Dana Walden, Gary Newman take over Fox Broadcasting in restructuring

Gary Newman and Dana Walden, the long-serving CEOs of production powerhouse 20th Century Fox TV, will take on oversight of Fox Broadcasting in a restructuring that elevates the duo to the post of chairman-CEOs of Fox Television Group.

Walden and Newman, who have jointly run the TV studio since late 1999, will continue to steer the 20th Century Fox TV group, which production subsidiaries including Fox TV Studios and Fox 21, in addition to now overseeing all aspects of the Fox network.

The duo will now report to Peter Rice, chairman-CEO of Fox Networks Group. The studio arm had previously been separate from the network arm and reported directly to Chase Carey, president-COO of 21st Century Fox. The fact that 21st Century Fox opted to align the management of the studio and the network is a sign of how significantly the Fox network's profits are tied to serving as a platform for programming that can later be sold in syndication and international markets.

"As we look to the future of the broadcast television business, it is clear that the best path forward is to operate our creative and broadcast divisions under the leadership of a single team, and that Gary and Dana are the perfect executives to take on this new role," said Carey. "While TCFTV and FBC will each continue as an open supplier and an open network, respectively, the closer alignment of these two properties, coupled with a unified vision from Dana and Gary, gives us a clear advantage in creating even more hit content that will benefit both businesses. We are incredibly fortunate to have two such accomplished leaders already under our roof to take on these important new roles."

In announcing the news, 21st Century Fox emphasized that 20th TV would remain an autonomous operation focused on selling shows to the broader universe of buyers beyond Fox's walls. And the Fox network will remain open to projects from outside suppliers.

The promotions for Walden and Newman come on the heels of Kevin Reilly's departure as chairman of Fox Entertainment, overseeing programming for the broadcast network. Fox is deep in rebuilding mode, as its tentpole "American Idol" franchise deflated last season. Reilly, who had reported to Rice, exited in June after seven years in the post.

"Over the past 15 years, Dana and Gary have raised the bar for the rest of the industry with respect to creative vision, close-knit relationships with top talent and an unmatched track record of hit programming," said Rice. "At a time when the demand for content has never been higher, there is no doubt that we strengthen and galvanize our television business - both from a creative and programming standpoint - with Gary and Dana taking on these vital new leadership roles."

In a memo to staffers, Newman and Walden called the expansion of their duties a chance to "create greater paths to success for our creative partners." Here is the full memo:

Dear Colleagues,

Today begins an exciting new chapter in the history of our two great companies, Twentieth Century Fox Television and Fox Broadcasting Company. In this incredibly dynamic television landscape, uniting these two companies under one management will foster more successful collaboration among our executives and create greater paths to success for our creative partners. We are humbled by the challenge, energized by the opportunities and emboldened by the fact that we'll be joined by such talented executives on both sides of the organization.

To our colleagues at the studio, you are responsible for the incredible growth and success of Twentieth Century Fox Television over the past fifteen years and we are so proud of all we've accomplished together. As we move forward, we will look to each of you to step up and take on even greater leadership. You've established an environment where creators are free to develop their biggest and boldest ideas, and we've placed those projects where they have had the best chance to succeed. That will not change. We'll continue to support the visions of our creators, wherever they may lead us.

To our colleagues at the network, we couldn't be more excited to be joining you later this month. We have a long history of creating and nurturing culturally-defining programming together, from The Simpsons to The X-Files to Glee to name just a few. And over the years you have enjoyed tremendous success with iconic programming from outside suppliers and have fantastic relationships with creators and production companies all over town. Be assured the network will remain committed to developing the boldest ideas, no matter the sources. We want the best shows on FBC, period. A thriving FBC will mean a more fertile ground to nurture the passion projects of all creators.

We are also happy to be joining Peter Rice's team of extraordinarily talented managers at Fox Networks Group. We've had wonderful relationships in the past and our new structure means even more collaboration in the future, which will benefit the studio and the network.

So now, we ask you to join us as the real work begins. We look forward to leading this new Fox TV Group to greater heights than either company has achieved singularly. And we'll do it together.

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

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Citigroup to pay $7B in subprime mortgages probe

WASHINGTON — Citigroup has agreed to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said "shattered lives" and contributed to the worst financial crisis in decades.

The bank, one of America's largest, will pay a $4 billion civil penalty, provide $2.5 billion in consumer relief and settle claims from state attorneys general.

The settlement stems from the sale of securities made up of subprime mortgages, which led to both the housing boom and bust that triggered the Great Recession at the end of 2007.

Banks, including Citigroup, minimized the risks of subprime mortgages when packaging and selling them to mutual funds, investment trusts, pensions, as well as other banks and investors. One Citigroup trader wrote in an internal email that he "would not be surprised if half of these loans went down" and said it was "amazing that some of these loans were closed at all," and the bank itself increased its profits and share of the market, the Justice Department said.

"They did so at the expense of millions of ordinary Americans and investors of all types — including other financial institutions, universities and pension funds, cities and towns, and even hospitals and religious charities," Holder said at a news conference announcing the settlement.

The securities, which contained so-called residential mortgage-backed securities, plunged in value when the housing market collapsed in 2006 and 2007 and investors suffered billions of dollars in losses. Those losses triggered a financial crisis that pushed the economy into the worst recession since the 1930s.

The Justice Department, which has faced criticism for not being aggressive enough in targeting financial misconduct, has in the last year taken action against some of the country's largest banks for their roles in the financial meltdown. JPMorgan Chase & Co., the nation's largest bank, last year agreed to pay $13 billion after an investigation into similar toxic-mortgage backed securities. Bank of America Corp. has been sued for failing to disclose risks and misleading investors in its sale of mortgage-linked securities.

Investors shrugged off the settlement, a sign that they expect Citigroup will continue to operate without much disruption. Shares in Citi rose $1.67 — or 3.6 percent — to $48.67 because the bank beat the expectations in the market, after adjusting for the second-quarter $3.8 billion charge related to the Justice Department settlement.

In total, the settlement represents slightly more than half of Citigroup's $13.1 billion profit last year.

Justice Department officials called the $4 billion the largest civil penalty of its kind and said it will not be tax-deductible. The $2.5 billion in consumer relief will include financing for construction and affordable rental housing, as well as principal reduction and forbearance for residential loans.

CEO Michael Corbat said the settlement ends all pending civil investigations related to Citigroup's handling of mortgage-backed securities.

Citigroup said its net income dropped in the second quarter after the settlement was arranged.

On a per-share basis, net income was 3 cents, compared with $1.34 in the second quarter a year earlier. Excluding the charges and an accounting loss, the bank's second-quarter profit rose 1 percent to $3.93 billion, or $1.24 a share.

Revenue was $19.4 billion, excluding the accounting loss, compared with $20 billion a year earlier.

The two sides had earlier been far apart in their negotiations. The Justice Department was preparing to sue the bank last month after it offered to pay under $4 billion to resolve the matter, a sum substantially less than what the government was seeking.

Holder said the settlement did not erase the possibility of criminal prosecution for the bank or individual employees in the future.

Recent criminal cases against banks have included a $2.6 billion guilty plea from Swiss bank Credit Suisse for helping wealthy Americans evade taxes, and an $8.9 deal with BNP Paribas related to its handling of transactions for clients in Sudan, Iran and Cuba.

____

Josh Boak and Marcy Gordon in Washington and Steve Rothwell in New York contributed to this report.

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SpaceX launches cluster of commercial satellites

CAPE CANAVERAL, Fla. — The SpaceX company has launched a rocket packed with communication satellites.

The Falcon rocket blasted off Monday from Cape Canaveral Air Force Station. On board were six advanced satellites for the New Jersey-based Orbcomm. Eleven more of these satellites are to be launched in the coming year.

The 374-pound satellites will offer two-way data links to help customers track, monitor and control transportation and logistics assets, heavy equipment, oil and gas infrastructure, ships and buoys, and government-owned equipment.

The launch had been delayed repeatedly since May for technical and other reasons.

Space Exploration Technologies Corp. — or SpaceX — is also working to ferry space station cargo for NASA. The company is based in Hawthorne, California.

___

Online:

SpaceX: http://www.spacex.com/

Orbcomm: http://www.orbcomm.com/networks/og2-launch

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Stocks move higher in midday trading; Citi climbs

Stocks were holding on to gains in midday trading Monday after sliding sharply last week. Citigroup's latest quarterly financial results helped add to expectations of a strong corporate earnings season.

KEEPING SCORE: The Standard & Poor's 500 index gained 10 points, or 0.6 percent, to 1,978 as of 12:04 p.m. Eastern Time. The Dow Jones industrial average rose 131 points, or 0.8 percent, to 17,075. The Nasdaq composite added 30 points, or 0.7 percent, to 4,445.

REGAINING CONFIDENCE: Last week the S&P 500 lost 0.9 percent, its worst showing since April. Concern about the soundness of Portugal's Espirito Santo International, which reportedly missed a debt payment last week, harked back to issues that spawned Europe's debt crisis. But investors appeared to be reassured any problems would be contained.

EYES ON EARNINGS: With the market trading near all-time highs, investors will be focused this week on a slew of corporate earnings, including quarterly reports from General Electric, Google, Bank of America and Johnson & Johnson.

"The earnings numbers are expected to be pretty good," said Phil Orlando, chief equity strategist at Federated Investments. "We got started off with a very good report out of Citibank this morning. And economic news this week — retail sales, capacity utilization, housing data, confidence data — is all supposed to be pretty good."

CITI: Citigroup's adjusted earnings and revenue came in better than analysts had estimated. The bank also agreed to pay $7 billion to settle a federal investigation into the mortgage bonds it sold ahead of the financial crisis in 2008. Citi's stock rose $1.59, or 3.4 percent, to $48.59.

BANKING ON BANKS: Several other big investment banks also rose. Morgan Stanley added 0.59, or 1.9 percent, to $32, while Goldman Sachs rose $2.04, or 1.2 percent, to $166.82. JPMorgan Chase climbed 79 cents, or 1.4 percent, to $56.58.

A DEAL: Generic drugmaker Mylan said it will buy Abbott Laboratories' generic-drug business in developed markets for $5.3 billion. The combined company will be organized in the Netherlands, which will cut its tax bill. The company will keep its headquarters near Pittsburgh. Mylan's stock added $1.31, or 2.6 percent, to $51.51, while shares of Abbott gained 41 cents, or 1 percent, to $41.71.

SWEETEND BID: Kindred Healthcare is offering more cash for shares of Gentiva Health Services. Kindred said Monday it will pay $16 per share to buy up to a 14.9 percent stake in Gentiva, just short of the 15 percent limit imposed by a shareholder rights plan that Gentiva's board adopted earlier this year. Shares of Kindred climbed 40 cents, or 1.6 percent, to $24.78, while Gentiva gained 58 cents, or 3.7 percent, to $16.40.

SECTOR WATCH: Nine of the 10 sectors in S&P 500 index posted gains, led by energy. Utilities lagged. Among the biggest decliners in the S&P 500 were Newmont Mining, which slipped 65 cents, or 2.5 percent, to $25.27, and luxury clothing maker Michael Kors, which slid $1.94, or 2.2 percent to $86.86.

OVERSEAS MARKETS: In Europe, Germany's DAX added 1.2 percent and France's CAC-40 rose 0.8 percent. Britain's FTSE 100 gained 0.3 percent.

BONDS AND COMMODITIES: In the market for U.S. government bonds, the yield on the 10-year Treasury note rose to 2.54 percent from 2.52 percent late Friday. The price of oil fell $2.10 to $100.83.

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CNN hires Alisyn Camerota, a Fox News veteran

CNN said Monday it had hired Alisyn Camerota, a 16-year veteran of Fox News Channel, who left that outlet in March. A permanent role for the new hire is to be announced in months to come.

Camerota will start appearing on air for CNN staring today, the Time Warner-owned outlet said in a statement.

"I've always admired the fine work of the journalists at CNN and I'm honored to join their ranks," Camerota said in a prepared statement.

Most recently, Camerota served as co-host of "America's News Headquarters" on Fox News Channel. Before that, she co-anchored "Fox & Friends Weekend" and contributed to the "Fox & Friends" weekday franchise. Prior to her role as anchor, she served as national correspondent in the network's Boston bureau, which included overseas assignments in London and Rome.

Before joining Fox News, Camerota was a correspondent and substitute host for NBC's national daytime magazine show, "REALlife." She also served as a reporter at WHDH-TV, the NBC affiliate in Boston, and ABC6 in Providence, Rhode Island. She spent five years as a crime reporter for the program "America's Most Wanted." Camerota attended The American University on an academic scholarship and graduated cum laude. Her first job in news was helping to research and produce Ted Koppel's award-winning documentaries. Her work contributed to the receipt of a prestigious DuPont award. She is married and has three children.

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

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CBS' 'Big Brother,' ABC's 'Rising Star' post ratings gains Sunday

ABC's first-year singing competition "Rising Star" was on the rise Sunday, picking up steam on an overall higher-rated night for the net just hours after its coverage of the World Cup. CBS' "Big Brother" shot up too, delivering its best Sunday numbers of the season and ruling as the night's top series in key demos.

The World Cup Final, airing late in the afternoon on ABC, netted a 9.7 overnight household rating, according to Nielsen, making it the third-highest early score ever for a match in the States -- behind only the 1994 final between Brazil and Italy (12.8) and the Round of 16 match that year between USA and Brazil (10.4). Total-viewer estimates will be released later today.

Looking at the primetime action, ABC carried over plenty of viewers from soccer as a repeat episode of "America's Funniest Home Videos" (1.5 rating/6 share in adults 18-49, 6.1 million viewers overall) shot up about 75% from last week's score (0.9) to win its hour in demos. The bigger start to the night helped "Wipeout" (season-high 1.3/4 in 18-49, 4.5 million viewers overall) and "Rising Star" (1.4/4 in 18-49, 4.8 million viewers overall), both of which gained two-tenths week to week. For "Rising Star" (pictured), its fourth episode out-rated the previous two (1.2) and came in behind only its June 22 premiere (1.5). A repeat "Castle" (0.7/2 in 18-49, 3.4 million viewers overall) closed things out for ABC, which won the night in 18-49.

At CBS, "60 Minutes" (1.0/4 in 18-49, 8.1 million viewers overall) remained the night's top series in total viewers even if it's a laggard in young adults. From there, "Big Brother" (2.1/7 in 18-49, 6.6 million viewers overall) more than doubled the newsmag's adults 18-49 audience, rising two tenths from last week for its highest rating on any night since its Thursday premiere (June 26).

The Eye flipped the timeslots for its firstrun Sunday dramas, with "Unforgettable" at 9 p.m. (0.9/3 in 18-49, 6.1 million viewers overall) rising two-tenths from last week, and "Reckless" at 10 (0.6/2 in 18-49, 4.0 million viewers overall) holding at its 9 p.m. level of last week.

Fox opened with the one-hour special "Brain Games: Brain vs. Body" (0.8/2 in 18-49, 1.5 million viewers overall), followed by encores of "The Simpsons" at 8 (0.9/3 in 18-49, 2.1 million viewers overall) and 8:30 (1.1/4 in 18-49, 2.4 million viewers overall), "Family Guy" (1.2/4 in 18-49, 2.6 million viewers overall) and "American Dad" (0.9/3 in 18-49, 2.1 million viewers overall).

NBC aired a repeat of "American Ninja Warrior" (0.6/2 in 18-49, 2.4 million viewers overall), followed by back-to-back encores of "Law & Order: SVU" at 9 (0.6/2 in 18-49, 2.3 million viewers overall) and 10 (0.8/2 in 18-49, 2.9 million viewers overall). In 18-49, the second episode of "SVU" edged out ABC's "Castle" encore for the broadcast lead in the demo, with both shows finishing ahead of CBS' firstrun "Reckless."

Preliminary 18-49 averages for the night: ABC, 1.2/4; CBS, 1.1/4; Fox, 0.8/3; Univision, 0.7/2; NBC, 0.6/2; Telemundo, 0.5/2.

In total viewers: CBS, 6.2 million; ABC, 4.7 million; NBC, 2.5 million; Fox and Univision, 2.0 million; Telemundo, 1.5 million.

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

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Dick Clark Productions sets TV Guide Network exec as COO/CFO

Former TV Guide Network exec Amy Thurlow has joined Dick Clark Productions as chief operating officer and chief financial officer.

Thurlow will work out of the company's Santa Monica office, reporting to DCP presxy Mike Mahan.

"She will play a vital management role as Dick Clark Productions expands our global television footprint," said Mahan.

Thurlow most recently served as CFO and exec VP of sales strategy for TVGN, the joint venture of CBS and Lionsgate. Before TV Gude, she worked for NBCUniversal and its predecessors. She began her career at General Electric.

Dick Clark Productions was acquired in September 2012 by Guggenheim Partners, in a rich buyout deal by that also included Mandalay Entertainment and Mosaic.

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

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Massachusetts gets $47M share of settlement

BOSTON — Massachusetts will receive an almost $46 million share of a $7 billion federal-state settlement over Citigroup's mortgage-backed security activities, the state attorney general's office said Monday.

In the deal announced Monday, Citigroup will make a $4 billion civil monetary payment to the Justice Department, and another $500 million in compensatory payments to state attorneys general and the Federal Deposit Insurance Corp.

The bank will provide $2.5 billion in consumer relief, which will include financing for construction and preservation of affordable housing, as well as principal reduction and forbearance for residential loans.

The settlement stems from the sale of securities made up of subprime mortgages, which led to both the housing boom and bust that triggered the recession at the end of 2007.

Massachusetts, one of five states that entered into the agreement, will receive a direct cash payment of $45.7 million as a result of the settlement, Attorney General Martha Coakley said.

More than $15 million would go to direct consumer relief, and $6.5 million would help offset losses in the state's pension fund.

The national settlement also stipulates that at least $10 million of the $2.5 billion in consumer relief paid by Citigroup would be available for borrowers in Massachusetts, according to the attorney general.

Coakley, a Democratic candidate for governor, said in a statement that her office has been a leader in holding large Wall Street firms accountable for their actions.

She cited six previous cash settlements her office had reached that were related to the subprime mortgage crisis.

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Mortgage settlement hits Citigroup net income

Citigroup said Monday that its net income dropped in the second quarter after it took a $3.8 billion charge to settle claims over its risky subprime mortgage business.

The charge pushed down its net income to $181 million from $4.18 billion a year earlier.

On a per-share basis, net income was 3 cents, compared with $1.34 in the second-quarter a year earlier.

Excluding the charges and an accounting loss, the bank's second-quarter profit rose 1 percent to $3.93 billion, or $1.24 a share. That beat the $1.06 a share predicted by analysts polled by FactSet.

Revenue was $19.4 billion, excluding the accounting loss, compared with $20 billion a year earlier.

The bank's stock rose $1.71, or 3.6 percent, to $48.72 or midday trading Monday.

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Fox consolidating television studio, network

NEW YORK — Fox says Gary Newman and Dana Walden, the two executives who run the company's television studio, will also be in charge of the Fox broadcast network.

The appointment announced Monday aligning 20th Century Fox Television with the network brings back a structure that Fox had for five years, ending a decade ago. There are usually financial benefits to having a studio make programming for a network under the same ownership.

At the same time, Newman and Walden said the studio will continue making programs for other networks, and the network will remain in business with other studios. The two executives worked at the studio for 15 years.

Walden said there were no plans to hire an entertainment president for the network. Kevin Reilly's recent exit from Fox triggered the changes.

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