logo
Hollywood Park Studios to serve as broadcast hub for LA Olympics

Hollywood Park Studios to serve as broadcast hub for LA Olympics

CNA13-05-2025

LOS ANGELES :A film studio and production facility set to be built in Inglewood by Rams owner Stan Kroenke will host international broadcasters of the 2028 Olympic and Paralympic Games in Los Angeles, Hollywood Park said on Tuesday.
Hollywood Park Studios (HPS) will be located in Hollywood Park, the 300-acre site that is home to SoFi Stadium and the largest urban mixed-use development under construction in the Western U.S.
The studios will initially serve as the host site for the International Broadcast Center (IBC) for the Games, housing hundreds of media rights holders from around the world who distribute coverage of the Games.
"LA28 is proud to be the inaugural tenant of this new state-of-the-art studio in the heart of Inglewood, a key venue city for the 2028 Games," LA28 CEO Reynold Hoover said.
"The International Broadcast Center will serve as one of our first fully operational facilities for the Games, capturing every inspiring moment of the LA28 Games."
Kroenke said his vision for Hollywood Park has always been to build "a city within a city" combining media, entertainment and technology in the greater Los Angeles area.
"We are thrilled to expand the role we will play in the 2028 Olympic and Paralympic Games by hosting the International Broadcast Center and the global media outlets who will call it home during that summer," Kroenke said in a statement.
"Beyond 2028, Hollywood Park Studios will be open to welcome a new industry to our live, work, play destination and bring a little bit of Hollywood to Hollywood Park."
Construction on HPS will begin later this month.
SoFi Stadium, which was financed by Kroenke at a cost of $5.5 billion and opened in 2020, will be converted into the largest Olympic swimming venue in history during the Games and will host the opening ceremony along with LA Memorial Coliseum.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Digital banking startup Chime targets US$11.2 billion valuation in US IPO
Digital banking startup Chime targets US$11.2 billion valuation in US IPO

Business Times

time16 minutes ago

  • Business Times

Digital banking startup Chime targets US$11.2 billion valuation in US IPO

[BENGALURU] Digital banking startup Chime Financial said on Monday (Jun 2) it was targeting a valuation of up to US$11.2 billion on a fully diluted basis in its long-awaited New York initial public offering, underscoring the growing momentum in the new listings market. San Francisco, California-based Chime and some of its existing shareholders are seeking to raise up to US$832 million by offering 32 million shares priced between US$24 and US$26 apiece. Chime is offering 25.9 million shares in the offering, while certain shareholders, including venture capital firm Cathay Innovation, are putting up 6.1 million shares. The US IPO market has sprung back to its feet after a disappointing April as equities rebounded amid easing volatility, paving the way for companies to go public after tariff-driven chaos shut the window for weeks. Recent listings, including retail trading platform eToro, have been well-received by investors. Analysts say the stage is set for a broader IPO pickup, but stability needs to last longer before the window fully reopens. 'Momentum is building after the tariff-related volatility. Right now, investors want to see fundamentally strong companies with attractive valuations,' said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Chime, founded in 2012, offers banking products such as checking and high-yield savings accounts through its app. The company mainly generates revenue when its members spend using Chime-branded debit and credit cards. Chime raised US$750 million in a 2021 funding round at a US$25 billion valuation. Its major backers include Yuri Milner's DST Global, private equity firm General Atlantic and investment firm ICONIQ. Fintech revival? Financial technology listings have slowed down since the pandemic-era boom as interest rates rose and inflation surged. Swedish fintech giant Klarna paused its US IPO plans earlier this year as tariffs rattled global markets. A successful IPO for Chime could pave the way for other fintech companies that have recently considered tapping public markets. Chime's IPO valuation target represents prudence in giving buyers a decent discount to encourage participation, said Samuel Kerr, head of equity capital markets at Mergermarket. 'As the largest deal to test the market since 'Liberation Day,' Chime will be a fascinating case study.' Morgan Stanley, Goldman Sachs and JPMorgan are the lead underwriters for the IPO offering. Chime will list on the Nasdaq under the symbol 'CHYM'. Chime plans to use a portion of its IPO proceeds to settle tax obligations related to employee-restricted stock units. REUTERS

Digital banking startup Chime targets $11.2 billion valuation in US IPO
Digital banking startup Chime targets $11.2 billion valuation in US IPO

CNA

timean hour ago

  • CNA

Digital banking startup Chime targets $11.2 billion valuation in US IPO

Digital banking startup Chime Financial said on Monday it was targeting a valuation of up to $11.2 billion on a fully diluted basis in its long-awaited New York initial public offering, underscoring the growing momentum in the new listings market. San Francisco, California-based Chime and some of its existing shareholders are seeking to raise up to $832 million by offering 32 million shares priced between $24 and $26 apiece. Chime is offering 25.9 million shares in the offering, while certain shareholders, including venture capital firm Cathay Innovation, are putting up 6.1 million shares. The U.S. IPO market has sprung back to its feet after a disappointing April as equities rebounded amid easing volatility, paving the way for companies to go public after tariff-driven chaos shut the window for weeks. Recent listings, including retail trading platform eToro, have been well-received by investors. Analysts say the stage is set for a broader IPO pickup, but stability needs to last longer before the window fully reopens. "Momentum is building after the tariff-related volatility. Right now, investors want to see fundamentally strong companies with attractive valuations," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. Chime, founded in 2012, offers banking products such as checking and high-yield savings accounts through its app. The company mainly generates revenue when its members spend using Chime-branded debit and credit cards. Chime raised $750 million in a 2021 funding round at a $25 billion valuation. Its major backers include Yuri Milner's DST Global, private equity firm General Atlantic and investment firm ICONIQ. FINTECH REVIVAL? Financial technology listings have slowed down since the pandemic-era boom as interest rates rose and inflation surged. Swedish fintech giant Klarna paused its U.S. IPO plans earlier this year as tariffs rattled global markets. A successful IPO for Chime could pave the way for other fintech companies that have recently considered tapping public markets. Chime's IPO valuation target represents prudence in giving buyers a decent discount to encourage participation, said Samuel Kerr, head of equity capital markets at Mergermarket. "As the largest deal to test the market since 'Liberation Day,' Chime will be a fascinating case study." Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters for the IPO offering. Chime will list on the Nasdaq under the symbol 'CHYM'.

Applied Digital and CoreWeave ink 15-year lease worth $7 billion
Applied Digital and CoreWeave ink 15-year lease worth $7 billion

CNA

timean hour ago

  • CNA

Applied Digital and CoreWeave ink 15-year lease worth $7 billion

Applied Digital said on Monday it has entered into two 15-year leases with CoreWeave, a specialized cloud services provider backed by Nvidia, which will generate about $7 billion in revenue for the data center operator over the lease period. WHY IT'S IMPORTANT The deal could prove to be a major lifeline for Applied Digital, which has been facing challenges in the data center hosting sector as it transitions into a data center real estate investment trust. The company's shares surged by 17 per cent in premarket trading following the lease announcement. KEY QUOTES "These leases solidify Applied Digital's position as an emerging provider of infrastructure critical to the next generation of artificial intelligence and high-performance computing,' CEO of Applied Digital, Wes Cummins, said in a statement. "Through these newly signed long-term leases with CoreWeave, we are taking a step forward in our strategic expansion into advanced compute infrastructure." CONTEXT The emergence of new cloud service providers, known as "neoclouds" like CoreWeave, focuses on renting Nvidia's highly sought-after chips to software developers. Leasing data center infrastructure from companies like Applied Digital helps reduce some of the financial burden of providing AI-centric cloud services. CoreWeave's shares were up close to 4 per cent.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store