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If I read that article correctly the new channel will be another premium movie offering showing only recent releases. That is a pretty crowded field already and with the paucity of new, "good" movies I don't see them making history here.
They will have access to all 2008 and beyond Paramount releases, 2009 and beyond MGM/Lionsgate releases AND the Paramount Library 1950-2007 after the Showtime/The Movie Channel contracts for those expire at the end of 2008.
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