I'd be fine with hollywood propaganda, but I take that as meaning advertising for programming. Thats not what we get now.
Pre-1994 I remember it being much more focused on films and TV, as was Showbiz today on CNN. I remember watching both regularly and enjoying both.
It's been downhill since then and to my memory the gossip aspects started with the daily updates breaking down the OJ trial, which lead to the entire program being used to break down the OJ trial
Maybe my memory is completely faulty but I remember looking forward to ET everyday as a kid to see what was new on the entertainment scene. If it would have been all talk of who's fat, or who's in rehab, I wouldn't have ever stuck with it.