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Hours Before CNN Debate, Rick Perry Drops Out Of GOP Race (TVNewser)
The TV networks are reporting that Rick Perry will hold an 11 a.m. ET news conference at which he will announce that he's dropping out of the race for the GOP nomination for president. Politico / Burns & Haberman: He's also expected to endorse Newt Gingrich. Sources told Politico Gingrich and Perry had a secret meeting to discuss a possible endorsement.

News Corp. Paying Phone Hacking Settlements To 36, Including Jude Law (HuffPost / AP)
Rupert Murdoch's British newspaper company Thursday agreed to pay damages to 36 high-profile victims of tabloid phone-hacking, including actor Jude Law, soccer player Ashley Cole, and former British Deputy Prime Minister John Prescott. Guardian: The most significant new element of Thursday's hacking settlement announcements is the accusation by the hacking victims' lawyers that Murdoch company directors tried to destroy evidence. TheWrap.com / Media Alley: Law netted just more than $200,000, and also claimed that his phone was hacked at New York's John F. Kennedy International Airport, providing a fresh opportunity for prosecution on this side of the Atlantic.

CNBC Constructs Huge New Set At NYSE (TVNewser)
In mid- to late-February, CNBC will formally unveil a new set on the floor of the New York Stock Exchange. The location of the set (in the middle of the floor in a spot formerly occupied by trading booth No. 9), and the size of it (12 feet wide, 23 feet long, 12 feet high, 16,000 pounds), are unprecedented for a financial news outlet.

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