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ENTERTAINMENT
March 28, 2014 | By Meg James
Old media is still alive and kicking. On its inaugural day of trading, CBS Outdoor Americas -- a billboard business, one of the oldest advertising mediums around -- shot up 5.4% over its initial price to close at $29.50 a share. CBS Corp. offered 20 million shares of the new entity in Friday's initial public offering on the New York Stock Exchange. CBS had priced the stock at $28 a share -- at the high end of its target. ON LOCATION: Where the cameras roll “The reaction so far has been positive so we're obviously very pleased,” Jeremy Male, chief executive of CBS Outdoor Americas, said in an interview.
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BUSINESS
March 26, 2014 | By Stuart Pfeifer
The economy may have dug itself out of the worst recession in a generation, but gamblers apparently are still reluctant to put their money at risk in U.S. Indian casinos. Gambling revenue at tribal casinos slowed in 2012, growing at a slower pace than non-tribal casinos for the first time in nearly 20 years, according to a report released Wednesday. Indian casino revenue grew 2% to $28.1 billion, half the pre-recession growth of 4% in 2007, according to Casino City's Indian Gaming Industry Report.
ENTERTAINMENT
March 26, 2014 | By Richard Verrier
Advertisers are spending more money than ever to promote their products in movie theaters. Cinema advertising revenues reached a record level of $677.9 million in 2013, up 6.5% from the prior year, the Cinema Advertising Council, a national trade association, reported Wednesday. The figures include revenues from local, regional and national advertisers representing more than 90 brands in five leading sales categories: automotive, computer software, consumer electronics, consumer products and television.
BUSINESS
March 24, 2014 | By Richard Verrier
Tim Warner, chief executive of Cinemark Holdings Inc., admits he'd never heard of the popular science fiction series "Doctor Who. " So the Montana native was skeptical when executives at BBC Wordwide approached him about the idea of screening a simulcast of the 50th anniversary episode of the cult-classic British TV series in Cinemark theaters across Latin America and the U.S. In late November, hundreds of "Whovians" showed up at more than...
CALIFORNIA | LOCAL
March 13, 2014 | Howard Blume
Los Angeles Unified schools Supt. John Deasy has a newly modified contract that includes an annual buyout of unused vacation days and new performance measures that require him to bring in revenue and enroll more students. He will also pay his own pension deduction for the first time, a cost offset by an increase of $20,000 to his annual salary. The amended pact, approved by the Board of Education last week after private discussions, offers the latest evidence of a board that is exerting more control over the direction of the nation's second-largest school system.
BUSINESS
March 2, 2014
The company: William Lyon Homes Headquarters: Newport Beach Ticker: WLH Employees: 225 Leadership: Bill H. Lyon, 39, chief executive since March 2013 2013 revenue: $573 million 2013 net income: $128 million Stock price: $30.93 at Friday's close 52-week range: $10.31 to $34.98 P/E ratio: 16, based on estimated 2014 earnings Dividend: none
BUSINESS
February 28, 2014 | By Tiffany Hsu
Mattel Inc. dominates the market for dolls with its Barbie, Monster High and American Girl brands. But now it also wants to play with blocks. The El Segundo giant is paying $460 million to buy Canadian construction toy company Mega Brands Inc. as it pursues what it calls a “strategic imperative” to grow beyond the categories upon which it has relied for years. The acquisition essentially heralds a turf war between Mattel and Danish company Lego, which makes the popular plastic bricks currently being featured on-screen in box-office king “The Lego Movie.” Lego said Thursday that its global sales rose 10% last year even as the toy industry slipped slightly.
NATIONAL
February 27, 2014 | By Alana Semuels
KANSAS CITY, Kan. - At Noble Prentis Elementary School, a classroom is crammed with 31 students and all their backpacks and books. Last year, the fifth-grade class had just 17 students, but a teaching position was cut when the school ran short of money. The school nurse, who comes in only twice a week, freezes kitchen sponges to use as ice packs because her budget is too small for her to buy any. Schools have always had to fight for more funding, but Noble Prentis' problems were exacerbated during the recession when state budget cuts left schools, like many other public services, foundering.
BUSINESS
February 26, 2014 | By Tiffany Hsu
The massive theft of Target Corp. customer data contributed to a huge drop in fourth-quarter profit as the retailer scrambled to win back the trust of consumers and shore up its hobbled payments system. The Minneapolis-based chain reported that profit was nearly halved from a year earlier to $520 million and revenue slid 5% to $21.5 billion. Target also racked up $61 million in expenses related to the hack, though it expects all but $17 million of that to be covered by insurance.
BUSINESS
February 26, 2014 | By Marc Lifsher
SACRAMENTO -- Wine exports from the United States, mainly from California, generated a record high revenue of $1.55 billion in 2013, the Wine Institute reported. It was the fourth record in a row for foreign sales when ranked by value, the San Francisco trade group said. Total sales, 90% from California wineries, were up 16.4% over 2012. QUIZ: How much do you know about California's economy? "Consumers across the globe continue to recognize the quality, diversity and value of California wines, despite significant trade barriers and heavily subsidized foreign competitors," said Wine Institute President Robert P. Koch.
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