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🎬 Paramount and Skydance Are Back On
By Christine Rothacker,
21 days ago
Happy Friday Los Angeles! Hope you all had a fantastic Fourth!!
🔦 Spotlight
Paramount and Skydance Media have rekindled talks to merge after negotiations abruptly halted in June. The proposed deal, contingent on approval from Paramount’s board, aims to combine Paramount’s extensive media holdings—including CBS, MTV, and Nickelodeon—with Skydance’s film expertise showcased in hits like "Top Gun: Maverick." This merger signals a potential transformation in the media landscape, positioning the new entity to compete more effectively amid challenges from streaming services and the decline of traditional cable TV.
Led by Shari Redstone, Paramount’s controlling shareholder via National Amusements, the deal represents a pivot towards revitalizing Paramount’s strategic direction amidst financial struggles and shareholder concerns. The involvement of major investors like RedBird Capital Partners and David Ellison underscores the financial backing aimed at stabilizing Paramount’s operations and addressing its $14 billion debt burden. Importantly, the agreement includes provisions to protect National Amusements from potential legal challenges, addressing previous hurdles that stalled earlier negotiations.
The deal also includes a 45-day period for Paramount to explore alternative offers, highlighting continued interest from other potential buyers like Barry Diller’s IAC and media executive Edgar Bronfman Jr. This flurry of activity underscores the significant stakeholders’ interest in Paramount’s future and its potential as a key player in a rapidly evolving media industry.
🤝 Venture Deals
LA Companies
Sidecar Health, a startup that offers personalized health insurance plans to businesses that allow members to see any doctor and pay directly at the time of service, raised a $165M Series D led by Koch Disruptive Technologies. -learn more
LA Venture Funds
Freeflow Ventures, a venture firm focused on "human and planetary health challenges," raised $35M for its second fund and $15M for an opportunity fund. -learn more
💪 Sweat Equity: Top LA Workout Classes Favored by Entrepreneurs
Jul 03 2024
😊🚘 Rivian's $5 Billion Lifeline
Jun 28 2024
🔦 Spotlight
Volkswagen announced on Tuesday a significant investment of up to $5 billion in Rivian, a struggling electric truck manufacturer known for its vehicles' distinctive smiley-face design reminiscent of Volkswagen's iconic Beetle. This partnership marks a unique collaboration between the world's second-largest automaker and a startup grappling with profitability challenges akin to those faced by Tesla. Volkswagen's infusion of $1 billion initially, potentially rising to $5 billion pending regulatory approval, underscores its strategic pivot towards enhancing its electric vehicle (EV) software capabilities, an area where analysts believe the company has lagged.
For Rivian, which has received acclaim for its electric trucks and SUVs but struggles with production ramp-up and financial losses, the investment offers crucial financial backing. The company plans to utilize Volkswagen's expertise in manufacturing, leveraging the German automaker's annual production of nearly 10 million vehicles. This alliance aims to bolster Rivian's efforts to launch new models like the R2 midsize SUV and complete its Georgia factory, paused earlier this year to conserve funds. Rivian's stock surged upwards of 40% following the announcement, reflecting investor optimism in the company's future prospects.
Despite their differing corporate cultures—Volkswagen's traditional, structured approach contrasted with Rivian's agile tech startup ethos—the CEOs of both companies expressed mutual admiration and shared goals during the partnership announcement. The collaboration is expected to yield EV software solutions benefiting Volkswagen's various brands, potentially including Audi and Porsche, while allowing Rivian to maintain its brand identity and separate vehicle marketing strategies. This strategic partnership between Volkswagen and Rivian not only promises to revolutionize the electric vehicle market but also highlights the potential for collaboration between established automakers and innovative startups in Southern California, where Rivian is based. Here’s to hoping these smiling cars will balance out some of the inevitable LA road rage.
🤝 Venture Deals
LA Companies
HeyGen, a startup that allows users to generate videos with AI-created avatars that can lip-sync to provided audio, making it easier for businesses to create engaging video content, raised a $60M Funding Round at a $500M post-money valuation. The deal was led by Benchmark, with Conviction, Thrive Capital, and Bond Capital also stepping up. -learn more
Pomerium, a startup that provides a secure access platform that dynamically verifies user identities to ensure authorized access to applications and services, raised a $13.8M Series A round led by Benchmark and including previous investors Bain Capital, Haystack, and SNR. -learn more
Etched, a maker of transformer-specialized AI chips, raised a $120M Funding Round. -
Rocketlane, a customer onboarding platform, raised a $24M Series B co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. -learn more
Sift, a developer of unified observability solutions for hardware sensor data, raised a $17.5M Series A led by GV. -learn more
Upfront Venturesled a $7.2M Seed Round forSoot, a creative asset discovery system. -
Mantis VCparticipated in a $10.2M Seed Round forSLUSHY, an online platform for adult creators. -
Sound Venturesparticipated in a $80M Recapitalization Round forStability AI, a startup responsible for Stable Diffusion, a consumer-facing generative AI LLM that converts text into images. -learn more
M13participated in a $38M Series B forForm Health, a startup responsible for Stable Diffusion, a consumer-facing generative AI LLM that converts text into images. -learn more
Fika Venturesparticipated in a $20M Series A forPayabli, a Miami-based provider of payments infrastructure for software companies. -learn more
Upfront Ventureslead a $5M Seed Round forDaytona, an open source development environment manager. -
WndrCoco-lead a $30M Series A forOrby AI, a generative process automation startup.
Slauson & Coparticipated in a $2.8M Seed Roud forBoxedUp, a Seattle online commerce platform for equipment rental companies.- learn more
From Pitch Meetings to Power Lunches: LA’s Exclusive Membership Clubs 🗝️
Jun 26 2024
Summer's here, so it's time to zhuzh up your work environment. Discovering the best membership and social clubs in Los Angeles for meetings can boost networking and collaboration, offering exclusive venues and premium amenities tailored for professionals and creatives to thrive amidst the city's vibrant backdrop. These clubs provide a sophisticated setting for productive gatherings and meaningful connections in LA. Here are some top private member clubs perfect for meetings and productive work sessions.
The Jonathan Club
Club Details: The Jonathan Club, one of Los Angeles' original membership clubs, has been a cornerstone of the city's elite social scene since its founding in the mid-1890s. Its legacy is intertwined with the growth and development of LA itself, most notably through a pivotal meeting held at the club that sparked the idea for a southern campus of the University of California—what would eventually become UCLA. Today, the Jonathan Club continues to offer its members an unparalleled experience of exclusivity and refinement. With locations in both DLTA and Santa Monica, members enjoy access to premium amenities and spaces and a calendar with hundreds of social events and workshops throughout the year, providing ample opportunities for networking, personal growth, and leisure activities.
Membership Details: Initiation fee is around $50,000, and admission typically requires that you be invited or know someone who is already a member.
Spring Place
Image Source: Spring Place
Neighborhood: Beverly Hills
Club Details: A mix between co-working space and social club, this Beverly Hills hotspot is a more exclusive version of similar clubs. Spring Place Beverly Hills spans three floors and offers a stunning art collection. The interior is filled with tons of natural light and has an intentional design that fuels members to harness some of their best work. Members also have access to luxurious dining and nightlife pop-ups that happen at Spring Place.
Membership Details: There is a non-refundable initiation fee of $500 and then local membership for people under 30 starts at $300 per month, while monthly membership for locals over 30 is $600.
Griffin Club
Image Source: Griffin Club
Neighborhood: Cheviot Hills
Club Details: Located in Cheviot Hills, Griffin Club LA is a sporty club with ample shared workspace. Following a $20M renovation in 2020, the club now boasts seven LED-lit tennis courts, four LED-lit pickleball courts, two recreational lap pools, a 25-meter family pool for kids, an adults-only resort pool, and childcare services. It's the ideal destination for a clientele looking to mix work with competitive sport.
Club Details: Soho House West Hollywood provides a stylish and exclusive work and meeting destination, featuring chic meeting rooms and workspaces with panoramic views of Los Angeles. Combining luxury amenities with a creative atmosphere, it offers an ideal setting for networking, collaboration, productive sessions, and an amazing Sunday brunch!
Membership Details: Two current member referrals are needed, plus an online application, and a recent photo to confirm your identity. Quarterly memberships start at $675.25, but if you’re under 27, you can pay $337.75 quarterly. However, if you want access to every house, membership costs $5,250.00 annually, or $2,650.00 if you’re under 27.
Little Beach House Malibu
Image Source: Little Beach House Malibu
Neighborhood: Malibu
Club Details: The Little Beach House Malibu is a small, local club for the creative community of Malibu and the surrounding coastal areas. The club is known for its magnificent dining room, bar, sitting room and terrace. It is the perfect place for a truly memorable work meal.
Membership Details: Malibu Beach House is not included in the Soho House membership. If you are an existing member, you can apply for “Malibu Plus” for an additional $2,190 a year, or $1,095 if you’re under 27.
San Vicente Bungalows
Image Source: San Vicente Bungalows
Neighborhood: West Hollywood
Club Details: San Vicente Bungalows is an exclusive, members-only social club located in West Hollywood, California, offering a luxurious and private environment for its high-profile clientele. The club is renowned for its strict privacy policies, elegant decor, and high-end amenities, catering to celebrities (and royals) and industry elites seeking a discreet space to unwind and socialize.
Membership Details: You must be nominated by a current club member to apply. Applications are evaluated monthly and annual dues start at $4,200 plus a $1,800 initiation fee.
The Aster
Image Source: The Aster
Neighborhood: Hollywood
Club Details: The Aster, located at the iconic intersection of Hollywood Boulevard and Vine Street, redefines the modern members' club with its emphasis on warmth and hospitality, blending public hotel amenities with private club exclusivity. Featuring bright, airy spaces and top-notch facilities such as an outdoor pool, recording studio, and rooftop bar, it offers a fluid environment for work, relaxation, and socializing.
Membership Details: Memberships start at $3,600 per year and be acquired by filling out an application. In addition to uploading a photo, hopeful members also have to write a small bio while highlighting their interests, skills, profession, and hobbies.
NeueHouse
Image Source: NeueHouse
Neighborhood: Venice/Hollywood/DTLA
Club Details: NeueHouse in LA is a chic private workspace and cultural hub designed for creative professionals, offering sophisticated workspaces, a dynamic calendar of cultural programming, and luxurious amenities. Situated in three bustling neighborhoods across LA, it provides a collaborative environment where members can work, network, and unwind in style.
Membership Details: You have to apply for the Salon membership, which includes questions like “dream dinner guests (dead or alive?)." Annual dues for Salon memberships are $3,000 plus a $200 joining fee. You can also inquire about the Gallery membership for flexible workspaces and offices for individuals or teams, starting at $595 per month, with various options depending on your needs.
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