Fair Use Scenario: Broadcasting Obama

In a continuing series of scenarios that explore educational fair use issues.
Cheryl, the school media specialist, is concerned about the legality of recording the presidential inauguration and then using her school's closed circuit broadcast system to show it to the entire school (at the request of some of her teachers). Cheryl's school is in a time zone which makes it impractical to get up early enough to watch the inauguration live.
In trying to research such a use, she found a comment saying that anything broadcast over the closed circuit system is considered to be a public performance. One of her teachers who used to work at a TV station thought that one could rebroadcast the news. Cheryl checked C-Span's copyright rules and did not find any specific reference to using their programs on closed circuit. She wrote the network for permission but received no response.
- What is the copyrighted material? Who owns it?
- Does the use of the work fall under fair use guidelines? Is the use transformational in nature? Can this be considered "educational" use?
- What is your level of comfort helping with this event? Are there any changes or limits you might like to see that would make you more comfortable?
Your level of comfort with this use of copyrighted materials: High 5 4 3 2 1 Low
You comments are most welcome.