Daily Business Report: November 9, 2023
This is the Beginning of the End for the Union-Tribune
Under Alden Global Capital, a hedge fund, there’s no plan for the future. There’s just revenue extraction for as long as a generation of older newspaper subscribers live to keep paying their bills.
By Andrew Donohue | former editor, Voice of San Diego
As the Fourth of July approached last year, The San Diego Union-Tribune prepared to do something it’d never done in its 154 years of existence: For one day, the newspaper wasn’t going to print an actual paper.
U-T Publisher Jeff Light sounded not just optimistic, but even a little boastful as he unveiled the experiment, part of his attempt to transition what’s left of the old legacy newspaper to a digital future.
“The Union-Tribune is a profitable business and, and also profitable, I guess I will indulge and say, in the right way,” Light said in a Q-and-A in the U-T.
“So there are some newspaper companies that are sort of dissolving the franchise as they go forward and harvesting money out of the business to send profits to their owners,” he said. “That’s not what’s going on in San Diego.”
Light didn’t name any company directly, but anyone in the media industry knew precisely who he was talking about: Alden Global Capital, a hedge fund that has for the last half decade been gobbling up distressed local newspapers and relentlessly pillaging them. So it must have been particularly gutting when, a year later, Light got a call on the first Monday after the Fourth of July to break the news: Patrick Soon-Shiong, the owner he’d called “really enlightened” in that interview, had suddenly sold the newspaper. And he’d sold it to Alden.
Everything moved so fast after that. Within an hour or so, U-T employees got an email informing them of the sale.
Just like that, one of Alden’s key guys was there that afternoon, walking around the mostly empty newsroom with the newspaper’s security guy, wandering over to the few populated cubicles to ask people what they did. His name was Ron Hasse, and he was wearing a very nice suit. He had a shaved head and a close cropped beard and spoke like he’d been pre-programmed by corporate.
Photo: The San Diego Union-Tribune building. (Photo by Ariana Drehsler, Voice of San Diego)
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‘Prompt action’ on fire insurance
has yet to help California homeowners
By Levi Sumagaysay | CalMatters
In September, Gov. Gavin Newsom issued an executive order for “prompt regulatory action” to address the plight of California homeowners facing availability and affordability problems in home and fire insurance. But at its present pace — and with doubts from consumers, lawmakers and insurers about the Department of Insurance’s proposals to alleviate the crisis — help for residents may not arrive until 2026, at least according to the most pessimistic outlook by the insurance industry.
Those waiting are Californians like the Smithlines, a retired couple in Forest Hill in Placer County, who actually saw their fire insurance premium balloon to the point that they’ve decided they will have to do without it.
Bobbi Smithline said their premium this year tripled to almost $6,000 from $1,800 in 2020. They were on the FAIR Plan — the last resort for residents who can’t find traditional insurance — because Farmers would not renew their previous policy three years ago.
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Northrop Grumman completes tests for Arctic
Region Satellite Communications Program
Northrop Grumman Corporation has successfully completed Thermal Vacuum tests on the Arctic Satellite Broadband Mission (ASBM), a two-satellite constellation designed to deliver broadband communications to the Northern polar region for the U.S. Space Force and Space Norway.
Each Northrop Grumman-built satellite carries a Ka-band payload for Viasat and X-Band payload for Norwegian Ministry of Defense, as well as the Enhanced Polar System Recapitalization payloads for the U.S. Space Force. ASBM-1 has completed vibration testing with ASBM-2 to follow.
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Veterans Day Memorial
The Mt. Soledad National Veterans Memorial will mark this year’s Veterans Day on Saturday, Nov. 11, with a ceremony honoring the nation’s veterans and commemorating the 50th anniversary of the Vietnam War from 11 a.m. to noon at Mount Soledad Memorial Park, 6905 La Jolla Scenic Drive South.
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Karl Strauss opens first phase of beer garden in San Marcos
Karl Strauss has opened the first phase of its 85,000-square-foot beer garden concept Karl Strauss Outpost San Marcos. It’s the brewery’s fifth San Diego County location and the ninth overall in Southern California. The Outpost, located at 1293 Armorlite Drive at the corner of Las Posas Road just one block north of California State Route 78, is Karl Strauss’ first neighborhood beer garden, where guests can relax in a two-acre outdoor setting.
The Bar, which is housed in a custom-fabricated cargo container, serves the same award-winning beer as Karl’s brewpubs, as well as alternative alcoholic and non-alcoholic beverages.
A few steps away from The Bar is the first-ever Karl Strauss Food Truck, which offers a selection of street tacos.
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Private investor purchases Encinitas building for $2.725 million
A private local investor has purchased a freestanding mixed-use office/retail building at 264 N Coast Highway 101 in Encinitas for $2.725 million. Originally developed in 1936 and renovated in 2005, the property has recently been painted on the outside. Peter Curry and Owen Curry with Cushman & Wakefield’s Private Capital Group in San Diego represented the buyer in the transaction. Donn Yu of OCAP Real Estate & Financial represented the seller.
San Diego Women’s Foundation opens new grant cycle
The San Diego Women’s Foundation, a supporting organization of San Diego Foundation, has opened applications for its latest grant cycle, which will focus on addressing the youth mental health crisis. SDWF will prioritize organizations that provide services targeted toward those most impacted by existing inequities, such as youth from communities of color, from families earning low-income, who identify as LGBTQ+, and/or who are part of other historically marginalized groups.
Kitti.com: Empowering digital micro-philanthropy
In the realm of philanthropy, the digital age has ushered in a revolution, making it easier for individuals to contribute to causes they care about. Kitti.com is an online micro-philanthropy platform that has captured attention. This nonprofit organization offers a unique space for people to fundraise, donate, and support various causes, especially during the holiday season, and on the momentous Giving Tuesday. For more, visit Kitti.com
Four Branches Bourbon gives back to veteran families
Meet Four Branches Bourbon: its namesake honors comrades in arms — the US Army, Navy, Marines, and Air Force, and its signature Founders Blend is the brand’s unique four-grain bourbon. This season, Four Branches is donating $13 to Folds of Honor for every Four Branches Bourbon Folds of Honor Limited Edition Commemorative Gift Set sold. Folds of Honor is an organization dedicated to providing scholarships to spouses and children of America’s fallen or disabled military and first responders.
Mapp launches new AI Assistant
Mapp, a leading international provider of insight-led customer experience solutions, announced the latest addition to the Mapp Cloud – Mapp AI Assistant, designed to enhance and automate marketers’ cross-channel campaigns. In the latest enhancement to Mapp Cloud, Mapp AI Assistant offers marketers AI-driven support with opportunity and anomaly identification, content and segmentation creation, and even predictive analysis for optimizing campaign delivery.
Sony Electronics releases world’s lightest
large-aperture telephoto prime lens
Sony Electronics announced the release of the world’s lightest 300mm telephoto prime lens G Master, a full-frame α (Alpha) E-mount lens with a maximum aperture of F2.8. The anticipated FE 300mm F2.8 G Master OSS lens has the high depiction performance and high-speed, high-precision AF (autofocus) which are the hallmark of G Master. The lightweight design and excellent weight balance allow the user to capture sharp, dynamic and decisive moments.
Hillhurst Biopharmaceuticals receives NIH HEAL Initiative funds
Hillhurst Biopharmaceuticals Inc. , a clinical-stage biopharmaceutical company, announced the award of an up to $5 million HEAL (Helping to End Addiction Long-term) Initiative grant from the National Institutes of Health. The NIH HEAL Initiative funds research to find scientific solutions to the opioid public health crisis. The initial $2 million award will fund the preclinical development. If awarded, an additional $3 million will fund the clinical development of HBI-201, an oral nitrous oxide therapeutic candidate for patients with sickle cell disease.
YA-MAN celebrates 45 years of beauty innovations
YA-MAN, the global beauty innovator fusing Japanese technology with science-backed innovations, is celebrating 45 years in business. YA-MAN redefines the future of beauty for consumers and industry professionals who seek innovation and supercharged results. YA-MAN will celebrate their 45th Anniversary with an exclusive industry event on Nov. 13, 2023 at Chris Chase Salon in New York City,
AEVEX announces Counter UAS Red Teaming Service
AEVEX Aerospace publicly announced its Counter UAS Red Teaming Service, a solution tailored to address the dynamic, expanding world of unmanned aircraft system threats. The globally proven testing and training service leverages the expertise of the “Red Team,” a dedicated group of UAS developmental and operational professionals, to evaluate and perform vulnerability testing and training while ensuring compliance with client specifications.
Resilience appoints Bill Marth as president of services
National Resilience, a technology-focused biomanufacturing company, announced that William S. Marth has been appointed to the newly created role of president of services. In this role, Marth will have end-to-end responsibility for all development and manufacturing services and commercial activities at Resilience. Resilience’s objective in creating the new Services organization is to strengthen the company’s focus on providing the highest quality execution for pre-clinical, clinical and commercial programs.
