PM UPDATE: Timberlake To Play Neil Bogart, Ent. Spending Falls, Rock Hall’s New Class, Grooveshark

Justin Timberlake has signed on to star in the feature Spinning Gold, a biopic of 1970s record exec Neil Bogart, co-founder of Casablanca Records.

• Rock n' Roll Hall of Fame's new class: Eric B & Rakim, Joan Jett, Freddie King, The Cure, and Guns 'N Roses. Not their strongest class ever…

MORE:

• Americans cut their spending on entertainment and philanthropic donations in 2010, according to a new report from the Bureau of Labor Statistics.
• Sun Records, who recently cut a deal with X5 for digital, is the latest indie to sign with Grooveshark.