AOL, transitioning to ads, moves closer to ad center in NYC and Struggling Gap gives CEO $39.1 million compensation package

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City of Industry, CA --(www.USEquityNews.com)-- 04/17/2008 - Media entertainment industry alert provided by U.S. Equity News. With little fanfare, AOL (NYSE: TWX) began occupying new headquarters in New York this week to bring itself closer to the heart of the media and advertising industry as it transforms itself into an ad-supported business. About 300 senior executives and content producers, many already located elsewhere in the city, were the first to move to the new digs at 770 Broadway in Greenwich Village, once home to the grand Wanamaker department store. AOL's ad sales representatives are to follow at a still-unspecified date.


Gaylord Entertainment Co. (NYSE: GET) has bailed out of its $252.5 million deal to buy the Westin La Cantera Resort in San Antonio, Texas, because of the turmoil gripping financial markets, the lodging company said Wednesday. Gaylord Entertainment expects to record $12 million in costs for the first quarter for breaking up the deal, the company said. Last year, Gaylord Entertainment agreed to pay $252.5 million for the Westin La Cantera, a 691-acre resort hotel with 508 rooms and two golf courses.

Gap Inc. (NYSE: GPS) Chairman Glenn Murphy received a compensation package valued $39.1 million last year as he set out to end a stubborn sales slump that has plagued the clothing retailer through most of this decade. The San Francisco-based company detailed how much its latest chief executive made during his first six months on the job in documents filed Wednesday with the Securities and Exchange Commission. Gap hired Murphy last July to replace interim CEO Robert Fisher, who stepped in after the company parted ways with former Walt Disney Co. executive Paul Pressler in early 2007.

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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