Afternoon Wire: DreamWorks bail out, Magic in media, Google stashes cash for a rainy day

The great escape from DreamWorks Billionaire Paul Allen and other investors in movie studio DreamWorks are looking to bail out washing their hands of the studio and anything DreamWorksy. Paul Allen and others plan to sell $330 million of shares in an offering that will unwind the partnership that controls the movie studio. Bringing magic to media Magic Johnson will finally bring some clarity on at least one new venture, when he launches Magic New Media. Mr. Johnson, who is chairman-CEO of both Johnson Development Corp. and Magic Johnson Enterprises, said his new venture will include wireless and the web. "Every company's looking for these eyeballs," Mr. Johnson said later in a brief interview with Advertising Age. "There's no urban play." Hmmm you may want to back that up a bit Magic. Putting away for a rainy day Google has reportedly stashed away about $200 Million just in case they have to go to court to fight off any lawsuits related to their new company Youtube. We would say they will pretty much need that and maybe more. Critics of the YouTube deal have argued that Google would face major lawsuits from media companies whose copyrights were infringed by content being illegally uploaded onto the YouTube site.