Time Warner to shut Picturehouse, Warner Independent studios and Children's Place April same-store sales up on Disney exit

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City of Industry, CA --(www.USEquityNews.com)-- 05/09/2008 - Media entertainment industry alert provided by U.S. Equity News. Time Warner Inc. (NYSE: TWX) said recently it will close its Picturehouse and Warner Independent Pictures film studios and eliminate 70 jobs in the latest cost-cutting move since Jeff Bewkes took over as chief executive on Jan. 1. Despite the move, Warner Bros. chief operating officer Alan Horn said he was "confident that the spirit of independent filmmaking and the opportunity to find and give a voice to new talent will continue to have a presence at Warner Bros." The studio said the job cuts in Los Angeles and New York were meant to eliminate duplicate marketing, distribution and production functions.


MySpace (NYSE: NWS), the world's most popular social network, alongside Yahoo!, eBay, Photobucket, and Twitter, recently announced the launch of the MySpace 'Data Availability' initiative, a ground-breaking offering to empower the global MySpace community to share their public profile data to websites of their choice throughout the Internet. Recently's announcement throws open the doors to traditionally closed networks by putting users in the driver's seat of their data and Web identity. The launch of the Data Availability initiative marks the first time that a social Website has enabled its community to dynamically share public profile information with other sites.

Kids clothing retailer Children's Place Retail Stores Inc. (NASDAQ: PLCE) said Thursday its April same-store sales grew 15 percent, helped by its decision to return more than 200 stores to Walt Disney Co. Analysts surveyed by Thomson Financial expected a 5.5 percent same-store sales increase. Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones. Earlier this month Disney said it took over 220 Disney Store outlets in North America from Children's Place and would close about 98 stores in the U.S. and two in Canada.

EPIC Corporation (OTC: EPIO) (the "Company"), a multi-media communications and broadcasting company, announced that two shareholders have returned 15 Million shares of EPIC's common stock to the Company and the shares have been cancelled and returned to authorized but unissued shares. The issued and outstanding shares of the Company is now 11,262,023 shares. The Company, in exchange for the cancellation of the shares, agreed to issue the shareholders shares in the newly formed EPIC Communications Corp., a majority owned subsidiary of the Company, which is to become the multi-media communications and broadcasting operating company.

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