From Green Ronin's webstore:

The Threat Report is formatted as an update from AEGIS, the American Elite Government Intervention Service, the government agency in the World of Freedom tasked with handling super-powered menaces. In particular, initial Threat Reports deal with increased activity coming out of Emerald City on the west coast, to tie-in with the forthcoming Heroes Journey adventure series, also set in Emerald City. Things are happening in the city, and your heroes need to know!

The report is introduced by an AEGIS field agent and includes a complete character sheet with M&M Third Edition game information on the profiled villain. It also includes the villain's background and various ways to use the character in your own game. Each Threat Report is illustrated and, as a bonus, includes the villain's game information in Hero Lab format, so you can import it right into the character management software and use it right away! All this for just 99 cents an issue--where else can you get a super-villain for less than the price of a cup of coffee?

Threat Report #46: Professor Zed

The world is full of possibilities, imagine if you could explore all of them. Professor Zed did more than imagine, he made it happen, opening the way to an omniverse of infinite parallel realities. Now he's back, having looted them of the secrets that make him a power to rival any in this world. Can the heroes stop him? They won't be able to do so the same way twice... This product is for Mutants & Masterminds Third Edition.