The streaming wars are spurring a content surge that is driving a demand for production space. The latest beneficiary of that is Television Center, a six-acre Art Deco complex on Romaine Street in Hollywood. The former home of the Technicolor Hollywood film lab is being remade as Echelon at Television Center in a $600-million makeover courtesy of Bardas Investment Group and Bain Capital Real Estate. Plans are underway for a complex of offices and a 620,000-square-foot studio with four soundstages and underground parking for more than 1,000 cars, spanning two city blocks. This is one of several production facilities in the planning stages. Continue reading Streaming Drives Massive Hollywood Soundstage Expansion

Toshiba Corporation announced it will be breaking up into three independent companies by spinning off its energy and infrastructure business as well as its device and storage operations. The downsized Toshiba will continue to hold a 40.6 percent stake in Tokyo-based memory manufacturer Kioxia. The plan follows allegations of mismanagement and a five-month independent review of Toshiba that was in progress when company CEO Nobuaki Kurumatani resigned. Released Friday, the report says the former CEO behaved unethically but not illegally. Toshiba says the break-up is the best path to shareholder value. Continue reading Toshiba Plans to Split into Three Firms After Investor Pressure

California-based data technology company Western Digital is purportedly in “advanced merger talks” with Japan’s computer memory firm Kioxia Holdings, according to sources who added that a deal could be inked as soon as mid-September. Western Digital’s shares rose 8 percent in reaction to the Wednesday news and continued to rise on Thursday. Sources said Western Digital would complete the deal with stock and that its chief executive David Goeckeler would run the combined company. According to Barron’s, the deal would be valued at about $20 billion. Continue reading Western Digital and Kioxia Merger Could Impact Chip Market

Scientists to Stop COVID-19 is a group of top U.S. scientists, industry leaders and billionaires who have come together to examine unorthodox potential cures from around the world. The group is led by venture capitalist Tom Cahill, a 33-year-old physician whose connections to the Trump administration helps the group act as a go-between it and pharmaceutical companies. Scientists to Stop COVID-19 describes itself as a modern-day Manhattan Project, the World War II group of scientists who helped develop the atomic bomb. Continue reading Scientists and Investors Join Forces to Find COVID-19 Cure

Congress is advancing a bill that would put more power in the hands of the federal government to block deals between U.S. and Chinese companies deemed to risk national security. Tensions between the two countries are high as each threatens and seeks to negotiate with the other. President Trump and Chinese vice premier Liu He met to discuss potential concessions as the U.S. ramps up threats of tariffs, while China’s antitrust division just lifted a many-month delay on Bain Capital’s $18 billion deal with Toshiba’s memory chip unit. Continue reading Congress Advances a Bill That Could Curb U.S.-Chinese Deals

The largest owner of radio stations in the U.S., iHeartMedia Inc., filed for Chapter 11 bankruptcy last week to address $20 billion in debt. “The company said the agreement it ‍reached with holders of more than $10 billion of its outstanding debt would restructure its balance sheet by transferring 94 percent of the stock in the reorganized company to its lenders,” reports Reuters. The company has struggled with significant debt since its $17.9 billion leveraged buyout of Clear Channel Communications in 2008. Radio company Cumulus Media filed for Chapter 11 less than four months ago. Continue reading Radio Company iHeartMedia Files for Bankruptcy Protection

Toshiba announced that it is selling its memory-chip business, a major supplier to some of the world’s top CE manufacturers, and expects to reach an agreement by the end of the month. Leading the race is a group including private-equity firm Bain Capital and tech companies such as Apple, Dell, Seagate, SK Hynix and Innovation Network Corp. of Japan. Insiders indicate the bid values Toshiba’s chip business at $19 billion. Apple and Dell aim to keep the Toshiba unit as a viable supplier, while hoping it remains competitive with flash memory-chip leader Samsung. Continue reading Toshiba Is Accepting Bids for its Profitable Memory-Chip Unit

Verizon announced it would acquire Yahoo’s core operating business in a $4.83 billion cash deal expected to close in the first quarter of next year. Yahoo will join Verizon’s growing stable of digital properties, including AOL, which it purchased last May for $4.4 billion. The deal should help Verizon ramp up its mobile efforts and combine AOL’s ad tech with Yahoo’s online sites and services. AOL chief Tim Armstrong and Verizon exec Marni Walden spearheaded the deal. “This culminates a rigorous, thorough process over many months, and yields a great outcome for the company,” wrote Yahoo CEO Marissa Mayer in a letter to her employees. Continue reading The Wait Is Over: Verizon Will Acquire Yahoo for $4.83 Billion