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Corporate Restructuring

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BUSINESS
August 19, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
FarWest Savings had long been a good investment for the Belzberg brothers of Canada--Samuel, Hyman and William. Acquiring FarWest in 1974 gave the Belzbergs a foothold in the United States. Then, using the Newport Beach thrift and First City Financial Corp. Ltd. in Vancouver, Canada, they became among the most feared corporate raiders and takeover strategists on the U.S. scene during the 1980s. Often acting as greenmailers, their hostile bids made them millions of dollars. But today, their U.S.
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ENTERTAINMENT
September 20, 2013 | By Joe Flint
Salil Mehta, a former senior executive at NBCUniversal, has joined Twentieth Century Fox Film as president of content management. In that newly created role, Mehta will oversee content distribution for the studio's movie and television fare, paying particular attention to exploiting new distribution platforms. Mehta will also have oversight over Twentieth Century Fox's technology and engineering activities and be heavily involved in its anti-piracy efforts. “Salil possesses the perfect mix of problem-solving skills, leadership proficiency, technological savvy and collaborative expertise to play a critical role in guiding our content through the multi-faceted media world we operate in today," said Twentieth Century Fox Chairman and Chief Executive Jim Gianopulos, to whom Mehta reports.
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BUSINESS
March 20, 1996
Vans Inc. said Tuesday that it has agreed to settle a shareholders' lawsuit alleging securities violations. The footwear manufacturer also reported higher earnings and sales for the third quarter and nine months ended Feb. 24. The lawsuit, filed last June in federal court, sought class-action status to represent people who bought shares of Vans from June 27, 1994, to May 12, 1995.
ENTERTAINMENT
July 18, 2013 | By Joe Flint
Reality television savant Mike Darnell is joining Warner Bros. Television Group as president of unscripted and alternative television. Considered one of the pioneers of the reality genre, Darnell has been a free agent since May when he resigned from Fox Broadcasting after almost two decades there. He has played a key part in the success of both wholesome shows such as "American Idol" as well as "When Animals Attack," "My Big Fat Obnoxious Fiance" and more lowbrow fare. At Warner Bros., Darnell will be reunited with Peter Roth, a former top executive at Fox who is now president and chief content officer of the Warner Bros.
CALIFORNIA | LOCAL
February 20, 1996 | WARREN BENNIS, Warren Bennis is Distinguished University Professor of business administration at USC and the author of "On Becoming a Leader" (Addison-Wesley)
It is extremely likely that in the next decade the United States will experience a period of social unrest unequaled in this century. It will dwarf the protests of the late 1960s and early 1970s. The recent strikes and other demonstrations in France are a portent of what is to come for us. Several things lead me to this dreary prediction: % The growing disparity between the nation's rich and its poor.
BUSINESS
December 29, 1993 | JAMES M. GOMEZ, TIMES STAFF WRITER
Emulex Corp., a manufacturer of computer products, blamed a corporate restructuring--including the dismissal of 10% of its work force--for an anticipated second-quarter loss of $14 million to $16 million. In Tuesday's announcement, the company for the first time put a price tag on restructuring efforts it announced in October. "This is not really earth-shattering news," said company spokesman Chuck McBride. "We knew this was coming."
BUSINESS
September 30, 1994 | JAMES S. GRANELLI and HOPE HAMASHIGE, SPECIAL TO THE TIMES
Downey Savings & Loan, the last major thrift still operating under California authority, said Thursday it will create a holding company and convert its operations to a federal charter. Downey, with $3.9 billion in loans and other assets, expects to complete its new corporate structure by early next year, issuing shareholders stock in a new holding company called Downey Financial Corp. The charter conversion will leave only 11 thrifts still holding on to state charters.
BUSINESS
October 27, 1992 | MICHAEL PARRISH, TIMES STAFF WRITER
Ending an ill-fated diversification into retailing and energy exploration, Pacific Enterprises Corp., parent of Southern California Gas Co., confirmed Monday that it will cut its 300-person corporate staff by 90%. The troubled company had mentioned possible cuts in its headquarters staff in February, when it announced that it would sell off all non-utility operations. But the extent of the job cuts wasn't disclosed until Chief Executive Willis B.
BUSINESS
December 8, 1998 | Reuters
Samsung will swap its troubled car business for the debt-burdened electronics unit of rival Daewoo Motors as South Korea's conglomerates announced moves to shed scores of their units. Seeking to kick-start its sputtering corporate restructuring campaign, the government also said the family-run conglomerates, or chaebol, plan to raise $58 billion from investors or by selling assets. Samsung is the country's biggest electronics producer and the world's largest producer of memory chips.
BUSINESS
September 10, 1992 | JONATHAN WEBER, TIMES STAFF WRITER
Apple Computer on Wednesday said it would close its only factory in the Silicon Valley area and lay off 345 employees as part of a worldwide reorganization of its manufacturing and distribution operations. The unexpected shuttering of the facility in Fremont, Calif.--which Apple had touted just two years ago as a showpiece of automated production--is the latest setback for recession-ravaged Silicon Valley.
ENTERTAINMENT
March 14, 2009 | PATRICK GOLDSTEIN
Like him or loathe him, Rupert Murdoch is the last of the great media swashbucklers, a throwback to the pirates, cutthroats and visionaries who used to run the business before it was engulfed and devoured by giant risk-averse corporate behemoths. The earthquake that rocked News Corp. this week was a typical Murdoch seismic event. As one of his top executives once told me: "Rupert is a gambler. He tolerates noble failure more than complacency."
BUSINESS
February 25, 2009 | Meg James and Dawn C. Chmielewski
Media Mogul Rupert Murdoch has a knack for corporate chess. Now he's contemplating how to advance his pieces. Murdoch plans to use the exit of his longtime lieutenant, Peter Chernin, to assume more direct involvement in operations and shuffle management at News Corp., which is expected to trigger the departure of some ranking executives, according to people familiar with the matter who asked not to be identified because of its sensitivity. News Corp.
BUSINESS
December 8, 2008 | Meg James, James is a Times staff writer.
NBC's sweeping shake-up of its entertainment division last week highlights the deep problems it and other networks face in continuing to produce high-quality shows as advertisers slash spending and viewers find alternate ways to watch TV. The General Electric Co.-owned network, which has seen its ratings plunge 14% this season, plans to announce this week that it will merge its two programming groups -- one at the NBC network and the other at its television production studio -- into one unit.
BUSINESS
November 6, 2008 | times wire services
British drug maker GlaxoSmithKline is restructuring its U.S. operations, starting with reducing its U.S. sales force by 1,000, following many of its top competitors in eliminating sales jobs. The world's No. 2 drug maker by revenue also will switch from having dual U.S. headquarters, in Philadelphia and in Research Triangle Park, N.C., to operating just the North Carolina headquarters. Spokeswoman Mary Anne Rhyne said the headquarters change was meant to eliminate confusion and was largely symbolic.
BUSINESS
November 5, 2008 | Lisa Girion, Girion is a Times staff writer.
Woodland Hills-based insurer Health Net Inc. announced a management realignment Tuesday amid weak profit and a downward revision of its earnings projections for 2008 that sent shares sliding. The company posted third-quarter earnings of 17 cents a share. Excluding charges, earnings would have been 35 cents a share -- well off the Thomson Reuters analysts' consensus of 88 cents a share and down from 99 cents a year earlier. Health Net's shares fell $2.44, or 18%, to close at $10.88.
BUSINESS
September 12, 2008 | Jessica Guynn
For the first time since it fought off an unsolicited takeover bid from Microsoft Corp., Yahoo Inc. on Thursday threw open its doors to give the media a glimpse of what it has planned to improve its waning fortunes. The event at its Sunnyvale, Calif., headquarters was all about Yahoo's new mantra: Be open. It featured a lineup of executives who showed off how they plan to redesign popular parts of Yahoo to include more content from elsewhere on the Web. Executives say the changes are designed to enhance the Yahoo experience for the company's more than 500 million users worldwide and for its advertisers.
ENTERTAINMENT
November 24, 1985 | David T. Friendly \f7
Daily Variety called it "one of the shortest executive tenures in Hollywood history" and the hyperbole was justified. Less than three weeks after Dino De Laurentiis announced ex-Columbia V.P. Robert Lawrence's appointment as president of Embassy Pictures, a spokesman confirmed Lawrence's departure in the wake of "corporate restructuring."
ENTERTAINMENT
July 26, 2008 | PATRICK GOLDSTEIN
NO ONE said life was fair, but in the movie business, life often seems like a rigged poker game, especially when it comes to who gets the ax and who gets the cushy promotion. Nowhere is this more evident than at Paramount Vantage, which just laid off the majority of its 100-or-so staffers, a tacit admission that its much-ballyhooed specialty division -- like most of Hollywood's specialty divisions -- had been a big money loser. On the other hand, Vantage founder John Lesher, the one-time Endeavor agent whom Brad Grey hired in late 2005 to reinvent the studio's flagging Paramount Classics art-house wing, got out when the getting was good.
BUSINESS
July 8, 2008 | From the Associated Press
General Motors Corp. may get rid of some brands, speed the introduction of small cars from other markets and make further white-collar job cuts as it tries to deal with a shrinking U.S. auto market. A person familiar with the company's discussions said Monday that all the options were being considered as GM tries to cope with the dramatic shift in consumer buying habits from trucks to cars and crossover vehicles. The person asked not to be identified because no decisions have been made.
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