Summary: When "Transformers 3: Dark of the Moon" hit theaters over the Fourth of July holiday weekend fans of the franchise were relieved to discover it wasn't nearly as bad ad the second film. That seems to be a fairly common response to Michael Bay's latest critic-proof popcorn blockbuster. The highly anticipated movie made nearly $400 million at the worldwide box office in its first week explaining why studios love such formulaic dreck and all but ensuring another sequel. Last week also saw the sale of MySpace. The once dominant social network Internet site which was once valued at $12 billion was sold by News Corp. at a loss for a mere $35 million. What may be more surprising than anyone actually wanting to buy MySpace is that pop star Justin Timberlake has been tapped to help turn the company's fortunes around by focusing on music. Speaking of music, NPR tried to figure out how much it costs to make a hit pop song by examining the finances behind Rihanna's recent single "Man Down". Apparently all it takes is $1.1 million in production and promotions costs and 12 minutes to right the lyrics. Of course we also review all the week's top entertainment headlines including plans for another movie based on a Disney theme park ride, a Charlie Sheen celebrity roast and Netflix's trip to Latin America. 'Transformers' A U.S. Hit, Soars Even Higher Abroad http://latimesblogs.latimes.com/entertainmentnewsbuzz/2011/07/box-office.... (http://latimesblogs.latimes.com/entertainmentnewsbuzz/2011/07/box-office-transformers.html) MoviePass Put On Hold Amid Negative Reactions From Theater Owners http://www.hollywoodreporter.com/news/moviepass-put-hold-negative-reactions.... (http://www.hollywoodreporter.com/news/moviepass-put-hold-negative-reactions-207402) News Corp. Sells MySpace To Specific Media For $35 Million http://www.hollywoodreporter.com/news/news-corp-agrees-sell-myspace-206897 (http://www.hollywoodreporter.com/news/news-corp-agrees-sell-myspace-206897) Justin Timberlake Takes Stake In MySpace http://www.hollywoodreporter.com/news/justin-timberlake-takes-stake.... (http://www.hollywoodreporter.com/news/justin-timberlake-takes-stake-myspace-206943) Top 10 Musicians Sharing Content On Facebook Drive 80 Million Pageviews http://www.hypebot.com/hypebot/2011/06/top-10-musicians-sharing-content.... (http://www.hypebot.com/hypebot/2011/06/top-10-musicians-sharing-content-on-facebook.html) How Much Does It Cost To Make A Hit Song http://www.npr.org/blogs/money/2011/07/05/137530847/how-much-does-it.... (http://www.npr.org/blogs/money/2011/07/05/137530847/how-much-does-it-cost-to-make-a-hit-song) Netflix Stock Hits All-Time High After Latin America, Caribbean Expansion Announced http://www.hollywoodreporter.com/news/netflix-stock-hits-all-time-207966 (http://www.hollywoodreporter.com/news/netflix-stock-hits-all-time-207966) Chord Overstreet Is No Longer A 'Glee' Regular http://nymag.com/daily/entertainment/2011/07/glee_cast_reshuffle.html (http://nymag.com/daily/entertainment/2011/07/glee_cast_reshuffle.html) David Gray Release Live Album Through GroupOn http://www.americansongwriter.com/2011/06/david-gray-releases-live-album.... (http://www.americansongwriter.com/2011/06/david-gray-releases-live-album-through-groupon/) Disney Prepping Adventure Movie Based On Matterhorn Ride http://www.hollywoodreporter.com/heat-vision/disney-prepping-adventure-.... (http://www.hollywoodreporter.com/heat-vision/disney-prepping-adventure-movie-based-206982) ESPN Finalizes 12-Year Deal For Wimbledon Rights http://www.hollywoodreporter.com/live-feed/espn-finalizes-12-year-deal-207980 (http://www.hollywoodreporter.com/live-feed/espn-finalizes-12-year-deal-207980) Amazon To Acquire UK Online Book Seller And Publisher http://allthingsd.com/20110704/amazon-to-acquire-uk-online-book-seller.... (http://allthingsd.com/20110704/amazon-to-acquire-uk-online-book-seller-and-publisher/)
