BIZWATCH

By JOHN GREENWALD, DANIEL KADLEC, AIXA M. PASCUAL AND DAVID E. THIGPEN

RUPERT MURDOCH PLAYS HARDBALL Australian Rupert Murdoch has made a habit of buying broadcast rights to North American sports at staggering prices. Now he's close to buying his own team--the L.A. Dodgers baseball club--for a major league cost of $350 million. The franchise was recently valued at $147 million. No wonder Dodgers owner Pete O'Malley declared himself "pleased" that the negotiations were winding up. As usual, the tabloid and TV billionaire was willing to fork over what seems an un-economic sum, because his vision goes far beyond Dodger Stadium in Chavez Ravine. Murdoch called the Dodgers "a great American institution." Great American programming is more like it. Don't be surprised if the team shows up on News Corp.'s satellite TV in Japan--home to Dodger star pitcher Hideo Nomo--and elsewhere.

MARVEL'S TANGLED WEB OF OWNERS

Both Spider-Man and the Incredible Hulk showed up at a Los Angeles press conference to announce the opening of Marvel Mania, a theme restaurant that's a joint venture between Marvel Entertainment and Planet Hollywood. But Marvel executives were scarce, perhaps because 2,400 miles to the east a federal judge was handing the bankrupt comic-book company over to new owners. It was the latest blow in the battle for Marvel between Carl Icahn and controlling shareholder Ronald Perelman, two corporate raiders who fight like the company's fierce X-Men. A federal judge, backing Icahn, said bondholders could seize control of the Marvel board. Perelman can appeal. Marvel managers are no doubt telling their assistants, "If my boss calls, get his name."

BARBIE'S BAD HAIR DAY HAS COLLECTORS SEEING PINK

When it comes to Barbie dolls, many grownups don't play around. In the collectors' market for Mattel's most famous toy, a 38-year-old mint-condition Barbie can go for $5,000. That's why a perceived quality problem with some newer products has Barbie buffs seeing red--or actually pink, the doll's signature color. One group has organized a Pink Anger campaign to protest items such as the Poodle Parade Barbie, which is judged to have a poor haircut, and Barbie's cousin, Francie, whose undersize shoes allegedly split when placed on her feet. Poodle Parade Barbie is a remake of a 1965 model, a copper-brown-haired doll with an imaginary black poodle. Really. These are limited-edition dolls, some of which can retail for as much as $900--and they can quickly go higher in private trading after store supplies are exhausted. The collectors are also peeved because Mattel has sued an independent enthusiasts' magazine called MILLER'$ for trademark infringement. Mattel's detractors allege the company is using the lawsuit to gain leverage over the magazine's content.

Mattel has promised to address the collectors' concerns. No sense letting a bad haircut jeopardize a business that brings in $1.7 billion a year from kids of all ages.

A PINT OF GUINNESS WITH THAT WHOPPER?

What's a liquor giant to do now that people aren't knocking back booze the way they used to? Faced with a 40% drop in U.S. liquor consumption since 1980, for example, Britain's Guinness and Grand Metropolitan fell into each other's arms like veteran barflies last week. The $22.3 billion merger of two of the largest distillers on earth will create a behemoth called GMG Brands that will bring together labels from Guinness's famous stout and Gordon's gin to GrandMet's J&B Scotch and Smirnoff vodka. There will be a little something to chew on too: GrandMet's Pillsbury and Green Giant grocery units and its 9,000 Burger King restaurants.

Investors, foreseeing a colossus that could bestride the food and beverage worlds, pushed up the shares of both companies. But not everyone felt like raising a glass. Rival Seagram warned of "serious antitrust problems" in the deal--a corporate way of saying, "See you in court."