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Office supply chain Staples announced today it’s closing up to 225 stores across the country in an effort to save $500 million. That news got us wondering: when the company is under that kind of pressure, couldn’t it just sell off the naming rights to Staples Center? That move, however, would actually be pretty tough.
"We actually were the first lifetime naming rights extension for a major market arena," said Michael Roth, Vice President of Communications for AEG, which owns Staples Center.
Before the arena was even built, the two companies signed a 20-year deal in 1997 reportedly worth close to $120 million. In 2009, they extended that deal into perpetuity.
"So as long as we have a sports and entertainment arena that’s located on the corner of Figueroa Street and Chick Hearn Court, the arena will be referred to as Staples Center," Roth told KPCC.
Three of the entrepreneurs vying for capital at the OASIS Summit; From left to right: Vow to be Chic's Kelsey Doorey, Bridg's Amit Jain, and Deep Forest Media's Naghi Prasad.
What company will break through as the next Google or Twitter? Hundreds of tech investors have been gathering at a conference in Santa Monica, trying to find the next smash start-up.
You could think of it as speed dating, only with hundreds of millions of dollars changing hands. Here at OASIS: The Montgomery Summit there are 145 start-ups trying to attract the attention – and the capital - of hundreds of investors.
Tech investor Jamie Montgomery is the matchmaker-in-chief, the conference organizer, and says inevitably there are some companies that walk away without a date.
“Remember high school? We were all the gangling freshman at one time,” said Montgomery.
Photo by Orlando Contreras López via Flickr Creative Commons
Tribune Co. said Thursday that the Los Angeles Times publisher Eddy Hartenstein will take on a new role at Tribune Publishing as non-executive chairman. A search is underway for a new publisher at the Los Angeles Times.
Los Angeles Times publisher Eddy Hartenstein will take on a new role at the parent company of the iconic Southern California newspaper.
Hartenstein will leave his position as publisher and become the non-executive chairman of Tribune Publishing's board of directors. Currently, the Los Angeles Times operates under its corporate parent Tribune Co., which plans to spin off its daily newspapers into its own separate business, Tribune Publishing.
Tribune also said that Jack Griffin, who has been an advisor to Tribune, will become Tribune Publishing's CEO starting on April 14.
“This is an experienced leadership team, all of whom have the necessary vision and expertise to lead Tribune Publishing into its next chapter,” said Tribune Co.'s CEO Peter Liguori. “With Eddy and Jack in place, I am confident that Tribune Publishing will continue to prosper far into the future and provide the quality journalism that has been the hallmark of its newspaper brands and digital services.”
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The Walt Disney Co. said Thursday it will lay off 700 employees at its gaming division Disney Interactive -- which represents 26 percent of the unit's global staff.
"As a result of this restructuring, we have undergone a reduction in workforce," Disney said in a statement. "These actions were difficult but necessary given our long-term strategy focused on sustainable profitability and innovation."
Disney Interactive said it has consolidated its business to focus on "a streamlined suite of high quality digital products."
James A. Pitaro, the president of Disney Interactive, told the New York Times that the unit is not exiting any businesses.
"...we will pursue licensing partnerships in which we retain a lot of creative input,” Mr. Pitaro said. “But this is a doubling down on mobile and an effort to focus much more intently on a core set of priorities.”
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Good morning! Welcome to KPCC's business blog, The Breakdown. Every weekday, we compile interesting business stories affecting Southern California.
- Disney and DirecTV are doing a Dish-like deal. DirecTV is in talks with Walt Disney Co to license the rights to offer Disney's broadcast and cable channels as part of an Internet-based product. The deal would be similar to the agreement that Disney and Dish Network Corp announced earlier this week, according to Reuters.
- The man behind Bitcoin is among us (or not). Newsweek says it has tracked down the inventor of the virtual currency -- in Temple City. This week’s cover story begins in the driveway of Satoshi Nakamoto, a graduate of Cal Poly Pomona.
- Actors and managers squabble over code of conduct. SAG-AFTRA unveiled a new Code of Ethics and Conduct for talent managers that represent actors. While the union says it’s a voluntary code, the Talent Managers Association has refused to endorse it, according to the LA Times.
- Rentech to sell alternative energy technology assets to a Chinese company. The LA-based supplier of wood chips, pellets, and nitrogen fertilizers announced that it has agreed to sell its alternative energy technologies and equipment to Sunshine Kaidi New Energy Group Co., a renewable energy company in Wuhan, China, according to the LA Business Journal.
- John Wayne Airport is a $2.8 billion economic engine. That's according to a study by a consulting firm. The study says the Orange County airport directly support 22,000 jobs, according to the OC Register.