Education
Chapman University got a $2.5 million gift from the Kay Family Foundation to fund faculty and student research, projects and other activities in data analytics, which is part of the growing field of “big data.” The fund will be administered by the business school and used to develop ideas that emerge from across Chapman with potential for the business world or scientific community.
Entertainment
Five Point Communities Management Inc. in Aliso Viejo said part of its property bordering Orange County Great Park will be available for operation of an “interim amphitheater,” pending approval by the city of Irvine. It partnered with Live Nation Entertainment Inc. to design and build the venue, which would have 12,000 seats, parking and concession stands. It hopes to open it in time for the 2017 summer season, replacing Irvine Meadows, which will close this month to make way for an Irvine Company residential development.
Healthcare
Aliso Viejo-based Cianna Medical Inc. raised about $4.2 million in venture capital funding from 12 investors. The company develops treatments for early-stage breast cancer. It plans to use the proceeds for research and development and commercial launch of Savi Scout, an FDA-approved system to help surgeons during biopsies and lumpectomies.
Manufacturing
Irvine-based Laguna Tools Inc. was acquired on undisclosed terms by New York private-equity firm Hudson Ferry Capital LLC. It makes computer-controlled machines, such as mills and routers, for woodworkers. President Torben Helshoj, Chief Operating Officer Stephen Stoppenbrink and Vice President Catherine Helshoj retained significant equity ownership.
Media
An effort by the chief executive of Emmis Communications Corp. to take the company private failed. Jeff Smulyan, also controlling shareholder, said that after several extensions he couldn’t reach an agreement with a committee set up to take the company private, and the offer lapsed. The offer was for $4.10 per share, but the committee was requesting “significantly more than that,” he said. Emmis announced in August that it planned to sell its six regional magazines, including Orange Coast, to help finance the move. Emmis is a radio and publishing company with operations in nine U.S. markets. The company recently announced an agreement to sell Texas Monthly to an affiliate of Genesis Park LP for $25 million. Sales of remaining regional magazines are still planned, Smulyan said.
Real Estate
Anaheim City Council approved a $450 million mixed-use development that will be across from Angel Stadium, according to news reports. The project planned by Hong Kong-based LT Global Investment will include 405 condos and apartments, about 700,000 square feet of commercial and office uses, and a 200-room hotel. The Angels ball team had opposed the project, in part because it said it could undermine its negotiations with the city to remain in Anaheim.
Restaurants
Huntington Beach-based BJ’s Restaurants Inc. opened its first store in New Jersey in the Teterboro area. It’s the chain’s third store in the New York metro market. BJ’s owns and operates 185 casual dining restaurants in 24 states.
Technology
Laguna Beach-based virtual reality content maker NextVR Inc. struck a multiyear deal with NBA Digital in New York to live-stream National Basketball Association games in virtual reality during the upcoming season. The first game, between the Sacramento Kings and the San Antonio Spurs, will air on Oct. 27. The full one-game-per-week schedule will be announced next month. The “programming marks the first regular schedule of live games delivered in VR by a professional sports league,” according to the NBA.
Other
Bond King” Bill Gross may soon lay claim to being among “the greatest stamp collectors of all time.” The Smithsonian’s National Postal Museum was scheduled to award the 2016 Smithsonian Philatelic Achievement Award to the OC bond investor in Washington, D.C., on Oct. 22. Gross manages Janus Capital Group’s Global Unconstrained Bond strategy and co-founded Newport Beach-based Pacific Investment Management Co. The award honors living individuals for outstanding lifetime achievement in the collection and study of postage stamps.
