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Stocks stabilizing: The Dow is only down about 90 points, which, considering the December retail numbers and all the other bad news, should be considered a small victory.
Bratz sales approved: A federal judge will allow Valley-based MGA Entertainment to keep making and selling the dolls through 2009. Meanwhile, Mattel, which has won the rights to the Bratz franchise, has raised questions about MGA failing to make timely financial disclosures. (Reuters, LABJ)
L.A. rents are falling: Depressed home prices are largely to blame, as well as overbuilding and the recession. Apartment rents fell 0.7 percent in the fourth quarter, the first decline since 2001 (overall rents for the year were up slightly over 2007). From the LAT:
Declining incomes and rising unemployment also mean people have less to spend on rent. Mark Verge, owner of the property listings service Westside Rentals, said he'd seen rents fall faster in the last three months than at any time since he founded the company 13 years ago. "I used to have to beg owners to lower rents. Now they ask me, 'What do you think I should lower it to?' " Verge said.
Home Depot gives up: The retailer has dropped plans to open a store in Sunland-Tujunga. So ends a five-year struggle that had the retail giant suing the city and battling neighborhood groups. Home Depot says it's being more selective in choosing sites for new stores. (LAT)
Grey re-ups: The Paramount chairman and CEO had his contract extended to 2014. Three of the top six grossing films of 2008 were distributed by Paramount (though Warner was the overall box office champ). From THR:
Grey played a critical role in Viacom's purchase of DreamWorks for $1.6 billion in 2006, and even though that relationship unwound last year as Steven Spielberg and Stacey Snider exited the studio to set up an independent version of DreamWorks, it contributed to Paramount's revived fortunes at the boxoffice. "It was a very good deal," said Bob Daly, the former Warners chief who's been serving as a consultant to Paramount and Grey. As part of the separation, DreamWorks left a significant number of projects at Paramount, several of which could involve Spielberg.
Northrop combines units: The company's two South Bay-based business sectors will merge as part of a corporate restructuring. Integrated Systems, the El Segundo-based maker of the Global Hawk, will join with Redondo Beach-based Space Technology, which builds government satellites and develops military lasers. The restructuring reduces the number of business units from seven to five. (Daily Breeze)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.