acquisition

LACMA’s ‘Grounded,’ a rambling show of acquisitions, jumps the rails

“Grounded,” the newly opened exhibition of relatively recent acquisitions of contemporary art at the Los Angeles County Museum of Art, starts out setting a very high bar. It’s a compelling launch, even if the spotty show that unfolds in the next several rooms falls apart.

Grounded, it isn’t.

“Land Deeds,” a 1970 work by Iranian American artist Siah Armajani (1939-2020), is the opener, and it’s terrific. The piece is composed of 50 documents recording real estate purchases that the artist made in all 50 U.S. states, spending less than $100 on each. Sometimes, I’d guess, much less: Armajani only bought a single square-inch of land in each place, so the properties were cheap. Maybe that would cost a hundred bucks in Beverly Hills or Honolulu, but a square-inch of Abilene, Kan., or Whitefish, Mont., would be lucky to get a buck.

In true Conceptual art form, the notarized documents confirming the transactions are lined up on the wall in alphabetical order, from Alabama and Alaska to Wisconsin and Wyoming, in two rows of 25. Visually dry, they nonetheless quickly pull you in. These are warranty deeds, a legal document used to guarantee that a property being sold is unencumbered and the transfer of ownership from seller to buyer is legit. In good Dada and Pop art-style, the work’s title turns out to be a pun: A deed is not just a real estate certificate but an endeavor that one has undertaken.

Siah Armajani's 1970 "Land Deeds" records his purchase of one square-inch of all 50 U.S. states.

Siah Armajani’s 1970 “Land Deeds” records his purchase of one square-inch of all 50 U.S. states.

(Christopher Knight / Los Angeles Times)

Other artistic resonances unfold. Land art was then at the cutting edge of avant-garde activity.

By 1970, sculptors Christo and Jeanne-Claude had just wrapped a million square-feet of coastal Australia in tarpaulin lashed with rope. Robert Smithson had bulldozed dirt and rocks to build a spiral jetty coiling out into Utah’s Great Salt Lake. Michael Heizer had dug a huge trench across Mormon Mesa near Overton, Nev., making a sculptural object out of empty space. Armajani’s unusual earthwork joined in: Embracing a legal, bureaucratic form, he pointed to land as a decidedly social structure.

The document display is droll but serious. It may be a layered example of up-to-the-minute Conceptual art, deeply absorbing and surprisingly suggestive, but the deeds are also lithographs, a perfectly traditional medium. They’re signed by administrative officials — one Julian Allison, warranty trustee, and notary public Brenda J. Hord — rather than being autographed by the artist. An art experience is a social transaction.

Armajani, an immigrant working as an artist in New York but not yet a U.S. citizen, was profoundly committed to democratic principles. (His citizenship would come in the wake of Iran’s 1979 Islamic Revolution, which installed a disastrous theocracy from which the Middle East still suffers.) With “Land Deeds,” he put his finger on a critical real estate context: From the get-go, full participation in American democracy had been limited to white male landowners. The explanation was that they had a vested interest in the community.

The deeper reasons, however, were profoundly anti-democratic — the noxious intransigence of patriarchy and white supremacy in Western culture, which drastically narrowed the eligible land-owning class. Women and people of color, except in limited instances, need not apply. (And suffice to say that warranty deeds for land transfers from Indigenous people were in rather short supply.) Gallingly, this autocratic check on egalitarian participation was also spiked with an element of informed equanimity: An educated populace is essential to democracy’s successful functioning, but in the 1770s, that mostly meant white male landed gentry, since they were likely to have had formal schooling.

At LACMA, Armajani’s marvelously revealing “Land Deeds” sets the stage for “Grounded.” The show was organized by LACMA curators Rita Gonzalez and Dhyandra Lawson, and deputy director Nancy Thomas. Entry wall text — there is no catalog — says it “explores how human experience is embedded in the land, presenting the work of artists who endow it with meaning.”

But, collectively, the 39 assembled contemporary paintings, sculptures, photographs, textiles and videos by 35 artists based in the Americas and areas of the Pacific underperform. Sometimes that’s because the individual work is bland, while elsewhere its pertinence to the shambling theme is stretched to the breaking point.

Photographs of figures in the landscape by Ana Mendieta (left) and Laura Aguilar (center) offer thematic background

Familiar photographs of figures in the landscape by Ana Mendieta, left, and Laura Aguilar, center, offer background for the theme explored in “Grounded.”

(Museum Associates / LACMA)

The land theme is so loose and shaggy that, without the contemporary time frame, the show could start with prehistoric cave paintings, toss in a Chinese Song Dynasty scroll whose pictures follow a journey down the Yangzi River, add a Central African Kongo spirit sculpture filled with grave dirt and, for good measure, suitably hang a Jackson Pollock drip painting solely because it was made by spreading raw canvas flat on the ground.

Superficial bedlam, in other words.

Some work does stand out. Across from the Armajani is Patrick Martinez’s “Fallen Empire,” which takes a sly commercial real estate approach. The poignant mixed-media painting doubles as a large shop façade of crumbling, graffitied ceramic tiles with signage attached on a tarp. The name “Azteca” evokes a long-gone historical realm, here attached to a shop now falling into ruin. Martinez scatters ceramic roses across the painting, a mordant honorific to past glory and current hopes.

In the next room, Connie Samaras’ serendipitous landscape photograph unshackles whatever might be meant by being grounded. Shot from her L.A. home in the hills, what at first appears to be a strange cloud in the night sky over the twinkling city below turns out to be the vapor trail of a Minuteman missile deployed one night in 1998. A tangle of light above a black silhouette of a palm tree emits a sulfurous glow, its nauseous beauty balanced on the tip of potential annihilation.

Also among the more engaging works are two well-known photographic excursions into the landscape. Laura Aguilar’s “Grounded #111,” from a large series that likely gave the show its name, poses her corpulent nude body before a majestic boulder in the Joshua Tree desert, as if a secular saint enclosed within a sacred mandorla.

Six adjacent photographs in Ana Mendieta’s “Volcano Series no. 2” record a performance type of Land art in which a female form seems to erupt from within the Earth, spewing a volatile shower of flaming embers and smoke. Forget placid if repressive fantasies of Adam’s rib. The volcanic explosion provides a theatrically dramatic precedent for Aguilar’s contemplative composition.

Other impressive works include Mexico City-based Abraham Cruzvillegas’ exceptional sculpture, “Autoconcancion V” — the title’s made-up word translates to “auto with song” — which upends conventional L.A. car culture. An old automobile’s beat-up rear bench seat becomes the launching pad for a wooden box holding a small fan palm, held aloft on buoyant metal rods and exuding a witty mix of aplomb and high spirits.

A 70-foot video projection by Lisa Reihana reimagines a famous scenic French wallpaper.

A 70-foot video projection by Lisa Reihana reimagines a famous scenic French wallpaper.

(Christopher Knight / Los Angeles Times)

New Zealand artist Lisa Reihana, who is of Māori British ancestry, transformed a famous early 19th century French scenic wallpaper designed by Jean-Gabriel Charvet into an equally extravagant, 70-foot-wide projection of video animation. The showily exoticized wallpaper, sold throughout Europe and in North America by celebrated manufacturer Joseph Dufour, was the culmination of Western public fascination with British Royal Navy Capt. James Cook’s three voyages to the Pacific. In a big, darkened room, Reihana redecorates.

Amid dreamy island landscapes, “in Pursuit of Venus [infected]” beautifully mixes interactive scenes of playful harmony and brute conflict between red-uniformed colonizers and colonized Polynesians. She maintains a nuanced sense of humanity’s transgressions and innocence, without demonizing or idealizing either side. Emblematic is a wickedly funny episode where a British plein-air painter at his easel bats away pesky tropical insects, invisible to a viewer’s naked eye, as he attempts to render a still life of a dead fish.

What either the Reihana video or the Cruzvillegas sculpture has to do with how human experience is embedded in the land — “grounded” — I cannot say, except in the most superficial ways. The land is certainly not a major focus of either one. The Cruzvillegas sculpture celebrates varieties of youthful play, while the Reihana animation ruminates on dimensions of cultural collision. The exhibition’s purported theme unhappily narrows perspectives on the assembled works of art, rather than opening wide their myriad readings.

Lisa Reihana, "in Pursuit of Venus [infected]," 2015, projected video animation.

Lisa Reihana, “in Pursuit of Venus [infected],” 2015, projected video animation.

(Christopher Knight / Los Angeles Times)

Essentially, “Grounded” is an old-fashioned “Recent Acquisitions” show, with most works entering LACMA’s collection in the last half-dozen years or so. (The big exception is Mendieta’s “Volcano” series, easily the show’s most famous work, purchased a quarter-century ago; it’s apparently included here as a benchmark.) Six pieces are shared with the UCLA Hammer Museum and the Museum of Contemporary Art as part of the new MAC3 (Mohn Art Collective) program, and the Aguilar is shared with the Vincent Price Art Museum at East L.A. College.

The exhibition is on view in LACMA’s Broad Contemporary Art Museum for eight months, until late June 2026. The unusually lengthy run will put recent art on par with LACMA’s historical departments, when the new Geffen Galleries building opens in April. Those rooms are also expected to thematize the museum’s diverse permanent collection of art’s global history.

But “Grounded” would have been better left without its imposed topic, which inadvertently casts much work as ugly stepsisters unsuccessfully trying to jam their feet into Cinderella’s glass slipper. Skepticism over the coming Geffen theme idea mounts.

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China says Nvidia violated anti-trust laws in 2020 acquisition

Sept. 15 (UPI) — China said that Nvidia has violated its anti-trust laws in a 2020 acquisition of an Israeli company.

China’s State Administration for Market Regulation announced late last year that the company’s acquisition of Mellanox violates the country’s anti-trust laws. The SAMR approved the acquisition at the time, but now said Nvidia hasn’t followed some conditions of the agreement. It hasn’t said what conditions, though. SAMR said Monday that it will continue its investigation.

Nvidia shares dropped 2% on the news.

Negotiators from China and the United States are meeting in Madrid to discuss trade tensions between the two countries. Recently, the United States added 23 Chinese companies to a list of those blocked from buying U.S. technology because of security issues.

In July, China said it’s investigating American integrated circuit suppliers. The Cyberspace Administration of China, or CAC, demanded Nvidia explain “backdoor security risks” allegedly found in Nvidia’s H20 computing chips, and to submit documentation related to those risks that it said was revealed by American artificial intelligence experts.

Last week, the FCC announced the launch of the proceedings to revoke recognition of seven laboratories that review and approve electronics as accredited test laboratories for testing electronics for approval for the U.S. market, accusing them of posing a risk to national security. Many of them were based in China.

Nvidia CEO Jensen Huang has lobbied for American companies to be allowed to sell to China. He said that if American firms aren’t in China, Chinese companies like Huawei will fill the void in the AI market, CNBC reported. Last month, Washington agreed, with a deal that Nvidia give 15% of revenue in that market to the U.S. government.

On Thursday, NASA said it’s barring Chinese nationals from using its “facilities, materials and networks to ensure the security of our work,” after Chinese workers contributing to research were locked out of their IT systems and prevented from attending in-person meetings on Sept. 5.

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Revolut Expands to Argentina with Cetelem Acquisition

UK fintech Revolut will enter the Argentine market after agreeing to purchase Cetelem Argentina from BNP Paribas Personal Finance. This will be the fourth Latin American country where Revolut will have a presence.

The deal is subject to regulatory authorization, including that of the Central Bank of Argentina. Revolut will be able to use Cetelem Argentina’s banking license and operate as a bank. Financial terms of the acquisition have not been disclosed.

“Argentina is an important milestone in our mission to build the world’s first truly global financial super-app,” says Nik Storonsky, co-founder and Chief Executive Officer of Revolut. “We see immense potential to transform how people in Argentina manage their money by offering digital banking experiences that are transparent, flexible, and designed around their needs.”

Services will include multi-currency accounts with the US dollar accepted as a tool to arbitrate against fluctuations in the peso. In addition to fee-free transfers, currency exchange, credit, savings, and investment services are available.

Agustín Danza was appointed earlier this year as the Argentine CEO for Revolut, having previously served as head of Newports Capital and head of banking and payments at Mercado Libre.

Revolut debuted in Brazil with a multi-currency account that offers remittance capabilities, as well as cryptocurrency investments. In April 2024, they received a banking license from Mexico’s National Banking and Securities Commission, allowing them to operate a neobank subsidiary. In October 2024, Revolut announced plans to apply for a banking license in Colombia through the Superintendencia Financiera de Colombia.

Cetelem is one of the two smallest banks in the Argentine system of 73. Its total assets amount to $6.4 million. The deal is reported to include both the banking license and the assets. Other interested parties included Southern Cross Group, led by businessman Norberto Morita, and brokerage firm Criteria.

With banks in Argentina now able to offer mortgages, Revolut will face significant competition from traditional institutions as well as the likes of Mercado Libre and Ualá.

“With a thriving fintech scene and ambitious economic momentum, we are confident that Revolut’s disruptive approach to finance will flourish,” says Danza.

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The Sports Report: New Dodgers acquisition falters in loss

From Kevin Baxter: Brock Stewart slumped in front of a mostly empty locker in the middle of the Dodgers clubhouse Monday afternoon, a stall that used to belong to pitcher Dustin May, as clubhouse attendants rushed over with boxes of brand new size 13 cleats.

A week ago Stewart was pitching for the Minnesota Twins, who wear red cleats. The Dodgers don’t, so Stewart needed a makeover.

“I got blue gloves coming too,” he said.

Getting dressed properly isn’t the only thing players have to worry about when they change teams in the middle of the season. Stewart had a home and family in Minnesota to pack up and move when he learned Thursday that he had been traded from a team with a losing record to one chasing a second straight World Series title.

By late Monday evening, Stewart found himself in the middle of that pennant race when he took the mound in the ninth inning of a tie game. It didn’t end well, with Stewart (2-2) surrendering a run on three hits while getting just two outs in a 3-2 loss to the St. Louis Cardinals.

It was a rude homecoming for the right-hander, who was drafted by the Dodgers in 2014 but waived five years later after pitching 36 times over parts of four seasons. After he remade himself during a six-year sojourn in which dropped down to independent ball, Stewart was brought back to Los Angeles to stabilize an overworked, injury-plagued bullpen that has struggled.

In his first appearance at Dodger Stadium in the home uniform since 2019, he added to those struggles, giving up hits to the first two batters he faced, then falling behind 2-0 to pinch-hitter Yohel Pozo, who flared a single over the infield to drive in the go-ahead run.

For manager Dave Roberts, one bad outing won’t change Stewart’s role.

“That’s baseball,” he said.

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ANGELS

Jo Adell hit a two-run homer, Yusei Kikuchi surrendered four hits in six innings and the Angels beat the Tampa Bay Rays 5-1 on Monday night.

The Rays (55-59) struck in the opening inning when Yandy Díaz doubled to right and scored on Junior Caminero’s sacrifice fly to center field. Kikuchi (5-7) escaped without further damage and finished with seven strikeouts and two walks.

Angels pitchers combined for 12 strikeouts.

Yoán Moncada reached on a fielder’s choice for the Angels in the second inning before Adell launched a 428-foot homer to left-center off Adrian Houser (6-3), putting the Angels (55-58) ahead 2-1.

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CHARGERS

From Anthony De Leon: The Los Angeles County District Attorney’s office will not pursue charges against Chargers linebacker Denzel Perryman, who was arrested on suspicion of felony weapons possession Friday night, according to Los Angeles County Sheriff Dept. records.

Perryman was arrested after deputies allegedly discovered five firearms — including two assault-style weapons — in his vehicle during a traffic stop Friday night, the agency said in a statement. He was released from jail Monday afternoon and his arrest will be listed as a detention on his record.

Chargers coach Jim Harbaugh publicly addressed the situation Monday, saying he visited with the veteran linebacker in jail over the weekend.

“He’s working through the legalities along with his representation,” said Harbaugh before Perryman’s release from jail. “Had a chance to see him yesterday, whenever I visited, and he was in good spirits. And love Denzel. He’s always done right. He’s never been in trouble. They’ve got a beautiful family.”

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LA OLYMPICS

From Michael Wilner: President Trump will order the establishment of a White House task force on Tuesday focused on security for the Olympics Games in Los Angeles in 2028.

Karoline Leavitt, the White House press secretary, said the president plans on creating the task force by executive order on Tuesday, telling The Times that Trump “considers it a great honor to oversee this global sporting spectacle.”

“During his first term, President Trump was instrumental in securing America’s bid to host the 2028 Summer Olympics in Los Angeles,” Leavitt said. “Sports is one of President Trump’s greatest passions, and his athletic expertise, combined with his unmatched hospitality experience will make these Olympic events the most exciting and memorable in history.”

It is unclear whether the executive order will provide relief as city leaders and the Los Angeles Organizing Committee for the 2028 Olympic and Paralympic Games, the privately funded nonprofit organization known as LA28 that is planning the Games, negotiate key issues including security costs.

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THIS DAY IN SPORTS HISTORY

1936 — At the Berlin Olympics, Jesse Owens wins his third of four gold medals, winning the 200-meter race in an Olympic-record 20.7 seconds.

1954 — The first election for the Boxing Hall of Fame is held. Twenty-four fighters are elected, with the most noteworthy from the modern era Jack Dempsey, Joe Louis and Henry Armstrong. Fifteen are selected from the pioneer era including John L. Sullivan, Gentleman Jim Corbett and Jack Johnson.

1967 — The Denver Broncos beat the Detroit Lions, 13-7, in a preseason game, for the first AFL victory over an NFL team.

1984 — American Joan Benoit wins the first Olympic marathon for women in 2:24:52, finishing 400 meters ahead of Norway’s Grete Waitz.

1991 — Sergei Bubka becomes the first to clear 20 feet outdoors in the pole vault, breaking his own world record by a half-inch at the Galan track meet in Malmo, Sweden.

1997 — Michael Johnson wins his third straight 400-meter title at the world championships in Athens, Greece, capturing the gold medal in 44.12 seconds.

2005 — Jason Gore shoots a 12-under 59 in the second round of the Nationwide Tour’s Cox Classic in Omaha, Nebraska.

2006 — Warren Moon becomes the first Black quarterback to be inducted into the Pro Football Hall of Fame in Canton, Ohio; joined by Troy Aikman, John Madden, Rayfield Wright, Harry Carson and Reggie White.

2007 — Lorena Ochoa wins the Women’s British Open — the first women’s pro tournament played at venerable St. Andrews — for her first major title.

2012 — Jamaica’s Usain Bolt claims consecutive gold medals in the marquee track and field event at the Summer Games in London. Only about fifth-fastest of the eight runners to the halfway mark, Bolt erases that deficit and overtakes a star-studded field to win the 100-meter dash final in 9.63 seconds, an Olympic record that lets him join Carl Lewis as the only men to win the event twice.

2012 — Britain’s Andy Murray cruises past Roger Federer 6-2, 6-1, 6-4 in the Olympic tennis singles final at Wimbledon. Serena and Venus Williams win the doubles title, as Serena becomes tennis’ first double-gold medalist at an Olympics since Venus won singles and doubles at the 2000 Sydney Games. Ben Ainslie earns another gold medal in the Finn class to become the most successful sailor in Olympic history.

2014 — The San Antonio Spurs hire WNBA star Becky Hammon as an assistant coach, making her the first woman to join an NBA coaching staff.

2017 — Justin Gatlin spoils Usain Bolt’s farewell beating him in the 100 meters at the world track championships in London. Bolt gets off to a slow start and Gatlin holds him off at the line in 9.92 seconds. American sprinter Christian Coleman takes silver in 9.94 seconds and Bolt took bronze in 9.95.

2018 — The Springfield Lasers win their first World TeamTennis title edging the Philadelphia Freedoms 19-18. The Lasers were 0-5 in WTT championship finals and winless in three meetings with the Freedoms during the 2018 regular season.

2018 — Georgia Hall of England catches Pornanong Phatlum in a final-round duel at Royal Lytham & St. Annes to win the Women’s British Open for her first major title.

THIS DAY IN BASEBALL HISTORY

1921 — Pittsburgh radio station KDKA and announcer Harold Arlin provided listeners with the first broadcast of a major league game. The Pirates beat the Philadelphia Phillies 8-5.

1927 — Philadelphia’s Cy Williams hit for the cycle, drove in six runs and scored three times to lead the Phillies to a 9-7 win over the Pittsburgh Pirates.

1931 — For the second time in his career, Jim Bottomley got six hits as the St. Louis Cardinals beat Pittsburgh 16-2 in the second game of a doubleheader.

1932 — Detroit pitcher Tommy Bridges lost his bid for a perfect game on a bloop single by the 27th Washington batter, pinch-hitter Dave Harris. The Tigers beat the Senators 13-0.

1933 — Sammy West of the St. Louis Browns had four extra-base hits in a 10-9, 12-inning win over the Chicago White Sox.

1942 — Don Kolloway’s two-out steal of home in the fifth inning was the only run as the Chicago White Sox beat the Detroit Tigers 1-0.

1969 — Pittsburgh’s Willie Stargell became the only player to hit a ball out of Dodger Stadium. Stargell’s shot off of Alan Foster cleared the right-field pavilion and landed 506 feet from home plate.

1973 — Phil Niekro of the Atlanta Braves pitched a 9-0 no-hitter against the San Diego Padres. He walked three and struck out four in recording the first no-hitter by the franchise in Atlanta.

1975 — The first eight batters for Philadelphia Phillies got hits for a major league record, en route to a 13-5 win over the Chicago Cubs.

1984 — Cliff Johnson of the Blue Jays hit his 19th career pinch homer to set a major league record as Toronto beat the Orioles 4-3 at Memorial Stadium.

1999 — Mark McGwire became the 16th member of the 500-home run club, hitting two homers — Nos. 500 and 501 — in the St. Louis Cardinals’ loss to San Diego.

2001 — The Cleveland Indians tied a major league record and became the first team in 76 years to overcome a 12-run deficit to win, defeating the Seattle Mariners 15-14 in 11 innings.

2005 — Albert Pujols became the first player in major league history to hit 30 home runs in each of his first five seasons, helping the St. Louis Cardinals beat the Atlanta Braves 11-3.

2006 — Trevor Hoffman set a major league record with his 11th 30-save season and the San Diego Padres defeated the Washington Nationals 6-3.

2007 — Tom Glavine earned his 300th victory in an 8-3 victory over the Chicago Cubs. The 41-year-old left-hander became the 23rd pitcher with 300 victories and only the fifth lefty to win 300.

2013 — Alex Rodriguez was suspended through 2014 (211 games) and All-Stars Nelson Cruz, Jhonny Peralta and Everth Cabrera were banned 50 games apiece when Major League Baseball disciplined 13 players in a drug case — the most sweeping punishment since the Black Sox scandal nearly a century ago. Ryan Braun’s 65-game suspension last month and previous punishments bring to 18 the total number of players disciplined for their relationship to Biogenesis of America, a closed anti-aging clinic in Florida accused of distributing banned performing-enhancing drugs.

2019 — Jonathon Villar of the Orioles hits for the cycle in a 9-6 loss to the Yankees.

2021 — Team USA is headed to the Olympic Gold Medal Game for the first time in 21 years, beating South Korea, 7 – 2 at the 2020 Olympics (held in 2021 due to the COVID-19 pandemic). Teenager Eui-lee Lee holds the U.S. to two runs in five innings, one a mammoth homer by Jamie Westbrook, but five relievers are called on in the 6th when the U.S. scores five times. Jack López drives in two for the U.S. while Hyeseong Kim goes 3 for 3 in a losing cause. Ryder Ryan gets the win in relief of Joe Ryan.

Compiled by the Associated Press

Until next time…

That concludes today’s newsletter. If you have any feedback, ideas for improvement or things you’d like to see, email me at [email protected]. To get this newsletter in your inbox, click here.

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UTA and MediaLink founder agree to drop lawsuits after problematic acquisition

United Talent Agency and MediaLink founder Michael Kassan agreed to drop their lawsuits against each other, after battling over problems related to a 2021 acquisition.

“UTA and Michael Kassan have agreed to amicably end their dispute. The parties are not at liberty to comment further,” representatives for UTA and Kassan said in a joint statement on Thursday.

Terms of the agreement were not disclosed.

UTA in 2021 agreed to buy Kassan’s strategic advisory firm MediaLink in a $125-million deal. The Beverly Hills-based talent agency had hoped the acquisition would help expand its branding business.

But problems arose, with both sides accusing each other of breaching a contract. UTA alleged that Kassan’s spending was out of control and accused him of “wasting millions of UTA’s dollars on his lavish personal lifestyle.”

Kassan said that UTA was well aware of his spending habits and that his firm has continued to be profitable during its tenure within UTA. He alleged that UTA did not follow the terms of the deal, such as a promise that UTA‘s marketing group would report to him. Kassan’s attorney alleged that while UTA was benefiting from MediaLink by getting free media consulting and introductions, MediaLink was not benefiting from the relationship.

UTA, in legal filings and public statements, denied Kassan’s allegations.

In 2024, Kassan filed a defamation lawsuit against UTA’s legal counsel that a judge later dismissed.

Kassan launched L.A. consulting firm 3C Ventures in 2024.

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Chevron completes $53B acquisition of Hess

July 18 (UPI) — Chevron, one of the world’s leading energy companies, completed its $53 billion acquisition of Hess after all legal hurdles were cleared, including the company’s vast oil fields off the coast of Guyana.

The deal involving the two public companies was originally announced on Oct. 23, 2023.

Chevron, headquartered in Houston, received a favorable arbitration ruling from the International Chamber of Commerce, denying Exxon Mobil’s claim of a right of first refusal over Hess’ assets in the Stabrock Block, an oil development site off Guyana adjacent to Brazil and Venezuela in South America.

Hess, headquartered in New York, has a 30% stake in the oil reserve. Exxon leads the project with 45%. China National Oil Corp., which also challenged the acquisition, has 25% stake.

“We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process,” Exxon said in a statement to CNBC after the ruling. “We welcome Chevron to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved.”

Chevron Chairman and CEO Mike Wirth said in a statement: “This merger of two great American companies brings together the best in the industry. The combination enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders.”

Also on Friday, the Federal Trade Commission cleared CEO John Hess to join Chevron’s Board of Directors, pending board approval.

“I’m pleased with the FTC’s unanimous decision,” Wirth said. “John is a respected industry leader, and our board would benefit from his experience, relationships and expertise.”

John Hess said: “We are proud of everyone at Hess for building one of the industry’s best growth portfolios, including Guyana, the world’s largest oil discovery in the last 10 years, and the Bakken shale, where we are a leading oil and gas producer. The strategic combination of Chevron and Hess creates a premier energy company positioned for the future.”

Chevron already is the leader in reserves worldwide.

The company has 463,000 acres off high-quality inventory in Bakken in North Dakota, Montana and Canada, as well of 31,000 barrels of oil equivalent per day in the Gulf of Mexico/America and gas assets in Southeast Asia with 57,000 barrels per day. Chevron also has assets in the Permian Basin in West Texas/southeastern New Mexico, DJ Basin in northeastern Colorado/southeastern Wyoming, Eastern Mediterranean, Kazakhstan and Australia.

“This accretive transaction is expected to drive significant free cash flow and production growth into the 2030s,” Chief Financial Officer Eimear Bonner said. “We are quickly integrating our two companies and expect to achieve $1 billion in annual run-rate cost synergies by the end of 2025. All of this should enable even higher returns to shareholders over the long-term.”

Hess shareholders will receive 1.0250 shares of each Chevron share.

The combined company’s capital expenditures budget is projected to be between $19 billions and $22 billion, Chevron said.

Chevron’s stock price was down 0.95% to 149.94 a few hours before closing on the New York Stock Exchange. Hess stock was halted on Friday due to the sale.

Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies.

Chevron is a descendant of Standard Oil that broke away in 1911 and merged with Texaco in 2001. Exxon Mobil is also a descendant of Standard Oil.

Chevron in 2025 had the third-largest revenue of a U.S. company at $193 billion, behind Exxon-Mobil with $340 billion and Shell at $281 billion.

Saudi Aramco is the top publicly traded company with revenue of $478 billion, according to CompaniesMarketCap. Chevron ranks sixth worldwide with Exxon Mobil fourth.

Hess ranked 88th in the world with $12.5 billion.

Hess Oil and Chemical was founded in 1933 by Leon Hess in Asbury Park. N.J. The company opened its first oil refinery in 1966. In 1968, Hess merged with Amerada and changed its name to Hess Corp.

Hess, which has 1,797 employees, sold its gas stations to Speedway, which was acquired by 7-Eleven in 2021.

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Warner Music Group announces layoffs, larger restructuring plan

Warner Music Group will lay off an unspecified number of employees as part of a months-long restructuring plan to cut costs, Chief Executive Robert Kyncl said in a memo to staff Tuesday.

Kyncl said in the memo that the plan to “future-proof” the company includes reducing annual costs by roughly $300 million, with $170 million of that coming from “headcount rightsizing for agility and impact.” The additional $130 million in costs will come from administrative and real estate expenses, he said.

The cuts are the “remaining steps” of a period of significant change at the company, Kyncl said, with previous rounds of layoffs and leadership switch-ups happening in the last two years as he worked to “transform” the company.

“I know that this news is tough and unsettling, and you will have many questions. The Executive Leadership Team has spent a lot of time thinking about our future state and how to put us on the best path forward,” Kyncl said in the internal memo that was reviewed by The Times. “These decisions are not being made lightly, it will be difficult to say goodbye to talented people, and we’re committed to acting with empathy and integrity.”

It’s unclear how many employees will be laid off or what departments will see cuts, but Kyncl emphasized the company will be focused on increasing investments in its artists and repertoire department and mergers and acquisitions.

Hours before the news of layoffs, the company announced a $1.2-billion joint venture with Bain Capital to invest in music catalogs. The collaboration will add to the company’s catalog-purchasing power across both recorded music and music publishing, Kyncl said.

“In an ever-changing industry, we must continue to supercharge our capabilities in long-term artist, songwriter, and catalog development,” he wrote. “That’s why this company was created in the first place, it’s what we’ve always been best at, and it’s how we’ll differentiate ourselves in the future.”

In 2024, Warner Music laid off 600 employees, or approximately 10% of its workforce, and in 2023, 270 jobs were cut.

Warner Music Group shares closed at $27.83, up 2.17%, on Tuesday.

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