Fox Networks Group streamlines global business affairs for Fox Sports

Fox Networks Group is expanding the portfolio of Claudia Teran, promoting the veteran business affairs exec to general counsel of Fox Sports.

The move expands Teran's turf to include all global business and legal affairs for Fox Sports, giving her oversight of the legal and biz affairs teams tasked with cutting sports rights and affiliate pacts for various Fox entities around the world. Teran previously supervised all international sports deals for Fox Sports in her role as exec vp and deputy general counsel for Fox Networks Group.

Teran has served as the No. 2 exec to FNG exec VP and general counsel Rita Tuzon since 2011. Tuzon is one of the most influential behind-the-scenes execs in driving Fox's global TV strategy with 21st Century Fox COO Chase Carey and FNG boss Peter Rice.

"Claudia has demonstrated an extraordinary ability to ensure that both the company and our team, league, association, and conference partners benefit fully from our efforts," Tuzon said. "In a new and expanding multi-platform world she and her tremendous team will play an even more vital role as we expand our ability to bring the most exciting live sports coverage to every corner of the globe."

Teran's promotion fills the void left at Fox Sports by the departure of Karen Brodkin, who was named prexy of business affairs for IMG last month.

Before joining Fox in 2000, Teran was a transactional attorney at Sidley & Austin.

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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US markets fluctuate in early trading; Yum rises

NEW YORK — Stocks are moving between gains and losses in early trading as traders digest the latest corporate earnings news.

The Dow Jones industrial average rose 20 points, or 0.1 percent, to 16,738 as of 9:36 a.m. Eastern time Wednesday. The Dow plunged 272 points the day before.

The Standard and Poor's 500 rose three points, or 0.2 percent, to 1,938. The Nasdaq composite was flat at 4,394.

Yum Brands rose 2 percent in early trading after the owner of KFC and Pizza Hut earned slightly more in the latest quarter than analysts expected.

Monsanto fell half a percent after reporting results that missed analysts' estimates.

Later Wednesday the Federal Reserve releases minutes from its latest policy meeting last month.

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College athletes file class action lawsuit against ESPN, broadcast networks

A group of 10 college athletes filed a class action suit against ESPN, major broadcasters, athletic conferences, WME Entertainment and IMG Worldwide, claiming that they have reaped profits from the use of the players' names and likenesses without their permission.

The lawsuit, filed last week in federal court in Nashville, claims that the defendants have "conspired with each other and the NCAA to promulgate, enforce, adopt, implement and/or enforce rules that are inherently anticompetitive" in forbidding the athletes from "competing in the marketplace for the value of their rights of publicity."

The athletes, which include players Javon Marshall, Eric Samuels and Steven Clarke from Vanderbilt University, Sean Parker of the University of Washington, Patrick Miller of Tennessee State University, Rod Wilks, Byron Moore, Chaz Moore and Marlon Walls of the University of Tennessee and Chris Conner of the University of Maryland, claim that a release form they are forced to sign as a condition of playing football or basketball is unenforceable. They contend that the defendants have violated antitrust and trademark laws.

Among the defendants named, in addition to ESPN, are CBS, ABC, NBC and Fox. WME and IMG were named along with a series of other licensing agents.

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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Do-it-yourself flu vaccine? Study shows it works

Do-it-yourself flu vaccine? It could happen. Military folks who squirted vaccine up their noses were as well-protected as others who got it from health workers, a study found.

There's no reason civilians couldn't do the same, especially for children who might be less scared if vaccine was given by mom or dad, the study leader said.

"A parent could easily administer it. You can't go wrong," and having a DIY option might improve vaccination rates, said Eugene Millar of the Uniformed Services University of the Health Sciences in Rockville, Maryland.

So far, only health professionals are allowed to give MedImmune's FluMist, the only flu vaccine sold as a nasal spray. The government says it's the preferred method for healthy kids ages 2 to 8 if it's available; it's approved for ages 2 through 49.

In an epidemic or rapid deployment, there might not be enough health workers to give vaccine quickly enough to protect troops in crowded barracks, so Millar's study tested DIY as a practical solution.

During the last two flu seasons, more than 1,000 service members and their families at military hospitals in San Diego and San Antonio either got FluMist from health workers or gave it to themselves, individually or in a group session. Blood tests later showed no difference in immune responses among the groups.

The vaccine comes in pre-filled syringes with a stopper that automatically divides the dose in half, for each nostril.

"It's easy," and participants preferred the DIY method, Millar said.

That doesn't mean it's ready for broader use, said Dr. Jonathan Temte, a University of Wisconsin family medicine specialist who heads a panel that advises the Centers for Disease Control and Prevention on vaccine policy.

"It's a very interesting concept and I can definitely see some benefits" for overcoming vaccine hesitation, Temte said. "Before anyone could endorse this in children, one would have to have an appropriately designed study that shows equal efficacy, equal safety, and then the acceptability."

There are other good reasons to keep health workers involved where kids are concerned, he said. A yearly flu vaccination is recommended for nearly everyone over 6 months old, but children 6 months to 8 years of age getting their very first flu vaccine need two doses at least four weeks apart. Health workers also need to ensure the vaccine gets in, and that parents would not squirt it into a nose full of discharge, he said.

The study was sponsored by the U.S. Military Vaccine Agency. Results are to be presented later this week at a meeting of the Infectious Diseases Society of America and several other groups in Philadelphia.

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Online:

Vaccine info: http://www.cdc.gov/flu/about/qa/nasalspray.htm

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Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

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UK cleared to heavily subsidize $39B nuclear plant

BRUSSELS — The European Union has approved Britain's bid to heavily subsidize a new nuclear power plant, overriding opposition from environmentalists and questions over the project's 24.5 billion pound ($39 billion) price tag.

The EU's executive Commission said Wednesday it found the subsidies for construction and operation of the Hinkley Point plant won't distort fair competition.

Britain will guarantee all the loans for the project's construction and grant plant operators a fixed above-market electricity price — roughly double the current wholesale price — for 35 years to ensure their investment will break even.

To gain EU approval, Britain agreed to change some terms, including raising the price for the loan guarantees, which should save British taxpayers 1 billion pounds, the Commission said.

The project is to be carried out by France's EDF energy and a group of Chinese investors who estimate the construction costs to be 16 billion pounds. However, the EU Commission says it will cost 24.5 billion pounds plus another 10 billion pounds for operational costs such as waste management.

When asked about the price difference, EU Competition Commissioner Joaquin Almunia told reporters his service has worked with these numbers in its exchanges with British authorities for a year, and he had no explanation for the lower figures. Queries to EDF remained unanswered.

The few nuclear power plants built in the West over the past decades were all plagued by significant cost overruns. Analysts say building new nuclear power plants isn't economically viable without state subsidies.

The EU decision was controversial as the 28-nation bloc seeks to switch its electricity supply to renewable sources like wind and solar energy. But securing approval for the two Hinkley Point reactors was a top priority for the British government as older plants will go offline in coming years. British Treasury chief George Osborne hailed the EU decision as "excellent news."

Environmental groups were furious.

"This is a world record sell-out to the nuclear industry at the expense of taxpayers and the environment," said Andrea Carta, a legal adviser for Greenpeace EU. "There is absolutely no legal, moral or environmental justification in turning taxes into guaranteed profits for a nuclear power company whose only legacy will be a pile of radioactive waste," she added.

Several EU countries, including Germany and Austria, are also hostile to new nuclear power projects as they bet on renewables. The Austrian government has floated the idea of suing the Commission at a European court to overthrow the approval of the Hinkley Point subsidy.

The Commission said its decision didn't involve a judgment on the merits of nuclear power, only the legality of this particular subsidy.

"This will not create any precedents," said EU Competition Commissioner Joaquin Almunia.

The two nuclear reactors, planned to start working in 2023 for 60 years, would have a production capacity equivalent to 7 percent of Britain's electricity generation. The government contract guarantees operators an electricity price of 92.5 pounds per megawatt hour, or about twice the current wholesale price. The guaranteed price will be raised annually in line with inflation.

The reactors will use the so-called EPR technology, which has yet to go online anywhere in the world. There are only three similar projects currently under construction, in France, Finland and China. Finland's Olkiluoto 3 power plant is already nine years behind schedule and faces billions of dollars in cost overruns.

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Matti Huuhtanen in Helsinki and Greg Katz in London contributed to this report.

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Follow Juergen Baetz on Twitter at http://www.twitter.com/jbaetz

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Report: Federal budget deficit falls to $486B

WASHINGTON — A new report says the federal government's budget deficit has fallen to $486 billion, the smallest pool of red ink of President Barack Obama's six-year span in office,

The Congressional Budget Office estimate shows better results than earlier projections by both CBO and the White House budget Office.

It comes as Washington's warriors have mostly paused in their wrangling over the deficit in the run-up to the mid-term elections next month.

Obama inherited a trillion-dollar-plus deficit after the 2008 financial crisis but the deficit has fallen in recent years as the economy has recovered.

Still, budget hawks warn that the retirement of the Baby Boom generation will balloon deficits in coming years unless Washington can bridge its divides and curb the growth of expensive programs like Medicare.

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Court hears dispute over pay for security checks

WASHINGTON — Several Supreme Court justices seem disinclined to find that employers must pay workers for time spent waiting to go through anti-theft security checks at the end of their shifts.

The justices voiced these doubts during oral arguments in a case that tests whether existing federal labor laws entitle workers to compensation for such routine security measures.

The case involves two former warehouse workers who filled orders for customers of Internet retailer Amazon.com. They say they had to wait up to 25 minutes in security lines at the end of every shift.

A federal appeals court ruled last year that the workers deserved to be paid because waiting for security checks had become a part of the job.

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Monsanto posts larger-than-expected 4Q loss

ST. LOUIS — Agriculture business giant Monsanto Co. reported a wider-than-expected loss Wednesday for its fourth quarter on higher expenses, including a one-time legal settlement.

The company's earnings forecast for 2015 also fell short of analysts' expectations as Monsanto said it expects "continued industry headwinds."

Monsanto has dominated the bioengineered-seed business for years and recently began developing products specifically for emerging markets like Argentina, Brazil and parts of Asia. The company is also making investments in computerized tools for the agricultural sector.

For the quarter ended Aug. 31, Monsanto reported a loss of $156 million, or 31 cents per share, compared with a loss of $249 million, or 47 cents per share, in the same period last year.

The loss came despite higher sales of the company's two key business units, genetically-engineered seeds and herbicide.

The company's results included a one-time payment to settle an environmental legal case. Without that payment the company would have lost 27 cents per share.

That was still below the average estimate of analysts surveyed by Zacks Investment Research, which predicted a loss of 24 cents per share.

Quarterly revenue increased more than 19 percent to $2.63 billion in the period, beating Wall Street forecasts. Analysts expected $2.42 billion, according to Zacks.

In the last quarter sales of biotech seeds increased 16 percent to $1.38 billion. Sales of the company's herbicide and agricultural products grew 23 percent to $1.25 billion.

For full-year 2015 the company is looking for earnings in the range of $5.75 to $6. Executives cautioned that its first quarter 2015 earnings would likely be half the level of its first quarter 2014 results, due to reduced seed planting in key markets and other seasonal factors. Analysts surveyed by FactSet expected earnings of $6.02 for fiscal 2015.

Monsanto shares edged up 26 cents to $108 in late morning trading Wednesday. Its shares have declined 7 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5 percent.

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Mandalay Sports Media invests in Boston-based toy company OYO Sports

OYO Sports announced an $11 million equity financing deal Tuesday, headed by Mandalay Sports Media, with Atlas Venture and Boston Seed Capital also participating.

Boston-based OYO is a "fan engagement" company that produces buildable mini-replicas of athletes from major professional sports leagues including the MLB, NFL, NHL and MLS, as well as some universities.

Mandalay's investment makes the Mandalay Entertainment Group subsidiary the largest shareholder of OYO. MSM CEO Rich Battista will join the company's board of directors along with MSM board member and investor Jeff Patterson of Columbia Capital.

"MSM has been extremely impressed by the rapid growth company Tom [Skripps] and his staff have built at OYO Sports," said Rich Battista, CEO of MSM. "As OYO continues to build out its global fan engagement platform, we believe the company has limitless potential as a sports consumer lifestyle brand for the youth, fan and collector markets."

OYO mini-figures are available at over 15,000 points of retail in the U.S., and are available online at http://www.oyosports.com.

The figures, inspired by founder and CEO Tom Skripps' idea for a toy that kids could play baseball with, are comprised of a painted-on face with two eyes, a nose and a smile, rotating forearms, bendable knees and appropriate sports equipment for each athlete. The investment will allow OYO to enhance its manufacturing and develop its e-commerce platform.

"We have spent the last three years focusing on making a meaningful product that allows fans of all ages to be closer to the players and teams they love," said Skripps. "We are thrilled now to partner with MSM as their strategic investment will provide the capital and expertise to insure our continued ambitious growth."

In anticipation of Derek Jeter's retirement at the end of the 2014 MLB season, OYO produced a video of ten highlight's from Jeter's career as played out by the company's mini-figures, which gives prospective customers a look at how the toys work as well as an adorable tribute to the Yankee legend.

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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Russia looks to compensate its sanctioned elite

MOSCOW — Russia's parliament gave preliminary approval Wednesday to a bill that would grant compensation to individuals hit by Western sanctions, a move that the usually compliant opposition criticized as a Kremlin attempt to buy the loyalty of the elite.

The bill, which also allows Moscow to seize the assets in Russia of foreign individuals encouraging the sanctions, proved particularly divisive and passed by a small margin of 233 votes to 202.

The law was first proposed in April, but later withdrawn amid a torrent of criticism. The government's dramatic about-face and the bill's re-introduction to parliament in September came just one day after Italian authorities seized approximately $40 million-worth of property owned by Russian businessman and longtime Putin ally, Arkady Rotenberg.

As the Ukrainian crisis escalated this year, the Russian elite has rallied around Putin as he annexed the Black Sea region of Crimea and remained defiant in the face of Western criticism and sanctions.

But as the sanctions start to bite, it has become clear that such loyalty will come at a price. Compensation out of a shrinking state budget for sanction-hit companies — which are now almost completely cut off from Western debt markets — could become a rallying cry for opponents who see it as favoring Putin's rich friends and have already dubbed Wednesday's bill the "Rotenberg Law."

Rotenberg, a childhood friend of Putin's and judo sparring partner, was placed on a European Union blacklist in July as part of broader sanctions. On Sept. 23, the Italian authorities said they were seizing property controlled by Rotenberg, including a luxury hotel in Rome and two villas in Sardinia.

The bill must be voted on two more times and can be amended before its final approval. Besides the compensation, it would allow Russia to seize property of any foreign citizens who instigate property seizures against Russian individuals abroad. In the absence of such property, Russia may seize state property of that country, even if protected by diplomatic immunity.

The bill attracted an unusual amount of criticism from the opposition.

"It turns out that the property rights of certain individuals, particularly those who are close (to power), are exceptionally more important than the property rights of millions," communist legislator Nikolai Kolomeitsev said during a speech.

Earlier, Economic Development Minister Alexei Ulyukayev said the law was counterproductive because it would help encourage Russians to pull their money out of the country by insuring their property abroad.

If passed, the law could expose the Russian government to a flood of requests at a time when several companies hit by sanctions are already asking the government for financial support.

Last month, Finance Minister Anton Siluanov told Russian news outlets that the government was prepared to spend up to 60 percent of the country's $85 billion national wealth fund this year to help the economy amid the sanctions. While much of the money was already earmarked for infrastructure projects, Siluanov said some of it would be used to help buoy sanctions-hit state companies, in particular the energy giants Rosneft and Novatek. The government has also said some companies might get a cut of the 309 billion rubles ($7.8 billion) accrued from redirecting public pension savings.

While experts agree that many of the Russian companies hit by sanctions have enough liquidity to pay off short-term debts, most say that if the sanctions remain in place for months they will inflict longer-term pain on the Russian economy, where growth predictions have shrunk dramatically and budget spending is already being trimmed back.

For Putin, juggling the loyalty of his inner circle with promises for economic growth could prove a major challenge in the coming months.

"The loyalty of the elite is extremely important for the leader of a fortress under siege," read a recent editorial in the respected Russian business daily Vedomosti. "With this law the problem is solved: the national leader will buy the elite with the help of the budget."

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