The University of Utah is on the brink of a first-of-its-kind deal, teaming up with New York private-equity firm Otro Capital. The plan? A brand-new LLC that would turn Utah's football program into a for-profit enterprise.

Utah

Utah has become the first college football program to finalize a private equity (PE) investment deal, a development that could reshape the financial model for college sports. Unlike major programs such as Ohio State and Notre Dame, which have stable revenue streams, Utah's position outside the largest conferences made it a candidate for this new funding approach.

The deal involves the creation of a holding company that combines sports and entertainment, similar to professional sports franchises. Observers note that while this could help schools like Utah compete at a higher level, it may also prompt backlash from fans and spur interest from investors in larger programs if the model proves successful.

Utah eyes first-ever PE deal for college football

Imagine if private equity starts to buy into college football teams, you know, that matter like the Ohio State University or Notre Dame. You know, is that the future we're looking at? I think private equity and college sports have been flirting around for the last couple of years. And this is the first deal that is signed, sealed and delivered. Of course, there is the deal with the Big 10 that had been spoken about and that's been put on hold. But this one is huge. And I think that when you're looking at the landscape of college sports right now, of course, we have the college football playoff going on and teams are missing out on that. And so when you see that and you're trying to figure out ways like Notre Dame, they decided not to themselves. They did not make it. And then they decided they're not going to play a bowl game. Notre Dame is not going to have any issues with revenue. But Utah, which isn't in one of these big conferences like the Big 10 or the SEC, they might. So this is why we're getting this deal. It's a classic PE play. Take something that's inefficient. Bring efficiencies to it. But if I think about, for example, the Premier League in Europe and the passion around it, I feel like the closest thing we have to that is college sports. People care so deeply about it. And every time you see, I mean, there are owners of Premier League teams that the fans hate and sometimes make life very, very hard for them. I mean, could there not be a real big backlash to private equity coming into people's pride and joy like the Ohio State University? Dude, I have to say this reminds me of when Roman Abramowitz bought Chelsea because that kicked off a sea of, you know, multiple hundred million pound investment in soccer teams. And I do think that there could be backlash if the investment does not go well. So what they're creating is a holding company. And one of the things that is very interesting to me is that it says sports and entertainment. When you think of sports and entertainment, you're thinking of Kroenke. You're thinking of Jerry Jones is holding company, all of these different professional teams that have these other departments that also work in to bring together concerts and things like that. But this is a holding company at a college. And so that is unique in itself. And I think it'll be really interesting to see how it plays out over the next couple of years. Because what if in five years from now they don't make the college football playoff and they don't make it to let's say the Final Four or the Elite Eight. What are going to be the avenues of profit if you're not winning. But what what if schools like Utah are winning national championships because they're able to pay their players enough. Remember NIL is now just money from boosters. But if private equity can pay players they're going to get the best players there are. It's true. It's true. And a school like Utah will need this. But you mentioned Ohio State and Notre Dame. These are schools that in essence should be there just about every year without those private equity dollars. Now if Utah starts competing on a level at Ohio State and Notre Dame then I have no doubt that there will be an investor at Ohio State's door. And there probably have already been multiple people knocking at some of these larger schools who want to make deals. It could be anybody even Michigan could get a good football team. Can you tell us from Columbus. I can't wait to hear how this evolves.

The U.S. military seized a large oil tanker off the coast of Venezuela. Attorney General Pam Bondi said the ship had been used to violate sanctions on oil from Venezuela and Iran.

Washington

U.S. seizes oil tanker off Venezuela coast

The daughter of Venezuelan opposition leader Maria Corina Machado has accepted the Nobel Peace Prize on her mother's behalf in Oslo, Norway. Machado, who lives in hiding in Venezuela, is set to make an address on Thursday.

Oslo

Venezuela's Machado awarded Nobel Peace Prize in absentia

President Volodymyr Zelenskyy is commenting on potential elections in Ukraine under certain conditions. Former U.S. ambassador to Ukraine John Herbst joins CBS News with more on the war against Russia.

Kyiv

Ukraine Invasion

Zelenskyy prepared to hold elections after Trump questions motive

A renewed outbreak of fighting between Thailand and Cambodia has derailed a US-brokered peace agreement, with cross-border shelling and air raids forcing more than half a million civilians to flee their homes.

Bangkok

Border dispute between Thailand and Cambodia flares up again

U.S. immigration agents used pepper spray against protesters in Minneapolis on Tuesday as residents blocked the officers’ vehicles and forced them to leave the area.

Minneapolis

Minneapolis protests erupt over ICE operation targeting Somalis

In Australia, millions of kids' social media profiles are going dark, as the country's new social media ban takes effect for anyone under 16. Jo Ling Kent reports.

Canberra

Australia's social media ban takes effect for kids under 16

President Trump, in recent months, has dismissed concerns about affordability, but this evening, in the battleground state of Pennsylvania, he is focusing on the crisis and touting his administration's efforts to lower the cost of living. Nancy Cordes has more.

Pennsylvania

Trump tries to flip the script on affordability

Dozens of protesters blocked a highway near Tel Aviv to demonstrate against moves by the Israeli government to force some ultra-Orthodox Jews into mandatory military service, something they are currently exempt from so they can study the Torah full time.

Tel Aviv-Yafo

Bill over ultra-Orthodox military conscription sparks protests in Israel

President Trump has told Politico that Nicolas Maduro's "days are numbered" in Venezuela. Political strategists Kevin Sheridan and Hyma Moore join with analysis.

Trump says Maduro’s “days are numbered”

The FBI has released a new photo of former Olympian Ryan Wedding, whom the bureau’s director has described as a “modern day iteration of Pablo Escobar.” The ex-skier and snowboarder remains at large as agents continue their search.

FBI releases new photo of alleged drug kingpin Ryan Wedding

Ukraine President Volodymyr Zelenskyy met Pope Leo XIV and Italian Premier Giorgia Meloni in Rome on Tuesday (December 9), meanwhile voicing his refusal to surrender territory to Moscow despite pressure from Washington for territorial concessions.

Rome

Zelenskyy seeks backing from Pope Leo XIV, Italian PM Meloni

A federal judge said Tuesday (December 9) that the Department of Justice can unseal the Ghislaine Maxwell sex trafficking case records. CBS News' Scott MacFarlane has more details.

Judge says DOJ can unseal Ghislaine Maxwell trafficking case records

Prosecutors on Monday (December 8) released new evidence seized from Luigi Mangione on the day of his arrest. He is accused of killing UnitedHealthcare CEO Brian Thompson a year ago and has pleaded not guilty.

Manhattan

New evidence introduced in Luigi Mangione case

The EU antitrust enforcer has opened an investigation into the U.S. tech giant over its use of online content to power its AI services, a move that threatens to ratchet up transatlantic relations.

Brussels

EU Commission opens probe into Google over AI

The U.S. government said the approval, which comes in exchange for a 25% surcharge, would also be available to other chipmakers like Intel and AMD.

Trump gives Nvidia green light to sell H200 chips to China

Ukraine is set to present a revised peace plan to the United States on Tuesday following President Volodymyr Zelenskiy’s talks in London with the leaders of France, Germany, and Britain.

London

Ukraine to share revised peace plan with U.S., Zelenskiy says

The International Criminal Court Tuesday handed down a sentence of 20 years to a Sudanese militia leader for war crimes and crimes against humanity committed during the country's civil war two decades ago.

ICC sentences Sudan militia chief for crimes against humanity

U.S. President Donald Trump on Monday (December 8) unveiled a $12 billion aid package for American farmers, the latest government effort to shore up a key political constituency hurt by the financial fallout from his trade policies.

Trump unveils $12 billion aid package for farmers hit by trade war

Thailand and Cambodia are blaming one another for starting a deadly exchange of fire that killed at least five people and threatens to unravel a U.S.-backed ceasefire between the neighbouring southeast Asian countries.

Surin

Thailand-Cambodia ceasefire could be unravelling

Paramount Skydance made a hostile takeover bid for Warner Bros. Discovery for $108 billion US just days after Netflix announced it made a $72-billion US deal with the legacy studio. It’s a move that even has U.S. President Donald Trump weighing in.

Hollywood

Paramount launches hostile takeover bid for Warner Bros.

President Trump announced Monday he will allow Nvidia to sell its advanced H200 computer chips to "approved customers" in China, but Mr. Trump said the deal does not include Nvidia's more advanced Blackwell system or its soon-to-be-released Rubin system.

Trump says he's letting Nvidia sell some AI chips to China

Ukraine's European allies put on a show of support for President Volodymyr Zelensky Monday as they expressed scepticism about parts of the U.S. proposal to end the war with Russia. The discussions came after President Donald Trump accused Zelensky of not reading his administration's proposal on a deal to end Russia's invasion following almost four years of war.

Downing Street

European allies back Zelensky after Trump criticism

A powerful 7.5-magnitude earthquake shook northeastern Japan late on Monday (December 8), prompting orders for about 90,000 residents to evacuate and tsunami warnings that hours later were downgraded to advisories.

Aomori

7.5-magnitude earthquake strikes Japan's northeast

Ukrainian President Volodymyr Zelenskiy said on Monday (December 8) that unity between Europe, Ukraine and the U.S. was important when negotiating an end to Russia's war in Ukraine. He made the remark during a visit to London.

Kyiv stresses European unity as allies 'skeptical' of U.S. peace plan

Ukrainian leader Volodymyr Zelenskyy and European allies prepared to hold talks in London on Monday (December 8), after President Donald Trump accused him of not reading the U.S. proposal to end the war with Russia.

Zelenskyy to meet European allies after Trump criticism

Thailand has launched airstrikes on Cambodian military sites as renewed border violence threatens a U.S.-backed peace deal.

Renewed border violence threatens Thai-Cambodia peace

South African authorities have withdrawn a 90-day visa exemption for Palestinians, saying the recent arrival of a charter flight with 153 people onboard was part of a campaign of “forced migration.”

Johannesburg

Middle East Conflict

South Africa withdraws 90-days visa exemption for Palestinians

Chinese and Japanese ties came under further strain after a Chinese fighter aircraft trained fire-control radar on Japanese military jets for the first time.

Okinawa

Chinese fighter jet locks radar on Japan planes

A military coup declared in Benin on Sunday has failed, the country’s interior minister said, just hours after soldiers took over state television to announce the dissolution of government.

Porto-Novo

Benin coup attempt thwarted by soldiers loyal to Republic

Hong Kong's citizens were voting on Sunday in an election where the focus is on turnout, with residents grieving and traumatized after the city's worst fire in nearly 80 years and the authorities scrambling to avoid a broader public backlash.

Breakdown