Good morning! Welcome to KPCC's business blog, The Breakdown. Every weekday morning, we compile a list of interesting business stories in the region.
- Disney was once interested in buying BuzzFeed (Fortune). Reporters Erin Griffith and Dan Primack say Disney balked at BuzzFeed's $1 billion price tag and ended up pursuing its $500 million deal to buy Maker Studios.
- Disney will invest an additional $800 million for the Shanghai Disney Resort, spending a total of $5.5 billion on the project (Bloomberg). Reporters Christopher Palmeri and Liza Lin say part of China's appeal is growing demand among wealthy households to travel.
- Herbalife increases its annual forecast (Bloomberg). The company is being investigated by the Federal Trade Commission and other regulators.
- DreamWorks Animation's CEO Jeffrey Katzenberg believes "movies aren't a growth business" and the business model for distributing films will change (Variety). DreamWorks has tried to diversify its offerings by purchasing online properties like YouTube network AwesomenessTV (KPCC).
- South Bay non-profits are worried Toyota moving its North America headquarters from Torrance to Texas will hurt donations (Daily Breeze).
- Who will take Toyota's place in Torrance? Perhaps companies from China (Daily Breeze and Los Angeles Daily News).
- Target announces its new chief information officer, who used to be a senior IT advisor to the U.S. Department of Homeland Security (Wall Street Journal). Earlier this year, Target had a security breach of its data system that may have impacted up to 110 million customers (KPCC). Does this make you feel safer about using your debit card at Target?
- Yahoo hopes to snap up TV advertising dollars by offering "long-form" shows and live programming (Ad Age). Reporter Tim Peterson says Yahoo will launch two half-hour comedies next year and has plans for more shows.
- BYD unveiled its first electric buses made in California (Associated Press).
- It's prom season. People living in the Western United States spend the most money on prom compared to other regions in the nation (U-T San Diego). Reporter Katherine Poythress says on average, families in the West spend an average of $1,125 on prom.
Got business news? Tweet me @thewendylee.