Wednesday morning headlines

SAG's next move?: Now that Hollywood's smaller actors union has ratified its contract by what the NYT describes as a "solid margin," the Screen Actors Guild is left with significantly less leverage. Its leadership clearly wants to fight on - and AFTRA's 62.4 percent "yes" vote suggests a sizable plurality of unhappy members - but SAG is now all alone among the guilds. Everybody else has cut a deal with the media companies, so the question must be raised: Why should SAG get a better shake than the writers, directors and now the AFTRA members? Perhaps the most telling comment came from that old lefty, Ed Asner: "Actors don't have more guts than the average person," he said during a meeting with TV critics. "They realize the tremendous cost. Probably, if push came to shove, most would vote against it. I myself would vote for it, but I would be in the minority as I usually am." In short, the outcome seems pretty clear - SAG will eventually fall into line. The only question is how much damage is done before that happens. (Variety, LAT)

Oil is up: After a $9-a-barrel drop in two days, you could see this coming. Crude is now a bit over $137. And stocks are down a bit. (AP)

IndyMac update: The one-time mortgage giant appears to be going under. Sen. Charles E. Schumer, who some say is hastening the company's demise, calls Pasadena-based IndyMac "a junior version of Countrywide." This morning's WSJ headline reads: "IndyMac Begins Dismantling Business As It Struggles to Keep Investors' Faith." And of course there's the stock, which at this point is essentially worthless. Previous posts here and here.

Shakeup at THR: Nikki Finke calls it a "massacre," with several senior level editors and business side managers being laid off. The sales department is apparently taking a big hit.

Lakers up ticket prices: Heck, getting to the finals has its cost. For the third straight season, tickets are going up across the board - and by percentages that are above the league average. Courtside seats were raised from $2,300 to $2,500 a game, and seats in six lower-level sections between the baskets were raised from $230 to $245. (LAT)

Steve & Barry's faces bankruptcy: This rags-to-riches story appears to be back in the rags. The clothing chain that specialized in celebrity fashion on the cheap is preparing to file for bankruptcy protection. The company held discussions last weekend with Sears about some sort of bailout, but Sears is not exactly in great shape either. There are seven S&B's in Socal, according to its Web site. From the NYT:

Steve & Barry’s, which is privately owned, had been one of the fastest-growing retailers in the country, opening hundreds of stores selling clothes under the names of Sarah Jessica Parker, Venus Williams and Stephon Marbury. Even as its business imploded, it claimed annual sales of about $1.1 billion and sales gains of 20 percent in stores open one year or more. But the company’s strategy of operating on razor-thin margins and of adding stores in distressed locations with special payments from landlords became tenuous in recent months as the economy weakened. Steve & Barry’s sudden fall presents another challenge for malls across the country, which are already reeling from announcements by retailers like Ann Taylor and Zales that they will close hundreds of stores, and the recent bankruptcies of Linens ’n Things and Sharper Image.

Chatter at Sun Valley: The media's rich and powerful are yapping about a bunch of things, including whether Microsoft will eventually wind up with Yahoo. The annual schmooze-fest hosted by Allen & Company has Bill Gates of Microsoft and Jerry Yang of Yahoo, among many other players and potential players. As reported by the NYT's Andrew Ross Sorkin, a possible deal was the main topic of conversation at a barbecue dinner that had members of the Murdoch family, Bob Iger of Disney and Sir Howard Stringer of Sony.

The early verdict? The emerging consensus is that Yahoo shareholders may be prepared to take even less than the $33 per share previously proposed by Microsoft, with some whispering that they might even accept as little as $31.50 per share. And the feeling is that Carl Icahn, the activist investor who wants Yahoo to sell itself to Microsoft, would be likely to accept at such prices. “He just needs a number that starts with a three,” one mogul said of Mr. Icahn, who paid about $25 a share for his Yahoo stake.

US Airways ends movies: The carrier will save about $10 million a year by eliminating the in-flight entertainment on domestic flights. Video systems add 500 pounds to a plane's weight, which eats up jet fuel. "We simply can't afford to do it anymore," a US Airways executive told Bloomberg. Don't be surprised if the other carriers drop movies, too.

Mossberg to Fox: The popular WSJ columnist will be a regular contributor to the Fox Business Network. The Journal has a long-term contract with CNBC, but apparently there was a loophole that allowed Mossberg to make the move (thank God for lawyers, right?). FBN is owned by News Corp., which also owns the Journal. (NYT)