Word: eisner
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Meanwhile, Ovitz has been upgrading his real estate portfolio. Even as the ax was poised at Disney, he sewed up the purchase of the Dancing Bear Ranch in Aspen for $5.5 million. The 500-plus acres are near Disney chairman Michael Eisner's home, although presumably they won't be vacationing together as they have in the past. In Malibu, California, Ovitz is buying a few acres of property on a seaside bluff, a $5 million parcel belonging to Motown mogul Berry Gordy. Malibu property has a distressing habit of sliding into the sea or turning into charcoal, yet this...
...your contract 14 months later. Then you'll rake in almost $40 million in severance pay and 3 million stock options. If you hang on to those until 2002, there's a good chance they'll be worth about $100 million. Otherwise, be good at your job, like Michael Eisner, and Disney will give you a 10-year contract at $750,000 per annum plus a bonus this year of about $8 million and 8 million stock options. So what's Mike O. going to do now, since he obviously can't go to Disney World? Maybe some sailing...
...felt transported to a small town of America's past, only this one was much, much more crowded. "Disneyland, Population 300,000,000" a suspicious sign read. Was this a ballpark guess of how many people squeeze inside the park each day? Or a cryptic suggestion of how Michael Eisner intended to consume the entire country into his corporate structure? It was far from clear...
...celebrated personalities of the year came and went and blurred into one another. Boris Yeltsin became Ted Kaczynski became Princess Di became all three doing the macarena. While one faintly struggled to discern Rene Russo from Sandra Bullock and Michael Eisner from Michael Ovitz, Madonna singled herself out by producing a child. Setting a high financial standard for single motherhood, she exulted, "This is the greatest miracle of my life"--a cry not generally echoed in parts of the country where 48% of the children were born to single mothers. Rosie O'Donnell threw her a baby shower, her pediatrician...
...Eisner was already angry, having discovered that Ovitz had been secretly negotiating with Sony to take over its troubled entertainment operations. Those talks went off track because of Ovitz's extravagant demands, says an insider. Coincidentally, Sony boss Nobuyuki Idei was also in New York City, and thus his presence fanned the flames of speculation. Eisner arrived around 11 p.m., and was soon closeted with Ovitz. In a meeting that extended deep into the night, the two agreed to call it quits. "I can't imagine anybody having taken a greater fall in this industry," marveled a former entertainment-company...