PRESS DIGEST - Wall Street Journal - Dec 12

Thu Dec 12, 2013 12:12am EST
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Dec 12 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* Stanley Fischer, widely seen as a dean among the world's top central bankers, is President Barack Obama's choice to become second-in-command at the Federal Reserve, according to people familiar with the matter. ()

* Private-equity firm Centerbridge Partners LP reached a tentative deal to buy LightSquared Inc out of bankruptcy proceedings, said people familiar with the matter, potentially upstaging a bid by Dish Network Corp to take over the wireless-telecommunications firm. ()

* Just days before the latest "Hobbit" movie hits theaters on Friday, it has landed in court. Independent movie moguls Harvey and Bob Weinstein, along with their former company Miramax LLC, sued Time Warner Inc's Warner Bros late Tuesday for a share of the proceeds from the coming second and third "Hobbit" movies. ()

* Avon Products Inc is pulling the plug on a $125 million software overhaul that has been in the works for four years after a test of the system in Canada drove away many of the salespeople who fuel the door-to-door cosmetics company's revenue. ()