TYRO screenwriter Ali Russell has launched feature production banner Elysium Ent. with a pair of comicbook-based projects -- THE 10TH MUSE and an untitled Rob Liefeld film, reports VARIETY. Brooklyn Weaver of Energy Ent. will sheperd the new company. Weaver discovered 21-year-old Russell at the UCLA screenwriting program.

Weaver optioned MUSE for low-six figures and Russell is set to write and produce the film. Based on the comic by Darren Davis, the story follows the adventures of modern-day daughter of the Greek God Zeus.

Entertainment Rights has acquired the production company Tell-Tale. Creative talent Iain Lauchlan and Will Brenton with fellow directors Karl Woolley and Helen Cadwallader will join ER to lead the creative division, which will immediately begin work on an extensive production and development slate.

Cambridge Animation Systems, developer of Animo 2D software, has moved its company headquarters from England to The Digital Hub, in Dublin. Cormac Slevin, who has been with the company since 1998, will manage the new office.

The company has restructured its management team. Peter Florence, an original founder of Cambridge Animation Systems, will stay on as a shareholder alongside the new investment group; Digital Animation Media Ltd.

Time Warner Inc. withdrew its bid for Metro-Goldwyn-Mayer on Monday and Sony Corp. rushed in to buy the studio for nearly $5 billion, VARIETY reported. The deal provides Sony with the largest library in Hollywood (nearly 8,000 films) along with valuable assets to set up TV distribution deals, and the chance to own such mega franchises as the James Bond film series.

Anchor Bay Ent., IDT Ent.'s home video subsidiary, and Twentieth Century Fox Home Ent. (TCFHE) have entered into a long-term distribution agreement. TCFHE will handle all manufacturing and distribution services for Anchor Bay's entire library of DVD and VHS offerings.

John Taddeo, formerly associated with Florida publisher Tekno Comics, has put up an offer of $500,000 to purchase all the assets of bankrupt comicbook publisher CrossGen, reports ICv2.com.

The filing states. "The sale of the Assets to the Purchaser is far from a mere continuation of the Debtors' businesses in the ordinary course, but represents a liquidation of the businesses.”

Radar Pictures of Los Angeles (THE CHRONICLES OF RIDDICK and THE LAST SAMURAI) has agreed to a minority interest in the Canadian visual effects group of companies that includes C.O.R.E. Feature Animation and C.O.R.E. Digital Pictures of Toronto.

Said Bob Munroe, president/co-founder of C.O.R.E.: "Partnering with one of Hollywood's most successful independent production companies will give us greater access to the resources required to bring major animated feature films to market.

Walt Disney Co.’s ceo Michael Eisner has announced that he is stepping down from his post when his contract expires in Sept. 2006, reports the WALL STREET JOURNAL. This move ends Eisner’s two-decade reign at the mega-corporation and comes six months after former board members Stanley Gold and Roy Disney tried to oust him from the firm. Gold and Disney’s efforts did lead to Eisner being removed as chairman. Disney president Robert Iger is Eisner’s "preferred choice" to succeed him.

Hunt Valley, Maryland-based computer game company BreakAway Ltd. has announced the opening of a new development studio in Austin, Texas. With growth in its government and entertainment divisions over the past year, BreakAway has seen revenues jump 50% since the start of 2004, while the company has added more than 20 new employees during the past six months.

The Motion Picture Sound Editors board of directors has voted to create a new category of membership for foley artists. The MPSE is dedicated to improving recognition of its members by educating the entertainment community as to the artistic merit of sound editing and related arts.

"I consider this to be a huge step forward for our organization,” said MPSE president David Bondelevitch. “This decision will allow us to grow not only in size and stature, but in the scope of what we hope to accomplish."