AT&T aims for TV's future with $48.5B DirecTV deal

LOS ANGELES — AT&T says it views its planned $48.5 billion purchase of DirecTV as a way to help redefine the video entertainment industry, giving it opportunities to bundle services and tap into growing Latin American markets.

AT&T Inc.'s proposed transaction primes it for the age of Internet-delivered video.

AT&T and DirecTV promised consumer benefits like more economical bundles that tie mobile phone, pay TV and Internet service together on a single bill. AT&T said that it'll probably be 12 to 18 months for robust streaming video offerings to be available, but that bundled offerings should be available soon after the deal closes, which the companies expect to occur within 12 months.

AT&T is currently the second-largest wireless provider with 116 million customers.

The company will gain access to DirecTV's 20.3 million U.S. customers and its 18.1 million Latin American customers. DirecTV's U.S. customers, coupled with 5.7 million U-verse TV customers, will give the combined AT&T-DirecTV 26 million users for video. That would make it the second-largest pay TV operator behind a combined Comcast-Time Warner Cable, which would serve 30 million under a $45 billion merger proposed in February.

"What it does is it gives us the pieces to fulfill a vision we've had for a couple of years — the ability to take premium content and deliver it across multiple points: your smartphone, tablet, television or laptop," AT&T Chairman and CEO Randall Stephenson said during a conference call Sunday.

Michael White, chairman and CEO of DirecTV Inc., said Monday that his company has been talking off and on with AT&T about a potential transaction for years, but that recent trends in the industry helped make the deal happen now.

The companies are aiming to eke out $1.6 billion in annual cost savings in an increasingly expensive and maturing pay TV business. Using DirecTV's cash flow, AT&T has greater ability to invest in its landline and mobile networks for broader reach and faster speeds in an Internet service market where it risks falling behind a bulked up Comcast-Time Warner Cable.

But the deal could face regulatory scrutiny from the Federal Communications Commission and Department of Justice. Unlike the cable company tie-up, the AT&T-DirecTV merger would effectively cut the number of video providers from four to three for about 25 percent of U.S. households.

Cable companies operate in regions that don't overlap. By comparison, AT&T provides TV service to 22 states, where it is a direct competitor to DirecTV, which operates nationwide. Reducing choice in those markets could result in higher prices for consumers, and that usually gives regulators cause for concern.

White said Monday that customers will see more competitive pricing from the combination with AT&T.

Stephenson said regulatory concerns would be addressed with a number of what he called "unprecedented" commitments. Among them:

— DirecTV would continue to be offered as a stand-alone service for three years after the deal's closing.

— AT&T would offer stand-alone broadband service for at least three years after closing, so consumers could consume video from Netflix and other online services, with download speeds of at least 6 megabits per second where feasible.

— AT&T would expand high-speed broadband access to 15 million more homes — beyond the 70 million that could now get AT&T service — within four years.

— AT&T vowed to abide by the open Internet order from 2010 that the Federal Communications Commission is now in the process of revising after a court struck it down.

— AT&T vowed to sell its roughly 9 percent stake in Latin American wireless carrier América Móvil for about $5 billion.

Delara Derakhshani, policy counsel for Consumer Reports magazine's lobbying arm, Consumers Union, complained that the deal "is just the latest attempt at consolidation in a marketplace where consumers are already saddled with lousy service and price hikes."

"You can't justify AT&T buying DirecTV by pointing at Comcast's grab for Time Warner, because neither one is a good deal for consumers," she said in a statement.

Under the terms announced Sunday, DirecTV shareholders will receive $28.50 per share in cash and $66.50 per share in AT&T stock, bringing the value to $95 a share. The total transaction value is $67.1 billion, including DirecTV's net debt.

Stephenson and White both said the merger would allow the combined company to offer video over multiple screens, but acknowledged that deals with content providers to expand service on multiple platforms still need to be negotiated.

DirecTV's exclusive deal for its signature product, NFL Sunday Ticket, expires at the end of the coming season. White anticipates that it will come to an agreement with the NFL on an extension before the transaction with AT&T closes.

"This positions us well to compete in the 21st century," White said. "I think our future is bright together in ways that make both of our companies stronger."

Analysts have questioned the strategic benefits of a deal, particularly because it would give AT&T a larger presence in a pay TV market that isn't growing. Last year, pay TV subscribers in the U.S. fell for the first time, dipping 0.1 percent to 94.6 million, according to Leichtman Research Group.

While AT&T and DirecTV are doing better than cable companies at attracting TV subscribers, DirecTV's growth in the U.S. has stalled while AT&T is growing the fastest of any TV provider.

But Stephenson said DirecTV's Latin American presence provides a good growth opportunity. He considers Brazil a key region to potentially add customers in.

DirecTV offers neither fixed-line or mobile Internet service, and its rights to airwave frequencies for satellite TV are not the kind that AT&T can use to improve its mobile phone network.

Still, Stephenson has talked about how the growth of online video helps boost demand for its Internet and mobile services. Last month, AT&T entered a joint venture with the Chernin Group to invest in online video services.

DirecTV would continue to be based in El Segundo, California, following the merger, the companies said. AT&T is based in Dallas.

Shares of AT&T declined 24 cents, or 0.7 percent, to $36.50 in midday trading Monday, while DirecTV's stock fell $1.24, or 1.4 percent, to $84.94.

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Business Writers Dee-Ann Durbin in Detroit and Michelle Chapman in New York contributed to this report.

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FBI: BlackShades infected half million computers

NEW YORK — The FBI says more than a half million computers in more than 100 countries were infected by sophisticated malware that lets cybercriminals take over a computer and hijack its webcam.

The FBI described its investigation in criminal complaints unsealed in Manhattan federal court Monday as charges against five individuals were announced. Meanwhile, police worldwide said they had recently arrested 97 people in 16 countries suspected of using or distributing the malicious software called BlackShades.

The FBI said the BlackShades Remote Access Tool has been sold since at least 2010 to several thousand users. The agency said one of the program's co-creators is now cooperating with the government and has provided extensive information.

The malware lets hackers steal personal information, intercept keystrokes and hijack webcams to make secret recordings of users.

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CEO of China drug maker jumps to death amid probe

BEIJING — The chief executive of a Chinese drug company has jumped to his death, the company said Monday. State media said he was under investigation on suspicion of taking bribes.

Sanjing Pharmaceutical Co. Ltd. said Liu Zhanbin jumped Sunday from a third-floor bathroom window in a hospital where he was receiving medical treatment under the supervision of court guards.

Sanjing said the company has appointed an interim CEO and that Liu's death would have no impact on its operations.

The government's China News Service and the Communist Party newspaper People's Daily said Liu was under investigation on suspicion of taking bribes. They gave no details of the investigation.

The Chinese government has launched a sweeping investigation of drug companies as part of efforts to improve health care and rein in drug prices.

Doctors and hospitals in China's state-run, poorly funded health system routinely accept informal payments from patients and suppliers of drugs and medical goods.

Hospitals also raise money by adding surcharges to drug prices and assigning employees sales quotas. That encourages the overuse of expensive drugs or procedures.

Last Wednesday, the public security ministry announced that a British executive of GlaxoSmithKline has been accused of leading a sprawling scheme to bribe doctors and hospitals to use its drugs. It said the case has been turned over to prosecutors.

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A mixed start for stocks on Wall Street

NEW YORK — Stocks are little changed in early trading on Wall Street as investors look over the latest news on corporate deals.

The Dow Jones industrial average slipped six points, less than 0.1 percent, to 16,483 in the first few minutes of trading Monday.

The Standard & Poor's 500 index was flat at 1,878 and the Nasdaq composite rose eight points, or 0.2 percent, to 4,098.

AstraZeneca plunged 10 percent after the British pharmaceutical company rejected a sweetened takeover offer from U.S. rival Pfizer. Pfizer's stock rose 2 percent on the news.

AT&T fell 2 percent after the company said late Sunday that it plans to buy satellite TV provider DirecTV for $48.5 billion. The proposal could face tough regulatory scrutiny from regulators. DirecTV also fell 2 percent.

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Israeli, Chinese universities to collaborate

TEL AVIV, Israel — Two top universities from Israel and China announced Monday that they are starting a $300 million research project focused on nanotechnologies, the latest move in booming ties between the Jewish state and the Asian giant.

Tel Aviv University and Beijing's Tsinghua University said they will exchange graduate students and faculty members to work at a joint research center based at the two institutions.

The cooperation initially will focus on nanotechnology, particularly with medical and optics applications, but may be later expanded to other areas, including raw materials, water treatment and environmental issues, officials from both sides said at a news conference at the Israeli university.

Tel Aviv University President Joseph Klafter said funding will be sought from private and government sources, adding that almost a third of the money already has been raised for the project, which is to be formally launched on Tuesday.

"It's an unprecedented agreement in size and scope," Klafter said. "It was built from the bottom up because it started with our scientists meeting and falling in love with each other."

Tsinghua President Chen Jining said part of the funding will be used to design prototypes, connect academics to the business world and commercialize the products of research. "We have collaborations with many other universities around the world, but this is the first that is so in-depth and innovative" he said.

Israeli Premier Benjamin Netanyahu, who traveled to China last year, has made ties with Beijing a priority.

"We celebrate the success and huge growth of cooperation and connections between Israel and China," Netanyahu said in a statement after meeting with visiting Chinese Deputy Prime Minister Liu Yandong.

Israel is still a tiny partner for the Chinese giant, but trade between the two countries has been growing, reaching $ 8.4 billion last year, compared with $ 6.7 billion in 2010, according to Israel's Central Bureau of Statistics. Beijing seeks access to new technologies in fields where Israel is considered a leader, including agriculture, water desalination and medicine, while the Jewish state is eager to gain a foothold in the huge Chinese market.

"It's an ideal partnership because the two economies don't compete with each other" said Amir Lati, an official from the Northeast Asia desk at the Foreign Ministry in Jerusalem. "One focuses on high-tech and the other on manufacturing and huge infrastructure projects."

Last year Haifa's Technion technology institute and Shantou University, located in the southern Guangdong province, signed a smaller cooperation agreement valued around $ 150 million. Chinese companies also have vied to acquire stakes in local companies, including a top insurer and a dairy giant, and expressed interest in the proposed construction of a railway project linking the Mediterranean to the Red Sea.

Yoram Evron, a researcher on China-Middle East ties at the University of Haifa, said that Beijing is seeking to increase its influence in the region, especially to secure the energy imports needed to fuel its growing economy.

For Israel, agreements like the one announced Monday allow it to boost ties with Beijing without angering its key ally, the United States, as increased military cooperation would do, Evron said.

"It serves both interests, it gives China Israeli technology and brings Israel closer to China without irritating Washington," he said.

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Oil up near $103 amid Libya, Ukraine conflicts

The price of oil approached $103 a barrel Monday as violence in Libya threatened to once again delay a potential increase in the country's exports of crude.

By early afternoon in Europe, benchmark U.S. crude for June delivery was up 78 cents to $102.80 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract added 52 cents to close at $102.02, gaining about 2 percent for the week.

Brent crude for July delivery, a benchmark for international oil, was up 35 cents to $110.10 on the ICE Futures exchange in London.

In Libya, which has Africa's largest proven reserves of crude, political instability deepened Sunday after militiamen loyal to a renegade general stormed the parliament building in the capital city of Tripoli. On Monday, the country's army chief ordered the deployment of Islamist-led militias in Tripoli, which could lead to a showdown between the two sides.

Libya, earlier a key crude supplier to European refineries, has been struggling to stabilize its oil output and exports since the 2011 ouster of dictator Moammar Gadhafi. Production is down to around 200,000 barrels a day from some 1.4 million barrels a day a year ago.

"In light of the latest reports, any significant and lasting rise in the production level appears illusory," said analysts at Commerzbank in Frankfurt in a note to clients.

The developments in Libya also pointed to tighter supplies in the second half of the year, as predicted last week by the International Energy Agency, unless other OPEC countries like Saudi Arabia and Iraq increase their output.

Oil prices were also supported by a surge in U.S. housing construction and continued fighting between government troops and pro-Russian rebels in eastern Ukraine even as Russian President Vladimir Putin ordered troops near Ukraine to return to their home bases.

In other energy futures trading in New York:

— Wholesale gasoline rose 1.69 cents to $2.9724 a gallon.

— Natural gas added 4.7 cents to $4.46 per 1,000 cubic feet.

— Heating oil gained 1.56 cents to $2.9642 a gallon.

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AstraZeneca rejects $119 billion offer from Pfizer

LONDON — The board of AstraZeneca on Monday rejected the improved $119 billion takeover offer from U.S. drugmaker Pfizer, a decision that caused a sharp slide in the U.K. company's share price as many investors think it effectively brings an end to the protracted and increasingly bitter takeover saga.

The board said in a statement that it "reiterates its confidence in AstraZeneca's ability to deliver on its prospects as an independent, science led business."

Pfizer Inc., which is the world's second-biggest drugmaker by revenue, has been courting No. 8 AstraZeneca PLC since January, arguing their businesses are complementary. On Sunday, it raised its stock-and-cash offer by 15 percent to $118.8 billion, or 70.73 billion pounds. That would be the richest acquisition ever among drugmakers and the third-biggest in any industry, according to figures from research firm Dealogic.

AstraZeneca didn't take long to reject the new offer, its board arguing Pfizer is making "an opportunistic attempt to acquire a transformed AstraZeneca, without reflecting the value of its exciting pipeline" of experimental drugs.

Because Pfizer said it won't raise its offer again or launch a hostile takeover bid over the heads of AstraZeneca's board, the prospect of a deal looks increasingly remote unless AstraZeneca shareholders urge a change of mind. Pfizer has said it hopes AstraZeneca's shareholders will push for a deal.

"This has been going on for quite some time and we have been in very deep engagement over the whole of the weekend," AstraZeneca Chairman Leif Johansson told the BBC. "If Pfizer now says this is the final offer I have to believe what they say."

Shareholders in AstraZeneca seemed to think a deal is now unlikely, with the company's share price slumping 11 percent to 43.15 pounds.

Johansson said his management team had told Pfizer over the weekend that it would need to see a 10 percent improvement over the 53.50 pounds-per-share offer that was on the table at that time. He said Pfizer's latest offer represented only a "minor improvement" that fell short of the 10 percent needed.

Though it has said its indicative offer is final, Pfizer has, under U.K. takeover rules, until 5 p.m. local time on May 26 to make a formal bid. If it doesn't, it cannot make another offer for six months.

Pfizer's offer comes amid a surge of other deals as drugmakers look to either grow or eliminate noncore assets to focus on their strengths. Those deals include Switzerland's Novartis AG agreeing to buy GlaxoSmithKline's cancer-drug business for up to $16 billion, to sell most of its vaccines business to GSK for $7.1 billion, plus royalties, and to sell its animal health division to Eli Lilly and Co. of Indianapolis for about $5.4 billion. Canada's Valeant Pharmaceuticals has also made an unsolicited offer of nearly $46 billion for Botox maker Allergan, which has turned it down, so far.

Pfizer's latest offer increased the ratio of cash AstraZeneca shareholders would receive, from 33 percent to 45 percent. The latest offer would give them the equivalent of 55 pounds for each AstraZeneca share, split between 1.747 shares of the new company and 2.476 pence in cash. It said the offer represents a 45 percent premium to AstraZeneca's share price of 37.82 pounds on April 17, before rumors of the deal began circulating.

Pfizer CEO Ian Read said the proposed combination would yield "great benefits to patients and science in the UK and across the globe."

AstraZeneca has insisted Pfizer's offers significantly undervalue the company and its portfolio of experimental drugs. The company and British government officials also have raised concerns about the prospect of job cuts, facility closures and losing some of the science leadership in the U.K., where London-based AstraZeneca is the second-biggest drugmaker, behind GlaxoSmithKline PLC.

Pfizer has assured such cuts would be limited. It's promised to complete AstraZeneca's research and development hub in Cambridge. And it pledged to establish the new company's tax residence, but not headquarters, in England, which would significantly reduce its future tax rate.

But layoffs would be inevitable in such a big merger, analysts say, and Pfizer has a track record of eliminating tens of thousands of jobs as a result of megadeals.

While Pfizer is best known to the public for Viagra, cholesterol fighter Lipitor and other widely used medicines, in the pharmaceutical industry it's known for two other things: marketing muscle and mega mergers, which together have repeatedly propelled it to the top.

Since 2000, it has made three acquisitions that have vaulted the company to No. 1 in revenue. It paid $111.8 billion for Warner-Lambert Co. in 2000 to get the rights to Lipitor, then $59.8 billion for Pharmacia Corp. in 2003 and $68 billion for Wyeth in 2009, according to Dealogic. With this deal, Pfizer would then be the buyer in four of the 10 richest deals ever in the pharmaceutical industry.

Each of those deals resulted in massive layoffs and closures of some medicine factories, research facilities and office buildings, with the cost-cutting boosting Pfizer's bottom line for a few years.

Pfizer now wants to add to its medicine portfolio to boost revenue. The company slipped from No. 1 to No. 2 last year, behind Novartis AG, mainly because Lipitor got generic competition at the end of 2011, wiping out several billion dollars in annual sales. Pfizer also has sold off some units and reorganized as part of preparations to possibly break off another part of the company, something analysts have been urging it to do.

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Johnson contributed from New York.

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US stocks open mixed at beginning of the week

U.S. stocks edged higher in morning trading Wednesday as investors digested news on a possible merger between AT&T and DirecTV, the latest in a recent crop of M&A deals.

KEEPING SCORE: The Standard & Poor's 500 index rose six points, or 0.3 percent, to 1,883 as of 11:19 a.m. Eastern Time. The Dow Jones industrial average gained 28 points, or 0.2 percent, to 16,519. The Nasdaq composite gained 33 points, or 0.8 percent, to 4,124.

GETTING BIGGER: AT&T said late Sunday that it plans to buy satellite TV provider DirecTV for $48.5 billion. The proposed deal would create the second-largest pay TV operator behind a combined Comcast-Time Warner Cable. The proposal could face tough regulatory scrutiny from the Federal Communications Commission and Department of Justice. AT&T fell 34 cents, or 0.9 percent, to $36.40. DirectTV slid $1.50, or 1.7 percent, to $84.68.

M&A TREND: The proposed AT&T-DirecTV combination comes amid a recent increase in mergers and acquisitions, noted Terry Sandven, chief equity strategist for U.S. Bank.

"Companies in general have increased levels of cash and that bodes well for dividends, share buybacks as well as acquisitions," Sandven said. "So we view this as a sign that the environment is favorable for equities."

NO, AGAIN: The board of AstraZeneca rejected an improved takeover offer from U.S. drugmaker Pfizer. Pfizer, which has been courting AstraZeneca since January, announced Sunday that it was ready to raise its stock-and-cash offer by 15 percent to $118.8 billion.

Pfizer's shares added 42 cents, or 1.4 percent, to $29.54 in morning trading.

DEAL BOOST: Shares in Abbott Laboratories gained 60 cents, or 1.5 percent, to $39.66 as financial analysts cheered the medical device maker's proposed acquisition of CFR Pharmaceuticals for nearly $3 billion.

UNAPPETIZING RESULTS: Campbell Soup's shares tumbled $1.16, or 2.6 percent, to $43.96 after the food company reported earnings that fell short of Wall Street estimates. The company also lowered its full-year revenue outlook, noting that it was disappointed that soup sales failed to meet expectations.

OTHER MARKETS: Bond prices rose. The yield on the 10-year U.S. Treasury note slipped to 2.50 percent from 2.52 percent late Friday. Gold rose $5 to $1,298.40 an ounce. Crude oil rose 50 cents to $102.09 a barrel.

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US cites Chinese officials in cyber-spying case

WASHINGTON — The United States has brought first-of-its kind cyber-espionage charges against five Chinese military officials accused of hacking into U.S. companies to gain trade secrets.

According to the indictment announced Monday, hackers targeted the U.S. nuclear power, metals and solar products industries and are accused of stealing trade secrets and economic espionage. The alleged victims are Alcoa World Alumina, Westinghouse Electric Co., Allegheny Technologies, U.S. Steel Corp., United Steelworkers Union, and SolarWorld, Attorney General Eric Holder said Monday.

The charges have been described as unprecedented and dramatize a long-time Obama administration goal to prosecute state-sponsored cyber threats.

"In sum, the alleged hacking appears to have been conducted for no other reason than to advantage state-owned companies and other interests in China at the expense of businesses here in the United States," Holder told a news conference at the Justice Department. "This is a tactic that the United States government categorically denounces."

Said Bob Anderson Jr., executive assistant director of the FBI's criminal, cyber response and services division: "This is the new normal. This is what you're going to see on a recurring basis."

No officials in China were available Monday night for comment.

The charges against the Chinese military officials come on the heels of a separate worldwide operation over the weekend that resulted in the arrest of 97 people in 16 countries who are suspected of developing, distributing or using malicious software called BlackShades, Holder said. The software allows criminals to gain surreptitious control of personal computers. An announcement on those arrests was expected for later Monday in New York.

"These two cases show that we are stepping up our cyber enforcement efforts really around the globe," Holder said, adding that the U.S. will not tolerate these activities.

U.S. officials have previously asserted that China's army and China-based hackers had launched attacks on American industrial and military targets, often to steal secrets or intellectual property. China has said that it faces a major threat from hackers, and the country's military is believed to be among the biggest targets of the NSA and U.S. Cyber Command.

"It is our hope that the Chinese government will respect our criminal justice system," Holder said.

The indictment will put a greater strain on the U.S.-China relationship.

In recent months, Washington has been increasingly critical of what it describes as provocative Chinese actions in pursuit of territorial claims in disputed seas in East Asia. For its part, Beijing complains that the Obama administration's attempt to redirect its foreign policy toward Asia after a decade of war in the Middle East is emboldening China's neighbors and causing tension.

The hackers allegedly stole emails and other communications that could have helped Chinese firms learn the strategies and weaknesses of American companies involved in litigation with the Chinese government or Chinese firms.

Despite the ominous-sounding allegations, at least one of the firms downplayed the hacking.

"To our knowledge, no material information was compromised during this incident, which occurred several years ago," said Monica Orbe, Alcoa's director of corporate affairs. "Safeguarding our data is a top priority for Alcoa, and we continue to invest resources to protect our systems."

Last September, President Barack Obama discussed cybersecurity issues on the sidelines of a summit in St. Petersburg, Russia, with Chinese President Xi Jinping.

"China not only does not support hacking but also opposes it," Premier Li Keqiang said last year in a news conference when asked if China would stop hacking U.S. websites. "Let's not point fingers at each other without evidence but do more to safeguard cyber security."

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Associated Press reporters Matthew Pennington in Washington, Joe Mandak in Pittsburgh and Didi Tang in Beijing contributed to this story.

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Former NY Times editor: Leading newsroom was honor

WINSTON-SALEM, N.C. — In her first public appearance since her dismissal from The New York Times, former executive editor Jill Abramson compared herself to a new college graduate: "scared but also a little excited."

"What's next for me? I don't know. So I'm in exactly the same boat as many of you," Abramson told the Class of 2014 at Wake Forest University's graduation ceremony on Monday, to laughs and applause.

The Times announced last week that Abramson was being replaced by managing editor Dean Baquet. Publisher Arthur Sulzberger Jr. has denied reports that Abramson's dismissal had to do with complaints over unequal pay or the company's treatment of women. Instead, he cited Abramson's newsroom management style.

In her speech, Abramson focused on a theme of resilience, talking briefly about her time at the helm of The New York Times but not directly addressing her dismissal. She said that she didn't want the "media circus" following her to take attention away from the graduates.

"It was the honor of my life to lead the newsroom," she said, describing the risks Times journalists take to report the news.

"Sure, losing a job you love hurts, but the work I revere — journalism that holds powerful institutions and people accountable — is what makes our democracy so resilient. This is the work I will remain very much a part of."

Abramson decided not to attend Brandeis University's weekend graduation, where she was supposed to receive an honorary degree. But she went ahead with the speech at Wake Forest. Abramson said students there had asked whether she would remove her tattoo of The Times' 'T.'

"Not a chance!" she said.

Among her journalism heroes, Abramson listed former New York Times reporter Nan Robertson, who wrote a book describing the fight for workplace parity by the newspaper's female employees, and former Washington Post publisher Katharine Graham.

"They faced discrimination in a much tougher, more male-dominated newspaper industry. And they went on to win Pulitzer Prizes," Abramson said.

Abramson also invoked the memory of her father, who told her it was more important to deal with setbacks than successes.

"'Show what you are made of,' he would say. Graduating from Wake Forest means all of you have experienced success already. And some of you — and now I'm talking to anyone who's been dumped, not gotten the job you really wanted, or received those horrible rejection letters from grad school — you know the sting of losing or not getting something you badly want. When that happens, show what you are made of."

Later, Abramson shook the hands of all 1,059 undergraduates as they crossed the stage.

Graduate Georgia Tanner, 22, said Abramson handled her speech well, addressing the recent new but not dwelling or sounding bitter. "I think it was a professional address," Tanner said.

Graduate Sathay Williams, 20, said Abramson made the speech about the graduates and focused on something they can use in the future.

"Life can throw curve balls at you," Williams said. "Sometimes it's not fair, sometimes it's not deserved. You can work really hard and still things don't work out. But keep chugging forward, stay true to who you are and go forward with it. She gave us a really good message."

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