White House says a fiscal cliff deal has been reached

A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff.

By Lisa Mascaro, Kathleen Hennessey and Michael A. Memoli

9:04 p.m. CST, December 31, 2012

WASHINGTON – The White House said a deal had been reached to avert the “fiscal cliff” and dispatched Vice President Joe Biden to Capitol Hill late Monday, an indication lawmakers were heading toward a possible late-night vote on the proposal to avert sweeping tax hikes and spending cuts.
 
The major outstanding issue – how to handle the automatic spending cuts that are due to begin on Wednesday – was resolved as the White House and Republicans agreed to a two-month delay, as well as a mix of additional revenues and spending cuts intended to offset the lost savings.
 
The agreement would give Congress time to try to find a permanent deficit reduction solution.
 
Biden, walking through the Capitol to meet with Democratic senators behind closed doors, declined to answer questions shouted by reporters, but, smiling broadly, he repeatedly said, "Happy New Year.”

QUIZ: How much do you know about the fiscal cliff?
 
The rare New Year’s Eve session of Congress has proceeded in fits and starts after the contours of a deal were first disclosed earlier in the day. Both parties found little to like in the deal, even though it would prevent a tax hike on most Americans.
 
Democrats have been particularly resistant to the agreement Biden made with Republicans to raise taxes on only the wealthiest households – those earning more than $450,000 a year.
 
President Obama urged Congress to reach a compromise, but as evening fell, prospects for meeting the midnight deadline began to slip. The current lower tax rates were due to expire on New Year’s eve. a missed deadline became more likely as the GOP-led House, under Speaker John A. Boehner (R-Ohio), indicated it would probably push votes on any deal off until Tuesday.
 
Republicans had appeared upbeat as the deal came into focus, even as conservatives fought party leaders over the prospect of raising taxes for the first time in a generation. Democrats, particularly from the liberal wing, did not embrace the White House approach, wanting to stick with Obama’s reelection promise to ask those earning more than $250,000 to pay more.
 
If the Senate votes late Monday, the House could return to session. Or Boehner could push the vote to New Year’s Day which, in a political twist that had been discussed for months, is advantageous for the GOP. It would allow the tax rates to rise for a few hours as lawmakers returned to vote not on tax hikes, but rather tax breaks, for most Americans.
 
Going off the cliff for the short time is not expected to severely impact the economy as experts had feared.

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lisa.mascaro@latimes.com

Twitter: @LisaMascaroinDC

michael.memoli@Latimes.com

Twitter: @MikeMemoli

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Movers roundup: Facebook, Best Buy

Among the stock activity stories for Monday, Dec. 31, from AP Business News:

— Shares of Facebook Inc. rose after an analyst said advertising spending was picking up on the Internet social network and raised his rating on its stock.

— Shares of Best Buy Co. rose on light volume as the struggling electronics retailer closed out a rocky year.

— Shares of Duff & Phelps Corp. rose on news that the company had agreed to be acquired.

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Is Tom Cruise still a go-to action hero? Hollywood, “Jack Reacher” say yes

LOS ANGELES (TheWrap.com) – Given his age and the tough year he’s had in the tabloids, is Tom Cruise still a go-to guy when Hollywood is looking for an action hero?

The answer is yes, based on the performance of his current movie, Paramount‘s “Jack Reacher.” It’s taken in $ 45 million in the 10 days since opening with $ 15.6 million in a very crowded and competitive holiday market. Its second week was a solid $ 14 million, and it’s added $ 22 million from overseas.

Holiday movies tend to have legs and “Reacher” has yet to roll out in the majority of major foreign territories, so both of those numbers, particularly the international, will be growing. All signs point to it surpassing $ 200 million at the worldwide box office. That’s not a blockbuster figure, and Paramount is staying mum on a sequel, but with a $ 60 million budget, “Jack Reacher” will make money for Paramount.

There were questions coming in. With his divorce from Katie Holmes and subsequent custody battle, Cruise is carrying plenty of public relations baggage. His foray earlier this year into musicals with “Rock of Ages” was critically applauded but proved a box-office dud. That’s on top of his well-known support for Scientology.

He’s 50 now, which might be the new 40 in the real world, but is starting to get on in years in the realm of action heroes. Daniel Craig is 44. Jeremy Renner is 41. We are a long way from “Top Gun” – that was 1986 – so it probably won’t be too, too long until “The Expendables” franchise comes calling for Cruise.

But in the meantime, “Reacher” is going to be profitable for Paramount and Cruise’s portrayal of the tough, ex-military drifter has drawn critical kudos, so there’s a bit of momentum now. And it’s clear from his upcoming schedule that Hollywood is still convinced he can carry an action film.

Next for Cruise will be two sci-fi movies: Universal’s “Oblivion” is due in April and “All You Need is Kill” is set for March 2014 from Warner Bros. After that, there’s a potential “Van Helsing” remake at Universal and “Mission: Impossible 5″ is on Paramount‘s 2015 slate.

His recent track record at the box office, particularly when you look at his performance in the action genre, suggests the studios are making a pretty good bet.

“Rock of Ages” may have crumpled, but “Mission: Impossible – Ghost Protocol” was a huge hit for Paramount, taking in nearly $ 700 million worldwide in 2011. “Knight & Day,” from Fox in 2010, and “Valkyrie,” from United Artists in 2008, both made over $ 200 million worldwide.

Supporting roles in “Tropic Thunder” and “Lions for Lambs” preceded those, but those came on the heels of two Paramount movies: “Mission Impossible 3,” which made nearly $ 400 million worldwide in 2006, and “War of the Worlds,” which did $ 592 million in the previous year.

The bottom line: Hollywood is still convinced you can still take Tom Cruise, movie action hero, to the bank.

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Letters: Recovery After Trauma

To the Editor:

Re “A New Focus on the ‘Post’ in Post-Traumatic Stress” (Mind, Dec. 25): Social contexts are well-established predictors of adjustment following trauma. Sexual abuse survivors who are believed and supported following an abuse disclosure fare better than those who are not, and returning veterans’ social support predicts P.T.S.D. over and above the extent of military trauma exposure. Interpersonal traumas cause greater psychological scars than do noninterpersonal traumas like accidents or disasters, with the worst outcomes linked to trauma perpetrated by someone to whom the victim was close.

Rachel Goldsmith

New York

The writer is a clinical psychologist.

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Tough decisions await new Tribune Co. board

When the new seven-member Tribune Co. board officially convenes for the first time in the next few weeks, the group of media and entertainment executives will name the company's executive officers. Then comes the bigger job of assessing a diverse portfolio of broadcasting and publishing assets, with an eye toward maximizing the value of the Chicago-based media company.

Whether that means buying, selling or keeping the company intact is a story that will begin to unfold in 2013. But insiders say the new owners — senior creditors Oaktree Capital Management; Angelo, Gordon & Co.; and JPMorgan Chase & Co. — won't be in a rush to make those decisions after a contentious four-year journey through Chapter 11 bankruptcy left the reorganized company in strong financial shape.

"We're really looking forward to the opportunities and the possibilities with this asset base, with over $11 billion in debt removed from the balance sheet," said Ken Liang, a managing director at Oaktree and a member of the new board.

Tribune Co. plunged into bankruptcy in December 2008, saddled with $13 billion in debt from real estate investor Sam Zell's heavily leveraged buyout one year earlier. It emerged from bankruptcy Monday, relatively debt-free and generating cash.

The company owns 23 television stations, including WGN-Ch. 9; national cable channel WGN America; eight daily newspapers, including the Chicago Tribune; and other media assets, all of which the reorganization plan valued at $4.5 billion after cash distributions and new financing.

Tribune Co.'s biggest challenge has been declining revenue and cash flow as the advertisers that sustained it through the years defected to digital media alternatives. But 2012 was a slight improvement, likely boosted in part by election year ad spending in the company's broadcasting unit.

Data released Monday by the company showed that after several years of revenue declines, including a 3 percent drop to $3.1 billion in 2011, sales for the first three quarters of 2012 were flat at $2.3 billion compared with the same period a year earlier. Cash flow was even better: After dropping 12 percent in 2011 to about $370 million, cash flow increased 17 percent during the first three quarters of 2012, to $240 million.

Los Angeles-based investment firm Oaktree is the largest equity owner, with 23 percent of the company. All of Oaktree's distressed-debt holdings have a 10-year investment window, though the average is three or four years, executives said. That time frame usually includes an operating phase, which is where Tribune Co. now stands.

Some experts expect that phase to be relatively brief.

"I think they are temporary owners," said Marshall Sonenshine, chairman of New York banking firm Sonenshine Partners and a professor at Columbia University Business School. "They're not really there to be long-term shareholders of media assets."

While eventually selling the assets is part of Oaktree's distressed-debt investment strategy, it doesn't preclude a longer run, including strengthening the company through strategic acquisitions, Liang said. And with Tribune Co.'s balance sheet cleaned up, the timing of any asset sales will be at their discretion.

The new board also includes Tribune Co. CEO Eddy Hartenstein; Ross Levinsohn, who recently left as interim chief executive of Yahoo Inc.; Craig Jacobson, an entertainment lawyer; Peter Murphy, a former strategy executive at Walt Disney Co. and Caesars Entertainment; Bruce Karsh, Oaktree's president; and Peter Liguori, a former top television executive at Fox and Discovery, who is expected to be named CEO of Tribune Co.

The makeup of the board and the expected choice of Liguori as CEO suggests that broadcasting will be the operational focus for Tribune Co., according to insiders and media analysts. Priorities are expected to include developing WGN America, which lags cable networks such as FX and TBS in revenue, ratings and cash flow, analysts said.

"It's clear that, in a sense, we have a new Tribune media company, and it's going in a direction that many people thought it would be going," said media analyst Ken Doctor. "It makes the company entertainment leaning versus news leaning."

Meanwhile, in the face of digital competition and sagging industry revenue, Tribune Co.'s newspaper holdings have declined to $623 million in total value, according to financial adviser Lazard. While some analysts expect the newspapers to be bundled and delivered to an assortment of potential new owners — everyone from Rupert Murdoch to Warren Buffett has expressed interest in acquiring one or more of the nameplates — they are still profitable and may remain in the Tribune Co. fold for some time, according to insiders.

Tribune reporters Michael Oneal and Becky Yerak contributed.

rchannick@tribune.com

Twitter @RobertChannick

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Change could be coming after Bears miss playoffs

DETROIT — The Bears could spend between now and wild-card weekend counting the reasons they will be sitting at home with 10 wins.

A defensive meltdown in Week 13 against the Seahawks and a brutal loss at Minnesota the following week are good places to start. Their time will be better spent, however, compiling ways they can improve in 2013 after a second-half collapse could not be saved by road wins over the lowly Cardinals and Lions at the end of a season that began with great promise.

The Bears held on for a 26-24 victory over the Lions on Sunday at Ford Field, but their playoff dreams were dashed a little more than three hours later as the Vikings upset the Packers 37-34 on Blair Walsh's 29-yard field goal as time expired.

The Bears join the 1996 Redskins as the only teams since the playoffs were expanded to 12 teams to miss the playoffs after a 7-1 start. An easy first-half schedule turned challenging, an opportunistic defense stopped scoring touchdowns and the offense again failed to blossom in the fourth season for quarterback Jay Cutler, who will enter the final year of his contract with scarce reasons for the franchise to guarantee him tens of millions of dollars.

Under first-year offensive coordinator Mike Tice, wide receiver Brandon Marshall rewrote the team record books, but far too often there was no semblance of balance, and an offensive line general manager Phil Emery did little to augment played a lot like the one he inherited. Whether the failures were due more to personnel, scheme or play calling, ultimately it's the offense of head coach Lovie Smith, who failed to guide his team to the postseason for the fifth time in six years.

Questions will persist about the future of Smith, who has an 81-63 regular-season record in nine seasons, until Emery announces his plan. It will be interesting to see what role Chairman George McCaskey takes; most believe it was his call to fire GM Jerry Angelo a year ago.

Smith is signed through next season, and Emery has been conspicuously silent this season, although he said on the WBBM-AM 780 pregame show Sunday that Smith "has done an outstanding job coaching the Bears."

"It is the full season and the whole body of work," Emery said of how he will judge Smith.

Bringing back Smith as a lame duck could be a disastrous distraction but would not be unprecedented. President Ted Phillips required Emery to keep Smith for this season, and Phillips lauded Smith for his "consistency" in explaining the decision.

Smith generally has avoided long losing streaks, but the Bears lost five of six before the final two wins. They also consistently have missed the playoffs since the 2006 Super Bowl season, and if Emery makes the unusual move of firing a coach coming off a 10-win season, it will condemn the organization's failure to clean house a year ago.

Middle linebacker Brian Urlacher, the face of the franchise for 13 seasons, has an expiring contract, and his future could be tied to Smith's. Pro Bowl defensive tackle Henry Melton might be headed to free agency. The aging defense was solid for most of the season but needs more young firepower at a time when the offense must be upgraded.

The offense showed some life Sunday, even if it couldn't put the Lions away as four trips to the red zone resulted in only one touchdown — a 1-yard run by Matt Forte, who had a season-high 24 carries for 103 yards.

Cutler, who said during the week he didn't know how the offense would get more receivers involved besides Marshall, completed five passes for 109 yards to Earl Bennett, including a 60-yard touchdown that featured nice blocking by Marshall. Alshon Jeffery had four receptions for 76 yards, while Marshall was targeted 14 times but made just five catches for 42 yards.

The Lions clawed back with three 80-yard scoring drives, but the defense got a stop when it needed one as cornerback Tim Jennings deflected a pass for Kris Durham with less than four minutes to play before Forte helped run out the clock.

Asked how he would view a 10-win season with no playoffs, Forte said, "We'll have to look forward to next year."

First, we'll see what change a new year brings.

bmbiggs@tribune.com

Twitter @BradBiggs

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Kobe Bryant Finally Joins Twitter — Kind Of

Long among the sports world’s biggest Twitter holdouts, Kobe Bryant has finally joined the social network. But he hasn’t opened an account, and won’t be around for long.

Social savvy fans are being blessed with his presence thanks to Nike Basketball, which has turned over its account to Bryant since Tuesday.

[More from Mashable: Avery Johnson’s Teenage Son Unloads on Twitter After NBA Firing]

Nike Basketball, which sponsors Bryant and produces his official sneaker, announced the Kobe takeover in a Christmas Day tweet. The account’s name is now “Kobe Bryant” although its handle remains @nikebasketball. Kobe has spent the past few days tweeting about a variety of subjects using a series of hashtags that play off the theme #counton-fill-in-the-blank.

He’s tweeted about the Lakers progress as a team:

[More from Mashable: FanDuel Is Fantasy Sports With a Twist]

He’s tweeted behind-the-scenes snippets of training and treatment:

And he’s tweeted a totally normal, typical, everyday holiday family portrait:

Bryant actually joined Twitter for realsies back in 2011, but then deleted the account after racking up more than 35,000 followers in a just a few hours. He’s one of the NBA’s few stars without a Twitter presence. Nearly 90% of the league’s players are on the social network, according to Twitter.

But Bryant did become much more active on Facebook this summer, especially while traveling with the United States’ Olympic basketball team. He has nearly 15 million fans there, and reportedly writes his status updates and messages himself, with editing and actual posting done by support staff. In November he asked Facebook fans whether to join Instagram or Twitter next, and on Monday hinted in a status update that he may soon open an Instagram account.

What athletes would you most like to see get more active on social media? Let us know in the comments.

BONUS: 30 Must-Follow Twitter Accounts This NBA SEASON

1. @NBA

The NBA is arguably the world’s most engaging sports league on social media. Follow its official Twitter account for news, highlights and promotions.

Click here to view this gallery.

Thumbnail image courtesy Flickr, Keith Allison

This story originally published on Mashable here.

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UK “X Factor” winner regains top chart spot

LONDON (Reuters) – James Arthur, winner of this year’s British version of the “X Factor” TV talent show, saw his debut single climb back to number one in the British pop charts on Sunday.

Arthur’s “Impossible” shot straight to the top earlier this month but was overtaken last week by a tribute song to the victims of the 1989 Hillsborough football stadium disaster, “He Ain’t Heavy, He’s My Brother”, a version of the ballad that was a worldwide hit for The Hollies.

That song has now slipped to fifth position, according to the Official Charts Company listings.

“Scream and Shout” by will.i.am, featuring Britney Spears, stayed at two while Psy’s monster video hit “Gangnam Style” was up three places to third.

In the album charts, British singer Emeli Sande stayed top with “Our Version Of Events”, with Olly Murs‘ “Right Place, Right Time” unchanged at two.

Rihanna was up three places to third with “Unapologetic”.

(Reporting by Stephen Addison; Editing by Alison Williams)

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Chinese Firm Is Cleared to Buy American DNA Sequencing Company

Ramin Rahimian for The New York Times

DNA sequencing machines at Complete Genomics in California. The firm dismissed concerns about its acquisition.

The federal government has given national security clearance to the controversial purchase of an American DNA sequencing company by a Chinese firm.

The Chinese firm, BGI-Shenzhen, said in a statement this weekend that its acquisition of Complete Genomics, based in Mountain View, Calif., had been cleared by the federal Committee on Foreign Investment in the United States, which reviews the national security implications of foreign takeovers of American companies. The deal still requires antitrust clearance by the Federal Trade Commission.

Some scientists, politicians and industry executives had said the takeover represented a threat to American competitiveness in DNA sequencing, a technology that is becoming crucial for the development of drugs, diagnostics and improved crops.

The fact that the $117.6 million deal was controversial at all reflects a change in the genomics community.

A decade ago, the Human Genome Project, in which scientists from many nations helped unravel the genetic blueprint of mankind, was celebrated for its spirit of international cooperation. One of the participants in the project was BGI, which was then known as the Beijing Genomics Institute.

But with DNA sequencing now becoming a big business and linchpin of the biotechnology industry, international rivalries and nationalism are starting to move front and center in any acquisition.

Much of the alarm about the deal has been raised by Illumina, a San Diego company that is the market leader in sequencing machines. It has potentially the most to lose from the deal because BGI might buy fewer Illumina products and even become a competitor. Weeks after the BGI deal was announced, Illumina made its own belated bid for Complete Genomics, offering 15 cents a share more than BGI’s bid of $3.15. But Complete Genomics rebuffed Illumina, saying such a merger would never clear antitrust review.

Illumina also hired a Washington lobbyist, the Glover Park Group, to stir up opposition to the deal in Congress. Representative Frank R. Wolf, Republican of Virginia, was the only member of Congress known to have publicly expressed concern.

BGI and Complete Genomics point out that Illumina has long sold its sequencing machines — including a record-setting order of 128 high-end machines — to BGI without raising any security concerns. Sequencing machines have not been subject to export controls like aerospace equipment, lasers, sensors and other gear that can have clear military uses.

“Illumina has never previously considered its business with BGI as ‘sensitive’ in the least,” Ye Yin, the chief operating officer of BGI, said in a November letter to Complete Genomics that was made public in a regulatory filing. In the letter, Illumina was accused of “obvious hypocrisy.”

BGI and Complete said that Illumina was trying to derail the agreement and acquire Complete Genomics itself in order to “eliminate its closest competitor, Complete.”

BGI is already one of the most prolific DNA sequencers in the world, but it buys the sequencing machines it uses from others, mainly Illumina.

Illumina, joined by some American scientists, said it worried that if BGI gained access to Complete’s sequencing technology, the Chinese company might use low prices to undercut the American sequencing companies that now dominate the industry.

Some also said that with Complete Genomics providing an American base, BGI would have access to more DNA samples from Americans, helping it compile a huge database of genetic information that could be used to develop drugs and diagnostic tests. Some also worried about protection of the privacy of genetic information.

“What’s to stop them from mining genomic data of American samples to some unknown nefarious end?” Elaine R. Mardis, co-director of the genome sequencing center at Washington University in St. Louis, said in an e-mail.

Dr. Mardis could not specify what kind of nefarious end she imagined. But opponents of the deal cited a November article in The Atlantic saying that in the future, pathogens could be genetically engineered to attack particular individuals, including the president, based on their DNA sequences.

BGI and Complete Genomics dismissed such concerns as preposterous.

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Tribune Co. to emerge from bankruptcy Monday

The last day of 2012 is the first of a new era for Tribune Co.

After spending more than four years embroiled in a contentious Chapter 11 bankruptcy case, the reorganized Chicago-based media company will emerge Monday under new owners and a newly appointed board, freed from its massive debt and facing an uncertain future.

Senior creditors Oaktree Capital Management, Angelo, Gordon & Co. and JPMorgan Chase & Co. are set to take control of Tribune Co.’s storied portfolio of publishing and broadcasting assets, including the Chicago Tribune, officials said.

It was an almost anticlimactic end to a long and painful chapter in Tribune Co.’s 165-year history. Late Sunday, the new Tribune Co. named its board of directors, filed notification with the Delaware bankruptcy court where the bulk of legal wrangling took place and declared its existence.

“It took a long time to get here,” said Ken Liang, a managing director at Oaktree and a new member of the board. “It was a tough restructuring. We’re pretty excited about the exit.”

The new board also will include Tribune Co. CEO Eddy Hartenstein; Ross Levinsohn, who recently left as interim chief executive of Yahoo Inc.; Craig Jacobson, a well-known entertainment lawyer; Peter Murphy, a former strategy executive at Walt Disney Co. and Ceasars Entertainment; Bruce Karsh, Oaktree president; and Peter Liguori, a former top television executive at Fox and Discovery.

Liguori is expected to be named chief executive of Tribune Co. going forward.

Hartenstein, who is publisher of the Los Angeles Times, has been CEO of Tribune Co. since May 2011. He will remain in the role until the board convenes its first meeting in the next several weeks, where it will name the company’s executive officers, according to a company statement.

“Tribune will emerge from the bankruptcy process as a multi-media company with a great mix of profitable assets, strong brands in major markets and a much-improved capital structure,” Hartenstein said in the statement.

Tribune Co. owns 23 television stations, including WGN-Ch. 9, WGN America, eight daily newspapers and other media assets, all of which the reorganization plan valued at $4.5 billion after cash distributions and new financing. Eventually, all the assets are expected to be sold, according to the new owners.

They take the reins of a company that saw its worth essentially cut in half since 2007, when Chicago billionaire Sam Zell took it private in an $8.2 billion leveraged buyout. The rapid decline was mostly due to falling newspaper valuations in the face of digital competition. The anticipated hiring of Liguori suggests that broadcasting will be the operational focus going forward, according to several media analysts.

Los Angeles-based Oaktree, the largest shareholder, with about 22 percent of the equity, appointed two of seven board members. Both Angelo Gordon and JPMorgan have roughly a 9 percent stake and appointed one seat each. The three jointly appointed two more board members, with the final seat occupied by the chief executive.

Among the outgoing board members is Zell, whose deal was seen at the time as an alternative to the squabbles within Tribune Co. that threatened to break apart the then-publicly traded company. But the Great Recession and plummeting advertising revenues across all media, especially the struggling newspaper industry, made the company’s resulting $13 billion debt load untenable.

Tribune Co. filed for Chapter 11 bankruptcy protection in December 2008. Zell blamed a “perfect storm” of industry and economic forces. But the bankruptcy case turned on charges leveled by junior creditors that saddling the company with such a debt burden left it insolvent from the outset.

Led by an aggressive distressed debt fund called Aurelius Capital Management, the junior creditors pressed litigation that stretched out the case for three and a half years in a Delaware court before U.S. Bankruptcy Judge Kevin Carey confirmed the reorganization plan in July. An emergency appeal to stay that decision was dismissed by the 3rd U.S. Circuit Court of Appeals in September. In November, the Federal Communications Commission signed off on waivers needed to transfer Tribune Co.’s broadcast properties to the new ownership, clearing the last hurdle to its emergence from Chapter 11.

“Usually, bankruptcy cases like this take much less time and cost less money,” said Douglas Baird, a bankruptcy expert and law professor at the University of Chicago.

Baird said legal fees for most large corporate bankruptcies run 3 to 4 percent of the company’s total worth. The Tribune Co. case, which will likely cost the company more than $500 million in legal and other professional fees, was more than twice that percentage, due to both the extended litigation and the company’s declining valuation.

Before cash distributions and new financing, a 2012 analysis by financial adviser Lazard valued the broadcasting assets

, including the TV stations, WGN-AM 720, CLTV and national cable channel WGN America, at $2.85 billion. Other strategic assets, such as online job site CareerBuilder and cable channel Food Network, are worth $2.26 billion.

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