Los Angeles Business Journal

Stocks Fall

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.

BMW Wins Contract With LAPD

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.

Weisman Group Makes $735M Offer

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.

Video Game Companies Skip E3

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.

Dow Jones Industrial Average Passes 18,000

Stocks passed 18,000 on Wednesday as machinery and mining companies traded higher and stocks an oil traded at their highest price in almost a year, The Los Angeles Times reports. Metal prices jumped and makers of beverages and consumer goods traded higher because of a weaker U.S. dollar, meaning better sales and profits for companies that do business overseas.

Stocks Fall

The Dow Jones industrial fell 58 points in early Thursday trading to 17,947. The S&P 500 fell 8 points to 2,111. The Nasdaq fell 18 points to 4,957. The LABJ stock index stayed flat at 231.

Gannett Keeps Tribune Offer On The Table

Tribune Publishing has until August to evaluate a $15-per-share offer from Gannett, The Los Angeles Times reports. Gannett urged Tribune Publishing, which will be renamed Tronc on June 20, to “engage constructively” toward negotiating a merger because the values of both companies may decline in the future due to changes in the media industry.

Snapchat Launches Redesign

Snapchat’s “Stories” page will be getting a redesign to more prominently highlight content from media companies that post directly to the app, The Wall Street Journal reports. The new page will allow publishers on the “Discover” section of the app to display an image and headline promoting their stories of the day.

Redstone’s Competency Questioned in Court

The battle about media mogul Sumner Redstone’s competency began on Tuesday in a Massachusetts courthouse, The New York Times reports. The hearing, that centers on the dismissal of two of Redstone’s longtime confidants from his trust, lasted two and a half hours and included 22 lawyers for all sides as well as contrasting views of Redstone’s mental and physical well-being.

Clinton Wins California Primary

Hillary Clinton became the first woman ever chosen to lead a major party into the fall presidential campaign after winning the California primary, The Los Angeles Times reports. Clinton beat her opponent Sen. Bernie Sanders in New Jersey, New Mexico and South Dakota, giving her the delegates she needed to win the nomination.

Stocks Rise

The Dow Jones industrial rose 63 points in early Wednesday trading to 18,002. The S&P 500 rose 5 points to 2,117. The Nasdaq rose 9 points to 4,971. The LABJ stock index stayed flat at 232.

BentleyForbes to Shut Down

Real estate firm BentleyForbes is selling off its remaining real estate and will dissolve within the year, Bloomberg reports. The firm, that once owned the Watergate office complex in Washington and Bank of America Plaza in Atlanta, now has three employees and manages five properties.

Spotify Picks Up Troy Carter

Manager for the stars Troy Carter has been hired by Spotify as its global head of creative service to help oversee the company’s relationships with artists, The New York Times reports. Carter is the former manager of Lady Gaga and is expected to take on a role similar to the one that music producer Jimmy Iovine holds at Apple as the central contact for the music business.

Viacom Deal Hits a Snag

Viacom Inc. will now need the buy-in of controlling shareholder Sumner Redstone and his daughter Shari Redstone if plans to sell a stake in the company to Paramount Pictures continues, The Wall Street Journal reports. The bylaws for National Amusements Inc. were amended to require unanimous board approval of a transaction involving Paramount.

Playboy Mansion Off The Market

The Playboy Mansion in Holmby Hills has found a buyer for over the $200 million asking price, The Wall Street Journal reports. Daren Metropoulos, who bought the adjacent property in 2009, is in contract to purchase the property. The contract comes with one unusual condition - that 90-year-old Playboy Enterprises owner, and the current owner of the house Hugh Hefner, be allowed to remain in the home as long as he lives.