Word: matsushita
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...helped Sony buy Columbia Pictures in 1989. You helped Matsushita buy MCA/Universal in 1990. People accused you of dabbling in investment banking to satisfy your...
...looking to poach other business from the ad agencies. And still he wants more. He has turned himself into the movie industry's highest-profile investment broker in the past few years, arranging the multibillion-dollar acquisitions of Columbia Pictures by Sony and MCA/Universal by Matsushita...
...simplest reason for all the extracurricular work may be the strongest: Hollywood remains in a deep recession, and the agency will earn more from one Matsushita-MCA deal than a whole lifetime of 10% fees from Kevin Costner. If Ovitz is able to unload MGM at a decent price, according to a knowledgeable source, Credit Lyonnais will probably pay him north of $30 million. Plus, as long as he has his main talent-peddling business going strong, Ovitz can very profitably cherry-pick in the secondary realms. He can create an ad campaign here and arrange a corporate acquisition there...
...Ovitz and his agency increasingly forge alliances that cross conventional boundaries, the sense of a quasi-monopolistic old-boy lock on the industry becomes greater. Ovitz worked for Matsushita in its acquisition of MCA, and he also negotiated pay packages with the Japanese on behalf of the MCA executives -- with whom he now regularly strikes deals for his filmmaker clients. CAA represented Stanley Jaffe and Sherry Lansing when they worked together until a few years ago as independent producers; now they run Paramount, against whom CAA continually negotiates deals. CAA is also a regular bargainer with 20th Century Fox, which...
...eminent New York investment banker Felix Rohatyn, who is Credit Lyonnais's official banker and represented MCA in the Matsushita deal, thinks his friend Ovitz may be getting perilously close to unavoidable conflicts of interest. "If Michael is involved both in the restructuring of the entertainment companies that Credit Lyonnais has an investment in -- by - bringing in talent, by directing their entertainment strategy, by helping them get television product or motion picture product -- and at the same time provides financial advice as to what to do with these companies, then he's probably going to be walking a very fine...