The Orange County Register's parent company, Freedom Communications Holdings has finally closed a deal to purchase The Press-Enterprise in Riverside. Pictured here: OC Register Publisher, Aaron Kushner (left) and company President, Eric Spitz.
A deal that appeared in jeopardy of falling through has finally been completed.
Freedom Communications Holdings, the parent company of The Orange County Register, has completed its $27.25 million purchase of The Press-Enterprise in Riverside from the A.H. Belo Corporation, six days after the deadline for the transaction passed.
The deadline for Freedom to buy the paper was originally mid-October, but that was pushed back to Nov. 15. There were also changes to the original agreement, which included Freedom paying a non-refundable $1 million deposit, which would go toward the final purchase price.
It's not clear what caused the multiple delays, but executives of both companies expressed happiness that the sale is done.
“We are pleased the transaction has closed, and wish our colleagues in Riverside all the best as they go forward as part of Freedom Communications,” said Jim Moroney, Chairman, President and Chief Executive Officer of A. H. Belo, in a prepared statement.
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"White House Down", starring Jamie Foxx and Channing Tatum was a box office disappointment for Sony Pictures.
UPDATE 11:30 a.m: In a move to streamline its operations, Sony Corp. announced plans Thursday to make $250 million in cuts at its Culver City-based entertainment division over the next few years, a move that could include layoffs and a reduction in the number of movies it produces.
Amy Pascal, Co-Chairman of Sony Pictures Entertainment, said the studio plans to release around 18 movies a year, down from around 20 the past few years. She added that Sony will release four movies next summer, compared to the nine it came out with last summer.
David C. Hendler, Senior Executive Vice President and Chief Financial Officer of Sony Pictures Entertainment, said to expect layoffs, though he offered no specifics.
"We will take a hard look at headcount," Hendler said during an investor conference held Thursday at the Culver City headquarters.
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For sale signs are posted on a foreclosed house on September 15, 2011 in Glendale, California.
California will be a big beneficiary of the Justice Department's record breaking settlement of $13 billion with JPMorgan Chase & Co., announced on Tuesday. The penalty came after state and federal agencies raised allegations against the lender's practices in mortgage-backed securities.
Southern Californians were hit hard by the housing crisis. From January 2007 to October 2013, there have been more than 497,000 foreclosures in Southern California - 43 percent of them in Riverside and San Bernardino counties, according to San Diego-based research firm DataQuick.
The settlement requires JPMorgan to help bankroll consumer relief efforts, including reducing the principal on loans and other mortgage modifications for homeowners facing foreclosure.
With nearly $300 million of the settlement going to California, according to a press release from state Attorney General Kamala Harris, we asked how that money will reach those harmed by the mortgage crisis.
The Los Angeles Times building in downtown L.A.
Tribune Co. said Wednesday it will cut about 700 jobs by the end of 2014.
Tribune, the owner of the Los Angeles Times and seven other daily newspapers, said the job cuts are part of a larger restructuring effort "to ensure the long-term vitality" of its publishing division. Tribune, which also owns broadcast stations, has announced plans to spin off its newspapers into a separate company.
No front-line reporters affected
Tribune's spokesman Gary Weitman told KPCC that there will be "no front-line reporters affected," but there will be "small reductions in other areas of editorial."
"Out of respect for our employees we are not breaking down the reductions by business unit," Weitman said in an e-mail. "The expense savings will be taken over time and reflected in our financial filings."
The L.A. Auto Show kicked off Tuesday with a press-only Connected Car Expo, a showcase for the technologies that are transforming the automobile into a device that knows everything. Entrepreneurs even had a special competition, pitching their big ideas to a panel of judges. (The show opens to the public on Friday.)
The ideas included an app called RodeDog that barks at smartphone users if they try to unlock their phone while driving. Another device deploys a flare when it senses a car has been in an accident. Green Driver's Enlighten app will tell a driver how long a traffic light will stay red ... and then there's the ClearPath navigation system.
Three years of traffic data bundled in one app
"You’re all from L.A. so you suffered from traffic, I guess, just getting here," said Clear Path’s developer Cyrus Shahabi at the start of his three-minute pitch. His app maps out the fastest drive between two points, based on rapidly changing traffic data.