Latest Business News

South Korean Prosecutors Seek Arrest Warrant For Samsung Heir

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Mandatory Credit: Photo by John Locher/AP/REX/Shutterstock (7727451g)
Workers hang up a sign near a Samsung TV banner during setup for CES International, in Las Vegas. The show runs from January 5-8
Gadget Show, Las Vegas, USA - 03 Jan 2017

A warrant is being sought for the arrest of Lee Jae-yong, heir to Samsung and son of the current company chairman on multiple charges Including bribery in a case linked to the country’s ongoing political scandal that caused the impeachment of President Park Geung-hye. Lee will face a judge this week to determine if the warrant is valid, according to South Korean media. Samsung has been accused of donating $3.1 million to a nonprofit operated by a friend of President Park… Read

Dick Gautier Dies; Broadway’s Conrad Birdie, ‘Get Smart’s Hymie The Robot Was 85

Dick Gautier, Paul Lynde and Michael J. Pollard in the Broadway production of 'Bye Bye Birdie.'

As a swivel-hipped rock and roller, Conrad Birdie had a lot of living to do, the unknown actor Dick Gautier sang in the 1960 Broadway smash Bye Bye Birdie. At first a reluctant leading man, Gautier played many roles, including cabaret singer, stand-up comic, character actor and caricaturist. He was best known to TV audiences as Hymie The Robot on six episodes of the Mel Brooks/Buck Henry-created spy spoof Get Smart, culminating in Hymie’s role as best man at the wedding… Read

Jennifer Holliday Cancels Inaugural Concert Performance, Apologizes To LGBT Fans For “Lapse Of Judgement

Jennifer Holliday

Updated, 12:50 pm Jennifer Holliday will appear on MSNBC’s AM Joy tomorrow to discuss the decision to cancel her inaugural performance. The program, hosted by Joy Reid, airs at 10 am ET. Previous Jennifer Holliday is telling President-elect Donald Trump she’s not going – to the pre-inaugural concert. Pledging to stand by the LGBT community, the Tony-winning Dreamgirls star canceled plans to perform at the January 19 Trump celebration. “I sincerely apologize for my lapse… Read

Johnny Depp Sues Business Managers For $25M Over Fraud

Johnny Depp CAA

Like many an actor before him, Johnny Depp believes he has been swindled in the Hollywood accounting shell game — by his own business managers and lawyers. In a lawsuit filed today, the Pirates Of The Caribbean star is going after The Management Group for more than $25 million in a jury-seeking suit alleging fraud and several other claims. “As a result of years of gross mismanagement and sometimes outright fraud, Mr. Depp lost tens of millions of dollars and has been… Read

Michael Lynton Is Out As CEO Of Sony Entertainment

Mandatory Credit: Photo by Roger Askew/REX/Shutterstock (5612546l)
Michael Lynton, CEO of Sony Entertainment Inc.
Michael Lynton at the Oxford Union, Oxford, Britain - 08 Mar 2016

After 24 hours of rumors about an executive change at the top of Sony, word has just come from Michael Lynton to his employees that he is stepping down as CEO of Sony Entertainment after more than 12 years at the helm. The move comes after a meeting with Sony bigwigs in the past 48 hours. Lynton, 57, said he is leaving to focus on his job as chairman of the board of Snap, Inc., parent of SnapChat which he and his wife invested into years ago and is getting ready to go… Read

Disney’s Bob Iger Made $43.9M In 2016, -2.3%

Bob Iger, chairman and chief executive officer of The Walt Disney Company, speaks to members of the media about bringing NFL football back to the Los Angeles area, Thursday, Dec. 10, 2015, in Burbank, Calif. (AP Photo/Mark J. Terrill)

Disney CEO Bob Iger's compensation package for 2016, at $43.9 million, was down 2.3% vs 2015, according to the company proxy just filed at the SEC. But it was basically flat when you consider that the earlier period covered 53 weeks, one more than the fiscal 2016 period. Iger's take included $2.5 million in salary, $8.8 million in stock awards, $8.5 million in option awards, $20.0 million in non-equity incentives, $2.9 million in the changed value of his pension, and $1.2… Read

NYC Funds 11 Arts Nonprofits For Diversity Management Training Programs

Broadway Sign 2

New York City has named 11 nonprofit cultural organizations as recipients of $2 million in funding to develop a more diverse workforce on the management side of the performing arts. The money will be used to create “a more diverse pipeline of paid training and mentorship opportunities,” according to the announcement from the city’s cultural affairs department, “to cultivate a more inclusive and dynamic workforce, connect with new audiences, and promote a theater sector… Read

Time Inc. Poised To Consider Sale Bids – Report


Time Inc. representatives could begin sale talks as early as next week with bidders including Meredith Corp. and a consortium led by Edgar Bronfman Jr., Bloomberg reports citing “people familiar with the matter.” The board, which met this week, would only sell if it sees “significantly higher” offers for the owner of iconic magazines including Time, Fortune, Sports Illustrated, Money, People, and Entertainment Weekly, the business news service says. Many shareholders… Read

FCC Chairman Calls Open Internet Rules “Pro Competition, Not Pro-Incumbent”

FILE - In this Tuesday, March 17, 2015, file photo, Federal Communications Commission Chairman Tom Wheeler testifies before a House committee hearing on net neutrality, on Capitol Hill in Washington. A program to get low-income Americans federal-government help paying for Internet access is targeted to start in December 2016. The FCC voted, 3-2 along party lines, Thursday, March 31, 2016, to expand the $1.5 billion Lifeline program, a $9.25-a-month subsidy, to Internet as well as phone service. (AP Photo/Lauren Victoria Burke, File)

In a farewell speech as FCC Chairman, Tom Wheeler offered a full throated defense of his net neutrality initiative calling it “rooted in reality, not ideology” adding that “it is time to keep moving forward. It must not be taken away.” Wheeler, who President Obama appointed to the FCC in 2013, plans to leave on January 20. Agency watchers believe that the Trump administration will try to overturn the open internet rules that helped to make Wheeler — a former telco and… Read

Seth Oster Replaces Chris Day At UTA As Global Head Of Communications


Seth Oster, who many in town will remember from his stints at the MPAA and SAG, has been hired as Global Head of Corporate Communications at UTA. He will start Monday and replaces Chris Day, who exited the post late last year. Oster is a well-respected communications specialist, a veteran actually, who left Hollywood to work in the Obama administration and then world-renown accounting firm KPMG. He now returns to Los Angeles for the UTA job, responsible for the agency’s… Read

Martha Swope Dies; Leading Photographer For Theater And Dance Was 88

Director Harold Prince and star Patti LuPone rehearsing 'Evita' in a Martha Swope photograph.

Martha Swope, who photographed Broadway stars and prima ballerinas onstage and in mufti during a career that began in the late 1950s and extended into the 1990s, died Thursday in New York. The cause, the New York Times reported, was Parkinson’s disease. She was 88. For more than four decades, Swope’s elegant, usually monochrome publicity photographs of Broadway and off-Broadway shows, as well as of classical and modern dancers, set the bar for performing arts photography… Read

Steve Mnuchin To Divest From All Film Holdings If Confirmed As Treasury Secretary

Steven Mnuchin

Steve Mnuchin, the former hedge fund investor now in line to be confirmed as Donald Trump’s Secretary of the Treasury, will divest his interests in a slew of businesses to avoid conflict of interest — including many entertainment and media holdings. According to a letter dated January 10 to the Assistant General Counsel for the ethics department of the Treasury, the former Goldman Sachs partner said he will divest from 42 companies. Those will include AT&T (which is… Read