AMC: no IPO after all

Amid the tightening credit market, theater operator AMC Entertainment Holdings Inc. has pulled the plug on its planned initial public offering.

The Kansas City, Mo.-based company, whose lead investors include J.P. Morgan Partners and Apollo Management, said today in a filing with the Securities and Exchange Commission that it was withdrawing its $500-million stock offering. Speculation that the AMC IPO would be a tough sell has been circulating for nearly a year, even before the financial crisis hit, as attendance at movie theaters has stopped growing amid compeitition from online entertainment.

The privately held firm did not specify its reasons in the filing, but a company official cited the market volatility that has rocked Wall Street. "In light of current market conditions, the company's board of directors determined it was best to suspend the intial public offering," AMC spokeswoman Melanie Bell said Friday.

AMC originally filed a $750-million IPO in December 2006, as  private equity firms looked to recoup some of their heavy investments in theaters. The company withdrew that offering in May 2007 after investors balked at the $17-a-share asking price. AMC announced plans for a scaled-back stock offering in September 2007.

The market for entertainment IPOs was bleak even before the recent meltdown on Wall Street. Venice-based visual effects company Digital Domain pulled its IPO plans after drawing a tepid response from investors in April.

-- Richard Verrier

Paramount and Sony might co-parent "Tintin"

It looks like Paramount Pictures may have found a co-parenting partner for Steven Spielberg and Peter Jackson's planned "Tintin" movie, which was orphaned after Universal Pictures opted out over financial concerns. Sony Pictures is close to finalizing a deal to pick up half of the cost of the 3-D motion-capture film, which is budgeted at $130 million before marketing expenses.

"Tintin," to be directed by Spielberg and produced by Jackson, could begin production before the end of the year if negotiations conclude next week, as expected. Spielberg, who has wanted to make "Tintin" since 1983 when his production company Amblin Entertainment was based at Universal, originally hoped to start shooting last month. But, after he and Jackson submitted a final budget and their rich profit-sharing deals to Universal, the studio passed, deeming it too risky. Under that deal, the picture would have to gross $425 million in revenue before Universal and Paramount could break even.

Based on a Belgian comic book series about the global adventures of a young reporter and his sidekick dog, "Tintin" has a loyal following abroad but is less well known in the U.S. In the deal currently discussed, Paramount would release the movie in North America, the United Kingdom and Asia. Sony would handle the film in Europe and Latin America.

Also risky is the fact that other motion or performance-capture films, in which actors' movements are recorded by body sensors and fed into a computer and manipulated, have had a mixed track record at the box office. Sony's "Monster House" grossed just $140 million worldwide, and Paramount's "Beowulf," $196 million worldwide -- far below the more than $400 million the studios need to earn their investment back on "Tintin."

Officials from Paramount and Sony declined to comment.

Spielberg and Jackson are hoping to make two "Tintin" films, with Jackson directing the second and Spielberg producing. But the deal being negotiated between Paramount and Sony is only for the first.

One risk at a time, guys.

-- Claudia Eller

Photo: Jacques Demarthon / AFP/Getty Images

'Twilight' Countdown: Robert Pattinson and his vampire pals

20 days left...

   

As promised, here is the early edition of the paper's Sunday story on "Twilight." Times writer Gina McIntyre spent a sunny afternoon -- read: scorching hot at 100 degrees F -- with the actors who play three Cullen sibs: Robert Pattinson (Edward), Kellan Lutz (Emmett) and Nikki Reed (Rosalie).

She learned about Robert's "embarrassing" on-set injury...

For the movie's action sequences, the actors experimented with stunts and wire work, which Pattinson admits did not play to his strengths. "I got injured on the first shot of the first day," he said. "I wasn't even doing a stunt. I was just trying to pick up Kristen and I almost tore my hamstring because I hadn't been doing enough squats. It was very embarrassing."

...and what the boys did to wind down...

"When we did have those hard days," added Lutz, 23, "we would go back to Rob's room. He had a couple of guitars in there and a lot of great music. It was really fun being able to relax and have the cast come together, having that time just to bond and not really be actors but friends."

Read the whole thing here, and leave your feedback below.

And I have more good news! I just confirmed that I will be talking to RPattz himself Election Day  Tuesday. I'd like to devote that Q&A strictly to the best questions I get from you guys, the fans. I won't be able to ask every single one submitted, but rest assured I'll select a most representative bunch. Once again, fire away!

Also, don't forget to check back in tomorrow to find out who won last Saturday's Caption This contest, and to participate in the next.

-- Denise Martin

Related:

Complete 'Twilight' Countdown coverage
Complete 'Twilight' coverage on Hero Complex

Photo credit: Summit Entertainment (above) / Getty Images

Studios meet with federal mediator on actor contract talks

Studio executives met Thursday afternoon with a federal mediator attempting against the odds to end the deadlock in contract talks with actors.

As a first step, the mediator, Juan Carlos Gonzalez, huddled last week with SAG President Alan Rosenberg and Executive Director Doug Allen. The two union leaders, who previously looked askance at the idea of enlisting the help of a mediator, laid out the union's priorities, especially securing the union's contracts for all Web shows, which the studios have stated is a deal breaker.

On Thursday, it was the studios' turn to bend Gonzalez's ear. During a three-hour meeting at the Alliance of Motion Picture and Television Producers' headquarters in Sherman Oaks, studio representatives presented details of the studios' "final offer" to SAG, and gave background information on agreements with three other unions that served as a basis for it. In a statement, the AMPTP said: "The federal mediator indicated that he will advise the parties as to the next step in the process."

People close to the talks expect Gonzalez will convene a meeting between the SAG and the studios to at least get the sides talking again -- which would be an achievement in itself, given that they haven't met since early July. Whether the talks will move the sides closer to a contract, or merely be an exercise in futility, is anyone's guess. For now, there are no signs of significant compromise in either camp. In fact, involving a mediator might just be the only thing they can agree on.

-- Richard Verrier

'Twilight' Countdown: Robert Pattinson invites fans to chat

21 days left...

Last month, my Times colleague Gina McIntyre got to interview several of the vampires from "Twilight" for a story on the upcoming film. Of course, much of her lengthy conversation with Robert Pattinson, Nikki Reed and Kellan Lutz didn't make the final version. (That story hits stands Sunday, but I'll be posting it early Friday just for you guys. Call it "Twilight" at 9 a.m. Don't forget!)

Gina has agreed to shower us with the uncensored bits you won't find in the paper from now until the premiere. First up, Pattinson reveals that talking to his fans is "always kind of nice." That looks like an invitation to me.

Here's an excerpt:

For someone who can’t go to a shopping mall without getting mobbed, Robert Pattinson seems awfully uncomfortable in the spotlight. The actor told The Times he hates to watch himself on screen, though he said he might make an exception for “Twilight.” 

“I am kind of curious. I guess now the character has become this semi-iconic thing to quite a lot of people.”

Um, you could say that.

Pattinson, or R. Patz, as he’s been dubbed by the adoring fandom, said he knew that big changes were in store as soon as he landed the role of Edward in the movie adaptation of Stephenie Meyer’s bestselling novel. What tipped him off? Teenage girls began following him around London.

“It’s happened since the day it got said that I was playing the part,” Pattinson said, running his hands through his hair. “It was like a day when it changed. [People went from saying] ‘Are you the guy from ‘Harry Potter’? to ‘It’s Edward!’ It’s really, really strange.”

When asked if he thinks he’ll ever become accustomed to that aspect of his newfound celebrity, he simply replied, “No. It’s just a certain amount of acceptance, I guess. The only kind of strange thing is when you get photographed,” he continued. “When people come up to you, it’s completely understandable, but if someone’s secretly photographing you that’s kind of weird. I don’t think you’d ever get used to that. You can’t really live normally when that’s happening. But people coming up to you is always kind of nice. I don’t do anything during my day, so it’s someone to talk to.”

-- Denise Martin

Related:

Complete 'Twilight' Countdown coverage
Complete 'Twilight' coverage on Hero Complex

Photo: Associated Press

Declining asset values trigger huge CBS losses

Media investors seem to be in a forgiving mood. CBS Corp. this morning reported a $12.5 billion third-quarter loss after slashing the book value of its radio and television stations, which was expected. Not counting the massive writedown of $14.1 billion, including $38 million in stock-based compensation for executives such as Chief Executive Leslie Moonves, net income clocked in in at 43 cents a share. That was in line with guidance that CBS provided earlier this month and beat analysts' estimates.

For the quarter that ended Sept. 30, revenue climbed 3% to nearly $3.4 billion, boosted by the sales generated from its online CNET Networks and the cable syndication deal of "CSI: New York." The company's net loss of $18.58 per share was in contrast with last year's third-quarter profit of $343.3 million, or 49 cents per share.

In mid-day trading, CBS was at $9.41, up 69 cents from the opening bell.

Despite its flagship CBS network kicking off the new television season in first place, the company has been slammed by the ailing economy. CBS derives more than 70% of its revenue from advertising, making it the most exposed of all the large media companies to a recession. Television advertising revenue was down 14% compared to the third quarter of 2007. Moonves attributed the drop to lower prime-time ratings at the broadcast network this summer, in part, because CBS was up against NBC's highly-rated coverage of the Olympic Games in Beijing.

Moonves said that declines in commercial spending from car companies and dealerships, major advertisers to the network and local stations, might soon level off. "I can't imagine the auto category getting much worse than it is right now," Moonves said.

-- Meg James

Kevin Smith vs. Judd Apatow. Who influenced whom?

Forget the philosophical question of which came first, the chicken or the egg. For movie geeks, the great point of debate this fall may be when it comes to filmmakers Kevin Smith and Judd Apatow, who influenced whom?

Simple chronology shows us that as a major filmmaking force, Smith was on the scene first with his breakout movie, "Clerks," in 1994. And Apatow has stated that Smith's work did influence him. But Apatow has been credited with influencing a whole generation of screen comedy, and Smith's latest work, "Zack and Miri Make a Porno," shares some themes and actors with Apatow's own filmography.

A side-by-side comparison gives us some surprising results. Take a look here.

Scene Stealer: 'Synecdoche, New York's' rapid aging

Writer-director Charlie Kaufman had an entire lifetime to play with in telling the story of "Synecdoche, New York," but his crew wasn't so lucky. Prosthetic makeup designer Michael Marino and key makeup artist Naomi Donne had just one month to create the makeup to age stars Philip Seymour Hoffman, Samantha Morton and Jennifer Jason Leigh roughly 50 years on screen. "Originally, they wanted to do Michelle Williams and a lot of other actors," Marino said. "But it was a last-minute decision, and we didn't have a lot of time." Rather than design many variations of the same makeup, Marino and Donne created three ages (55, 75 and 85) for Hoffman. And since the rushed shooting schedule required Hoffman to be three or four different ages in one day, the illusion was created almost exclusively through wigs. "We gave him a prosthetic neck, chin, cheeks, eye bags and forehead," said Marino. "But to degrade him as he aged, we just changed the wigs around. It was the same makeup with different wigs."

<i>-- Patrick Kevin Day</i>

'Twilight' Countdown: Edi Gathegi's vampire love

22 days left...

At first, Edi Gathegi wasn’t jonesing to play a vampire. The 29-year-old actor portraying Laurent tells us that, in fact, it wasn’t clear to him that he was auditioning to play one of the nomad vampires in the big-screen adaption of Stephenie Meyer’s hit novel “Twilight.” “I just remember having to read some very strange things to [director] Catherine Hardwicke,” he says. “I wasn’t sold until I read the book itself.”

But now, Gathegi is hooked. He talks to us about channeling his inner blood-sucker, getting to meet Meyer, and which of the  “Twilight” books is his favorite. (Yes, it's true. He’s read all four!)

How’d you get involved with the movie?
A casting director who I’ve worked with suggested I audition, but I didn’t know what the story was, or that I was a vampire. I was hesitant when I first got there too. My character was saying things like ‘What is your hunting range?’ And I was thinking, ‘Hmmm, I don’t know about this material.’ I knew it was otherworldly, but I wasn’t convinced about doing it.

What changed your mind?
My agent said I had to read the book. Once I started, I pretty much flew through it. It was fantastic. Yes, it’s a vampire story, but it’s really about love. It had a heart. The vampire stuff is almost just a backdrop. Also, during the auditions, I had a blast with Catherine. Her energy and enthusiasm won me over. In Hollywood, you don’t have a lot of awesome audition experiences, but she and I just clicked.

Many “Twilight” fans are eager to know if the actors have read the books. Be honest -- have you read past the first?
I've read them all. “Breaking Dawn”? I finished that in two days. I have to tell you, every time I finished one of them, a little piece of me died. I’d become invested in that world. I really felt sad. After the fourth one, I was like, ‘What am I going to do with my life.’

Seriously?
Seriously. I’m hardcore. My favorite is the first one. What Stephenie did so well was create to create a believable human world and then introduce the supernatural in a believable way. When Bella’s questioning the otherworldly things going on, it’s real and exciting. The tension is what I loved.

Protests and people greet 'Milk' premiere

Harvey Milk would have been proud.

More than 1,400 people flocked to the San Francisco world premiere of "Milk" Tuesday night, the movie that chronicles the life and times of the gay activist politician who was slain 30 years ago along with the city's mayor, George Moscone. Milk might also have had a case of deja vu seeing throngs of people lining the sidewalk across the street from the Castro Theatre holding "No on 8" protest signs demonstrating against the ballot measure that would eliminate the rights of same sex couples to marry. The crowd chanted, "Unfair and wrong, no on eight," and "Love is great, no on eight."

When Milk, a former New Yorker, served on the San Francisco Board of Supervisors as the first openly gay man to be elected to public office in America in 1977, he fought a similar battle against the anti-gay Proposition 6, backed by singer Anita Bryant and California State Sen. John Briggs. "Thirty years later, it's the same fight," said James Schamus, chief executive of "Milk's" financier and distributor, Focus Features.

Schamus took the stage at the historic Castro Theatre, alongside the film's director, Gus Van Sant, and San Francisco Mayor Gavin Newsom. Van Sant thanked the crew and cast members, many of whom were in attendance, including Sean Penn (who plays Milk), Emile Hirsh and Josh Brolin. Newsom described San Francisco as a place that "not just tolerates diversity, but celebrates diversity ... a city where you can live your life out loud." Shot entirely in San Francisco, the approximately $20-million "Milk" included 4,000 local extras — which may be a far cry from the reputed 300,000 extras used in "Gandhi," but at least they were real people and not digitally created as sometimes happens nowadays.

The post-premiere party was held at City Hall, where Milk and Mascone were gunned down in 1978 by former City Supervisor Dan White (played by Brolin). As attendees sipped martinis and nibbled on sushi and cold shrimp with dance music on loudspeakers, several people couldn't help remarking how it was a little eerie to be celebrating in the same venue where the popular politicians were murdered.

"Milk" opens in select theaters on Nov. 26, and then expands nationally in December.

— Claudia Eller

Photo: Noah Berger/AP