Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.
L.A. Restaurants Close as Coronavirus Cases Surge
Governor Gavin Newsom Wednesday ordered the immediate closure of dining rooms for at least three weeks in Los Angeles and 18 other counties that have been placed on a state watchlist because they are plagued by soaring coronavirus cases.
Newsom stressed that he wasn't shutting restaurants down, but wanted diners to eat outside, where the risk of spreading the virus is lower.
The new restrictions come a little over after a month dining rooms were allowed to reopen, but Newsom and other state officials have been alarmed by skyrocketing cases in the past week.
Newsom is also shutting down state beach parking lots and is urging all localities to cancel their Fourth of July festivities.
"We have to be much more vigilant about maintaining physical distancing from each other," Newsom said.
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Coronavirus Updates: Netflix Buys Egyptian Theatre for Post-Pandemic Premiers; TrueCar Lays Off Staff
Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
Today:
- Facing twin threats, TrueCar lays off 40 percent of staff
- Netflix buys Hollywood's Egyptian Theatre to stage post-pandemic events, movie premieres
Facing twin threats, TrueCar lays off 40 percent of staff
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjgzMzYzNi9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxMzg5MjUyMX0.Wx6LVxNhx4WbcMFiQkuylQLs5AO2G-_4iQtc61SrdRQ/img.jpg?width=980" id="dc12e" class="rm-shortcode" data-rm-shortcode-id="f06205606520be18d44ae28069fd271e" data-rm-shortcode-name="rebelmouse-image" /><p>Santa-Monice based TrueCar laid off 219 employees Thursday, which represents 40 percent of its workforce. The cuts are partly a reaction to Covid-19 and fewer people buying cars. They are also a response to the loss of a crucial partnership with USAA that expires at the end of September. That deal accounted for 29% of cars sold last year. </p><p>The cuts will save TrueCar $35 million a year, according to an analyst note from JMP Securities. </p><p>While TrueCar would seem to benefit from car shoppers wanting to have less face-to-face contact at dealerships, the company is not immune from the large pressures the industry is facing. With that said, auto sales have bounced back more quickly than analysts anticipated. </p><p>"With website traffic and purchase intent returning to pre-COVID-19 levels for the last two weeks of April and these trends continuing into May (and likely June), auto's recovery has surprised us," wrote Andrew Boone, vice-president at JMP Securities. </p>Netflix buys Hollywood's Egyptian Theatre to stage post-pandemic events, movie premieres
<img lazy-loadable="true" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzM1NDU2NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2MzEwOTAxMn0.60PU8IpHXa9DT43iRyRVP_LJ6iXClwDeIxnac3RWj9U/img.jpg?width=980" id="b2a7d" class="rm-shortcode" data-rm-shortcode-id="d367203996d299149d47684f5b2122e1" data-rm-shortcode-name="rebelmouse-image" data-width="2193" data-height="2495" /> <p>Netflix, which has become one of the biggest content hubs during the pandemic, is planning on a time when moviegoers can return to the cinema. Particularly the Egyptian Theatre in Hollywood, which the streamer just bought. T<a href="https://www.latimes.com/entertainment-arts/business/story/2020-05-29/netflix-egyptian-sale-closes" target="_blank">he Los Angeles Times reports</a> that Netflix closed a deal to buy and renovate the theater for an undisclosed sum from American Cinematheque, an L.A. nonprofit that owns the venue. </p><p>Closing the deal, which reportedly was worth in the tens of millions of dollars, sets up Netflix to hold movie premieres and other events at the Egyptian. Netflix also gets an opportunity to show off some of the company's more cinematic fare at a high-profile theater, thereby setting them up for awards contention before those films start streaming. The company bought New York's iconic Paris Theatre in 2019, Manhattan's last single-screen movie palace.</p><p>"Love for film is inseparable from L.A.'s history and identity," <a href="https://www.latimes.com/entertainment-arts/business/story/2020-05-29/netflix-egyptian-sale-closes" target="_blank">Mayor Eric Garcetti said</a>. "We are working toward the day when audiences can return to theaters — and this extraordinary partnership will preserve an important piece of our cultural heritage that can be shared for years to come." </p>- TrueCar Could be Acquired in the Next Month, Says Analyst - dot.LA ›
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Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
- With internships cancelled, Valence tries to fill the void for young black professionals
- Florida is poised to open Disney World and SeaWorld. Will California be far behind?
- Snap and LAUSD promotes reading during COVID, with an assist from celebs like Alicia Keys