Los Angeles Business Journal


Mayor Eric Garcetti Appoints Two Deputy Mayors to Oversee Economic Agenda

Los Angeles Mayor Eric Garcetti on Friday appointed two deputy mayors to oversee his economic agenda, replacing Deputy Mayor Kelli Bernard, who left earlier this month to take an executive position at Aecom.

Silicon Beach Deal Flow: May 27

A weekly roundup of must-read L.A. tech investments and acquisitions.

Silicon Beach Launch List: May 27

A weekly roundup of L.A. tech company and product launches.

Universal Music Acquires Digital Marketer Fame House

In a push to further diversify its business, Universal Music Group has acquired Fame House, a digital-marketing agency with musician clients such as Eminem and Pearl Jam. Terms of the deal were not disclosed.

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What to Watch this Weekend: X-Men: Apocalypse, Alice Through the Looking Glass

A look at the plots of this weekend’s big new movie releases from a business perspective.

Movers for Week Ending May 27, 2016

Downtown-based Breitburn Energy Partners LP was this week’s biggest mover, gaining 45 percent to close at 10 cents. Culver City-based clinical-stage immunotherapy company Nantkwest Inc. was also among the week’s big movers gaining 22 percent to close at $7.40. Hemp developer Notis Global Inc. in downtown was the week’s biggest loser, dropping 35 percent to 3 cents.

Stocks Continue to Rise

The Dow Jones industrial average rose 45 points on Friday to close at 17,873. The S&P 500 rose 9 points to 2,099. The Nasdaq rose 32 points to 4,933. The LABJ stock index rose one point to 231.

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Granite Properties Makes Rock-Solid Real Estate Deal in Glendale

Granite Properties has purchased a 21-story Glendale office tower at 550 North Brand Blvd. for just under $80 million, bulking up its Tri-Cities portfolio. Granite, based in Plano, Texas, now owns about 1 million square feet of offices in Glendale and Burbank, including the Brand Boulevard neighbor of its newest purchase.

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SpaceX Scheduled to Nearly Triple Launches This Year

Space Exploration Technologies Corp.has officially scheduled 17 launches for 2016, nearly tripling the company's six rocket launches last year, Spaceflight Now reports.

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Snapchat Raises $1.2B, Aims at Explosive Growth

Snapchat has raised a $1.2 billion round of capital, according to a filing with the Securities and Exchange Commission. The valuation of the Venice company was not disclosed.

Stocks Mixed

The Dow Jones industrial average fell 23 points on Thursday to close at 17,829. The S&P 500 fell one point to 2,090. The Nasdaq rose 7 points to 4,902. The LABJ stock index stayed flat at 230.

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Victorious Raises $25 Million to Develop Apps for Super Fans

Santa Monica-based app creating company Victorious has raised $25 million to expand its services internationally and improve its app development capabilities.

Edison CEO Craver to Retire; Pizarro to Take Reins

Edison International announced on Wednesday that Theodore F. Craver Jr., the Rosemead energy company’s chairman and chief executive will retire in September, keeping with the company’s practice of its chief executive retiring upon reaching age 65.

Mayor’s Cup Challenges Academic Entrepreneurs to Find Civic Solutions

Los Angeles Mayor Eric Garcetti’s office is giving entrepreneurs in the academic community the chance to win $25,000 if they can come up with a marketable idea to boost the city’s economic and civic growth.

Stocks Continue to Rise

The Dow Jones industrial average rose 145 points on Wednesday to close at 17,852. The S&P 500 rose 14 points to 2,091. The Nasdaq rose 34 points to 4,895. The LABJ stock index rose one point to 230.

March Capital Closes $240 Million Fund

Venture capital firm March Capital Partners of Santa Monica closed a $240 million fund on Tuesday to back dozens of technology start-ups worldwide.

Kelly Slater Wave Co. Sells Majority Stake to the World Surfing League

Santa Monica-based artificial wave-making company Kelly Slater Wave Co. has agreed to sell a majority stake to the World Surf League. Terms of the deal were not disclosed.

NFL Awards 2021 Super Bowl LV to Los Angeles

The biggest football game of the year will kick-off in Inglewood in 2021. Super Bowl 55 will take place at the 80,000-seat Los Angeles Rams stadium that’s set to open in 2019, the National Football League announced on Tuesday.

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Under Armour Pens $280M Deal With UCLA

UCLA teams will be soon getting a new look for its sports teams thanks to a 15-year record-breaking $280 million deal between performance footwear and apparel brand Under Armour and the university.