Word: ovitz
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Dates: during 1990-1999
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...press release Ovitz acknowledged, "It is important to recognize when something is not working." For Disney, his exit comes at a perfect time: despite troubles at recently acquired ABC, its theme parks are booming and the studio is enjoying a bumper crop of holiday hits, including Ransom and 101 Dalmatians. Analysts were unperturbed. "This is as good a time as any to have this kind of change in top management," said Harold Vogel of Cowen...
...Ovitz hadn't planned to leave until next year, but events overtook him. He spent last week in Manhattan, attending a premiere of The Preacher's Wife on Monday. But Tuesday was rife with rumors that he was out. Wednesday evening he appeared strained as he addressed a Council on Foreign Relations meeting. As he spoke, Eisner was headed for Manhattan...
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...
...Ovitz won't walk away empty-handed. His severance package could reach $90 million if he gets to exercise all the stock options in his contract. Disney sources discounted that figure, implying that the exit deal was cut closer to $30 million...
...that Ovitz, co-founder of powerful Creative Artists Agency, would find himself out of his depth. Over the years, he had built a reputation as a shrewd, tough, almost omniscient leader. Besides representing an enviable list of major clients--Tom Cruise, Robert DeNiro, Dustin Hoffman, Warren Beatty--he ranged far beyond the traditional agent's role. He played a part in brokering Sony's acquisition of Columbia Pictures in 1989 and shepherded Matsushita into its purchase of MCA the following year--deals that soured for the buyers. In 1994 he engaged in highly publicized negotiations to take...