Potential investor in Miramax buy from Disney pulls out

From the Los Angeles Times Morgan Creek Prods. founder James Robinson, who had been in negotiations  to become a major investor in the acquisition of Miramax Films along with construction magnate Ron Tutor and Los Angeles private equity firm Colony Capital, is no longer part of the mix. Robinson was prepared to put up $75 million to $100 million of the $660-million purchase price for Miramax, for which the Tutor-Colony led investor group Filmyard Holding signed a definitive agreement to purchase from the Walt Disney Co. in late July. As part of the deal, Robinson's production company Morgan Creek was to sell Miramax's movies overseas. ...Continue Reading: Miramax deal no longer includes James Robinson, Jerome Swartz as potential investors

California legislators OK pay reforms inspired by Bell scandal

From the Los Angeles Times California lawmakers passed wide-ranging public compensation reforms inspired by the Bell municipal salary scandal in the waning hours of the 2010 legislative session, but a closely watched, first-in-the-nation ban on plastic grocery bags was defeated Tuesday night. That measure, AB 1998, passed the Assembly in June and had the support of Gov. Arnold Schwarzenegger, but faced a withering and well-financed advertising and lobbying campaign from the plastic bag manufacturing industry. "I think we missed a great opportunity," said the measure's author, Julia Brownley (D- Santa Monica), as the bill failed another Senate vote just before 11 p.m. ... Continue Reading: California legislators OK pay reforms inspired by Bell scandal

Governor signs off on carpool lane expansion

[caption id="attachment_20788" align="alignleft" width="300" caption="The southbound Interstate 5 at the Verdugo Ave. offramp in Burbank."][/caption] From the Los Angeles Times Gov. Arnold Schwarzenegger  signed a measure Monday allowing tens of thousands more Californians with environmentally friendly cars to drive solo in carpool lanes, while state lawmakers moved closer to approving reforms inspired by the eye-popping salaries of Bell city officials. Among the measures meant to crack down on abuse of public trust by government officials are three bills passed by the Senate that would limit how quickly local leaders can raise their own salaries, put a cap on their pensions and refund excess property taxes charged to Bell residents. ...Continue Reading: New California law expands carpool lane use

Rhetoric between Time Warner, Disney heats up

From the Los Angeles Times With less than a week to go before their programming contract expires, the rhetoric between Walt Disney Co. and Time Warner Cable is starting to heat up. At issue are fees that Time Warner, the nation's second-largest cable operator and the dominant pay-TV company in Los Angeles, pays Disney to carry its various networks and channels, including KABC-TV here as well as ESPN, ABC Family and Disney Channel. Battles between programmers and distributors are becoming quite common, and usually agreements are reached without consumers losing any channels. Fox and Time Warner had a heated fight that was resolved without any signals being pulled, even though a new deal wasn't struck until after the old contract had expired. ...Continue Reading: Time Warner Cable says 'Disney is the problem' [Updated]

Blockbuster tells movie studios of plans for bankruptcy

From the Los Angeles Times After dominating the home video rental business for more than a decade and struggling to survive in recent years against upstarts Netflix and Redbox, Blockbuster Inc. is preparing to file for bankruptcy next month, according to people who have been briefed on the matter. Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a “pre-planned” bankruptcy in mid-September, said several people familiar with the situation who requested anonymity due to the sensitivity of ongoing talks. ...Continue Reading: Blockbuster tells Hollywood studios it's preparing for mid-September bankruptcy

Bruce Ackerman, SF Valley business leader, dies

From the Los Angeles Times San Fernando Valley business and civic leader Bruce Ackerman died Thursday after a battle with cancer. He was 64. A resident of West Hills, Ackerman had spent 10 years as the president and chief executive of the Valley Economic Alliance, a business group focused on such issues as attracting, expanding and retaining businesses in the region. He also was an appointee of Mayor Antonio Villaraigosa, serving since 2005 on the Community Redevelopment Agency’s board of commissioners. ...Continue Reading: Bruce Ackerman, Valley civic leader and L.A. redevelopment commissioner, loses fight with cancer

L.A. County schools chief steps down

From the Los Angeles Times The superintendent of the Los Angeles County Office of Education is stepping down after eight years amid controversy over her decision to cut education programs and allegations that she failed to enforce standards at schools for juvenile offenders. Darline P. Robles told agency staffers late Friday about her decision to retire. "I leave with the satisfaction that through collaborative efforts with school leaders, classroom teachers and educational partners, we have achieved positive outcomes for students and made important strides toward closing the achievement gap," Robles said. "I feel the time is right to make this change and seek new challenges." ...Continue Reading: County superintendent of education steps down

Man accused in Disney insider trading scheme pleads guilty

From the Los Angeles Times The boyfriend of an assistant to a top Walt Disney Co. executive pleaded guilty to conspiracy to commit securities fraud and wire fraud in federal court in New York. Yonni Sebbag, a citizen of Morocco, was arrested in May along with Bonnie Hoxie, who at the time was an aide to Zenia Mucha, the head of corporate communications for Burbank-based Disney. Both were charged with conspiracy to commit securities fraud and wire fraud by selling inside information to investment companies. Sebbag, 33, had been held without bail in Manhattan since the arrest, his attorney said. ...Continue Reading: Man accused in Disney insider trading scheme pleads guilty

State jobless rate holds at 12.3%

[caption id="attachment_20506" align="alignnone" width="300" caption="People look for work at the Verdugo Jobs Center in Glendale."][/caption] From the Los Angeles Times Economic recovery remained elusive in California in July as employers cut 9,400 jobs from payrolls, keeping the unemployment rate constant at 12.3%. The state lost jobs in the manufacturing, leisure, and professional and business services sector, the Bureau of Labor Statistics said Friday. Government jobs also shrunk as temporary census positions ended. ...Continue Reading: California unemployment rate holds steady at 12.3%

Bill penned by La Cañada official would crack down on Hollywood gate-crashers

[caption id="attachment_20345" align="alignleft" width="300" caption="Photo credit: Los Angeles Times"][/caption] From the Los Angeles Times A proposed law set to go before California's Legislature this month would make one of Hollywood's cherished utterances -- "You're not on the list" -- carry severe new consequences. It's a measure aimed at making the act of party-crashing a misdemeanor punishable by up to six months in jail, a $1,000 fine or both. The author of the legislation, Assemblyman Anthony Portantino (D-La Canada Flintridge), said crashers at high-profile events such as the Academy Awards and other awards shows pose a threat to public safety that warrants a law in addition to the 25 sections of trespassing code already on California's books. ... Continue Reading: Bill would crack down on Hollywood gate-crashers