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Watch Shelly’s commentary on Pioneer closing its unprofitable flat-screen TV business and how this is a sign of the time for the Consumer Electronics industry.
President Obama is set to make Melissa Hathaway his head of cyber security. Hathaway, who also worked in the Bush administration, will be in charge of reviewing and maintaining secure computer networks for the government. Hathaway is responsible for the cyber security plan developed during the Bush years.
DreamWorks and Disney are expected to announce a distribution deal this morning after DreamWorks contract with Universal expired on Friday. Sources say Disney will distribute six films a year for DreamWorks, while also helping the company financially. Disney will receive a distribution fee of 8% from DreamWorks.
The USA Network has signed a $200 million deal for basic cable and broadcast rights to 24 films by Universal Pictures. The contract will give USA exclusive premier rights to Universal films, including Bruno, the sequel to Borat. While the deal is expected to be worth $200 million, if Universal’s films flop at the box office, USA could end up paying half the amount.
LG will cut costs by 30% this year in accord with its forecast which predicts a 20% drop in sales. CEO Nam Yong said the consumer electronics manufacturer would not cut jobs immediately, rather it would stress productivity and efficiency to get through the tough economic times. LG may relocate 20% of its domestic work force to growth industries like solar energy development.
Led Zeppelin front man Robert Plant and country singer Alison Krauss took home all five awards they were nominated for last night at the Grammy’s. Other winner’s included Coldplay for song of the year, and rapper Lil Wayne, who took home 4 awards.