Potter' Sets Franchise Record With $125.1 Million Opening - BusinessWeek

November 21, 2010, 11:28 AM EST By Michael White

Nov. 21 (Bloomberg) -- “Harry Potter and the Deathly Hallows -- Part 1” opened with $125.1 million in U.S. and Canadian ticket sales, a record for the Warner Bros. series about the boy wizard.

The opening was the sixth-best of all time, behind Warner Bros.’ “The Dark Knight,” which took in $158.4 million in 2008, researcher Hollywood.com Box-Office said today in an e- mailed statement.

The “Potter” films, Hollywood’s top-grossing franchise, will end in July with the release of “Deathly Hallows -- Part 2.” The first seven, based on the books by J.K. Rowling, all opened at No. 1, with 2005’s “Harry Potter and the Goblet of Fire,” as the previous best debut with $102.7 million, according to researcher Box Office Mojo.

With the final installment, the “Potter” series is expected to generate $7.5 billion in worldwide ticket sales, Warner Bros. Chief Executive Officer Barry Meyer said on a September conference call.

The first six “Harry Potter” films generated $5.44 billion in worldwide sales, according to Box Office Mojo. The “Star Wars” films have grossed $4.48 billion, with the “James Bond” franchise producing $3.03 billion. The numbers aren’t adjusted for inflation.

In “Deathly Hallows,” Lord Voldemort, played by Ralph Fiennes, gains control of the magical world as Harry and his pals, Ron Weasley and Hermione Granger, go into hiding. They try to avoid capture while searching for artifacts that hold portions of the evil wizard’s soul. The returning cast includes Daniel Radcliffe in the title role, Rupert Grint and Emma Watson.

The series so far has produced a profit of about $1 billion when income from home-video, merchandise, games and other products is also tallied, according to Time Warner Inc. studio.

--Editors: Anthony Palazzo, Sylvia Wier

To contact the reporters on this story: Michael White in Los Angeles at mwhite8@bloomberg.net; Andrew Frye in New York at afrye@bloomberg.net.

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net.

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Tribune Co. suspends executive over racy e-mail - BusinessWeek

CHICAGO

Tribune Co. is suspending a top executive without pay over an inappropriate e-mail sent to staff.

In a memo to employees Wednesday, CEO Randy Michaels says Chief Innovation Officer Lee Abrams is being suspended while the company investigates an e-mail message he sent staff Monday that contained links to raunchy video clips. Radio industry veteran Abrams was appointed to the position in 2008 and put in charge of print, broadcast and online innovation.

Michaels is stopping short of saying whether Abrams could lose his job, but he is calling the e-mail a "serious mistake that can't be tolerated."

The suspension is one more headache for Tribune, owner of the Los Angeles Times, Chicago Tribune and other media properties, as it struggles to emerge from bankruptcy protection after nearly two years.

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Lions Gate Proposes MGM Combination; Icahn Supports - BusinessWeek

October 12, 2010, 8:22 AM EDT By Katie Hoffmann

(Adds Icahn’s hostile bids in third paragraph.)

Oct. 12 (Bloomberg) -- Carl Icahn, the billionaire investor who’s been trying to buy Lions Gate Entertainment Corp., said he supports the film studio’s proposed combination with Metro- Goldwyn-Mayer Inc.

Lions Gate sent a proposal of the combination to MGM yesterday, the Santa Monica, California-based studio said in a regulatory filing. A merger “would enhance value for all constituencies,” Icahn said today in a separate statement.

Icahn has been trying to take control of the studio with hostile bids since March, after Lions Gate rejected his efforts to increase his stake to as much as 30 percent. His current bid of $7.50 a share expires Oct. 22.

Lions Gate, which produces the “Mad Men” series on the AMC cable-TV network, rose 2 cents to $7.48 yesterday in New York Stock Exchange composite trading. The shares have climbed 29 percent this year before today.

The offer also is better for MGM investors than its proposal with Spyglass Entertainment, Icahn said. Last week, MGM began soliciting votes from lenders for a bankruptcy plan that would turn over management of the film studio to Spyglass. In the plan, creditors would exchange more than $4 billion in debt for about 95 percent of equity when MGM emerges from bankruptcy. Spyglass, based in Burbank, California, would get about 5 percent of equity.

--Editors: Chris Staiti, Cecile Daurat

To contact the reporter on this story: Katie Hoffmann in New York at khoffmann4@bloomberg.net

To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net.

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