Time Warner's (NYSE: TWX) Warner Brothers and General Electric's (NYSE: GE) Universal Studios have pulled off the magic trick of the decade by gaining the rights to create a theme park based on J. K. Rowling's Harry Potter book series. "The Wizarding World of Harry Potter" will be created in Universal's "Islands of Adventure" theme park at the Universal Orlando Resort in Florida. Completion is expected in 2009.

The announcement is timed to take advantage of this summer's Pottermania. The seventh and final book of the series, Harry Potter and the Deathly Hallows, is scheduled for release July 21. The next Harry Potter film, the Warner Brothers feature Harry Potter and the Order of the Phoenix, opens July 11.

The park will offer rides and interactive attractions, as well as shopping and restaurants based on the novels. Expect Universal to put huge money into this development to make it a world-class experience.

WB and Universal are betting that, even though no new HP books will be forthcoming, the product will remain popular. With the continuation of the profitable film series keeping Harry in the public eye, I'll bet demand for the park will still be strong in 2009.

Warner Bros., the feature film unit of Time Warner Inc. (NYSE: TWX), will be releasing its long-awaited Harry Potter film "Harry Potter and the Order of the Phoenix" two days earlier than planned. The new release date will open in the U.S. on July 11, after a world premiere in Tokyo on June 28 and a London premiere on July 3.

It is quite common for certain blockbuster films to come out on a Wednesday, which July 11 is, instead of a Friday because it gets to count toward "weekend opening ticket sales." It also allows for some movie-goers to not be distracted by the other blockbuster films that are available that day.

If you ever wonder why this is done, the answer is simple. MONEY. It's always about money. Take a look at the films coming out in June and you'll see why they are waiting to release the film in July. This is a movie-packed summer and there are only so many movie dollars to be spent in any given time period.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Last year I previewed the big-budget summer movies, giving you a look at ten interesting films that were on the docket for the summer of 2006. This year I'm back with an even longer list (bloated like these films' budgets) of 15 movies you may want to escape to -- or possibly run screaming from.

Of these fifteen movies, Spiderman 3 and ten others are sequels, which in itself indicates something about the state of the industry (And I didn't even include Rush Hour 3 in this list, because, honestly, who wants to see that?). Two of the remaining four movies, Transformers and The Simpsons, are based on animated television shows, leaving only two original ideas in the whole lot -- Knocked Up and Ratatouille. Please, don't shoot the messenger.

Anyway, here is the list, chronologically, of the movies that Hollywood's brain-trust believes you will shell out your cash to see in the air-conditioned darkness of your local movie-house, along with my opinion of how they'll fare. The first on the list, Spider-Man 3, is already out in Asia, but will not be released here until May. All release dates below are for the U.S.

5/04 - Spider-Man 3, Sony Corp's (NYSE: SNE) Sony Pictures
Being the first blockbuster of the summer almost guarantees a successful open, and the popularity of the franchise seals that guarantee. One problem, however, is that "success" measured by any normal means won't be enough, as this movie had an estimated budget of $258M.

5/11 - 28 Weeks Later, News Corp's (NYSE: NWS) 20th Century Fox
The highlight of the horror/zombie genre for the summer, this follows the surprise success of Danny Boyle's 28 Days Later, which reinvented the zombie film with faster zombies and smarter characters.

5/18 - Shrek the Third, Viacom's (NYSE: VIA) Paramount Pictures
One of the only cartoon franchises that has held its own against Pixar (Ice Age being the other), the draw of this fairytale romp is that while kids love the story, there are enough winks at the adult audience to make parents happy to take them.

5/25 - Pirates of the Caribbean: At World's End, Walt Disney (NYSE: DIS)
Money in the bank for Disney, and since it was shot simultaneous with the second Pirates installment, it wasn't even as expensive to make as this summer's other budget hog, Spider-Man 3.