Word: megadealers
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NOT SINCE 1999 HAS DEALMAKING been such a hot trend. Sure, leggings and chunky shoes are In for fall, but the real must-have of the moment is a megadeal. Everywhere you look in the global luxury business, a merger or acquisition is going down. Private-equity players like Apax...
Forget Jack Welch. The best still unwritten business book may come from the pen of Mariah Carey. After her 1998 divorce from Sony Music boss Tommy Mottola, Carey--the top-selling female singer of all time, with 140 million units sold worldwide--made it clear she wanted out of her...
Swallow. "I'm sorry. Wait a minute." Swallow. "Can I add something?" Time Warner chairman Jerry Levin is speaking. It is 9 a.m. on the day after Levin and Steve Case, the CEO of America Online, have inked the biggest deal in corporate history. Levin is nibbling on pieces of...
But still, are megadeals really worth it? They have a mixed track record. In 1992 RCA signed the bearded one-note rockers ZZ Top to a $35 million deal--and the band hasn't had a million-selling record since. Janet Jackson's brother Michael has a $60 million megadeal...
Another silver lining: record companies don't necessarily have to pay out the vast sums that get bandied about in the press. Jackson's megadeal might, like her stage show, be partly smoke and mirrors. Record contracts, like movie deals, are often larded with clauses and subclauses that make interpreting...