ENTERTAINMENT NEWS
July 8
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ENTERTAINMENT STOCKS FALL

Wall Street was unkind to key showbiz stocks on Monday, prodded in part by an incredibly downbeat analyst's report on the entertainment sector from Lehman Brothers.

Report by Lehman analyst Anthony DiClemente downgraded the firm's ratings on CBS, News Corp., Disney and Time Warner and significantly reduced its price target on Viacom shares to $32 from $46. DiClemente cited the upheaval in the traditional film and TV biz caused by new media and digital distribution of programming, comparing it to the decline in the music biz.

"The structural shift created by ubiquitous technological change -- a shift that has materially impacted the music industry -- could also disrupt the core economic models of the creators of the majority of film and TV content," DiClemente wrote. He also underscored the danger that the "entertainment industry itself may be unprepared for digital media as a disruptive technology."

Execs at some of the five congloms cited questioned the timing of the Lehman report given the lack of any major new development in the digital arena during the past few months. Monday was a tough day all around for Wall Street's major indices -- the Dow was down nearly 57 points; the NYSE dropped nearly 82 points -- but Lehman's downgrades surely didn't help.

CBS took the biggest hit, dropping 87¢, or 4.7%, at the close of trading Monday to $17.73, down from its 52-week low of $18.52. Viacom fell 74¢, or 2.5% , to $28.96, down from its 52-week low of $29.70. Disney eased 82¢, or 2.6%, to $30.08. Time Warner lost 20¢, or 1.4%, to $14.49, while News Corp. proved the sturdiest with a 13¢ dip, or less than 1%, to $14.63 but was near its 52-week low of $14.58.

DAILY BOX OFFICE RESULTS

CLICK HERE to read the WEEKEND Box Office Results! See how WALL*E and WANTED made!

Read reviews of the top 6 films at the box office this weekend

WALL*E Directed by Andrew Stanton Voices by Ben Burtt Jeff Garlin	Kung Fu Panda Directed by Mark Osborne John Stevenson Voices by Jack Black Dustin Hoffman

Get Smart Directed by Peter Segal Starring Steve Carell Anne Hathaway	Wanted Directed by Timur Bekmambetov Starring James McAvoy Morgan Freeman Angelina Jolie

The Incredible Hulk Directed by Louis Leterrier Starring Edward Norton Liv Tyler	The Love Guru Directed by Marco Schnabel Starring Mike Myers Justin Timberlake

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NBC BUYS WEATHER CHANNEL FOR $3.5 BILLION

NBC Universal, along with investment groups Bain Capital and Blackstone Group, have agreed to acquire The Weather Channel from Landmark Communications for a reported $3.5 billion.

The Weather Channel is one of the most widely distributed basic cable networks, available in more than 97 percent of cable-tv homes. Since 2004, NBC and its affiliates have also operated their own weather network, NBC Weather Plus.

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In an interview with Monday's New York Times, NBC chief Jeff Zucker said that the fate of Weather Plus is currently "undetermined." Another apparently unresolved issue is how NBC intends to treat contracts between Twc and non-nbc affiliates.

The NBC/Twc deal comes at a time when all networks are devoting increased time and resources to weather coverage. Only last Friday, the entire hour of NBC's Dateline news magazine was devoted to "The Year of the Tornado," and featured a first-time appearance by NBC Weather Plus Chief Meteorologist Bill Karins.

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