Latest news with #SantaMonica-based
Los Angeles Times
3 days ago
- Business
- Los Angeles Times
Santa Monica's Reflect Orbital Raises $20 Million for Sunlight on Demand
Reflect Orbital, a Santa Monica-based space tech company, raised a $20-million Series A round to accelerate development of its satellite constellation designed to deliver sunlight on demand. The round was led by Lux Capital, with participation from Sequoia Capital and Starship Ventures. 'Lux backs some of the most impressive hardware companies out there, and they share our vision. We couldn't ask for better partners to join us in creating the future of light and energy, and together, we'll get our first lux on the ground,' said Ben Nowack, chief executive of Reflect Orbital, in a statement. Sourced from Reflect Orbital.
See - Sada Elbalad
03-07-2025
- Business
- See - Sada Elbalad
Microsoft Announces Largest Layoff in Two Years
Taarek Refaat Microsoft has initiated its largest round of layoffs in two years, confirming on July 2 that approximately 9,100 employees will lose their jobs. This latest move, which affects about 4% of its global workforce, follows a similar round of 6,000 layoffs in May and marks the company's fourth major reduction since early 2023. According to internal sources and company filings, the decision stems from Microsoft's ongoing effort to restructure itself around artificial intelligence and cloud computing—sectors CEO Satya Nadella has repeatedly described as 'the company's future.' In official statements, Microsoft said the cuts are part of a "strategic realignment" aimed at streamlining operations, eliminating unnecessary management layers, and prioritizing engineering and product development roles in AI-related initiatives. The layoffs have hit several departments, but the most visible and controversial impact is within Microsoft's gaming division. Hundreds of employees across Xbox Game Studios, including teams at Rare, The Initiative, and Turn 10, have been let go. Multiple game development projects, including anticipated titles like Perfect Dark and Ever-wild, have been shelved indefinitely. Most notably, The Initiative, a Santa Monica-based studio launched with great fanfare in 2018, has been officially shut down. Beyond gaming, Microsoft's global sales and marketing divisions are undergoing extensive downsizing. Insiders report that around 45,000 roles are being reevaluated for redundancy, with many layoffs concentrated in customer engagement, partner support, and regional sales operations. Judson Althoff, Microsoft's Chief Commercial Officer and a central figure in its global enterprise strategy, is said to be taking a sabbatical as the company recalibrates its commercial strategy. The cuts are not limited to front-facing roles. Internal administrative functions, cybersecurity teams, and mid-level management have also been significantly affected. Employees described an increasingly algorithmic and impersonal layoff process, with performance data playing a central role in termination decisions. Some roles, particularly those tied to legacy services and slower-growing segments, are being eliminated entirely rather than relocated. Despite these significant reductions, Microsoft's financial performance remains strong. The company posted \$70 billion in revenue last quarter and nearly \$26 billion in net profit, reflecting robust demand for Azure cloud services and enterprise productivity tools. However, with competitors like Google and Amazon also investing aggressively in AI infrastructure, Microsoft appears determined to optimize its workforce for what it sees as the next wave of computing. Reactions within the company have been mixed. Some employees see the shift as a necessary evolution, while others express concern over morale, especially among creative teams in the gaming division. Anonymous posts on internal forums have criticized the process as 'cold,' 'data-obsessed,' and 'disconnected from the human side of innovation.' This wave of layoffs follows similar reductions in January 2023, early 2024, and May 2025, showing a consistent pattern of Microsoft trimming personnel while doubling down on automation, machine learning, and next-gen computing platforms. Industry analysts point out that while such shifts may boost efficiency and investor confidence in the short term, they risk undermining the company's diversity of talent and long-term creative capacity—especially in areas like gaming and customer engagement, where trust and innovation are paramount. Microsoft has promised to support affected employees with severance packages, career placement assistance, and reskilling programs, though details vary depending on region and role. For now, the company's internal message is clear: AI is the priority, and everything else must adapt—or be left behind. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Miami Herald
18-06-2025
- Business
- Miami Herald
Trump endorses Paramount merger with David Ellison's Skydance
President Trump has endorsed David Ellison's takeover of Paramount Global - an $8-billion merger that has been complicated by his $20-billion lawsuit over CBS' "60 Minutes." On Wednesday, Trump was asked about the hold-up in the federal review of Skydance's takeover of the storied entertainment company. The question came as reporters clustered around the president on the White House lawn to watch the installation of a flagpole. The Paramount-Skydance deal has been pending at the Federal Communications Commission since late last fall. Trump said he hoped the deal goes through. "Ellison is great. He'll do a great job with it," Trump said. Then he appeared to connect the merger-review delay to his lawsuit against CBS and its parent Paramount over last fall's "60 Minutes" interview with then-Vice President Kamala Harris. Trump has maintained since last October that the Harris interview was edited to burnish her chances in the November election. CBS has denied the allegations, saying the edits were routine. The raw footage showed Harris was accurately quoted, but Trump's team said he suffered "mental anguish" from the broadcast. "They interviewed Kamala. Her answer was horrendous," Trump said Wednesday. "I would say election-threatening. ... Her answer was election-threatening it was so incompetent." 1st Amendment experts have called Trump's case frivolous, but Paramount wants to avoid waging an extensive legal fight. Paramount's leaders have pursued a settlement to help clear a path for the company's sale to Skydance - a deal that needs the approval of the FCC. The mediation process to resolve the lawsuit, filed in a Texas court, has become protracted. "They're working on a settlement," Trump said Wednesday. He mentioned that two high-level CBS executives - the head of CBS News and the executive producer of "60 Minutes" - had abruptly departed as the merger review dragged on. "They're all getting fired," he said. Late last week, Trump's legal team filed court documents asking for a deadline extension in the discovery process, disclosing the two sides were working to reach a resolution. Earlier this month, Ellison met Trump briefly while the two men were sitting ringside at a UFC fight in New Jersey, according to video footage shared online. Skydance declined to discuss Ellison's interaction with Trump. It marked the second time this year that Ellison chatted with the president at a UFC match. The first was in April. It's been nearly a year since Paramount's controlling shareholder Shari Redstone and fellow Paramount directors approved the two-phased $8-billion deal that will hand the company to the son of tech billionaire Larry Ellison, who is a Trump supporter. The deal will also see the Ellison family buy the Redstone investment vehicle, National Amusements Inc. Santa Monica-based Skydance intends to consolidate the company that boasts the Melrose Avenue Paramount film studio, Paramount+ streaming service, CBS and cable channels including Comedy Central, Showtime and BET. Skydance operations and personnel will be folded into Paramount. The deal faces one final regulatory hurdle: FCC Chairman Brendan Carr's consent to transfer 29 CBS television station licenses to the Ellisons from the Redstones. This week, the Senate approved Trump's second Republican appointment to the panel, Olivia Trusty. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Los Angeles Times
18-06-2025
- Entertainment
- Los Angeles Times
Blumhouse acquires 50% stake in ‘Saw' franchise
Horror production company Blumhouse has acquired a 50% stake in the long-running 'Saw' franchise, buying the rights owned by producers Oren Koules and Mark Burg, the firm said Wednesday. Santa Monica-based Lionsgate will continue to own 50% of the franchise, retain all domestic distribution rights for new feature films and still distribute worldwide for the library films. Los Angeles-based investment firm Content Partners has also acquired a stake in the library as part of the transaction, alongside Burg's retained share, Blumhouse said. Financial details were not disclosed. Blumhouse will take the lead on international distribution for new feature films and will discuss global release strategies with Lionsgate on a film-by-film basis. Blumhouse Chief Executive Jason Blum described the deal in a statement as 'a strategic investment in one of the most recognizable and successful genre properties of the last two decades.' The 10-film franchise began in 2004 and has grossed more than a billion dollars in worldwide box office revenue. 'The Saw franchise has defined a generation of horror, and its cultural impact continues to grow,' he said. With this deal, the franchise returns to filmmaker James Wan, who directed the first 'Saw' film. Wan's production company, Atomic Monster, merged with Blumhouse last year. 'Over the course of ten chilling and thrilling 'Saw' films, Oren and Mark have been outstanding partners, producers and stewards of this billion-dollar franchise,' Adam Fogelson, chair of the Lionsgate Motion Picture Group, said in a statement. 'As they pass the baton to James — whose direction started it all — and to Jason and the team at Blumhouse, Billy couldn't be in more gifted or twisted hands. Game on.' The deal was the brainchild of Lionsgate Chief Executive Jon Feltheimer and Blum, according to a person familiar with the matter not authorized to comment. The original 'Saw' from 2004 was part of a wave of particularly gruesome horror movies that came to be derisively described as 'torture porn.' Other examples included Eli Roth's 'Hostel.' Horror franchise revivals have proved to be lucrative endeavors as of late, with hits including New Line's 'Final Destination Bloodlines.' The horror genre has been one of the most reliable at drawing fans to theaters in recent years, especially since the COVID-19 pandemic. The most recent 'Saw' film, 2023's 'Saw X,' grossed $53.6 million domestically and $58.6 million internationally for a global haul of $112.2 million, according to Box Office Mojo. 'With the success of the tenth film, this felt like the right time to pass the baton,' Koules said in a statement. 'I'm incredibly proud of what we've built with Lionsgate over the past 20 years and deeply grateful to the fans who've been with us since the beginning.' Burg cited the recent death of Lionsgate film executive and executive producer Jason Constantine as part of his decision to move on, saying in a statement that it was time to 'tell new stories.'
Los Angeles Times
18-06-2025
- Business
- Los Angeles Times
Trump endorses Paramount merger with David Ellison's Skydance
President Trump has endorsed David Ellison's takeover of Paramount Global — an $8-billion merger that has been complicated by his $20-billion lawsuit over CBS' '60 Minutes.' On Wednesday, Trump was asked about the hold-up in the federal review of Skydance's takeover of the storied entertainment company. The question came as reporters clustered around the president on the White House lawn to watch the installation of a flagpole. The Paramount-Skydance deal has been pending at the Federal Communications Commission since late last fall. Trump said he hoped the deal goes through. 'Ellison is great. He'll do a great job with it,' Trump said. Then he appeared to connect the merger-review delay to his lawsuit against CBS and its parent Paramount over last fall's '60 Minutes' interview with then-Vice President Kamala Harris. Trump has maintained since last October that the Harris interview was edited to burnish her chances in the November election. CBS has denied the allegations, saying the edits were routine. The raw footage showed Harris was accurately quoted, but Trump's team said he suffered 'mental anguish' from the broadcast. 'They interviewed Kamala. Her answer was horrendous,' Trump said Wednesday. 'I would say it was election-threatening. I would say election-threatening because it was so incompetent.' 1st Amendment experts have called Trump's case frivolous, but Paramount wants to avoid waging an extensive legal fight. Paramount's leaders have pursued a settlement to help clear a path for the company's sale to Skydance — a deal that needs the approval of the FCC. The mediation process to resolve the lawsuit, filed in a Texas court, has become protracted. 'They are working on a settlement,' Trump said Wednesday. He mentioned that two high-level CBS executives — the head of CBS News and the executive producer of '60 Minutes' — had abruptly departed as the merger review dragged on. 'They're all getting fired,' he said. Late last week, Trump's legal team filed court documents asking for a deadline extension in the discovery process, disclosing the two sides were working to reach a resolution. Earlier this month, Ellison met Trump briefly while the two men were sitting ringside at a UFC fight in New Jersey, according to video footage shared online. Skydance declined to discuss Ellison's interaction with Trump. It marked the second time this year that Ellison chatted with the president at a UFC match. The first was in April. It's been nearly a year since Paramount's controlling shareholder Shari Redstone and fellow Paramount directors approved the two-phased $8-billion deal that will hand the company to the son of tech billionaire Larry Ellison, who is a Trump supporter. The deal will also see the Ellison family buy the Redstone investment vehicle, National Amusements Inc. Santa Monica-based Skydance intends to consolidate the company that boasts the Melrose Avenue Paramount film studio, Paramount+ streaming service, CBS and cable channels including Comedy Central, Showtime and BET. Skydance operations and personnel will be folded into Paramount. The deal faces one final regulatory hurdle: FCC Chairman Brendan Carr's consent to transfer 29 CBS television station licenses to the Ellisons from the Redstones. This week, the Senate approved Trump's second Republican appointment to the panel, Olivia Trusty.
