Review & preview.

MARCH 1 - 7

Relief in Sight?: News Corp. President and Chief Operating Officer Peter Chernin said there had been some improvement in the advertising market and anticipated ad revenues would be up between 3 and 4 percent in the first quarter of 2002. But he added that the increase would be off from a base that was already down 10 percent. "It feels as if we have hit the bottom, but we are a long way from hitting boom time," he said.

Topical Profits: Hat Topic Inc., the City of Industry-based clothing retailer aimed at the teen and young adult market, reported fourth quarter net income of $12.5 million, compared with $10.4 million for the like period a year ago. Revenue for the quarter was $109.1 million from $88.4 million. The company beat analysts' earnings per share estimates by a penny.

Spectrum Hearing: A long-running battle over how the wireless spectrum should be classified will be heard by the U.S. Supreme Court. At issue is determining whether Federal Communications Commission rules on spectrum auctions take precedent over bankruptcy law. The case stems from the FCC's rejection of NextWave Telecom Inc.'s efforts to pay what it owed the government following its Chapter 11 bankruptcy filing. Resolution of the dispute could open up the wireless spectrum and provide better service in markets like Los Angeles.

Universal Writedown: Vivendi Universal posted a massive $11.8 billion net loss for 2001, the largest in French corporate history, but operating income in Vivendi's core media and communications activities rose to $4.37 billion -- in line with forecasts. Financial results were distorted by a $13.2 billion goodwill writedown and a slew of acquisitions.

Avenging the XFL: LA.'s Arena football team, the Avengers, will be on NBC next year as part of a deal that will have that network show the league's games. The network, which bombed in its coverage of the short-lived XFL, will show 15 of the league's regular indoor football games, all postseason games and the championship game. The league season, which normally starts in April, will start Feb. 2, 2003, the week after the National Football League's Super Bowl. The arena league is entering the final season of its current three-year, $25 million TV contract with ABC, ESPN and TNN.

Show Biz Hype: Hollywood studios last year spent an average of $47.7 million to produce a film in 2001, down 13 percent from the previous year. Marketing costs for the typical studio movie rose 14 percent, to $31 million. Motion Picture Association of America President Jack Valenti said the higher expenses came from increased television advertising. Combined production and marketing costs fell 4.1 percent, to an average of $78.7 million.

Smoothing Out Strouds:

Strouds: A bankruptcy judge approved a liquidation plan for City of Industry-based Strouds Inc. in which money is to be distributed to creditors. Under the plan, secured creditors will be paid in full and unsecured creditors will receive a portion of their claims.

Good as Gold: Six-time World Champion Michelle Kwan may have missed out on gold in Salt Lake City (she won a bronze), but the Southern California skating queen rebounded by signing a three-year deal with Walt Disney Co. Expect to see Kwan's all-American visage selling everything from cruise lines to children's books.

MARCH 11 - 17

Lots at Numbers: State and county unemployment numbers are due out Friday (15th). Economists have been surprised at how L.A. joblessness, at 6.6 percent as of January, has not inched up higher given the economic downturn, so February's numbers should be interesting. On the national front, industrial production is also due out on Friday and could signal further signs of a rebound.

Sports Beat: The Clippers have lost their punch as of late, but Friday's matchup with the Lakers at Staples could provide some sparks. Also this week: the Kings, looking to win a playoff berth, face a tough week with Chicago on Monday, St. Louis on Thursday (14th) and Pittsburgh on Saturday (16th).

Biomed Chatter: This is the week that Amgen founder Gordon Binder is supposed to unveil what could be a $100 million fund for biomedical investments. The setting will be the three-day Southern California Biomedical Council Meeting (13th-15th) at the Wilshire Grand Hotel.

Fat Fight: The non-jury trial of former Dodger Steve Garvey - accused by the Federal Trade Commission of making false claims by touting a dietary supplement that promised consumers they could eat junk food and still lose weight -- continues this week in Los Angeles federal court. The FTC is seeking $1.1 million from Garvey. That's the amount he allegedly made endorsing the Enforma weight-loss system in infomercials.

Grove Gridloch?: The Grove, a $115 million open-air shopping center anchored with a Nordstrom store and located next to Farmers Market, opens on Friday (15th). As reported last week, there are concerns of major congestion because funding problems have delayed an upgraded traffic light system.

Earnings News: Almost at the end of earnings season. This week's locally based companies to report include Worldwide Restaurant Concepts, which operates the Sizzler chain, and Korn/Ferry International, the executive search firm.

Feeling Green: The City of Los Angeles is getting a jump on the Irish by putting on the city's Third Annual St. Patrick's Day Parade two days early. Featuring the city's police and fire departments, St. Patty's Day festivities kick off Friday, March 15 at 10 a.m. at the corner of 5th and Flower streets, with the parade route running six blocks through downtown and finishing at Pershing Square.