Good afternoon! Welcome to KPCC's business blog the Breakdown, where our staff compiles a list of interesting business stories in the region.
- Sony Pictures Entertainment plans to lay off about 216 employees in Culver City (KPCC). This number is much larger compared to initial media reports on the layoffs Monday. The layoffs follow Sony's announcement last year to trim $250 million from its entertainment division.
- KCETLink's CEO and president Al Jerome is retiring within six months (KPCC). KCETLink, the nation's largest independent public TV station, will search for a new chief executive. Under his tenure, the station won more than 380 awards.
- Disney changed its corporate governance guidelines, making the chairman and CEO jobs separate unless its board votes otherwise (Deadline). Deadline's financial editor David Lieberman said there was concern that "a single CEO-chairman has made it easier for the board to approve outsized compensation for top execs."
- Google and Viacom have settled a $1 billion copyright infringement lawsuit (The Wrap). Viacom accused Google of violating copyright laws for showing clips from programs like "The Daily Show" without its approval.
- Watch out, Netflix. Amazon is going to sell its own video-streaming device next month (Wall Street Journal). The Journal's Greg Bensinger says the new device would put Amazon in the same market as Roku, Apple TV and Google's Chromecast.
- Plans to put a measure on the ballot to raise the state's minimum wage to $12 an hour are no longer happening. Ron Unz, who was leading the effort, said he couldn't raise enough money (San Francisco Chronicle). KPCC reported earlier this year on Unz's plans.
- Recent college grads in L.A. filmed a Tesla commercial for $1,500 (AdAge). Tesla didn't commission the commercial, so the recent grads didn't get paid, but their work may lead to future collaboration with Tesla. Tesla posted the ad on its social media accounts.
- You may have to start paying for your limes at Mexican restaurants. OC Weekly's Gustavo Arellano says he's been to one restaurant that is charging 10 cents for a lime and others who aren't offering limes unless asked, because of rising lime prices.
Got business news? Tweet me @thewendylee.