Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

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AdTech Firm GumGum Raises Round, Eyes IPO

First Rubicon Project, now GumGum. Another L.A. advertising technology firm is eyeing an IPO.

Princely Asking Price for King of Pop’s Former Kingdom

Michael Jackson’s former ranch home, Neverland, is up for sale at $100 million by billionaire Tom Barrack’s investment firm Colony Capital, which has a stake in the property.

Report: Kavanaugh’s Relativity Axes Board Members

Billionaire Ryan Kavanaugh’s Relativity Media has removed two members from its board of directors after the company accused them of spreading false rumors to gain control of the firm, according to a report from the Hollywood Reporter. (http://www.hollywoodreporter.com/news/relativity-removes-pair-board-as-798350)

Study Finds California Rebounds as Film Location

California rebounded as a filming location for live action and animated feature films released last year, a report Thursday from FilmL.A. shows.

Thursday Rundown: Monster Props For Sale, Big Bang Launches Scholarship

Hollywood Creatures Under the Hammer Special effects icon Rick Baker will tomorrow auction off memorabilia from a storied Hollywood career which has brought him seven Academy Awards.

Stocks Fall; InterGroup Soars, Ceres Tanks

The Dow Jones industrial average fell 37 points in Thursday trading to close at 18,126. The S&P 500 fell three points to 2,121. The Nasdaq fell nine points to 5,098. The LABJ Stock Index fell one point to 233.

Business Tweets of the Week

Suster Hates Hype, Eisner Likes Cake and other L.A. Business Tweets.

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Snapchat IPO: Bubble Now or Bubble Later?

Snapchat has an exit plan, the question is just whether investors will get in on the way up or the way down.

Staples Center Cameras Eye Fans’ Data

If you attend a Los Angeles Clippers and Los Angeles Kings game next season, Big Brother will be watching – and sending you the photos.

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Soylent Tastes Bad and Doesn’t Care

Meal replacement manufacturer Soylent is getting strange looks from the media these days, but it doesn’t mind.

Businesses Join Up to Protest Street Vending

More than 600 small businesses have formed a coalition to protest a Los Angeles city proposal that aims to legalize street vending.

State OKs Farmers Insurance for Rideshare Drivers

A new Farmers Insurance product that fills a gap in coverage for Uber and Lyft drivers was approved on Wednesday by California Insurance Commissioner Dave Jones.

United Online Settles Classmates Inc. Suit

United Online Inc. subsidiary Classmates Inc. has agreed to pay part of an $11 million penalty to settle allegations of deceptive advertising.

SpaceX Certified for National Security Missions

After a two-year approval process, Elon Musk’s SpaceX is now officially eligible to launch national security satellites, which could steer hundreds of millions of dollars to the Hawthorne company.

Stocks Rise; Ceres Spikes, U.S. Auto Parts Stalls

The Dow Jones industrial average rose 121 points in Wednesday trading to close at 18,163. The S&P 500 rose 19 points to 2,123. The Nasdaq rose 74 points to 5,107. The LABJ Stock Index rose two points to 234.

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L.A. Tech Events Calendar 5/26-6/7

Roundup of L.A. tech events in the next two weeks.

Miracle Mile Office Tower Trades for $150 Million

A joint venture of San Francisco’s Swig Co. and Boston’s Intercontinental Real Estate Corp. has purchased 6300 Wilshire Blvd. in the Miracle Mile in a $150 million deal, or roughly $371 a square foot.

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HelloTech’s College Kids Explain Wi-Fi to the Over-40 Set

Staffed by college techies, HelloTech wants to serve up older generations with tech support and the latest and greatest in technology.

City to Property Owners: Fix Your Own Sidewalks

The City of Los Angeles has taken on the responsibility for repairing sidewalks buckling under the force of tree roots for more than 40 years, but that may change soon.

Suicide Concerns Dissolve Amgen Partnership

Amgen Inc. will end a partnership to develop a drug for psoriasis because it could face restrictive labeling due to concerns from regulatory agencies that it might lead to suicidal thoughts.