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CBS-Viacom merger may be closer to reality

Business / Business News /

LOS ANGELES -- The oft-foretold reunification of CBS Corp. and Viacom Inc. may be moving closer to reality.

National Amusements Inc., the theater chain operator and investment vehicle of media mogul Sumner Redstone, is preparing to call on the two companies to consider merging, two people close to the matter said Wednesday.

National Amusements...Read more

Consumers aren't as excited as the auto industry about self-driving cars

Business / Business News /

SAN FRANCISCO -- If Ford, Volvo, GM and Uber are to be believed, self-driving cars will soon dominate our roads and car ownership will be a thing of the past.

If regular consumers are to be believed, automakers need to hold their horses, because people aren't ready for a self-driving future. Those are the findings from a new survey commissioned...Read more

California treasurer sanctions Wells Fargo over fake-accounts scandal

Business / Business News /

LOS ANGELES -- California's state treasurer announced Wednesday that he has temporarily severed some business relationships with Wells Fargo & Co. over revelations that the bank created millions of accounts without customers' permission.

Treasurer John Chiang said his office will no longer invest in Wells Fargo securities, go through Wells ...Read more

Senators want to know if EpiPen maker violated law

Business / Business News /

WASHINGTON -- Several U.S. Senators have asked the Justice Department to determine whether Mylan Pharmaceuticals broke the law in classifying its brand name EpiPen as a generic device in order to lower rebates the company paid to Medicaid.

"Pharmaceutical companies are responsible for determining whether their products are innovator (i.e. brand...Read more

Sikorsky deal overwhelmingly approved by Connecticut lawmakers

Business / Business News /

HARTFORD, Conn. -- The Connecticut General Assembly gave bipartisan backing Wednesday to a $220 million deal to keep Sikorsky Aircraft building a new line of helicopters in the state until at least 2032, but it came with election year criticism by Republicans of fiscal and economic development policies of the Democratic-run Legislature and Gov. ...Read more

Lawmakers press Fed's Janet Yellen to punish Wells Fargo for fake accounts scandal

Business / Business News /

WASHINGTON -- Outraged lawmakers pressed Federal Reserve Chairwoman Janet L. Yellen on Wednesday to punish Wells Fargo & Co. for creating as many as 2 millions fake accounts, but she declined to commit to any regulatory penalties.

"Two million phony accounts. Break them up!" Rep. Brad Sherman, D-Calif., told Yellen during a hearing of the House...Read more

Pier 1 Imports adopts 'poison pill' to discourage a takeover

Business / Business News /

FORT WORTH, Texas -- A week after a New York hedge fund signaled plans to pressure the struggling retailer for changes, Pier 1 Imports has adopted a "poison pill" plan designed to discourage a takeover.

The shareholder rights plan, announced late Tuesday, gives current shareholders the right to buy shares of junior preferred stock with voting ...Read more

LA Times building sold to Canadian developer

Business / Business News /

LOS ANGELES -- The Los Angeles Times building in downtown Los Angeles has sold to a Canadian developer, paving the way for the redevelopment of a historic property the paper has called home since 1935, according to a person familiar with the deal who was not authorized to discuss it publicly.

Onni Group of Vancouver has explored plans to turn ...Read more

Tribune Tower sold for mixed-use redevelopment

Business / Business News /

CHICAGO -- Tribune Tower, Chicago's monument to newspaper journalism, is sold.

Los Angeles-based developer CIM Group announced Wednesday it completed the $240 million purchase from Tribune Media, with plans to transform the historic North Michigan Avenue property into a mixed-use redevelopment.

Elements of the development could include retail,...Read more

Tribune-Review to drop Pittsburgh print edition

Business / Business News /

PITTSBURGH -- Trib Total Media on Wednesday said it will stop publishing a print edition of its Pittsburgh Tribune-Review newspaper Dec. 1 and will lay off 106 workers as it continues to downsize its print operations and beef up its digital products.

The Pittsburgh company also said it will consolidate its printing operations.

The company will...Read more

Tech Q&A: How to make music files sing together

Business / Business News /

Q: I'm in a chorus, and we have recorded songs on my Samsung Galaxy S5 phone using the Voice Recorder app. That app stores the music in the M4A file format. I also have songs that I've downloaded that are in the MP3 file format. Now I can't combine the two types of music files into a working playlist on my phone. What can I do?

--Pam Baldwin, ...Read more

Troy Wolverton: Tech industry should lead Snowden pardon charge

Business / Business News /

There's a debate raging right now over whether President Barack Obama, before he leaves office, should grant Edward Snowden a pardon.

It's amazing to me that we're even having this discussion. Of course he deserves a pardon. What's more, the tech industry, which has largely been silent on the issue, ought to be leading the charge.

Snowden, a ...Read more

Wells Fargo CEO to forfeit $45 million in pay over fake-accounts scandal

Business / Business News /

LOS ANGELES -- Embattled Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million as part of the company's response to the still-unfolding scandal over millions of fake accounts created by bank employees.

Stumpf will give up about $41 million in unvested stock awards, or about 910,000 shares, and will not ...Read more

Elon Musk unveils plans for colonizing Mars

Business / Business News /

LOS ANGELES -- SpaceX Chief Executive Elon Musk on Tuesday unveiled his plans for colonizing Mars, which could eventually involve a fleet of up to 1,000 spaceships to transport as many as 1 million people to the Red Planet.

Musk envisions continuous launches from Earth, with massive rockets returning for reuse and spacecraft refueling in a "...Read more

'Miss Peregrine' expected to top 'Deepwater Horizon,' 'Magnificent Seven' at box office

Business / Business News /

LOS ANGELES -- Tim Burton's new movie about an orphanage for fantastically gifted kids is expected to debut at the head of its class at the box office this weekend, expelling last week's victor, "The Magnificent Seven," from the top of the charts.

"Miss Peregrine's Home for Peculiar Children," from 20th Century Fox and Chernin Entertainment, is...Read more

Fiat Chrysler reveals totally revamped Jeep Compass

Business / Business News /

DETROIT -- Jeep on Monday night revealed that an overhauled Jeep Compass will replace the brand's current Compass model as well as its Patriot SUV. The auto brand made the announcement during an event at its plant in Pernambuco, Brazil, and released three images of the vehicle.

The new vehicle looks more aerodynamic than the outgoing Compass ...Read more

Fiat Chrysler receives state grant, pledges to create 700 jobs at Detroit-area plant

Business / Business News /

DETROIT -- Michigan officials on Tuesday signed off on a $4.5 million grant for Fiat Chrysler Automobiles, and the automaker pledged to create 700 new jobs at a suburban Detroit plant where it plans a big investment that will see the facility transformed into a truck-building operation.

The grant, issued by the Michigan Strategic Fund, comes in...Read more

In 49 states, income boost outpaces economic growth

Business / Business News /

WASHINGTON -- The sharp gain in median household income last year, one of largest increases on record, may also signal a turning point in the decades-old disconnect between middle-class earnings and overall economic growth.

In 49 states, median income increased at a faster rate than per capita gross domestic product, according to a Stateline ...Read more

Department of Labor accuses Palantir of discriminating against Asian job applicants

Business / Business News /

PALO ALTO, Calif. -- The U.S. Department of Labor on Monday accused secretive data startup Palantir of discriminating against Asian job applicants, making the company the latest in the Silicon Valley tech community to face accusations of workplace bias.

The Palo Alto company disproportionately turned qualified Asian candidates away from certain...Read more

Wells Fargo faces Labor Department review for possible workplace violations

Business / Business News /

WASHINGTON -- The Labor Department has launched a "top-to-bottom review" of how Wells Fargo & Co. treated employees as it pushed the aggressive sales quotas that led to the bank's fake-accounts scandal.

A working group that includes officials from five Labor Department enforcement divisions has been established to conduct a "thorough and ...Read more