It seems that back then when ET was first thought of, the studios had a different view on what made a good movie! Today these studio execs have a different view and they do not mind telling filmmakers a few home truths either! Let us see how Steven Spielberg gets on.
This is how the team at video producers Above Average see the movie business;
Rejected Pitches: E.T. The execs just have one little suggestion for Steven Spielberg’s little turd of an alien movie. Rejected Pitches: The vast majority of movie pitches are rejected. Even movies that we know and love–or sort of love–were most likely rejected at some point, too. This is a web series about the movie executives who rejected those pitches.
Source [Geeko System]