The owners of Crypto.com Arena and L.A. Live in downtown Los Angeles have filed plans with the city to potentially add another tower to their multibillion-dollar sports and entertainment complex.

AEG last week proposed a 49-story high-rise that would hold a hotel, residences, bars and restaurants.

The tower would rise across Olympic Boulevard from L.A. Live on a corner lot on Georgia Street now used by AEG for parking.

Many planned residential and other commercial projects in Los Angeles have stalled prior to construction in recent years as developers face economic headwinds, including unfavorable interest rates and rising costs of materials and labor.

AEG, too, will not be breaking ground on this project in the near future, a company representative said.

The company’s recent land-use application, which outlined the plans, is just a “first step for a potential development” on the company’s property at 917 W. Olympic Blvd., spokesman Michael Roth said. “AEG remains optimistic about downtown’s long-term prospects and is positioning the site for future development when conditions improve.”

The application calls for a large-scale development with 364 dwelling units and 334 hotel rooms.

The 783,427-square-foot building would also include bars and restaurants on levels 1, 5 and 6, along with a restaurant/nightclub on the eighth floor.

Residents and hotel guests would share an amenity deck with a restaurant, bar, pool, spa, club room, fitness area and a dining terrace. The complex would have 666 parking spaces.

In September, the City Council approved a $2.6-billion expansion of the Convention Center despite warnings from its advisors that the project would draw taxpayer funds away from essential city services for decades to come. Mayor Karen Bass and a majority of the council believe that the project will create thousands of jobs and boost tourism and business activity, making the city more competitive on the national stage.

The new construction will connect the two existing south and west exhibit halls by adding 190,000 square feet of space to create one contiguous hall with more than 750,000 square feet, and will add 39,000 square feet of meeting room space and 95,000 square feet of multipurpose space.

AEG is advising the developer, Plenary Americas, on the project.

Los Angeles-based AEG is one of the world’s biggest venue and event companies, with more than 20,000 employees. The company was founded in 1995 when Denver billionaire investor Philip Anschutz bought the Los Angeles Kings, and in 1999 it opened the downtown arena then known as the Staples Center, now Crypto.com Arena.

Among AEG’s recent developments is the IG Arena in the outer citadel of Nagoya Castle in Nagoya, Japan, where sports and entertainment events, including sumo wrestling, are held.

Swiss drugmaker Novartis opened a new 10,000-square-foot manufacturing facility in Carlsbad to make cancer drugs, as part of its promised $23 billion investment push to build out its domestic U.S. facilities over the next five years.

The plant will produce compounds needed for radioligand therapy (RLT), a form of precision medicine that enables the delivery of radiation directly on cancerous tumors while limiting damage to surrounding cells.

“Radioligand therapy is a breakthrough we’ve unlocked at scale, made possible by reimagining how innovation reaches patients,” said Vas Narasimhan, CEO of Novartis. “As the global leader in RLT for more than seven years, we’ve advanced this technology with a deep belief in its power to transform cancer care.”

This Carlsbad manufacturing facility will be Novartis’ third radioligand therapy production site in the U.S., and will help meet future demand for doses for patients in western states and Hawaii.

“The opening of our Carlsbad facility underscores our strong commitment to the U.S. and dedication to bringing this pioneering treatment to patients across the country,” Narasimhan of Novartis said.

The firm said it was also expanding existing sites in North Carolina, Indiana and New Jersey.

The Trump administration has exerted political and regulatory pressure on pharmaceutical companies to reduce drug prices and increase domestic drug production through executive orders and threats of tariffs.

Some companies, such as Eli Lilly and Novo Nordisk have been engaged in public negotiations and struck deals to reduce the price of popular drugs such as Ozempic and Zepbound. Others, such as Novartis, have promised to beef up domestic investments.

In April, Novartis said it would invest $50 billion in the U.S. over the next five years, and has been setting up domestic supply chains for its high-margin business of radioligand therapy. Of this, $23 billion will be used to build and expand ten U.S. sites.

The company announced that it will set up additional radioligand therapy manufacturing facilities in Florida and Texas, and will establish its second global R&D hub in San Diego.

“We commend Novartis for supporting our broader mission of bringing manufacturing capacity in the United States,” FDA Commissioner Marty Makary said in a press release on Monday. “Our unique partnership approach is working.”

Tech scion David Ellison marked his 96th day running Paramount by disclosing an upbeat financial outlook for next year and a plan to reduce an additional 1,600 workers.

Monday’s conference call with analysts was the first time Ellison, Paramount’s chairman and chief executive, directly addressed Wall Street after merging his production company, Skydance Media, with Paramount in August — an $8-billion deal that ushered the Redstone family from the entertainment stage.

One of Ellison’s top priorities will be to reverse decades of under-investment in programming. Paramount plans to increase content spending by $1.5 billion next year, including nearly doubling the number of movies that it releases. The Melrose Avenue studio intends to boost output from eight releases to 15 that are planned for next year.

Investing in technology is another priority, which Ellison referred to as one of its “north stars.” Executives want to build streaming service Paramount+ as the economics crumble for Paramount’s once profitable cable television division, which includes Nickelodeon, MTV and Comedy Central. Paramount also owns CBS stations and the CBS broadcast network.

Paramount announced it will be hiking streaming subscription fees — Paramount+ plans now are offered at $7.99 a month and $12.99 a month — although executives declined to say how much. The goal is to turn its streaming operations profitable this year.

Paramount said the workforce reduction of 1,600 people stemmed from the company’s divestiture late last month of television stations in Chile and Argentina. This comes on top of 1,000 job cuts last month, primarily in the U.S. The company said one of its goals was to operate more efficiently.

More than 800 people — or about 3.5% of the company’s workforce — were laid off in June, prior to the Ellison family takeover.

Ellison and his team have been looking to reduce the company’s workforce by 15%.

On Monday, Paramount executives said they should be able to realize about $3 billion in cost cuts — $1 billion more than initially advertised. The company’s goal is to complete its cost reductions within two years.

The earnings report comes as Paramount has been pursuing Warner Bros. Discovery, a proposed merger that would unite two of Hollywood’s original film studios and bulk up Paramount by adding the HBO Max streaming service, a larger portfolio of cable channels, pioneering cable news service CNN and the historic Warner Bros. studio lot in Burbank.

Paramount executives declined to discuss its dealings for Warner Bros. Discovery, which has rejected three offers, including a $58-billion bid for the entire company. Ellison’s father, billionaire Larry Ellison, has agreed to back Paramount’s bid.

However, his son spoke broadly about its motivations for any acquisition during the conference call.

“First and foremost, we’re focused on what we’re building at Paramount and transforming the company,” David Ellison said. “There’s no must-haves for us. …. It’s always going to be, how do we accelerate and improve our north-star principles?”

Total revenue for Paramount’s third quarter was $6.7 billion, flat compared with the year-earlier period. Paramount reported a net loss of $257 million for the quarter.

Paramount+ and other streaming services grew by 1.4 million subscribers to 79 million, although 1.2 million of those consumers benefit from free trials. Quarterly Revenue for the streaming operations, including Pluto TV, was up 17%.

The cost-cutting comes as Ellison, 42, has accelerated spending in other areas, including agreeing to pay $7.7 billion for the rights to UFC fights and $1.25 billion over five years to Matt Stone and Trey Parker to continue creating their “South Park” cartoon.

His team, including former Netflix programming chief Cindy Holland, also lured Matt and Ross Duffer, the duo behind “Stranger Things,” away from Netflix. Paramount also paid $150 million to buy the Free Press and bring its co-founder, Bari Weiss, to the company as CBS News editor in chief.

The company also signed a 10-year lease on a film and television production facility under construction in New Jersey, a move that will give the entertainment company access to that state’s tax incentive program.

In a blow, however, Taylor Sheridan, the prolific creator behind the “Yellowstone” franchise, will be packing his bags. Sheridan, who is under contract with Paramount through 2028, made a deal to develop movies and future shows for NBCUniversal after executives he worked with at Paramount departed the company when Ellison took over.

For 2026, the company expects to generate total revenue of $30 billion and adjusted operating income before depreciation and amortization of $3.5 billion.

Shares closed at $15.25, up 1%, before the earnings were announced.