Bank deal gets done: Japan’s giant Mitsubishi UFJ Financial Group will buy the shares of Union Bank parent UnionBanCal that it doesn't already own for $3.5 billion. Mitsubishi, which raised its bid to $73.50 a share from $63, wants to expand beyond its stagnant home market. SF-based Union Bank is one of the 25 largest banks in the U.S. and has a large Socal presence. (DealBook)

New rifts at SAG: NY members of the Screen Actors Guild national board are not happy with the way its L.A.-based leadership has carried out contract talks with the studios, and demands that a federal mediator be brought in if things don't improve by next week. The NY group, which only has 14 seats on the 71-person board, blasted SAG leaders for "failing to bargain realistically" with the media companies. (LAT)

Muted markets: Stocks are down a bit (more financial worries) and oil is up a bit (there's concern about a tropical storm heading up the Gulf Coast of Florida).

Phelps scores big: Roughly 40 million viewers tuned in to see the swimming phenom capture his eighth gold medal. It's been 18 years since NBC drew a larger audience on a Saturday night (Phelps was 4). The Games continue to fare better west of the Mississippi (Salt Lake City, Minneapolis, Denver, San Diego and Phelps’ hometown of Baltimore have been the top markets. (Variety)

Wal-Mart phasing out music: Well, most music. The retail giant will sell AC/DC's new album exclusively, as well as other selected releases (the Eagles and Journey both have special Wal-Mart deals). But fewer CDs will be stocked as more consumers transition to purchasing music online. From the WSJ:

Wal-Mart is expected to pull out the stops to promote the AC/DC album, the band's 16th studio release. Such a push -- including prominent displays of CDs in stores and heavy advertising -- could yield blockbuster sales, in an environment in which blockbusters are increasingly rare. Wal-Mart said it will join with Columbia Records to launch "multiple activities for fans," including new product features and promotions this fall "that will bring fans closer to one of history's greatest rock bands." But even as it strikes novel deals with a handful of artists and labels, Wal-Mart is preparing changes in its approach to selling the vast majority of music. It is unclear what the upshot of those changes will be, but one likely scenario involves cuts in the number of music titles the chain carries.

Covering the economy: In general, the media doesn't do a very good job, according to the Project for Excellence in Journalism. A new study found that reliance on government data leads to scattershot coverage that often lags what's currently going on. The other problem is a picking and choosing process in which TV and radio focus on gas prices and newspapers focus on banks and housing. (AP)