E.T.: LOST AGAIN
Friday, April 5 2002
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Universal executives have expressed disappointment with the performance of the re-release of Steven Spielberg's E.T.: The Extra-Terrestrial, which has grossed just $25 million since its opening three weeks ago. Today's Wall Street Journal, which described the re-release as "a bust," quoted Universal Pictures Vice Chairman Marc Shmuger as saying: "We came up short. ... It happens on occasion in this business." Marvin Levy, a publicist who has worked with Spielberg since 1982 (when E.T. was released) and who now is a top marketing exec with DreamWorks, told the Journal: "Maybe kids today are more in tune with pure razzle-dazzle. Maybe bicycles flying through the air are not as novel anymore." Although the newspaper reported that some analysts have now downgraded the film's potential on the home video market, Shmuger disagreed, saying: "We still think we're going to do great business with the DVD."
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