WWE readies to staff up new network
As World Wrestling Entertainment Inc. readies to launch a new TV network, WWE is opening a production studio in Norwalk in space it is renting from the Connecticut Film Center L.L.C.
Earlier this fall, WWE secured more than 20,000 square feet of office space adjacent to its Stamford headquarters. The Norwalk studio will total more than 65,000 square feet, with WWE not immediately specifying whether it will be used to produce content for its planned network.
“We are anticipating some degree of operating expenses attributed to the network, some $4 million to $6 million coming up particularly in staffing,” said Vince McMahon, WWE CEO, in a conference call with investment analysts in early November. “We believe that ”¦ we have finally turned the corner on where we are with our network.”
Turner gets UBS building contract
Turner Construction Co. won contracts worth $2.4 million to renovate UBS AG”™s offices at 677 Washington Blvd. in Stamford.
Earlier this fall, the state of Connecticut awarded UBS up to $20 million in incentives if it maintains a local workforce of at least 2,000 people for five years, down from its last reported headcount of some 2,800 people.
“(The fourth quarter) is not going to be a big hiring quarter ”“ it never is,” said John Cryan, CFO of UBS, in a conference call. “It”™s not commercially rational to hire people in Q4, because you end up paying their bonus from a different bank. But ”¦ we are actually hiring client advisers in all of our asset-gathering divisions.
“I think we”™ve lost some people in (investment banking) and therefore there will be a little bit of a rebuilding that needs to be done there, particularly in the U.S., where we”™ve lost some expertise in some core sector teams,” Cryan added. “But generally speaking, I don”™t think there is a need to massively increase our head count. It”™s still pretty much under control.”
Report: Cohen wants Dodgers
SAC Capital founder Steven Cohen is considering a bid for the Los Angeles Dodgers, according to The Wall Street Journal.
Cohen is the wealthiest resident in Fairfield County, according to Forbes magazine. He was linked in previous media reports to a potential bid for the New York Mets, with no deal materializing.
ASML upgrades Wilton plant
ASML is spending nearly $700,000 to upgrade its Wilton plant, with Danbury-based Corporate Construction the prime contractor.
ASML had more than 800 employees in Wilton at last report, making it the largest high-tech employer in Fairfield County.
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Report: Presstek readies for layoffs
Greenwich-based Presstek Inc. is planning cost cuts aimed at adding $11 million annually to its bottom line, with the New Hampshire Business Review citing the company”™s CEO saying deep layoffs loom.
The Greenwich-based company sells printing equipment for newspapers and other publishers, employing about 430 people at plants in New Hampshire, Massachusetts and Illinois. Third-quarter revenue dropped 14 percent from a year ago to below $27 million, and Presstek reported a net loss of $5.4 million.
“Our third-quarter revenue was negatively impacted by global economic conditions,” said CEO Jeff Jacobson, in a prepared statement. “Smaller printers were hit especially hard by these issues, and they are a large portion of our customer base. We continue to be encouraged by a strong pipeline of new opportunities, but customers of all sizes are delaying important investment decisions and conserving cash.”
Greenwich Mercedes-Benz to expand
Mercedes-Benz of Greenwich reportedly submitted an application to build a 30-bay service facility at 217 Post Road W. in Greenwich, even as it expands its nearby showroom.
The dealer wants to raze a building at the site that previously was an Infiniti showroom, according to the Greenwich Patch.
Mercedes-Benz of Greenwich was acquired this past summer by Penske Automotive Group.
Littlejohn invests in Ohio co.
Littlejohn & Co. L.L.C. took an undisclosed minority stake in Installed Building Products, a Columbus, Ohio-based company that installs insulation, gutters, garage doors and other building products.
It was Greenwich-based Littlejohn”™s first announced investment since its October acquisition of SunSource Holdings Inc., a distributor of fluid power and motion control systems.
Exhale Fitness opening Stamford gym
Exhale Fitness is opening at 2200 Atlantic St. in Stamford, in the Harbor Point development under construction.
An affiliate of Building & Land Technology L.L.C. disclosed it will cost $500,000 to fit out the space for the tenant.
Just Cats
Just Cats Veterinary Hospital and Pet Provisions P.C. inked a 20-year lease at 1029 E. Main. St. in Stamford, where it relocated from up the street.
At more than 20,000 square feet, the new facility gives it five times the space it previously had.
