Harry Potter And The Chamber Of Ancillary Rights

By Josh Tyrangiel

Continued airings of Yes, Dear to the contrary, TV networks are in the business of attracting viewers. But will they pay anything for the privilege? Warner Bros. is about to find out. The studio (a division of AOL Time Warner, parent company of TIME) has begun shopping the TV rights to the eagerly awaited film Harry Potter and the Sorcerer's Stone. Asking price, according to network sources: a whopping $70 million. "It's obscene," said an executive for one network, which told the studio no thanks. A Warner representative denied any figure had been set, saying, "The meetings we have had were informational." But there's little doubt Warner is going for a record. Titanic, the previous record holder, netted $30 million from NBC in 1997. But that deal was struck after the film had opened. Harry Potter doesn't debut until Nov. 16, and the networks have so far been shown only a 15-minute clip. Look for lots more negotiating--which, of course, is what muggles like to do.

--Reported by Jeanne McDowell/Los Angeles

With reporting by Jeanne McDowell/Los Angeles