Brad & Angelina

Someone is going to part with megabucks for the first shots of Brangelina's twins, but if you want the snaps, you're also going to give up something else.

A source in the know tells TMZ that one of the conditions of getting the J-P twins' first pictures is that the winning mag is forbidden from using "Brangelina." Multiple sources tell us the couple hates the moniker -- but no one more than Angelina.

BTW -- the bidding is now at $16 million. Take that Levi Alves McConaughey.

No wonder Angie's giving birth every chance she gets.

The eldest of the Jolie-Pitt kids is probably anxious for the twins to arrive -- the family army on the playground will be unstoppable!

Angelina's doctor just held a press conference revealing that she hasn't yet given birth. Paging "Entertainment Tonight"!

How do you report on a story that you already said happened?

The AP is reporting that Angelina Jolie has checked into a hospital in the south of France to give birth to her twins, though she isn't expected to give birth immediately.

But wait -- didn't "ET" report that Angelina gave birth ... a month ago? Yeah they did -- but then they pulled the story down, though they never admitted it was wrong.

Even worse -- someone outside Crown Bar called him "Billy," as in Bob Thornton, Angie's other ex.

Our magazine spies tell us only PEOPLE and OK! are left standing in the bidding war. One spy says the pics are so valuable they would "print blank pages" the rest of year to get them.

Can a weekly mag actually recoup all that cash? Probably not, but it doesn't matter. The prestige is what counts.

No deal has been inked yet. Brad's peeps didn't return our calls. A PEOPLE rep says, "We'd love to see the photos in PEOPLE. We wish the family well" OK!'s rep refused to address a dollar figure, but admits they'd be "foolish" not to make a play for the photos.

We're told the $$$$ Brad and Angie get will go to charity.

No "E.T." confauxmation required here!

After touting their HUGE EXCLUSIVE on the birth of Brangelina's spawn, it seems as if "E.T." is backtracking, probably because the story's totally wrong!

Multiple sources tell TMZ that "E.T." screwed up, and the story about the twins' birth is untrue -- those babies are still cruising in the womb!

After posting an item on their site on Friday confirming the blessed event, PEOPLE mag posted that the story was false. Now there's no mention on "E.T.'s" site at all about the babies, and our sources tell us they're trying to figure out what happened.

Multiple calls to "E.T." for comment have not been returned.

UPDATE: Holy dueling entertainment sites! PEOPLE is reporting that ET's story is NOT TRUE!

Stay tuned ...

Angelina Jolie is no longer pregnant!

Brad Pitt's baby mama adopted gave birth to her twins in France, according to ET. The latest additions bring the Brangelina baby brood count to six. One more rugrat and the Jolie-Pitts have got themselves a baseball team. No word yet on how fast she'll lose the baby weight!

Reps for Maddox, Zahara, Shiloh and Pax were not immediately reachable.

Last night was your chance as they were all at the same table in Cannes. These are hard choices people.

P.S. -- This time, Angie showed off her bump, but kept her twins hidden.

Although the story's been out there for a while, video has now surfaced of a 23-year-old Angelina Jolie talking sex, drugs and ... killing animals with a few friends!

The Sun has posted the video, shot in 1999, showing a woman sitting next to Ang smoking what the tabloid says is heroin. Take a little trip in the Amy Winehouse time machine!

On the one hand, the chick was in a private place -- kinda sorta -- which some think is off limits.

On the other hand, she's been photographed from the same balcony in France for weeks, so she must have known one flash would set off another.

Hollywood's hottest MILF and DILF made their grand entrance at the Cannes Film Festival this afternoon.

Somewhere in New York, John Mayer is handing Jen a box of tissues.