Vizio disclosed in a regulatory filing that the companies on Monday received a so-called second request from the federal agency seeking additional information.

Such an in-depth review can lengthen the regulatory process by months or years, depending on the complexity of the transaction, Bloomberg News reported.

Walmart said in February that it agreed to buy Vizio for about $2.3 billion.

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That comment isn’t reflective of how his Red Digital Cinema LLC actually performed, according to Jannard’s son, Jamin Jannard.

“If you know him, you know he’s a very tongue-in-cheek person,” Jamin Jannard told the Business Journal.

A validation of the elder Jannard’s decision to move into the camera business came on March 7. That’s when Red Digital announced the sale of his Foothill Ranch-based maker of digital movie cameras to Japanese camera giant Nikon Corp (OTC: NINOY).

While terms of the sale were undisclosed, the deal’s been described as the second successful exit for Jannard, who sold his Oakley Inc. to Luxottica for $2.1 billion in 2007.

Jannard, who now resides in Washington, is worth about $1.5 billion, according to an estimate from Forbes, though the Business Journal has previously estimated his worth at $2 billion or more, based on reputable sources.

The Red Digital acquisition came a few days before the Oscars, where the company has made a major mark on Hollywood filmmaking, winning awards for “Mank” and the documentary “My Octopus Teacher.”

The company has also earned its own Academy Award, for its technical achievements.
Red Digital will become a wholly owned subsidiary of Nikon once the acquisition is finalized, according to a statement.

Wild Ride

Both Red co-founders Jannard and Jarred Land have stayed quiet on the matter, only taking to social media so far.

“Two cowboys from California sitting in Tokyo reminiscing on 20 years of absolute insanity … What a ride,” Land captioned a photo of himself and Jannard on Instagram posted one day after the announcement.

“Thanks Jim.”

It’s unclear whether the two will still be involved with the company, or if Red Digital will continue to operate under the same name. The company owns the website name: Red.com.

Merger

In 2005, Jannard founded Red Digital, which became a pioneer in 4K digital filmmaking, with its cameras used in blockbusters including “The Hobbit,” and gained popularity among YouTube channels.

The company in 2018 released its first and only smartphone called Hydrogen One that was shut down a year later after it was panned by critics.

Red Digital was the first digital camera with a sensor capable of delivering footage indistinguishable from film, according to Scott Olivet, former CEO of Red Digital and Oakley.

Olivet said Jim challenged himself and the team to create a smaller camera that broke the industry price umbrella, capable of delivering faster frame rates and being fully modular and backward compatible.

“It was thought impossible by every observer, but Jim, Jarred and Red delivered,” Olivet said.

“For me, that impossible dream was the Red revolution and the reason for two back-to-back consumer home runs by Jim.”

A large part of Red Digital’s business outside of movie productions were music video and fashion shoots, favored by both industries for the resolution and frame rate of its cameras, Olivet said.

Red Digital’s cameras use the latest technology to make images up to 8K and film at 360 degrees. Earlier this month, the company presented a multi-camera live broadcast that could send 180-degree footage from live events to the cloud and eventually to virtual reality headsets like Meta Quest 3.

Red Digital last month introduced two new cameras, the V-Raptor and V-Raptor XL, which the company refers to as the world’s first large format global shutter cameras. Its web page lists 77 products, with the highest price being $45,000 for the V-Raptor XL.

Nikon described the acquisition as “merging the strengths of both companies.” Nikon cited Red Digital’s knowledge in cinema cameras, including image compression technology and color science.

“Nikon will leverage this acquisition to expand the fast-growing professional digital cinema camera market, building on both companies’ business foundations and networks, promising an exciting future of product development that will continue to push the boundaries of what is possible in film and video production,” the company said when announcing the Red Digital deal.

Lawsuit

News of the acquisition comes less than a year after the two companies reached an agreement on a patent infringement lawsuit.

In 2022, Red Digital filed a lawsuit against Nikon claiming that Nikon’s Z9 camera copied its data compression technology. Nikon denied Red’s claims as “invalid” due to a “failure to satisfy the conditions for patentability,” according to a legal filing.

Red Digital has sued a variety of companies for allegedly violating its patents, including Sony and Apple.

Followers

Loyal followers of Red Digital are expressing concerns over what this deal means for the company.

“The consumers will most probably not notice any changes,” Red co-founder Land told Y.M. Cinema Magazine. “Nikon has a great reputation for reliability, repair and manufacturing.”
Land compared the deal to Sony’s acquisition of Konica Minolta in 2006.

“This is an example of a big company that buys a small company and cool things happen,” Land said.

Red Digital has approximately 220 employees compared to Nikon’s 18,790 employees as of last March.

Red’s local footprint appears to have shrunk in recent years. After the pandemic, it moved its base from Irvine to a smaller location near Oakley’s headquarters in Foothill Ranch.

Nikon ended fiscal 2023 with $4.2 billion in revenue and forecasted that revenue would climb to $4.5 billion for 2024. Nikon last month reported its fiscal third-quarter revenue climbed 15% to $1.3 billion.

Shares in Nikon, which counts a $3.6 billion market cap, remained unchanged at $11 the day of the announcement.

‘Chief Mad Scientist’

Jannard, who started Oakley out of his car in 1975 with only $300, built it into a world-famous company well known for its sunglasses, goggles and apparel.

Jannard described himself as the “chief mad scientist” of Oakley. He was behind some of its most inventive designs including the Eyeshades, Razorblades and the X-Metal line made with titanium.

Oakley’s headquarters in Foothill Ranch became known for a distinct design that was based on the science fiction films “Blade Runner” and “Metropolis,” Jannard said in an interview with the company’s Oakley Forum.

Jannard took Oakley public in 1995 and eventually sold it to Milan-based eyewear conglomerate Luxottica, adding the brand to a portfolio that also includes Ray-Ban, Chanel and Burberry, in addition to retailers such as LensCrafters and Sunglass Hut.

M-Experiment

Now, the mad scientist is back with a new project.

Jannard, who stepped away from Red Digital in 2019 due to health issues, came out of retirement last year for a new project that he teased on social media for close to a year.

Jannard along with his son Jamin Jannard founded a Lake Forest-based sunglass business called M-Experiment, which currently offers four lines of sunglasses ranging from $90 to $185, along with hats and other apparel.

The idea for another eyewear company first came about 10 years ago, Jamin Jannard said.

“We were just reminiscing about the fun days at Oakley and how many good memories we had over there,” Jamin Jannard said.

“We started a new sunglass company more just for fun without any pressure or expectations because it’s what we enjoy.”

Red’s Biggest Hollywood Hits

Red Digital Cinema LLC makes digital still and motion cameras used by the film industry and professional photographers. The company also owns Red Studios Hollywood to make films.

Oscar-winning films and documentaries have been filmed on Red Digital cameras.

The camera maker’s Helium 8K black-and-white camera was used to film David Fincher’s movie “Mank,” which won two awards in categories for best production design and best cinematography at the 2021 Academy Awards.

“My Octopus Teacher” used Red Digital’s Red Dragon and took home an award for best documentary that night.

Red Digital in 2010 came out with the Red Epic camera, which was used to film “The Amazing Spider-Man,” “The Hobbit,” “Pirates of the Caribbean: On Stranger Tides” and “The Great Gatsby.”

More recently, Red Digital cameras have been used in productions such as Marvel Comics’ “Guardians of the Galaxy Vol. 3,” nature documentaries like “Prehistoric Planet 2” and Netflix series “Squid Game” and “The Queen’s Gambit.”

The post Jannard’s Red Digital Being Sold to Nikon appeared first on Orange County Business Journal.

Vizio is historically the largest television brand sold at Walmart by sales.

The deal would make Walmart (NYSE: WMT) a larger player in connected TV advertising, where it would compete with Roku, Amazon and YouTube.

Shares in Vizio jumped 14.9% to $10.94 apiece for a market cap of $2.2 billion after the Walmart announcement.

For more on the deal, see the Feb. 19 print edition of the Business Journal.

The post Walmart Buying Vizio appeared first on Orange County Business Journal.

McGill had previously been serving as CEO in an interim capacity.

GAN said McGill “will be focused on guiding the company towards a timely closing with Sega Sammy Creation Inc.”

GAN shareholders earlier this week approved the previously announced merger of GAN and a subsidiary of Sega Sammy Creation Inc.

The post Online Gambling Software Co GAN Picks Seamus McGill as New CEO appeared first on Orange County Business Journal.

The event recognized outstanding professional women who have made significant contributions to their organizations, their professions and the Orange County community.

Their backgrounds and industries are varied—from the operations lead of Orange County’s top jeweler to one of Newport Beach’s top specialty hospital executives—but all remained resilient throughout the pandemic and have kept their respective firms in growth mode during the challenging economic environment that followed.

The Business Journal recently caught up with the five winners to see just how they’re managing this as their worlds have changed in the past year.

The next Women in Business Awards is scheduled for Oct. 5 at the Irvine Marriott.

Aimee Weisner, an independent board member for three public medical companies including Aliso Viejo-based device and drug maker Glaukos Corp. (NYSE: GKOS), is the keynote speaker.

28th Annual Women in Business Awards Winners (2022)

Allyson Brooks: Filling Gaps in Women’s Healthcare

Shirin Behzadi: The Company Helper

Jessica Word: Flow of Business Returning as COVID-19 Eases

Tammy Cooper: Technologent Eyes 2023 Sales Strength

Idit Ferder: Lugano’s Luxe Local Expansion

The post 2022 Women in Business Winners: Sustaining Success appeared first on Orange County Business Journal.

The multi-generation firm says it is a case study in living by those words. Founded by Ken Tait in 1964, the company once allowed a competitor to use its offices and equipment, for free, after a fire had destroyed its own headquarters.

Tait & Associates CEO Tom Tait, the former mayor of Anaheim, and Managing Director Trevor Tait, along with Chairman Emeritus Ken Tait, keynoted the Business Journal’s 24th annual Family-Owned Business Awards ceremony on May 31.

The family recounted Ken Tait’s journey from Montana to the Korean War, to discovering the first oil well in Libya in 1957, before ultimately making his way to Southern California to open a small civil engineering consulting firm that over the decades would grow exponentially­.

Nearly 400 attended the lunchtime event at the Irvine Marriott.

The event celebrates distinguished OC-based family-owned firms who have made noticeable community contributions and business accomplishments.

5 Honorees

This year’s five honorees, selected from over 40 nominees, were:

• Yorba Linda’s HomeQuest, one of the largest manufactured home retailers in the western U.S., in the Small Business category.
• Mountain View Services, a Newport Beach-based supplier of groceries, medical supplies, janitorial supplies, and other products to healthcare and other facilities, in the Medium Business category.
• Costa Mesa’s Crisp Imaging, which bills itself as the West Coast’s premier independent digital printing provider for construction and other industries, in the Large Business category.
• Restaurant operator Mutt’s, which counts a pair of Newport Beach locations, received the Up and Coming Award.
• The El Cholo Family of Restaurants, led by 2023 Business Journal Restaurateur of the Year Ron Salisbury, earned the Longevity Award.

The five winners will be profiled in the June 12 print edition of the Business Journal.

Upcoming
The Business Journal’s next event is the Innovator of the Year Awards on Sept. 7. The deadline to nominate individuals is June 14.
Kurt Busch, co-founder and CEO of Irvine-based semiconductor company firm Syntiant, will be the keynote speaker.

The post Family-Owned Businesses ­Honored appeared first on Orange County Business Journal.

Daniel Lubeck, managing director of Newport Beach private equity firm Solis Capital Partners LLC, was this year’s master of ceremonies at the event, which drew the largest crowd in its history.

The event was also the best-attended Business Journal Signature Event since the onset of the pandemic, and drew the biggest crowd for an event at the Irvine Marriott to date this year.

Notable CEOs attending the event included Masimo’s Joe Kiani, 5.11 Tactical’s Francisco Morales, Goodwill of Orange County’s Nicole Suydam, and Fox Racing’s Jeff McGuane, along with numerous leaders from the area’s collection of accounting, legal, and consulting industries.

5 Honorees

This year’s five honorees, selected from 75 nominees, were:

• Micah Young, of Irvine-based medical technology maker Masimo (Nasdaq: MASI), in the Public Company category;
• Mike Feher, of Irvine-based heart-focused device maker CathWorks, in the Private Company category;
• Elizabeth Jensen, of Santa Ana-based Goodwill of Orange County, which aids over 19,200 people annually to find employment, in the Not-for-Profit Organization category;
• Grant Reindl, of Santa Ana engineering service provider Salas O’Brien, in the Rising Star category; and
• Tammy Cooper, from the Irvine office of information technology solutions company, Technologent, earned the Lifetime Achievement Award.

The five award winners will be profiled in the May 22 print edition of the Business Journal.

Upcoming Events

The Business Journal’s next two events are the Family-Owned Business Awards on May 31 followed by the Innovator of the Year Awards on Sept. 7. The deadline to nominate individuals for the latter event is June 14.

Tait & Associates Inc.’s Tom Tait and Trevor Tait will deliver the keynote for the Family-Owned Business Awards.

Kurt Busch, co-founder and chief executive of Irvine semiconductor company Syntiant Corp., will be the keynote speaker at the Innovator of the Year Awards ceremony.

The post CFOs Honored at Annual Business Journal Awards appeared first on Orange County Business Journal.

PopReach is a digital media and technology firm that works to manage and grow service providers. It reported revenue of $25.5 million for the three months ended September 2022, which is over double year-over-year.

SCS is currently run by Chief Executive James Schiefer and provides advertising services to automotive, consumer goods, entertainment and technology markets. The agency emerged from the combination of Schiefer Media and ChopShop Entertainment in 2016, overseen by Schiefer years after he had acquired the company from his father Carl in 2005.

The media firm ranked as Orange County’s third-largest ad agency by revenue. SCS reported $80.7 million in sales for 2022 sporting an 18% jump from the year prior, according to Business Journal data.

“The strength of their financial profile, blue chip customer base, and potential cross-sell opportunities within our brand solutions offerings provides many levers for us to drive growth and returns for PopReach and its shareholders,” PopReach Chief Executive Jon Walsh said in statement.

The agency will continue operating as SCS under CEO Schiefer as it joins the umbrella of brands under PopReach. Other platforms within PopReach’s portfolio include PopReach Games, NotifyAI, Q1Media, Contobox and another recent acquisition Ubiquity.

The new parent also said it was drawn to the data-first and omnichannel business model of SCS. The agency aims to help drive its clients’ business by using analytics and digital content, according to Chief Strategy Officer Jeff Roach.

“It has been a dream of mine to find a partner who would allow SCS to expand our footprint to new technology capabilities and new markets around the world,” Schiefer said in a statement. He added that being aligned with PopReach’s portfolio of digital media companies will help the agency’s future work.

Clients include Vans, Warner Bros. Discovery, Mothers Polish, Baldwin locks and others.

Buyer, Then Seller

SCS has accomplished its own acquisitions to grow a larger footprint in the past.
The agency acquired Fuel Industries in 2018 and Swarm in 2021 adding two offices in Ottowa, Canada and Atlanta respectively.

Acquisition and mergers remain a major part of its expansion plans. Roach told the Business Journal of a possible major office expansion last March.

Its offices currently employ about 100 people.

“We are perfectly positioned to support the unique needs of marketers today,” Schiefer said.

The post Ad Agency SCS Acquired by PopReach appeared first on Orange County Business Journal.

“Failure is a part of life,” Jones told the audience of the 22nd annual Business Journal’s Excellence in Entrepreneurship Awards on March 9. “The most important thing is to learn from your mistakes, let it galvanize you to get back to work, and never give up.”

Jones, who built Allied Universal from a $12 million security firm into the world’s seventh-largest employer with 800,000 people and a run rate of $20 billion, got his entrepreneurial start at the age of 7 with a shoe-shining business that failed to gain traction.
His advice to aspiring entrepreneurs?

“Go build your own shoeshine stand and do the hard work.”

Jones was the keynote speaker at the Business Journal event at the Irvine Marriott, which drew a crowd topping 300 people.

5 Honorees

The event’s five honorees, selected from more than 100 nominees, were:
– William Shopoff, chief executive and president of Irvine’s Shopoff Realty Investments.
– Shannon Eusey, chief executive of Newport Beach-based Beacon Pointe Advisors.
– George Adams, president of Orange-based SA Recycling.
– Alex Bhathal, founder of Newport Beach’s Raj Capital and Revitate.
– Francisco Morales, chief executive and co-founder of Costa Mesa’s 5.11 Tactical.

The award winners will be profiled in the March 20 print edition of the Business Journal.

Upcoming Events

The Business Journal’s next two events are the CFO of the Year Awards on May 11 followed by the Family-Owned Business Awards on May 31. The deadline to nominate individuals for the latter event is March 15.

Dan Lubeck, managing director of Solis Capital Partners LLC, is the CFO awards event’s master of ceremonies.

Tait & Associates Inc.’s Tom Tait and Trevor Tait will deliver the keynote for the Family-Owned Business Awards.

The post Entrepreneurs Honored at Business Journal Awards Ceremony appeared first on Orange County Business Journal.

Visit Newport Beach, a destination marketing organization (DMO) which represents the city’s hotels, base of restaurants and larger tourism industry, booked its first-ever 15-second spot during the broadcast.

“We want to start integrating ourselves into pop culture,” Chief Executive Gary Sherwin told the Business Journal.

The marketing agency said it turned to the 2023 Super Bowl after noticing trends in
the Arizona markets—the game between the Philadelphia Eagles and Ka­­­­nsas City Chiefs was held at the State Farm Stadium in Glendale.

Arizona is Newport Beach’s No. 1 out-of-state market, with Nevada and Utah close behind, according to the DMO’s metrics.

Starting in early January, video reels, social media posts, radio announcements and billboards were advertising Newport Beach hotel packages and visitor guides directed to the state’s departing crowds.

Super Bowl ads can run as high as $7 million for a 30-second spot, according to the 2023 USA Today Ad Meter.

The campaign also included media partnerships with ESPN, iHeartMedia, and other Arizona outlets.

Larger Stage

The sports sector is part of the organization’s plans to start playing on a bigger level as a tourism group.

Visit Newport Beach also premiered its first Oscars commercial during the television presentation last year—a second campaign is scheduled for this year.

Going after the entertainment industry has been a longtime effort for the DMO, such as its ongoing involvement in the Newport Beach Film Festival, through which it hosts award programs and events across local venues.

With the recent luxury development in Newport Beach, including the Vea and Pendry hotels and the upcoming Ritz-Carlton residences, “this is the time to get the message out on a grand scale with all the new product,” CEO Sherwin added.

Game Day Apparel

Orange County also had a hand in the Super Bowl’s apparel department this year.

Mitchell & Ness, a vintage sportswear firm with creative operations in Irvine, was tapped for a clothing collaboration with Grammy-award winning artist Rihanna and her Fenty retail company. Rihanna headlined this year’s halftime show.

The nine-piece collection of limited-edition T-shirts and jackets was dubbed “Fenty for Mitchell & Ness” and featured designs like graffiti-style art and Rihanna’s Instagram post when she announced her game day performance.

The singer’s team contacted Mitchell & Ness’ parent, Fanatics Inc., for the project and worked out of the firm’s Irvine office, according to local reports.

The clothing items ranged in price from $45 to $135.

The collection was available online and in select stores, including Anaheim-based Pacsun locations.

Founded in 1904, Philadelphia-based Mitchell & Ness set up its West Coast office and a distribution center in Irvine about six years ago.

Mitchell & Ness was acquired by sports merchandiser Fanatics last February with a group of celebrity investors such as rapper Jay-Z and Philadelphia 76er James Harden.

The Wall Street Journal at the time valued the firm at $250 million.

The company has made deals with the likes of publisher Sports Illustrated that included capsule collections for the National Football League, National Basketball Association and Major League Baseball while holding licenses with those same major sports groups. The retailer gained a licensing deal with the National Hockey League last June.

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