Daily Business Report — Oct. 19, 2012
Doug Manchester Shows an Interest in
Buying Company That Owns the LA Times
U-T San Diego owner Doug Manchester wants to buy the Tribune Company, which owns the Los Angeles Times, KPBS reports. Since Manchester bought the U-T more than 10 months ago, he’s launched a television channel and purchased The North County Times. Now, Manchester says he wants to acquire the Tribune Company, owner of eight daily newspapers including The Chicago Tribune, The Baltimore Sun and The Hartford Courant in addition to the LA Times. “We certainly are going to look at it,” Manchester said. “We are looking at it, yes. I would like to, yes.” Tribune spokesman Gary Weitman refused to comment on what he called speculation regarding the company and its assets. The Tribune’s owners are two hedge funds and JP Morgan Chase. U-T CEO John Lynch said recently that the paper’s ownership was interested in acquiring a company that would give it a national footprint. “We believe our business model will work and create great economic benefit to all of the investors,” Lynch said. He said U-T circulation has turned around since Manchester bought the paper last December, but did not provide figures.
Governor’s Prop. 30 Most
Popular of 3 Tax Initiatives
Recent polls of California voters on propositions for the Nov. 6 election show Gov. Jerry Brown’s Proposition 30 is the most likely of the three tax initiatives to pass, though its support has declined. The three tax initiatives are Propositions 30, 38 and 39. With Prop 30, Brown proposes to raise sales tax to pay for education and public safety. Molly Munger’s Prop 38 proposes significant tax hikes to increase funding to California’s educational system. The proposition claims it can raise up to $11 billion annually in new revenue through an increase in income tax. The third tax initiative, Tom Steyer’s Prop 39, will require multistate businesses to start paying taxes to the state of California based on the amount of money earned in the state. The California Business Roundtable poll taken earlier this month shows Brown’s Prop. 30 with 49 percent in favor and 41 percent opposed. Prop 38 shows 42 percent in favor while 46 percent are opposed. Prop 39 shows 60 percent in favor with 25 percent opposed. (San Diego NewsRoom)
Model Home Furnishings Up for Sale
Oct. 27 at Deeply Discounted Prices
Furnishings and accessories from new model homes all over San Diego County will be available for sale to the public at deeply discounted prices during a one-day-only sale from 8 a.m. to 2 p.m. on Saturday, Oct. 27, at 2816 Historic Decatur Road in Point Loma’s Liberty Station. Proceeds from the “Furniture Fantasy Sale”“ will benefit BIA Cares, the charitable foundation of the Building Industry Association of San Diego County. Displayed in a 19,000-square-foot warehouse space, donated by The Corky McMillin Companies, the sale also includes office furniture, appliances and construction and remodel supplies. (Cash or credit (MC/Visa/Amex) only. All sales are final). Among the home builders donating furniture: The Corky McMillin Companies, Pardee Homes, Brookfield Homes, Shea Homes, ColRich Residential, KB Home, Woodland Pacific, Lennar and Standard Pacific Homes. Several interior design firms and suppliers have contributed, including Design Line Interiors, Design Squared Interiors, Blackbird Interiors, DalTile and Southwest Windows. For information, contact the BIA at (858) 450-1221, Ext. 103, or visit www.biasandiego.org/biacares.
UC San Diego Appoints Associate Vice Chancellor
Kristin Bell has assumed the position of associate vice chancellor for health sciences development at UC San Diego. She is responsible for all fund raising related to health sciences, including clinical, research and academic programs. UC San Diego Health Sciences comprises UC San Diego Health System, UC San Diego School of Medicine and Skaggs School of Pharmacy and Pharmaceutical Sciences. Bertell came to UC San Diego Health Sciences in 2011 as executive director of development for principal gifts. Prior to that, she was senior vice president for The Greenwood Co., a consulting firm headquartered in San Francisco. From 2002 to 2007, Bertell served as vice president for institute relations at the Salk Institute for Biological Studies in La Jolla.
San Diego Trust Bank Reports Quarterly Earnings
San Diego Trust Bank reported its 32nd consecutive quarterly profit with year-to-date earnings up 47 percent from the comparable period of a year ago. Net earnings after-tax for the nine months ending Sept. 30, 2012 totaled $1.35 million compared to $920,000 for the same period last year. Net income for the third quarter of 2012 totaled $437,000 compared to $350,000 for the same period last year. Total assets stood at $217.4 million as of Sept. 30 compared to $212.5 million as of Sept. 30, 2011. Deposits totaled $179.9 million as of Sept. 30.
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The Daily Business Report is produced by SD METRO.
Contact: Manny Cruz (619) 287-1865. manny@sandiegometro.com.
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