Most media and entertainment stocks closed lower Tuesday, as news of the latest interest rate hike by the Federal Reserve did little to cheer media investors.
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The controversial "Brokeback Mountain," a story of two cowboys who fall in love, led the field in Oscar nominations as the Academy of Motion Picture Arts and Sciences announced its annual list of honorees Tuesday.
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George Szalai, Business Editor with the Hollywood Reporter, says Oscar nominations for edgy pictures such as Brokeback Mountain, Crash and Capote might be showing Hollywood the way out of box office purgatory.
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