We’re once again wondering who will blink first in Hollywood.

The Screen Actors Guild and the major firm and television studios are having another pow-wow today, and the subject is an ominous sounding “final offer” that management has presented to the union.

As we have seen, the talks so far haven’t gotten around the same sticky issues that prompted a strike this winter by the Writers Guild of America strike. So a take-it-or-leave-it offer by the studios doesn’t sound too promising if the entertainment biz is to avoid another strike.

But wait! SAG executive director and chief negotiator, Doug Allen, suggested on the eve of his union’s formal response that the door to further deal-making remained open. He had this to say in an interview with Reuters:

“I don’t know that those categorical statements are always to be taken at face value,” he told Reuters. “In fact, somebody from the WGA told me they got a total of 10 final offers from the AMPTP (during their talks). So we’ll see.”

Meanwhile, the Wall Street Journal reports that the studios may be looking at a slight change in strategy. It reports:

“The studios, fearing SAG leadership might drag negotiations on through the union’s elections in September, are considering adopting a more aggressive strategy. The producers have discussed the possibility of publicly asking SAG leadership to allow its members to vote on the current deal or declaring an impasse in the talks, which would allow them to implement parts of the current offer.”

Keep an eye on:

• In a CNBC television interview, Sumner Redstone says his daughter is no longer the company’s heir apparent and that she will leave the Viacom board as part of an agreement he had reached with her (NY Times)
• Financial news and data company Bloomberg LP is creating several new units as part of a reorganization that includes a shuffling of top management (Reuters)
• Interpublic Group, the advertising services company, named Matt Seiler as global chief executive of its Universal McCann media buying agency as part of a broader shake-up (Reuters)
• Yahoo will let customers, academics and even rivals build customized Web search services on top of its own technology, introducing a resale model into a major Internet market where it ranks a distant No. 2 to Google (Reuters)

(Photo: Reuters)

In the meantime we can assume that Viacom’s octogenarian executive chairman is rockin’ today after the media conglomerate said its first quarter profit rose 33 percent on strong sales of the “Rock Band” video game and higher advertising revenue at MTV Networks. Revenue rose 15 percent to $3.1 billion, beating analysts’ estimate of $3 billion.

It gets even better in the Viacom executive suite, at least for today — its film “Iron Man” kicks off the summer blockbuster season to positive reviews, including that of tough Wall Street Journal reviewer Joe Morgenstern who said it had “exhilarating” action and “scintillating” comedy.

Industry gurus suggest the opening box-office take could top $100 million. Ka-ching! (It cost $135 milion to make.)

The good news does not negate lingering issues at Viacom, namely the resiliency of its cable networks in an advertising environment that is challenging at best. Also, everyone wants to know more about the new premium cable/VOD enterprise being built by Viacom, MGM and Lionsgate.

Or, what about the risk of collapsing the distribution window so that Apple’s iTunes sells movies on a DVD’s release date?

I just want to know: would Redstone rather jam to David Bowie or Blue Oyster Cult?

(Reuters)

Keep an eye on:

• Microsoft’s Steve Ballmer says the company poised to detail its next moves on Yahoo (Reuters)
• A night after Tuesday’s much-discussed on-air blunder by “American Idol” judge Paula Abdul, the results show of the talent show lost 1.2 million viewers from the previous week. (Hollywood Reporter)
• Is Microsoft working on a Blu-ray player for the Xbox 360? (Engadget)

(Photos: Sumner Redstone and wife Paula Fortunato, Reuters; www.rockband.com)