– April 24, 2014

William Morris Endeavor, Silver Lake buying IMG

(AP) — Talent agency William Morris Endeavor Entertainment is teaming with investment firm Silver Lake Partners to buy sports marketing firm IMG Worldwide, combining a powerful force in entertainment with one of the powerhouses in sports marketing.

Financial terms were not disclosed. William Morris Endeavor said the acquisition will add global reach and depth in sports, fashion and media.

Aside from sports figures including NFL quarterback Peyton Manning, IMG also has clients in the fashion industry. IMG got its start in 1960 with a handshake between Mark McCormack and golfer Arnold Palmer, according to its website. It has 3,500 employees and operates in more than 30 countries.

IMG had been owned since 2004 by private equity firm Forstman Little.

William Morris Endeavor was created in 2009 when the entertainment agency William Morris merged with Endeavor, but its roots go back more than a century. The Beverly Hills, Calif., agency represents thousands of notables in film, television, music, literature, theater and digital media including Christian Bale, Hugh Jackman and Amy Adams.

Patrick Whitesell and Ari Emanuel, co-CEOs of William Morris Endeavor, will serve as co-CEOs of the combined company. Emanuel is the brother of Chicago Mayor Rahm Emanuel and is often cited as the inspiration for superagent Ari Gold on HBO's series "Entourage."

The Associated Press is a partner with IMG in Sports News Television, a sports news agency.

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Latest Local News

Written on 04/24/2014, 4:49 pm by Business Journal staff
premier-valley-bank-increases-q1-earningsPremier Valley Bank announced its first quarter financial results showing net income up 29 percent over the year before.
Written on 04/24/2014, 4:03 pm by Business Journal staff
California Gov. Jerry Brown named Fresno as one of five hiring credit pilot areas as part of his new plan to spur the state's economy. Brown signed AB 93 and SB 90 last July creating the Governor's Economic Development Initiative while also phasing out the 30-year-old Enterprise Zone program. As part of the new effort, businesses located in communities of high unemployment and high poverty can get tax credits when they grow their staff. The credit, overseen by the Governor's Office of Business and Economic Development, or Go-Biz, allows employers to write off 35 percent of each new worker's wages every year with the total amount maxing out at $56,000 per employee for five years. Employee qualifications include those who have been unemployed for six months or more, veterans within one year of separation from service, ex-offenders and recipients of Earned Income Tax Credits, CalWorks or general assistance. Credits are based on wages above $12 an hour and up to $28 an hour or up to $10 an hour base in limited pilot areas. Besides Fresno, the hiring credit is also available to businesses in Merced and Riverside. Go-Biz may designate up to 5 pilot areas for a period of four years. The credit may be extended in those areas for an additional three years after that. Businesses can search to see if they're located in one of the new pilot areas online at The Governor's Economic Development Initiative is funded by redirecting approximately $750 million annually from the former Enterprise Zone program. The program also includes a statewide sales tax exemption on qualifying manufacturing equipment and research and development equipment purchases for biotech and manufacturing companies.  
Written on 04/24/2014, 2:40 pm by Business Journal staff
Frontier Airlines will increase service out of Fresno at the end of April, going from three flights a week to four. Last May, the airline began offering three non-stop flights weekly from the Fresno Yosemite International Airport to its Denver home using its 138-seat Airbus A319. Beginning April 27, Frontier Airlines will push that number to four flights a week for a 36 percent increase in seats to Denver and beyond. Those flying from Fresno to Denver can now catch Frontier's flights on Monday, Wednesday, Friday and either Saturday or Sunday. Frontier will also periodically offer five flights a week between April 27 and September 30. Arrival and departure times can be searched at "As Fresno Yosemite continues to experience unprecedented passenger growth, our airlines partners are recognizing the demand for additional seat capacity," said FYI's director of Aviation Kevin Meikle, in a release. "Frontier's increased frequency demonstrates the airline's responsiveness to our region's demand for air service options during peak travel months." United Airlines also offers up to four daily flights from Fresno to Denver. In all, FYI boasts around 42 daily domestic and international departures by ten carriers, including American Airlines, American Eagle, Delta Connection and United Express.
Written on 04/24/2014, 2:15 pm by Business Journal staff
The McClatchy Co., publisher of The Fresno Bee, reported a first quarter net loss of $15.8 million, or 18 cents per share. That's compared to the same quarter in 2013, which saw a net loss of $12.7 million, or 15 cents per share. Also in Q1, total revenues of $287.2 million were down 2.7 percent, while advertising revenues of $183.9 million were down 6.7 percent. Ditigal advertising revenue was $47.4 million for the quarter, compared to $47.26 million last year. McClatchy's California newspapers — which include the Merced Sun-Star, San Luis Obispo Tribune and the Fresno, Modesto and Sacramento Bee papers — saw total Q1 ad revenue fall 8 percent for a total of $30.5 million.
Written on 04/24/2014, 2:03 pm by Business Journal staff
Paula Castadio, president and CEO of ValleyPBS, has been named as one of four finalists in Fresno State's nationwide search for a new vice president for Advancement. Whoever is picked for the job will manage the offices of University Development, University Communications and Alumni Relations and also provide initiative, direction and oversight for the university's governmental relations activities. The new vice president will succeed Dr. Peter M. Smits, who retires on June 30 after 20 years at Fresno State. Paula Castadio began her career at ValleyPBS/KVPT in 1994 as development director after working in corporate development for Valley Public Radio. She was later promoted to station manager in 2000 and became CEO of ValleyPBS/KVPT in 2003.In addition to her position at ValleyPBS, where she serves 2.5 million television viewers throughout the Central Valley, Castadio is the treasurer of the California Public Television Association and Immediate Past Chair for the Pacific Mountain Network. She has served nationally on the PBS Development Advisory Council, Communications Advisory Council, Premier Sponsorship Task Force and CPB Digital Distribution Fund Panel. Locally, she is on the board of the Rotary Club of Fresno and holds leadership positions in the cultural arts sector. Castadio earned a bachelor's degree in speech communication from Fresno State and later completed her MBA. The other finalists for the new vice president for Advancement include: Randal V. Childs, assistant vice chancellor at North Carolina Central University; Dr. Richard Daniel, associate vice president for University Advancement and Special Projects at the University of Texas at El Paso; and Brian Kish, senior vice president of central development for the University of Arizona Foundation.
Written on 04/24/2014, 1:46 pm by KEN SWEET, AP Markets Writer
(AP) — The stock market closed mostly higher Thursday, helped by positive earnings out of several large U.S. companies including Apple and construction equipment maker Caterpillar. The markets gains were modest, however, as investors turned their eyes back to Russia and Ukraine, where geopolitical tensions were heating up once again. Some earnings reports, such as 3M and Facebook, also failed to impress investors. It was the seventh time in the last eight days that the S&P 500 has closed higher. Despite the recent upward momentum, traders remain nervous. "Everyone is a little apprehensive as we move higher, waiting for the next shoe to drop that's going to make the market head lower," said Jonathan Corpina, a floor trader at the New York Stock Exchange with Meridian Equity Partners. "The market isn't in a healthy mentality at the moment." The Standard & Poor's 500 index rose 3.22 points, or 0.2 percent, to 1,878.61 and the Nasdaq composite rose 21.37 points, or 0.5 percent, to 4,148.34. The Dow Jones industrial average closed at 16,501.65, unchanged on the day. Apple was among the biggest gainers in the S&P 500 and helped push the Nasdaq composite up more than the rest of the broader market. Apple rose $43.02, or 8 percent, to $567.77 after the California-based company reported a profit of $11.62 a share, beating forecasts. Apple also announced it would increase its share buyback program from $60 billion to $90 billion, raise its quarterly dividend, and split its stock seven-for-one. Dow member Caterpillar rose $1.90, or 2 percent, to $105.28. The construction equipment manufacturer said its quarterly earnings rose 5 percent from a year ago. Caterpillar also raised is 2014 profit forecast. The company earned an adjusted profit of $1.61 a share, well ahead of the $1.21 per share expected by analysts. Another Dow member, 3M, wasn't as fortunate in the first quarter as Caterpillar was.The maker of industrial coatings and Post-it notes fell $1.34, or 1 percent, to $136.65 after the company's results missed analysts' expectations. The Minnesota-based conglomerate earned $1.79 a share, a penny shy of forecasts. Revenue also came in short of expectations. Despite the mostly positive news from U.S. companies, overseas worries put a damper on the market. Russian officials said they would hold new military exercises along the Ukrainian border, hours after Ukrainian troops killed at least two pro-Russia insurgents in eastern Ukraine. Russian President Vladimir Putin described the Ukrainian attack as a "punitive operation" and threatened Kiev with unspecified consequences. The Russia-Ukraine conflict has been relatively quiet for the last couple of weeks, so the recent increase in tensions has made some investors nervous. Tom di Galoma, who runs fixed-income trading for ED&F Man Capital, said the Ukraine-Russia conflict was sending some investors into safer assets, such as U.S. Treasurys and gold. The yield on 10-year U.S. Treasury note fell 2.68 percent as bond prices rose. Gold rose $6, or 0.5 percent, to $1.290.60 an ounce. "One day we think there's a resolution, and the next the situation out of Ukraine and Russia turns a little alarming," Corpina said. Investors were also working through another batch of economic reports. Orders to U.S. factories for long-lasting manufactured goods rose 2.6 percent, adding to the 2.1 percent rise in February. The back-to-back gains followed two big declines in December and January, which had raised concerns about possible weakness in manufacturing, The earlier declines, however, were likely tied to bad winter weather. On the jobs front, the number of people seeking U.S. unemployment benefits jumped 24,000 to a seasonally adjusted 329,000 last week, though the gain likely reflected temporary layoffs in the week before Easter. In other company news: — Facebook fell 49 cents, or 1 percent, to $60.87, despite reporting profit and sales that handedly beat forecasts. The social media giant earned an adjusted profit of 34 cents a share compared to analysts' estimates of 24 cents a share. — Zimmer Holdings soared $10.52, or 12 percent, to $101.97 after announcing it would buy the privately held orthopedic device company Biomet for $13.35 billion in cash and stock. Biomet was taken private in 2007 by a group of private equity companies, and was looking to go public later this year.
Written on 04/24/2014, 1:34 pm by Associated Press
(AP) — State regulators have given Pacific Gas & Electric Co. the OK to complete demolition of a Central California power plant after an initial attempt left several people injured. Shrapnel flew into a crowd of more than 1,000 spectators when the Bakersfield power plant was imploded using dynamite and charges in August. Five people were injured, including a man whose leg was severed. The Bakersfield California reports ( that the California Public Utilities Commission and state Division of Occupational Safety and Health have given permission to resume the work. The utility says no explosives will be used this time. Instead, large equipment will be brought in to tear down what remains of the structure. PG&E did not say when the work would resume. The botched implosion resulted in fines against two companies that were subcontractors on the project.
Written on 04/24/2014, 1:32 pm by Associated Press
(AP) — While much of California remains in the grips of extreme drought, spring storms have eased pressure slightly and reduced the number of rural communities considered at risk of running dry. In February, the California Department of Public Health listed 17 mostly rural water systems as having less than two months water supply in storage. But in recent weeks that number has fallen to three as February and March rains improved the water picture slightly. Still, the Sierra Nevada snowpack that provides a third of California's drinking water is at 32 percent of normal as the state heads toward the dry summer months. And some towns are still at risk: Montague in Siskiyou County may not have enough water to last through the summer.
Written on 04/24/2014, 1:30 pm by Business Journal staff
Valley Commerce Bancorp, parent company of Valley Business Bank in Visalia, saw little change in first quarter revenue compared to a year earlier. The company reported a net income of $742,587 in the quarter. That's down slightly from $742,845 in the first quarter of 2013. Loans were up 10 percent in the year, rising from $220.98 million in 2013's first quarter to $244.18 million in the first three months of 2014. That increase was primarily related to mortgage and construction loans. Deposits totaled $356.09 million in the first quarter, growing 12 percent compared to $318.69 million a year ago. Assets increased 10.9 percent, going from $364.33 million in the first quarter of 2013 to $404.38 million in the latest quarter. "Coming off a year of record profitability, we are pleased to be off to a similar start in 2014," said Allan W. Stone, president and CEO, in a release. "Drought conditions notwithstanding, we remain very optimistic about the local economy and are encouraged to see our growth strategies producing results." Established in 1995, Valley Business Bank operates branches in Visalia, Fresno, Woodlake, Tipton and Tulare.
Written on 04/24/2014, 10:43 am by Business Journal staff
The race for Fresno City Council's District 1 seat heats up May 8 with a candidate forum at Fresno City College. The forum will be held from 4:30 to 6 p.m. in the auditorium of the Old Administration Building. Four candidates running for District 1 are scheduled to appear, including Mark Castro, Rebeca Rangel, Cary Catalano and Esmerelda Soria. Candidate Rama Dawar has not yet confirmed his attendance. Fresno City College political science instructor Dr. James Joseph will moderate the forum, asking each candidate questions submitted by faculty and students about their plans and visions if they are elected. Their answers will be important as the candidates look to replace Blong Xiong as council member for District 1, which has Fresno City College within its borders. "Since some of the students come to Fresno City College, whether they live in District 1 or not, they are affected by the decisions made at the city council level," said Ignacio Barbosa, an Associated Students Government senator, in a release. "We felt that it was important for students to hear what the city council candidates say as to why they feel they can represent Fresno City College's interests." Xiong, who finishes his second term on the city council this year, is running for Fresno County Supervisor for District 1 that has been represented by Phil Larson since 2003.

Latest State News

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