Los Angeles Business Journal


NBCUniversal to Shut Down DailyCandy, Television Without Pity Sites

NBCUniversal is shutting down two websites next month after failing to find buyers for either property, according to media reports on Thursday.

GoCoin Nabs $1.5 Million in Series A Funding

Santa Monica alternative currency payment processor GoCoin announced today that it had raised $1.5 million in Series A funding. The round was led by Silver Spring, Md., bitcoin online retailer Bitcoin Shop Inc. and Owen Van Natta, former chief operating officer of Menlo Park Internet giant Facebook Inc.

Dow, Nasdaq and S&P Down; LABJ Up

In Thursday trading, the Dow Jones industrial average closed down 5 points to 16,264. The Nasdaq fell 22 points to 4,151. The S&P 500 fell 4 points to 1,849. The LABJ Stock Index rose less than 1 point to 187.

Willow Bay to Lead USC's Journalism School

The USC Annenberg School for Communication and Journalism announced Wednesday that veteran broadcaster Willow Bay has been named director of its School of Journalism. Bay also is the wife of Walt Disney Co. Chief Executive Bob Iger.

Houston Jury Decides Against Reliance Steel

A federal court jury in Houston has awarded at least $52 million to a Houston steel distributor that claimed Reliance Steel & Aluminum Co. and other companies colluded to hinder its growth.

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Caruso Affiliated Names GolinHarris Exec to Run Communications

Caruso Affiliated has tapped Judy Johnson, Western Region president for communications firm GolinHarris, to head up its marketing and communications functions.

American Apparel Prices $30.5 Million Stock Sale

Shares of American Apparel Inc. dropped another 14 percent on Wednesday after the apparel company priced a dilutive sale of common shares 9 cents below Tuesday’s closing price.

Universal Studios Expands American Express Partnership

American Express Co. cardholders will have access to film premieres and VIP screenings under an expanded marketing agreement announced Wednesday by the personal finance company and Universal Studios.

Stocks Drop

In Wednesday trading, the Dow Jones industrial average closed down 99 points to 16,269. The Nasdaq fell 61 points to 4,174. The S&P 500 fell 13 points to 1,853. The LABJ Stock Index fell less than 1 point to 187.

Stocks Up

In Wednesday morning trading, the Dow Jones industrial average was up 36 points to 16,404. The Nasdaq rose 3 points to 4,237. The S&P 500 rose 5 points to 1,871.

Local Companies to Hire 10,000 L.A. Youths

Los Angeles Mayor Eric Garcetti announced Tuesday that Walt Disney Co. and other companies have pledged to hire 10,000 local youths for a summer jobs program, double the number hired last summer.

Assembly Passes Film Incentive Bill

A California Assembly committee on Tuesday approved a measure aimed at improving the state’s tax incentive program for the entertainment industry.

American Apparel Shares Plunge on News of Offering

Shares of American Apparel Inc. fell 22 percent Tuesday after the Los Angeles fashion company said it launched an underwritten public offering of $30.5 million of shares of its common stock in continuing efforts to deal with its dire financial challenges.

Large PennyMac Stockholder Paring Stake

Shares of PennyMac Financial Services Inc. fell more than 6 percent Tuesday after its largest shareholder began selling off its stake.

Steven Hilton to Step Down from Family Foundation

Steven Hilton on Tuesday said that he will step down as chief executive of the Conrad N. Hilton Foundation at the end of next year.

Dow, Nasdaq and S&P Rise, LABJ Unchanged

The Dow Jones industrial average closed up 91 points to 16,368. The Nasdaq 8 points to 4,234. The S&P 500 rose 8 points to 1,866 The LABJ Stock Index was unchanged at 188.

Disney buys Maker Studios

The Walt Disney Co. has purchased Culver City YouTube network Maker Studios in a $500 million deal according to a statement released by the entertainment giant on Monday, confirming initial reports of the buyout last week.

Winnick Invests in Smart Ad Maker T+ink, Becomes CEO

Beverly Hills investment firm Winnick & Co. announced Monday it had acquired a majority stake in T+ink, a developer of interactive digital components for print ads through what’s known as conductive ink technology.

OWN to Move to West Hollywood

The Oprah Winfrey Network signed a lease Monday to move from the Miracle Mile to West Hollywood, a deal real estate insiders have anticipated for months.

Glossi Dropping Desktop Publishing Platform

Glossi, an online magazine publishing platform headquartered in Santa Monica, announced plans to eliminate its desktop publishing service and launch a mobile-only version next month.