MEDIA AND ENTERTAINMENT

Time-Life Unit Defaults, Report Says: Time-Life Inc., the marketer of Time-Life Books and videos, has defaulted on its mortgage and is facing foreclosure on its Alexandria, Va., headquarters, the Washington Post reported. The property is jointly owned by Time-Life Inc., its main tenant, and Arpad Domyan, president of Los Angeles-based Atlantic Pacific Construction, the paper reported. Lawyers familiar with the case said the foreclosure was set for Friday, the Post said. Domyan blamed the situation on his inability to refinance the five-year mortgages on the building when they came due last summer. About 450 Time-Life employees work in the building, the newspaper said. The Post added that the foreclosure action does not reflect any financial trouble at Time-Life. Time-Life is a division of Time Warner Inc., the world’s largest media and entertainment conglomerate.