New Line's Survivor Party: We regret overlooking this story Tuesday afternoon, but the news that New Line plans its annual summer party despite pink-slipping its founders (and more than 500 other staffers) in April can't really get old, can it? Especially not with the party coming up tomorrow night at SkyBar of all places — a $35,000 fete for 45 people, according to Nikki Finke, with whom "studio insiders" debate the figure and argue that "[e]ven in the worst years New Line always had that party. ... Toby [Emmerich] felt like the summer party is part of New Line's DNA and to change that is a mistake." OK, but this is the last time: Expect Warner Bros. to absorb the party planning and invitation distribution duties in 2009, only to push the event back to 2010 when its other parties that year threaten to underperform. [DHD]

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· Mad Men's second season opened to a strong start for AMC, pulling in 1.9 million aspiring womanizers and the pregnant secretaries who love them. [Variety]
· The Venice Film Festival announced its slate, which will include world premieres of Darren Aronofsky's The Wrestler, Jonathan Demme's Rachel Getting Married, Kathryn Bigelow's Hurt Locker, and the Coens's Burn After Reading. [Variety]
· Deposed New Line potentates Bob Shaye and Michael Lynne's first post-studio-snuffing project will be an adaptation of Isaac Asimov's sci-fi epic Foundations for Warner Bros. The duo have an eye on adapting the book's sequels into a Lord of the Rings-style franchise, with Andy Serkis playing Andromeda, a kindly robot, and the speed of light. [THR]
· CBS is developing a pilot for updated version of The Streets of San Francisco. We humbly request they retain those cool diagonal stripe-wipes from the title sequence. Those rock! [THR]
· Mutinous SAG splinter-group Unite for Strength agrees with the current leadership that the AMPTP's offer is unacceptable, but differs strongly in other areas, such as where they'd like to order in lunch. (Koo Koo Roo, vs. the Alan Rosenberg-championed Chin Chin.) [Variety]

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Now you, too, can get in on the ground floor of a major Hollywood investment opportunity: Deposed New Line kingpins Bob Shaye and Michael Lynne are coming back! Maybe! That's where you come in, according to Nikki Finke:

At one point very early on, the duo were talking about starting another New Line (and Ted Turner offered to put up some money), but I've since been assured they have given up on that dream/nightmare. Since they pocketed an extremely generous payout from [Jeff] Bewkes (unlike all those other axed NL'ers penny-pinched by Time Warner), that's what is being used to fund the new operation for the moment. But even though Bob and Michael are centi-millionaires, they're still intent on using that tried and true Hollywood formula to fund their new operation: Other People's Money.

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A tip into Defamer HQ suggests that today may be the last for the majority of remaining employees at New Line Cinema, the Time Warner subsidiary that has spent the last month transitioning from a stand-alone operation to a genre cog in the Warner Bros. machine. The speculation trickled down a little bit ago from a few private industry message boards; it would be the culmination of news expected since co-founders Bob Shaye and Michael Lynne made their own departures public Feb. 28. Production head Toby Emmerich surprised most observers last month by staying on as president and COO, but he's in the minority likely to stay on as the labels consolidate. Let us know if you've heard the same — you know where to find us.

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The forthcoming evisceration of New Line Cinema announced yesterday by founding bosses Bob Shaye and Michael Lynne was expected for a while now, but where the pieces would fall was anyone's guess. It still is to some degree, but as the grim news settles in and Time Warner overlord Jeff Bewkes' intentions come to light, we can start parsing the good, bad and the ugly wrought from New Line's demise:

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Having signalled the beginning of a difficult revitalisation process through the ceremonial sacrifice of their longtime marketing chief to the Hollywood gods earlier this week (in fairness, you try and sell something called The Last Mimzy), embattled New Line executives Bob Shaye and Tobey Emmerich sat down with the LAT's Patrick Goldstein to discuss What Went Wrong during their recent, flop-riddled run - Hairspray notwithstanding - and to share their vision for the studio's future. In a refreshing change of course, Emmerich reveals that they're ready to recognise that a screenplay is only as good as the one-sheet that condenses its ideas into a single, multiplex-lobby-friendly image and the test marketing audience that will recognise its third act problems at a fraction of the cost of a roomful of clueless development execs. Reports Goldstein:

"We'd always been a very script-driven company," Emmerich says. "But now, with so much competitive pressure in the marketplace, we have to focus as much on marketing as on the script. If we'd had a vision of the one-sheet when we were hearing a pitch, not just after we've made the movie, maybe we wouldn't have suffered through so many of our mistakes."

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