled in August, The Wall Street Journal reports. Other younger family members have also taken more prominent roles in the family business.

Stocks Mixed

The Dow Jones industrial average rose 42 in early Monday trading to 18,890. The S&P 500 rose 4 points to 2,167. The Nasdaq fell 3 points to 5,234. The LABJ stock index stayed steady at 226.

Stocks Fall Again

The Dow Jones industrial average fell 15 points in early Friday trading to 18,793. The S&P 500 fell 6 points to 2,161. The Nasdaq fell 16 points to 5,192. The LABJ stock index rose 1 point to 225.

Los Angeles Has Competition for the Lucas Museum of Narrative Art

The Los Angeles City Board of Supervisors voted Wednesday to support building Star Wars creator George Lucas’ futuristic-looking Lucas Museum of Narrative Art in Exposition Park, The Mercury News reports. The Bay Area is also interested in the museum and San Francisco’s Board of Supervisors have already thrown their support behind building the five-story museum on Treasure Island.

Snapchat Debuts Video Camera Sunglasses

Hundreds of people lined up for hours on Thursday to buy a pair of Snapchat Spectacles out of a pop-up vending machine called Snapbot after their debut on Thursday, the Los Angeles Times reports. The $130 video camera sunglasses are the Venice company’s first attempt at wearable technology and include a camera that takes circular-cropped videos up to 30 seconds each that can be transferred wirelessly to the Snapchat smartphone app.

ESPN Cable Revenue Declines

Operating income for Walt Disney Co.’s cable networks segment, which includes ESPN, fell 13 percent to $1.45 billion, The Wall Street Journal reports. A 13 percent fall in ESPN ad revenue was driven by more money flowing to advertising during the Olympic Games on rival NBCUniversal, as well as a decrease in fantasy-sports advertising, and loss in cable and satellite-television subscribers.

Villaraigosa to Run for Governor

Former Los Angeles Mayor Antonio Villaraigosa is running for governor in 2018 after taking a break from politics since leaving City Hall three years ago, the Daily Mail reports. Lt. Gov. Gavin Newsom, state Treasurer John Chiang, and Delaine Eastin, former state schools’ chief, have also announced their intention to run.

Stocks Fall

The Dow Jones industrial average fell 15 points in early Friday trading to 18,793. The S&P 500 fell 6 points to 2,161. The Nasdaq fell 16 points to 5,192. The LABJ stock index rose 1 point to 225.

San Diego Voters Reject Chargers Referendum

San Diego voters rejected a referendum that would have raised hundreds of millions of tax dollars to replace the aging Qualcomm Stadium and build a new stadium downtown for the Chargers, The New York Times reports. The team now must decide whether to pay for the stadium itself, look for an alternative site in San Diego, or move to Los Angeles where it would move into the stadium being built by Rams owner Stan Kroenke.

Garcetti Says Trump Presidency Hurts L.A. Olympic Hopes

Los Angeles Mayor Eric Garcetti said a Trump presidency was one of the main topics of conversation among the International Olympic Committee executives this summer, and his victory could hurt the campaign to bring the event to Los Angeles in 2024, Bloomberg reports. In a statement Wednesday, the L.A. 2024 committee congratulated Trump on his win, but executives have said earlier that they are worried that his comments denigrating minorities and women during the campaign could hurt the fight to bring the games to the United States.

Viacom Quarterly Profits Fall

Viacom Inc. reported a fiscal fourth-quarter profited that plummeted 71 percent compared with a year ago, the Los Angeles Times reports. Dragged down by poor performance at its Paramount Pictures unit, For revenue in the quarter ended Sept. 30 declined 15 percent from a year ago to $3.23 billion, and net income fell to $254 million, or 64 cents a share.

Nasty Gal to File for Bankruptcy

Online fashion retailer Nasty Gal is preparing to restructure and file for Chapter 11 bankruptcy, Fortune reports. Founder Sophia Amoruso will also reportedly be resigning as executive chairwoman, and Index Ventures partner Danny Rimer may step down from the board.

Hanjin to Present Restructuring Plan as Bankruptcy Deadline Nears

Embattled South Korean cargo container carrier Hanjin Shipping Co. Ltd. is expected to present a $1.1 billion liquidity plan Thursday in efforts to avoid bankruptcy.

Kitson Founder Files Lawsuit Against Former Chief Executive

The dust has yet to settle around the closing of the once trendy West Hollywood boutique Kitson, which closed its doors in December.