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Rupert Murdoch tells investors that he can potentially make money from MySpace from a combination of advertising, videos and "internet telephony," but admitted that even News Corps' best business minds have yet to find a legal way to monetize the site's community of sexual predators, who wield an impressive discretionary income. [Variety]
Will Ferrell and Adam McKay's Gary Sanchez Productions moves into TV with P.E., a single-camera comedy for HBO about "a guy who, after flaming out as a major league baseball pitcher, returns to his small Southern hometown to teach physical education at the middle school he once attended and has to make amends with all the people he turned his back on." It is unclear whether HBO plans to back out of the deal once they discover that Ferrell himself will not be starring in the project. [THR]
The Class and Studio 60 have "solid" premieres, but it's hard to get too excited about numbers that earn the headline "Big Hopes, OK Debuts." [Variety]
Former WB Network bigshot Garth Ancier gets the standard, "Hey, sorry we fired you, but please accept this bag of money and an office on our lot as a token of our affection" shingle at Warner Bros. TV. [THR]
George Lucas will donates $175 million to USC Film School, at least $10 million of which is earmarked for the commissioning of a 50-foot-tall bronze statue of the director kicking Steven Spielberg in the ass. [THR]