The 20th Anniversary re-release of E.T. THE EXTRA-TERRESTRIAL
© 2002 Universal

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E.T. disappoints Universal

After years of joking he'd re-release E.T. THE EXTRA TERRESTRIAL to knock friend George Lucas' STAR WARS: SPECIAL EDITON down a few pegs on the all time box-office list, Steven Spielberg is presented with the grim reality that while his film holds up in quality, a lot of fans don't.

That's the bottom line from several recent reports examining the lackluster box office of the 20th anniversary edition of the film.

According to Universal Pictures Vice Chairman Marc Shmuger, as quoted in the WALL STREET JOURNAL, "We came up short. ... It happens on occasion in this business. We still think we're going to do great business with the DVD."

Said Marvin Levy, a PR executive at DreamWorks to the WSJ, "Maybe kids today are more in tune with pure razzle-dazzle. Maybe bicycles flying through the air are not as novel anymore."

If that's true, heaven help us all.