Business
L.A. 2028 Olympic committee parts ways with Salesforce, one of its top sponsors
There are four years remaining until the 2028 Summer Olympics in Los Angeles — lots of time to prepare for the international sports event — but local organizers appeared to take a step backward this week.
The privately-run LA28 committee announced in a brief statement that it has “decided to amicably part ways” with one of its biggest sponsors in Salesforce, a customer relationship software company.
It was unclear where the breakup leaves organizers in their stated quest to attract $2.5 billion in sponsorships. They had previously achieved about $1 billion of that total and had been optimistic about reaching several new deals this month.
Though one such partnership was announced on Tuesday, LA28 declined to say how much it will receive for signing with Guild, which helps companies provide career and education assistance to employees.
LA28 now has only two founding sponsors — Comcast and Delta Air Lines — and much work to do in covering the estimated $6.9-billion cost of the 2028 Olympics.
The effort will involve additional revenue streams, including ticket sales, merchandising and billions of dollars from the International Olympic Committee. Taking into account some of that money, LA28 says it has secured 65% of the overall funding needed.
But if organizers fall short, local and state legislators have agreed to make up the difference with taxpayer dollars.
This week, it was reported that the budget for the upcoming 2024 Paris Olympics has grown to nearly $10 billion, with French taxpayers expected to foot about $3.25 billion of that bill.
Business
Shohei Ohtani leads the way in Dodgers setting merchandise sales record after World Series win
Dodgers fans were ready to celebrate the second Walker Buehler struck out Alex Verdugo for the final out of the World Series,
They were also ready to spend — and they did so more than any other fan base of a title-winning team in at least 10 years.
After clinching their eighth World Series title with a 7-6 win over the New York Yankees on Wednesday night, the Dodgers set a Fanatics sales record for first-hour sales of a team’s merchandise, across any sport, after claiming a championship.
The statistics are based on the amount of money spent on all merchandise, including jerseys, T-shirts, collectibles and more. Fanatics has been the official online sportswear retailer for most North American sports leagues — including MLB, NFL, NBA, WNBA and NHL — for more than a decade.
The Dodgers beat the sales record they set in 2020, after they won their first World Series title since 1988. Over the first 12 hours of sales following Wednesday’s game, Fanatics said, sales of Dodgers merchandise are up 20% from four years ago.
The company also released the top five Dodgers players in merchandise sales since the World Series ended. The name at the top of the list is no surprise — Japanese superstar Shohei Ohtani, who signed with the Dodgers in the offseason and was making his first postseason appearance after spending the first six years of his MLB career with the Angels.
First baseman and World Series MVP Freddie Freeman was No. 2. Playing through a serious ankle injury that limited his availability earlier in the playoffs, Freeman became the first player to hit a walk-off grand slam in the World Series. He hit a home run in each of the first four games of the series and drove in a record-tying 12 runs overall.
The top five was rounded out by right fielder Mookie Betts, rookie pitcher Yoshinobu Yamamoto and veteran pitcher Clayton Kershaw, who did not pitch during the postseason because of a toe injury.
Business
Looking for new activities? Google wants you to turn to its navigation app
Search giant Google wants people to use its navigation app for more than just finding directions and avoiding traffic.
The tech giant is adding generative AI features to Google Maps so people can easily get recommendations for places to go and activities to do.
With 2 billion people using Google Maps every month, the company envisions people also will turn to the navigation app for inspiration, executives said at a press event at the company’s Street View Garage in Palo Alto on Wednesday.
Miriam Daniel, vice president and general manager of Google Maps, said the search giant has the ability to combine billions of pieces of information the company collects about the world and user reviews with generative AI.
“When we bring all this together, we will transform the way users interact with maps,” she said.
Rather than just finding directions or asking Google Maps to find the nearest gas station, users will be able to type out queries such as “things to do with friends at night in Boston” and get answers through the app. Curated with the help of Google’s generative AI chatbot and model known as Gemini, users then will see results that may include speakeasies or live music. Once the user taps on results for a business, for example, they’ll see a summary of reviews by users in addition to photos and videos of the place.
The AI-powered tools are rolling out this week on Apple and Android devices in the United States.
Google’s latest AI-powered updates underscore how the tech giant is responding to challenges to the company’s dominance in search. As the battle for the future of search heats up, the rise of AI tools such as OpenAI’s ChatGPT that can quickly summarize search results has the potential to reshape how people find and sift through information online.
Tech companies such as Meta, Apple and Microsoft have been responding to this change by infusing more generative AI tools into their products.
Google is no exception. At the company’s press event, a giant Google Map location icon, a blue Rivian vehicle and Google’s Street View cameras used to capture images of various locations filled the space.
As tech titans gather a trove of data about their users to power new generative AI tools, concerns about privacy, misinformation and copyright are some of the top issues companies have had to address.
Google also has faced scrutiny from regulators on its power over people’s lives, with a federal judge ruling in August that the company has an illegal monopoly on the online search market.
Daniel said when Google Maps provides users answers to their questions, the company isn’t using individualized information to provide personal results but contextual ones. For example, if a user asks Google Maps for things to do this weekend and it’s October, some of the suggestions might include seasonal activities such as pumpkin picking and going to a haunted house.
“We really take this seriously in making sure we’re using generative AI responsibly,” she said.
Google also is testing more AI-powered tools in another one of its popular navigation apps: Waze. Users will be able to tap a reporting button and tell the app that there’s a car accident ahead simply by speaking. Waze also will alert users when they’re near a school zone so they can be more careful about driving.
Developers are using Google’s AI technology to build new features in other products. Electric vehicle manufacturer Rivian used Google data so people can see summaries of restaurants, shops and supermarkets from the car’s infotainment screen, a tool that will be rolled out starting next month.
Business
Mattel is revamping its work spaces as employees return to the office
Mattel, the toy maker behind major brands such as Barbie and Hot Wheels, is upgrading its real estate holdings, moving its studio operations and design center into new homes.
The company, headquartered in El Segundo, is planning to move its studio operations to a recently renovated 60,000-square-foot building by 2025. Mattel signed a multiyear contract to lease the office space at 831 S. Douglas St.
The building, located near Mattel’s current headquarters on Continental Boulevard, includes studios the company will use to shoot photos and videos to promote its products, as well as a patio that has fire pits and barbecue and kitchen areas. The building is close to other amenities including restaurants, an upscale athletic club, hotels and stores. For the last 30 years, Mattel has housed its studio operations on its campus, which includes multiple buildings.
The real estate deal is part of Mattel’s efforts to revamp its office space as the company aims to bolster productivity and creativity in the workplace along with attracting new employees. As workers start returning to the office after the COVID-19 pandemic, businesses are trying to make the office more attractive for employees who have been accustomed to working remotely.
The industrial building, part of Continental Development Corp.’s Continental Park campus, was recently transformed to include a studio production area to meet Mattel’s creative needs.
“Employers have strived to provide reasons for their employees to want to come back into the office and interact with their peers, said Bob Tarnofsky, executive vice president of real estate at Continental Development. “The amenities that they provide are far greater than what we saw typically pre-COVID.”
As employers rethink the future of work, it’s not uncommon for businesses to sign shorter-term leases, Tarnofsky said. Mattel, however, signed a long-term lease. He declined to say how much Mattel paid for the lease and how long it lasts.
This year, Mattel also announced it will be moving its design center, which has been located on Mariposa Avenue for more than three decades, to a newly renovated building in 2026. The center, where employees design the hair, clothing and other parts of toys, will be housed in a 167,767-square-foot office space known as Grand + Nash at 2160 E. Grand Ave. Mattel purchased the space for $59 million from New York Life Insurance.
“We are embarking on a significant interior modernization of our headquarters building at 333 Continental Boulevard, infused with the same design principles and inspired by office modernization efforts at Mattel offices around the globe,” David Traughber, Mattel’s senior vice president of finance and head of global real estate, said in a statement.
The buildings that currently house Mattel’s studio operations and design center are leased facilities the company will be vacating.
As of December 2023, Mattel had approximately 33,000 workers in more than 35 countries worldwide, according to the company’s annual report. The company has roughly 2,000 workers in El Segundo and offers its employees a hybrid work environment.
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