Business
Tinder co-founder buys Walk of Fame property in Hollywood
Tinder co-founder Justin Mateen has invested in Hollywood with the $69-million purchase of retail property near the legendary TCL Chinese Theatre on Hollywood Boulevard.
In a bet on the future value of local real estate, Mateen and his brother Tyler bought the Hollywood Galaxy shopping center and the historic Petersen Building next door.
The purchase comes at a time when most institutional investors such as pension funds have stopped acquiring property in Los Angeles. Values of many buildings in the region, including office skyscrapers, have fallen in recent years as the loss of tenants that started during the pandemic and other factors have driven down sale prices.
The Mateens, however, see this as an opportunity. They bought prominent properties in Beverly Hills and Westchester last year and are now stakeholders in Hollywood.
Justin Mateen is known for being a co-founder of popular dating app Tinder but is also a solo venture capitalist through his JAM Fund. He and his brother have a strategy to invest in their hometown of Los Angeles during a cooling commercial real estate market because they expect the region to bounce back in the years ahead.
“I’ve always been a contrarian investor,” he said. “Whether it’s startups, public markets or real estate, I take the long view and hold through cycles for forever. While others are pulling back from cities like L.A., we’re doubling down. Its resurgence feels inevitable.”
The Mateens plan to spruce up the Hollywood property sold by Federal Realty Investment Trust and seek tenants who want to interact with the millions of tourists who visit the blocks around the intersection of Hollywood Boulevard and Highland Avenue annually.
The three-story Hollywood Galaxy shopping center, which was completed in 1990, is nearly 80% leased to tenants including Target and LA Fitness. The remaining space could go to a high-profile business such as Nintendo or Lego that wants to create an interactive, immersive attraction for Hollywood visitors, Tyler Mateen said.
The brothers are looking for tenants “who benefit off heavy foot traffic and value a large format with visibility,” he said. That might also be a flagship store for a big brand like Nike, Adidas or Sephora.
The Petersen Building at Hollywood Boulevard and Orange Drive, which is also part of the deal, was built in 1929 as the home of a Cadillac dealership. It’s now occupied by a Marshalls department store and La La Land souvenir shop.
Last year the Mateens and their partner Pouya Abdi bought Wilshire Rodeo Plaza, a five-story office building at Wilshire Boulevard and Rodeo Drive in Beverly Hills. They are in the process of signing new retail tenants for the building and planning a rooftop restaurant.
The Mateens also bought the HHLA entertainment center in Westchester near Playa Vista last year and are in the process of refurbishing it. Among its new tenants will be Meow Wolf, an immersive entertainment firm.
All three properties are in high-profile locations where it is difficult to develop new projects, Tyler Mateen said. “We want to own assets that you can’t build again and that the market can’t ignore.”
Business
Many indie festival films struggle to get distribution. Alamo Drafthouse is trying to change that
Dine-in movie theater chain Alamo Drafthouse Cinema is launching a new initiative to show unreleased independent films that had successful festival runs, a move that comes as specialty films have struggled to gain distribution.
The Alamo Exclusives program, announced Wednesday, will give limited theatrical runs to films that showed at festivals including Sundance, the Toronto International Film Festival, Tribeca Festival and South by Southwest festival, as well as Alamo’s own Fantastic Fest.
The idea is to help showcase films that received critical acclaim, but did not secure distribution or acquisition deals. The chain will not acquire these films, but instead will enter into agreements with filmmakers to exhibit their films on Alamo Drafthouse screens. By showing these films to audiences on the big screen, these films could get the momentum they need for further opportunities.
The program’s first film will be the documentary “Butthole Surfers: The Hole Truth and Nothing Butt,” which debuted last year at South by Southwest and chronicles the history of the punk rock band.
The film will be shown in Alamo Drafthouse theaters for a limited time later this summer.
The Austin-based chain, which is owned by Sony Pictures, has a long history of curating indie films for its audiences, giving Alamo Drafthouse confidence that its viewers want to see these kinds of movies, company chief executive Michael Kustermann said in a statement.
“Time and again, they’ve shown they’ll come out to support bold, original films when given the opportunity,” he said. The new Alamo Exclusives “gives us another way to champion filmmaker-driven films that deserve to be discovered and connect them with the wider Alamo Drafthouse audience.”
The initiative comes at a difficult time for indie films. Since the pandemic upended the movie business, traditional studios and distributors have had less appetite for risk, including betting on smaller indie films out of festivals.
And as the 2023 dual writers’ and actors’ strikes thinned out theatrical lineups, that aversion to uncertainty became a push for reliable and profitable hits.
“Too many incredible films premiere at festivals and then never receive the theatrical life they deserve,” Lisa Dreyer, director of Fantastic Fest and film innovation at Alamo, said in a statement. “We are actively searching for films across all genres, from horror to comedy, to everything in-between, to champion in this new, exciting way.”
Business
FDA escalates recall of Utz brand potato chips before July Fourth holiday
The recall of a popular chip brand over salmonella concerns was recently upgraded to the U.S. Food and Drug Administration’s highest level, just ahead of the Fourth of July holiday and countless backyard barbecues.
On June 24, the FDA designated the recall of several varieties of Zapp’s and Dirty brand potato chips as Class I, meaning it’s “a situation in which there is a reasonable probability that the use of or exposure to a violative product will cause serious adverse health consequences or death.”
FDA has classified the following items as Class I:
Zapp’s
- 1.5-ounce Zapp’s Bayou Blackened Ranch Kettle Chips
- 2.5- and 8-ounce Zapp’s Bayou Blackened Ranch Potato Chips
- 1.5- and 8-ounce Zapp’s Big Cheezy Potato Chips
Dirty
- 1.5- and 2-ounce Dirty Brand Salt and Vinegar Potato Chips
- 2-ounce Dirty Maui Onion Chips
- 2-ounce Dirty Sour Cream and Onion Potato Chips
The chips are produced by Utz Quality Foods, LLC, which on April 28 issued a recall after learning “that a seasoning containing dry milk powder, sourced from California Dairies, Inc. and supplied by a third-party supplier, may contain the presence of Salmonella.”
Salmonella can lead to sometimes deadly infections in elderly people, young children and those with weakened immune systems, according to the FDA.
More than 680,000 bags are included in the recall.
Anyone who has these products should not eat them and should discard them immediately.
What to look for
Salmonella is a foodborne illness that can be fatal to young children, pregnant women, older adults and people with weakened immune systems, according to the National Institutes of Health.
Symptoms may develop 12 to 72 hours after infection, according to the FDA.
The FDA said that people with strong immune systems infected with salmonella may experience fever, diarrhea (which may be bloody), nausea, vomiting and abdominal pain. The illness can last four to seven days.
In rare cases, the infection may produce more severe illnesses such as arterial infections, endocarditis and arthritis, the agency added.
What to do if infected
If you contract salmonella, the Centers for Disease Control and Prevention recommends drinking plenty of fluids to prevent dehydration.
The CDC advises consulting a doctor before taking antidiarrheal medicine or antibiotics. If severe symptoms continue after two days, seek medical help, the agency says.
Because those with diarrhea can spread salmonella to others, it’s also recommended to avoid sharing food or preparing meals for others, sexual contact and swimming in public pools, and to stay home while sick.
Times staff writer Jasmine Mendez contributed to this report.
Business
‘Minions & Monsters’ tops the box office, but with a lower-than-expected haul
The Minions took over theaters this weekend as Universal Pictures and Illumination’s “Minions & Monsters” won the top spot at the box office, though with a lower-than-expected domestic haul.
The animated movie, which follows the Minions’ takeover of Hollywood, took in $61.4 million in the U.S. and Canada for the five-day Fourth of July holiday weekend, according to studio estimates. That haul was lower than analysts’ expectations for a domestic opening of about $68 million. The movie’s three-day total was $36.4 million.
But the Minions performed well internationally, bringing in about $85 million. In total, “Minions & Monsters” made $159.9 million worldwide on a production budget of about $85 million.
The film is the latest in the powerhouse franchise that began with “Despicable Me” in 2010. Across its previous six installments, the “Despicable Me” and “Minions” franchise has made more than $5.6 billion at the global box office. The last movie, 2022’s “Minions: The Rise of Gru,” made more than $940 million worldwide.
“Minions & Monsters” marks the lowest opening for the franchise. Part of the issue could be timing — the box office can be negatively affected when the Fourth of July lands on a Saturday, said Paul Dergarabedian, head of marketplace trends at Rentrak.
Walt Disney Co. and Pixar’s “Toy Story 5” came in second at the box office this weekend with a domestic three-day gross of $31 million. Angel Studios’ biopic “Young Washington” ($20.8 million), Warner Bros. and DC Studios’ “Supergirl” ($9.6 million) and Universal’s “Disclosure Day” ($6 million) rounded out the top five, according to Rentrak.
The haul for “Minions & Monsters,” coupled with the strong holdover performance of “Toy Story 5,” proved again that family films are making a dent in the summer box office.
“Toy Story 5” has now brought in a total of $764.3 million worldwide, and last month, Universal, Illumination and Nintendo’s “The Super Mario Galaxy Movie” crossed $1 billion at the global box office, becoming the first film of any kind to do so this year.
The rest of the summer theatrical lineup is also expected to bring in audiences and push domestic box office totals closer to pre-pandemic figures. Next week, Disney will release its live-action “Moana,” followed by Christopher Nolan’s “The Odyssey” and Sony Pictures’ “Spider-Man: Brand New Day.”
To date, the summer box office is now about $2.3 billion, a nearly 12% increase compared with the same period a year ago, according to Rentrak data. Compared with pre-pandemic 2019’s numbers, however, it is still down about 7%.
-
Entertainment20 seconds agoTom Sandoval’s ex Victoria Robinson accuses him of abuse; her restraining order is denied
-
Politics8 minutes agoTrump heads to NATO as tensions simmer with Europe
-
Science15 minutes agoNew FireSat satellites promise faster wildfire detection over California and beyond
-
Sports18 minutes agoU.S. hopes of a historic World Cup run on home soil shattered in loss to Belgium
-
World30 minutes agoCuba sees nationwide power blackout for third time in six months
-
News53 minutes agoThe U.S. men’s run at the World Cup ends with a 4-1 Round of 16 loss to Belgium
-
Los Angeles, Ca2 hours agoL.A. man who violently crashed into Border Patrol agents sentenced to 5 years in prison
-
Detroit, MI3 hours agoFans pack Detroit’s Campus Martius for USA-Belgium World Cup match