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Stocks in recovery mode: Europe remains in tatters, but the markets can't go down forever, right? Some encouraging job news might be helping. Dow is up over 200 points.
Payrolls gain ground: Private employers added 110,000 jobs in October, according to ADP, which is a bit better than expected. Also, companies made fewer job cuts during the month, according to Challenger, Gray & Christmas. (CNNMoney)
Dodgers up for sale: Catching up on last night's news that Frank McCourt has finally agreed to give up the team (and the stadium and the parking lots). From LAT columnist Bill Plaschke:
The new owner could be anybody from the Dallas Mavericks' Mark Cuban to the Milwaukee Brewers Mark Attanasio to some anonymous rich businessman who steps out of the shadows at the last minute. Remember, nobody had ever even heard of Arte Moreno until seemingly hours before he bought the Angels, and the same thing could happen here. The candidates are many, the brand will be strong again, the financial ceiling here is limitless, it will be the best job in baseball the minute someone takes it. And there is only one thing for certain. Bud Selig owes us. The baseball commissioner who allowed a seriously underfunded McCourt to take the team from desperate Fox in 2004 owes us a strong and viable owner this time.
OC Register owner sells TV division: Sinclair Broadcast Group is buying eight stations owned by Freedom Communications (all outside California) in a $385 million deal. Freedom's CFO also dismissed long-running rumors about the company being sold to Tribune Co. From the OC Register:
Freedom emerged from bankruptcy in April 2010 with $325 million in debt, some of which has been paid down in the last 18 months. The privately-held company began pursuing strategic alternatives for its properties about a year ago. "This is the final chapter of bankruptcy," [said CFO Mitchell] Stern. "As a company essentially free of debt, Freedom will have greater financial flexibility allowing us to take advantage of opportunities that may arise in the future." Stern dismissed earlier media reports that the Register was being sold to the Tribune Co. and merged with the Los Angeles Times or would be bought by MediaNews Group, owner of the Los Angeles Daily News and eight other daily papers in the greater Los Angeles area.
Tribune Co. revising bankruptcy plan: Company officials are optimistic that the changes will be enough to win approval from federal judge Kevin Carey. From the Chicago Tribune:
Tribune Co. employees, meanwhile, reacted with alarm Tuesday to Carey's finding that plan provisions shielding them from litigation stemming from the company's 2007 leveraged buyout were unsupportable. Tribune Co. had sought releases for employees who sold Tribune Co. stock into the deal, many of them through their 401(k) accounts.
UCLA revises building plans: The school has selected a new site for its hotel and conference center, abandoning a plan to have the complex on the site of the current faculty club. (LAT)
Vallejo no longer bankrupt: A federal judge finally released the small Bay Area city after three years. Among other changes, city workers now contribute more to their health insurance, new firefighters have lower pension plans, and the fire department no longer has minimum staffing requirements. (SF Chronicle)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.