I’m in Hollywood - Chapter 432
[Chapter 429: Scorched Earth]
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Despite pressure from Firefly as a Disney shareholder, Disney management delayed a full week before releasing Disney’s latest financial report to investors.
Because of the sluggish performance for two consecutive years, Michael Eisner did not release quarterly financial reports as usual, but spent a lot of space reviewing the overall development of Disney since Michael Eisner took office in 1984, and focused on describing 1990. The fact that Disney’s market capitalization was growing at an annual rate of 27% before 2009 underlines that the failure of several films such as “Cut Throat Island” and last year’s “Rocketman” was just an accident. In addition to the film division, Disney’s broadcast and television business, theme parks And the resorts and consumer product development businesses are generating steady profits for the company, so the flop of a few movies won’t hurt Disney.
At the end of the report, Michael Eisner confidently assured that Disney’s film and television division would be reformed, and that the company would soon return to the speed of development a few years ago, calling on Disney shareholders to stand on their side and boycott Firefly. Evil yì acquisition.
Faced with Michael Eisner’s attempts to downplay Disney’s recent financial situation, Firefly quickly fought back, breaking the New York Post with an insider article on the making of Cutthroat Island .
“…According to the staff of “Cut Throat Island”, during the production of the film, from script modification to post-editing, Michael Eisner had to personally take care of everything, even the film’s set style, actors and actresses. The costume design of the film can only be passed through the nod of Michael Eisner.
It was Michael Eisner’s arrogant intervention in the filming of “Cutthroat Island” that caused director Renee Haring to be unable to exert his own directorial philosophy. It eventually led to the failure of “Cut Throat Island”.
Michael Eisner is a micromanager. This management style will strongly limit the enthusiasm of specific personnel in charge when a manager’s desire for power is inflated during the day. As a result, the truly talented people find other jobs, leaving mediocre people who only think about the minds of those in positions of power.
Without question, Michael Eisner made a huge contribution to the Disney company in the first few years, but as can be seen from the development of Disney in the last two years, Michael Eisner’s headstrong management style has begun to Showing the drawbacks will cause incalculable losses to Disney in the long run.
After the
article was published, Michael Eisner’s agent responded immediately. He claimed that the “New York Post” report was a slander against Michael Eisner, and Michael Eisner would slander it. The right to sue.
There’s a lot of buzz in the media, but the real battleground is out of sight of the public.
Bernie Sanders, head of Morgan Stanley’s acquisition team, in a
conference room at Firefly headquarters in Burbank We
are discussing with everyone the specific acquisition strategy after Disney’s board of directors rejects the goodwill acquisition.
“In 1984, when Saul Steinberg made a malicious acquisition of Disney, Disney finally adopted the anti-acquisition strategy of paying ‘blackmail and ransom’ to 3 A huge sum of $100 million redeemed Saul Steinberg’s shares worth less than $200 million.
But this time is different from the past. Disney shareholders obviously have a good-willed wait-and-see attitude towards Firefly’s acquisition, so so far, most shareholders have only agreed to Michael Eisner’s ‘golden parachute’ agreement, because this agreement will not damage to their interests.
The agreement stipulates that once the acquisition is successful.
If 76 Disney executives are forced to leave within two years, Firefly will need to pay a total of $500 million in compensation.
”
Eric asked: “What if I just want Michael Eisner to leave alone?”
Bernie Sanders glanced at the
information in his hand. He replied, “Michael Eisner first proposed the scorched-earth strategy. Any one of the 76 executives was fired. In retaliation, all the other 75 were resigned. , turning Disney’s management into a barren ‘scorched earth’.
However, Disney management did not go along with Michael Eisner’s proposal, and the board did not approve it.
Therefore, if only Michael Eisner is allowed to leave, Firefly needs to pay Michael Eisner 30 million personally.
”
“$30 million, so little?” Eric couldn’t help asking. He remembered that Michael Ovitz had only worked at Disney for more than a year in his previous life. When he was forced to leave the position of president, he took a full amount billions in compensation.
Chris, who was sitting next to Eric, rolled his eyes: “Eric, Michael Eisner’s current annual salary is $750,000, and $30 million is equivalent to Michael Eisner’s 40-year annual salary. Is it less?”
Eric wondered: “What about option incentives and profit sharing?”
“According to the agreement Michael Eisner signed with Disney in 1984, he would only get options based on performance after he worked at Disney for five years. Incentives and profit sharing. At the beginning of last year, Disney’s board of directors officially passed the corresponding plan.” Speaking of which, Chris seemed to gloat over the misfortune: “But then Disney’s performance took a sharp turn for the worse. Last summer, a few movies caused up to one year of schadenfreude. In 1990, Disney’s other channels other than film distribution made profits, and in addition to making up for this part of the loss, it also needed to pay 150 million US dollars in due debts and interest. In the end, Disney could barely make ends meet. , options and dividends are out of the question.”
After Chris finished, Bernie Sanders added: “But I want to remind you, Eric, except Michael Eisner, 75 high-ranking players Among them, there are 18 people who are very closely related to Michael Eisner, and can be said to be his confidants, and the total compensation for these people accounts for 220 million US dollars.”
Eric glanced without a trace while sitting Michael Lynn, who was not far away, didn’t care too much. After the acquisition, it would be good to see the performance of these people and make corresponding arrangements. Just like the executives left by the new line, most of them are now. No one is the backbone of Firefly, and no one can live with high salaries and benefits.
“These things will be tested after the acquisition is completed. I still hope that the current management of Disney can be kept intact. Of course. Mr. Michael Eisner will definitely not stay in his original position.”
Bernie Sanders nodded.
He turned over the document in his hand and said, “In addition, Eric, according to our team’s assessment, the wholly-owned acquisition plan is not the best option, if only the controlling stake in Disney is obtained, with Firefly’s excellent performance in movies , most Disney shareholders will be happy to sell some of their stocks.”
Eric shook his head and said, “Bernie. I once said that I don’t want the company’s development process to be interfered by external investors, and I hope Disney can Privatization makes it easy to integrate with Firefly.”
Bernie Sanders just followed his professional ethics and provided Eric with more professional advice. Seeing Eric’s firm attitude, he did not persuade him, so he continued to talk about other topics. .
Immediately after this meeting, Firefly held a press conference, and Firefly Studios Michael Lynn made the first official offer to Disney.
At the price of 20% premium of Disney’s stock on the day of Firefly’s public offer, the company will acquire all Disney’s stock.
Also at the Disney headquarters in Burbank.
Michael Eisner sat on the executive chair in his office, looked at the Firefly’s latest quotation materials just sent by his secretary, and said to Frank Wells on the other side: “$4.2 billion, the first quotation is a premium of 20%. %, I don’t know what Firefly’s bottom line will be.”
Frank Wells looked at Michael Eisner’s apparently sunken eye sockets, and didn’t know how to answer. Michael Eisner seemed to be talking to himself, Not expecting an answer.
The week that Firefly made its takeover offer, Michael Eisner visited more than 30 investment institutions and creditors day and night, hoping to get support, but this time the situation was not the same as when shareholders faced Wall Street tycoon Sol Stein in 1984. Berg’s attitude towards the acquisition was completely opposite. Many investors had expectations for this acquisition, so they did not give Michael Eisner any success, and some drastic anti-acquisition measures could not be implemented.
Although Michael Eisner chose to be vague in the announcement of the financial report, most investors are very clear that Disney’s film business has been declining in the past two years, even if Disney’s other businesses are still bringing stable profits. However, as a film company, the development of excellent movies is the most important cornerstone of the company. Without enough hot-selling movies to support it, Disneyland and Disney stores around the world will not be able to launch new products, relying on Disney content. Disney TV ratings will also decline.
Firefly, which is very strong in terms of film and television content, even strong enough to cover up its channel disadvantages, and Disney, which has perfect surrounding channels, can just form a perfect complementary effect. This complementary effect became after the success of Pixar’s “Toy Story”. more obvious.
If Firefly’s acquisition plan is to choose zé for Disney’s holding instead of a wholly-owned acquisition, maybe most of the shareholders have already fallen to Firefly.
Frank Wells waited for a while, and seeing that Michael Eisner did not speak again, he had no choice but to say: “This acquisition cannot be completed in a short period of time, if Disney’s new year movies do well, they may be able to regain the shareholders’ interest. Support.”
“I’m not Eric Williams, where can I find it…” Michael Eisner stopped halfway after speaking, not wanting to mention Eric’s name again, and continued: ” I went to see a few movie samples yesterday. The already scheduled “Beauty and the Beast” and the remake of Elizabeth Taylor’s “New Father-in-law” are good, but the quality of Robert Benton’s “Dreadnought” is not good. Not satisfactory, the movie cost $48 million, which is the sum of the cost of the first two movies, but everyone who has seen it thinks this movie is worse than Cutthroat Island, I wonder if it should be changed to next summer. Go to the file.”
“It’s better to change the file, you can’t let this movie affect this matter any more,” Frank Wells said, and suddenly thought of something, saying: “I remember the original “Dread of Righteousness” Nicole Kidman was invited to play the female lead, but she declined.”
“The lover of Eric Williams?”
“Yes, if we had realized this earlier, perhaps we should have been more cautious about the project “The Righteousness”.
“Maybe it was just a coincidence,” Michael Eisner waved his hand irritably: “Don’t Let’s
talk about him.” The
two were talking when the phone on the desk rang, Michael Eisner picked up the receiver, and the secretary opposite said, “Mr. Eisner, I just received a phone call, the other party Saying he is Summer Redstone, do you need me to come in?”
“Summer Redstone, Summer Redstone from Viacom?” Michael Eisner confirmed, Frank Wei When Les heard the name, he pricked up his ears.
The secretary on the opposite side gave a definite answer, and Michael Eisner said, “Come in.”
After speaking, Michael Eisner looked at Frank Wells and pressed the speakerphone button on the landline so that the Frank Wells could hear the conversation between the two.
A somewhat old but angry voice came from the landline soon.
…
In the villa of the Sharp Manor in Malibu, Eric was sitting on the sofa in the hall, looking at the list of movies that Disney was making and about to release. Frank Wells could think of the importance of the New Year’s gear to Disney. Eric Of course, Ke also thought of this, and he was considering how to snipe several Disney movies at the end of the year.
In the film being produced, the pinnacle of 2D animation “The Lion King” in memory has not yet appeared, but another “Aladdin” has been approved and is in production.
In addition, in the movies that will be released at the end of the year, Eric has seen two more familiar movies, “The Righteousness” and “Beauty and the Beast”. The most impressive thing Eric is about “The Righteousness” is that Nicole’s frontal full-nude scene, as for the plot, there is nothing to say at all. An ambitious work that wants to imitate “The Godfather” and “Once Upon a Time in America” turned out to be nondescript and lacking in bright spots.
Eric put more attention on the cartoon “Beauty and the Beast”, the original time and space “Beauty and the Beast” is the first animated film in Oscar history to be nominated for best picture, although the information in hand It shows that the premiere scale of this cartoon is only more than 900, but Eric dare not take it lightly.
If Home Alone is still being made by Firefly, releasing it at the same time as Beauty and the Beast would be a good way to snipe.
Fox has now started the production of “Home Alone 3”, but has not announced the schedule. According to the schedule of the first two films, “Home Alone 3” may still be released on Thanksgiving, the same as “Beauty and the Beast”. But who knows if Fox will change his mind, maybe he can find a time to test it.
Eric was just trying to put Jim Carrey’s “Dumb and Dumber” on the Thanksgiving schedule. Nicole was wrapped in a short bath towel and dangled with two long white legs and bare feet. A bathroom came out.
Seeing Eric staring at him, Nicole, who was wiping her wet hair with a towel, asked, “What are you looking at?”
“Legs!”
Nicole rolled Eric’s eyes and walked over to sit beside him. Next, she looked at the information in Eric’s hand curiously. She knew that what Eric looked at outside the study was usually not the information that needed to be kept secret, so she had no scruples.
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Eric stretched out his hand and pointed at the information: “Do you know “The Righteousness”?”
“Well, I received a contract for this script, and I can work with Dustin Hoffman. Working with Bruce Willis at the same time, but there are some nude scenes, I communicated with the director a few times, and the other party did not agree to delete these scenes, so I didn’t take it.”
Eric smiled: “Fortunately you didn’t Take it, otherwise two films in a row fail, and you are not far from the box office poison.”
Nicole wondered: “How do you know, this movie is a Disney movie, and it hasn’t been released yet.”
“Look at its schedule, on November 1st, a movie with a production cost of nearly 50 million US dollars was put on a schedule like November 1st, except that the film was smashed, I can’t think of a second reason. Nicole agreed with Eric’s point of view in her heart
,
and she joked with some happiness at the same time: “Perhaps Disney thinks that it is the same as “Cry on a Island”, and it can ignore the schedule?” (To be continued…)
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[End of this Chapter]
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