Sony, BMG in joint bid for Parlophone, EMI labels – FT






TOKYO (Reuters) – Sony Corp is joining with BMG to bid for Parlophone and other EMI labels on sale by Universal Music, reuniting Sony and Bertelsmann four years after they ended their music joint venture, the Financial Times said on Monday.


Vivendi-owned Universal is being forced to sell Parlophone – EMI’s oldest active label with artists including Coldplay and Pet Shop Boys – to satisfy regulators’ concerns about its $ 1.9 billion purchase of EMI’s recorded music business.






Sony and BMG, a music rights management group owned by Bertelsmann and private equity group KKR, will make a joint bid for Parlophone and other assets, the FT said. The two plan to split the assets and will not form another joint venture, it said.


Sony declined to comment. BMG could not be immediately reached for comment.


Other bidders for the EMI labels on sale include Warner Music and Ronald Perelman’s investment company MacAndrews & Forbes, the FT has said.


(Reporting by Mayumi Negishi; Editing by Richard Pullin)


Music News Headlines – Yahoo! News





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Wall Street falls after five-year high, earnings in focus

NEW YORK (Reuters) - Stocks fell on Monday as traders cashed in recent gains that lifted the S&P 500 to a five-year high on Friday and awaited Tuesday's start of the fourth-quarter earnings season.


Last week was the best for U.S. stocks in more than a year as a budget deal and economic data boosted investor confidence.


Investors will likely turn their attention to the fourth-quarter earnings season that kicks off this week. Earnings are expected to be only slightly better than the third-quarter's lackluster results and analysts' current estimates are down sharply from what they were in October.


"We have a cautious market entering fourth-quarter earnings season," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. "I think it's going to be a disappointing one this time around."


Financial shares will be in focus a day after global regulators known as the Basel Committee gave banks four more years and greater flexibility to build up cash buffers, scaling back moves that aimed to help prevent another financial crisis.


"Basel giving banks four more years to get their act together will be good" for stocks, Cardillo said.


Bank of America shares rose 0.5 percent to $12.17 after hitting their highest since May 2011 as it reached a settlement with Fannie Mae worth roughly $11.6 billion to resolve agency mortgage repurchase claims.


The bank also entered into agreements with Nationstar Mortgage Holdings and Walter Investment Management to sell about $306 billion of residential mortgage servicing rights.


Nationstar rose 16.8 percent to $38.80 and Walter Investment added 7 percent to $47.13.


The Dow Jones industrial average <.dji> fell 63.59 points, or 0.47 percent, to 13,371.62. The S&P 500 <.spx> dropped 6.53 points, or 0.45 percent, to 1,459.94. The Nasdaq Composite <.ixic> lost 12.56 points, or 0.41 percent, to 3,089.09.


Walt Disney Co started an internal cost cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters. Disney shares fell 1.4 percent to $51.46.


Video-streaming service Netflix Inc shares gained 4 percent to $99.78 after it said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.


Amazon.com shares hit their highest price ever at $269.22 after Morgan Stanley raised its rating on the stock. Shares were up 3.6 percent at $268.50.


Roche's chairman was quoted as saying the Swiss pharmaceutical group is no longer considering a bid for the U.S. gene-sequencing company Illumina . Illumina shares were off 8 percent at $50.20.


Major U.S. technology companies could miss estimates for fourth-quarter earnings as budget worries likely led some corporate clients to tighten their belts last month.


(Reporting by Rodrigo Campos; Editing by Kenneth Barry)



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Canada’s Ivey PMI beats expectations with December rise









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RG3 defends himself as Redskins await knee results


ASHBURN, Va. (AP) — Robert Griffin III knows he's getting criticized for playing hurt in the Washington Redskins' playoff loss.


On Monday, he offered his latest defense on Twitter.


The rookie quarterback tweeted: "Many may question, criticize & think they have all the right answers. But few have been in the line of fire in battle."


The Redskins were awaiting the results of an MRI on Griffin's right knee, which he re-injured twice during Sunday's 24-14 loss to the Seattle Seahawks.


Griffin did not appear in the locker room during the two hours it was open to reporters Monday morning. Teammates defended Griffin, saying it's in an athlete's competitive nature to keep playing as long as possible.


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


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Storm over Depardieu's 'pathetic' move






STORY HIGHLIGHTS


  • Russian President Vladimir Putin has bestowed Russian citizenship on actor Gérard Depardieu

  • For Depardieu, a public war of words erupted, with many in France disgusted by his move

  • Depardieu more than anyone, represents the Gallic spirit, says Agnes Poirier

  • Majority of French people disapprove of his action but can't help loving him, she adds




Agnes Poirier is a French journalist and political analyst who contributes regularly to newspapers, magazines and TV in the UK, U.S., France, Italy. Follow her on Twitter.


Paris (CNN) -- Since the revelation on the front page of daily newspaper Libération, on December 11, with a particularly vicious editorial talking about France's national treasure as a "former genius actor," Gérard Depardieu's departure to Belgium, where he bought a property just a mile from the French border, has deeply divided and saddened France. Even more so since, as we have learnt this week, Russian President Vladimir Putin has bestowed the actor Russian citizenship.


Back in mid-December, the French media operated along political lines: the left-wing press such as Libération couldn't find strong enough words to describe Depardieu's "desertion" while right-wing publications such as Le Figaro, slightly uneasy at the news, preferred to focus on President François Hollande's punishing taxes which allegedly drove throngs of millionaires to seek tax asylum in more fiscally lenient countries such as Belgium or Britain. Le Figaro stopped short of passing moral judgement though. Others like satirical weekly Charlie hebdo, preferred irony. Its cover featured a cartoon of the rather rotund-looking Depardieu in front of a Belgian flag with the headline: "Can Belgium take the world's entire load of cholesterol?" Ouch.


Quickly though, it became quite clear that Depardieu was not treated in the same way as other famous French tax exiles. French actor Alain Delon is a Swiss resident as is crooner-rocker Johnny Halliday, and many other French stars and sportsmen ensure they reside for under six months in France in order to escape being taxed here on their income and capital. Their move has hardly ever been commented on. And they certainly never had to suffer the same infamy.



Agnes Poirier

Agnes Poirier



For Depardieu, a public war of words erupted. It started with the French Prime Minister Jean-Marc Ayrault, and many members of his government, showing their disdain, and talking of Depardieu's "pathetic move." In response the outraged actor penned an open letter to the French PM in which he threatened to give back his French passport.


The backlash was not over. Fellow thespian Phillipe Torreton fired the first salvo against Depardieu in an open letter published in Libération, insulting both Depardieu's protruding physique and lack of patriotism: "So you're leaving the ship France in the middle of a storm? What did you expect, Gérard? You thought we would approve? You expected a medal, an academy award from the economy ministry? (...)We'll get by without you." French actress Catherine Deneuve felt she had to step in to defend Depardieu. In another open letter published by Libération, she evoked the darkest hours of the French revolution. Before flying to Rome to celebrate the New Year, Depardieu gave an interview to Le Monde in which he seemed to be joking about having asked Putin for Russian citizenship. Except, it wasn't a joke.


In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit. He has been Cyrano, he has been Danton; he, better than most, on screen and off, stands for what it means to be French: passionate, sensitive, theatrical, and grandiose. Ambiguous too, and weak in front of temptations and pleasures.



In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit
Hugh Miles



For more than two weeks now, #Depardieu has been trending on French Twitter. Surveys have showed France's dilemma: half the French people understand him but there are as many who think that paying one's taxes is a national duty. In other words, a majority of French people disapprove of his action but can't help loving the man.


Putin's move in granting the actor Russian citizenship has exacerbated things. And first of all, it is a blow to Hollande who, it was revealed, had a phone conversation with Depardieu on New Year's Day. The Elysées Palace refused to communicate on the men's exchange. A friend of the actor declared that Depardieu complained about being so reviled by the press and that he was leaving, no matter what.


If, in their hearts, the French don't quite believe Depardieu might one day settle in Moscow and abandon them, they feel deeply saddened by the whole saga. However, with France's former sex symbol Brigitte Bardot declaring that she too might ask Putin for Russian citizenship to protest against the fate of zoo elephants in Lyon, it looks as if the French may prefer to laugh the whole thing off. Proof of this: the last trend on French Twitter is #IWantRussianCitizenship.


The opinions expressed in this commentary are solely those of Agnes Poirier.






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French actor Depardieu gets Russian passport






MOSCOW (AP) — The day after receiving his new Russian passport from President Vladimir Putin, French actor Gerard Depardieu flew Sunday to the provincial town of Saransk, where he was greeted as a local hero and offered an apartment for free.


Depardieu had sought Russian citizenship as part of his battle against a proposed super tax on millionaires in France.






Putin granted his request last week and then welcomed the actor late Saturday to his residence in Sochi, the host city of the 2014 Winter Olympics. Russian television showed the two men embracing and then chatting over supper, discussing a soon-to-be-released film in which Depardieu plays Russian monk Grigory Rasputin.


Depardieu flew Sunday to Saransk, a town about 500 kilometers (300 miles) east of Moscow, where he was met at a snow-covered airport by the governor and a group of women in traditional costume singing folk songs. He flashed his new passport to the crowd before setting out on a tour of the town.


The governor invited Depardieu to settle in Saransk and offered him an apartment of his choice, according to reports on state television.


Depardieu has not said where he would take up residence in Russia, only that he did not want to live in Moscow because it is too big and he prefers a village.


The Frenchman has spent a fair bit of time in Russia in recent years, including for the filming of the French-Russian film “Rasputin,” and he expresses an admiration for Putin. But it is Russia’s flat 13 percent income tax that appears to be the biggest draw at the moment as he flees high taxes in France.


France’s new Socialist government tried to raise the tax on income above €1 million ($ 1.3 million) to 75 percent from the current 41 percent. That plan was struck down by the highest court, but Budget Minister Jerome Cahuzac said Sunday that the government is reworking the law so the superrich will still be asked to pay an elevated rate. He said the government is also considering putting the new tax in place for longer than the two years initially imagined.


“I find it a bit pathetic that for tax reasons this man — whom by the way I admire infinitely as an actor — has decided to exile himself,” Cahuzac said.


___


Sarah DiLorenzo in Paris contributed to this report.


.


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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.


Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.


That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.


Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.


In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.


"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.


Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.


U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.


Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.


"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.


Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.


REVENUE WORRIES


One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.


S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.


On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.


For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.


Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.


In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.


"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.


Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.


Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.


(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)



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IMF cuts Malawi 2013 growth forecast on inflation, drought






LILONGWE (Reuters) – The International Monetary Fund expects Malawi‘s economy to grow by 5.5 percent this year, more than double the rate estimated for 2012, but slightly lower than the 5.7 percent the IMF had previously projected.


IMF head Christine Lagarde said a spike in inflation, lower-than-expected foreign exchange earnings and a drought that has cut into farm production have hurt the economy. But she was optimistic reforms would restore financial stability.






“Malawi has already made significant progress in addressing the serious imbalances that were hampering economic growth just a few months ago,” she said at the weekend, wrapping up a two-day visit to the country.


Malawi President Joyce Banda, who took office less than a year ago, has been trying to rebuild an economy sent into a tailspin by her predecessor, but prices have soared since she devalued the currency on International Monetary Fund advice.


Lagarde said investors were set to return and inflation, running at about 33 percent in December, was poised to drop this year because of Banda’s economic policies.


“Following these reforms, the economic wheels started spinning again,” Lagarde said, urging the country to stay on course.


But many economists do not share her optimism, saying the drought has severely damaged the maize crop while earnings from tobacco, a major source of hard currency for the destitute country, have dropped by more than 50 percent since 2010.


The economy of the aid-dependent country had been teetering under former President Bingu wa Mutharika, who picked fights with donors. The cut in aid, which has traditionally accounted for 40 percent of the budget, coincided with a steady decline in tobacco sales.


Banda, who took office in April 2012 after Mutharika died of a heart attack, has restored aid flows, but soaring commodity prices have made her unpopular, pushing inflation to 33.3 percent in December, far higher than the forecast of around 18 percent for 2012.


Economy News Headlines – Yahoo! News





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Fourth Annual Startup Debut at CES(R) Presents Wide Range of Innovative Companies in 3D, Mobile, Music






LAS VEGAS, NV–(Marketwire – Jan 6, 2013) -


WHAT: Cloud-based 3D printing, desktop virtual reality, music that makes you work better, and the next generation of watersafe phone treatments. Those are just a few of the highlights of the more than two dozen companies announcing and demonstrating their newest innovations before the CES showfloor opens.






WHEN: Sunday, January 6 from 7 to 10 p.m.


WHERE: Cili Restaurant, Bali Hai Golf Course and Country Club, 5160 Las Vegas Blvd. S., Las Vegas, NV 89119. Buses will shuttle media from CES activities taking place at the Mandalay Bay Convention Center (Shark Reef Aquarium entrance parking lot) to Cili beginning at 6:30 pm and will continue shuttles every fifteen minutes through 10:30 pm.


ABOUT: Great food, premium wine and beer, and the elegant golf course setting of Cili set the perfect backdrop to peruse cutting-edge technologies at a leisurely pace. Among the companies presenting will be:


  • Atlas Powered LLC., Los Angeles (mobile time management and collaboration platform)

  • CHNL, Santa Monica (social content browser)

  • ClubCreate, New York (personal online studio and cloud-based remixing platform)

  • focus@will, Los Angeles (electronic productivity music platform)

  • Kraftwurx, Houston (cloud-based 3D printing)

  • Launch.it, New York (online pressroom and brand engagement services)

  • Leonar3do, Budapest (world’s first desktop virtual reality)

  • Liquipel, Santa Ana (watersafe coatings for mobile devices — with three major new announcements)

  • MediaPass, Los Angeles (cloud-based content monetization and subscription management)

  • Netmax Communications (personal Internet privacy cloud)

  • parWinr, Honolulu (video gamification)

  • SimulTV, Virginia (social TV platform)

  • SnapCuts, Los Angeles (social video)

  • Sysomos, Toronto (social media monitoring platform)

  • Rednote, Boston (musical expression text messaging)

  • TourWrist (mobile 360-degree panorama creator)

  • USelfDirect, Las Vegas (online self-directed investment portal)

  • Voxeet, San Francisco (high-definition audio conferencing)

  • Walls 360, Las Vegas (on-demand wall graphics)

  • Zephyr Games, New York (interactive mobile gaming)

A quiet room also will be set aside for television, radio, podcast and taped interviews.


About Startup Debut. Startup Debut, the events division of SocialRadius, has been serving the needs of innovative digital and startup companies and the media since January, 2010, when it first debuted at the Consumer Electronics Show. It has now grown to five annual shows, and has debuted more than 100 startups to relevant national and international media.


About SocialRadius. One of the very first social media marketing agencies, SocialRadius has established itself as one of the world’s premier boutique firms, serving an array of corporate clients and startup companies globally. The agency, created in 2006 by Marketwire founder Michael Terpin, is focused on blogger outreach, content creation, social networks and platforms, as well as full-service hybrid PR campaigns. SocialRadius is headquartered in Las Vegas, with offices in Los Angeles, New York and San Francisco. 


CONTACT: Interested media should RSVP to [email protected] or call Britteny Salvador, 408-499-9215 or Olga Kraineva, 510-305-1246. On-site registration for full-time working media (no consultants, advertising personnel or occasional bloggers, please) with CES accreditation will also be available at the event.


Disclaimer: “Consumer Electronics Show,” “CES,” “CES®” and “International CES®” are registered trademarks of the Consumer Electronics Association. Startup Debut at CES 2013 is not affiliated with or endorsed by CES or the Consumer Electronics Association.


Marketwire News Archive – Yahoo! Finance




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NHL, union reach tentative agreement


NEW YORK (AP) — Hockey is back, and it took nearly four months and one long night to get the game back on the ice.


With the season on the line, the NHL and the players' association agreed on a tentative pact to end a 113-day lockout and save what was left of a fractured schedule.


Commissioner Gary Bettman and union executive director Donald Fehr ceased being adversaries and announced the deal while standing side by side near a wall toward the back of the negotiating room and showing a tinge of weariness.


"I want to thank Don Fehr," Bettman said. "We went through a tough period, but it's good to be at this point."


A marathon negotiating session that lasted more than 16 hours, stretching from Saturday afternoon until just before dawn Sunday, produced a 10-year deal.


"We've got to dot a lot of Is and cross a lot of Ts," Bettman said. "There's still a lot of work to be done, but the basic details of the agreement have been agreed upon."


Even players who turned into negotiators showed the strain of the long, difficult process.


"It was a battle," said Winnipeg Jets defenseman Ron Hainsey, a key member of the union's bargaining team. "Gary said a month ago it was a tough negotiation. That's what it was.


"Players obviously would rather not have been here, but our focus now is to give the fans whatever it is — 48 games, 50 games — the most exciting season we can. The mood has been nervous for a while. You want to be playing. You want to be done with this."


The collective bargaining agreement must be ratified by a majority of the league's 30 owners and the union's membership of approximately 740 players.


"Hopefully within a very few days the fans can get back to watching people who are skating, not the two of us," Fehr said.


All schedule issues, including the length of the season, still need to be worked out. The NHL has models for 50- and 48-game seasons.


The original estimate was regular-season games could begin about eight days after a deal was reached. It is believed that all games will be played within the two respective conferences, but that also hasn't been decided.


The players have been locked out since Sept. 16, the day after the previous agreement expired. That deal came after an extended lockout that wiped out the entire 2004-05 season.


"Any process like this is difficult. It can be long," Fehr said.


Time was clearly a factor, with the sides facing a deadline of Thursday or Friday to reach a deal that would allow for a 48-game season to start a week later. Bettman had said the league could not allow a season of fewer than 48 games per team.


All games through Jan. 14, along with the All-Star game and the New Year's Day Winter Classic had already been canceled, claiming more than 50 percent of the original schedule.


Without an agreement, the NHL faced the embarrassment of losing two seasons due to a labor dispute, something that has never happened in another North American sports league. The 2004-05 season was lost while the sides negotiated hockey's first salary cap.


Under the new CBA, free-agent contracts will have a maximum length of seven years, but clubs can go to eight years to re-sign their own players. Each side can opt out of the deal after eight years.


The pension plan was "the centerpiece of the deal for the players," Hainsey said.


The actual language of the pension plan still has to be written, but Hainsey added there is nothing substantial that needs to be fixed.


The players' share of hockey-related income, a total that reached a record $3.3 billion last season, will drop from 57 percent to a 50-50 split. The salary cap for the upcoming season will be $70.2 million and will then go down to $64.3 million in the 2013-14 season.


All clubs must have a minimum payroll of $44 million.


The league had wanted next season's cap to fall to $60 million, but agreed to an upper limit of $64.3 — the same amount as last season.


Inside individual player contracts, the salary can't vary more than 35 percent year to year, and the final year can't be more than 50 percent of the highest year.


A decision on whether NHL players will participate in the 2014 Olympics will be made apart from the CBA. While it is expected that players will take part, the IOC and the International Ice Hockey Federation will have discussions with the league and the union before the matter is settled.


After the sides stayed mostly apart for two days, following late-night talks that turned sour, federal mediator Scot Beckenbaugh worked virtually around the clock to get everyone back to the bargaining table.


This time it worked — early on the 113th day of the work stoppage.


George Cohen, the Federal Mediation and Conciliation Service director, called the deal "the successful culmination of a long and difficult road."


"Of course, the agreement will pave the way for the professional players to return to the ice and for the owners to resume their business operations," he said in a statement. "But the good news extends beyond the parties directly involved; fans throughout North America will have the opportunity to return to a favorite pastime and thousands of working men and women and small businesses will no longer be deprived of their livelihoods."


Before the sides ever came to an understanding regarding a 50-50 split of hockey-related revenues, the NHL first tried to cut the players' share from 57 percent to 46 percent.


A series of talks in the first couple of weeks of September don't bring the sides any closer, and the board of governors gave Bettman the authority to lock out the players at midnight on Sept. 15.


There was optimism about an end for the lockout when the sides held talks in New York on Dec. 5-6. The roller coaster took the participants and the fans on an up-and-down thrill ride that ended in major disappointment.


Fehr painted a picture that the sides were close to a deal, and Bettman chastised him for getting people's hopes up. Negotiations broke off, and the NHL announced it was pulling all offers off the table.


It wasn't until Beckenbaugh's determined effort in the final two days of the prolonged negotiations that the sides finally found common ground.


"We were making progress continually and to make a deal you have to continue to make progress until it's over," Hainsey said. "That finally happened today."


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