MASTHEAD MADNESS

Speaking of the Reporter: It scooped all industry watchers the other day with its banner story announcing Hemdale Films (“Platoon,” “The Terminator”) was about to sign a long-term pact with Columbia Pics for “exclusive domestic theatrical distribution of its product.”

Were we red-faced?

Well, according to a Hemdale spokeperson, the Reporter “jumped to the wrong conclusion.” The company has been negotiating with a major to distribute its films but it’s not Columbia. Columbia has acquired North American rights only to Hemdale’s “The Last Emperor,” Bernardo Bertolucci’s $25-million, made-in-China epic.

But, ironically, Hemdale prefered not to have a retraction printed until negotiations with the “real” major are concluded.

Fred Bernstein, Columbia’s president of worldwide production, told us, “We are not to the best of my knowledge--and I ought to know--engaged in negotiations for a long-term association with Hemdale.”

Our studio mole said the studio huddling with Hemdale is . . . United Artists.