Word: ovitz
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Dates: during 1990-1999
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...OVITZ FUMBLES...
...McNair was oilman-frank about how he brought the NFL back to Houston ?- by going "higher than any reasonable person would go" with a negotiations-ending $700 million bid for a franchise. "We knew we differentiated ourselves," he said. Result? Two groups (one led by Hollywood power broker Mike Ovitz) that wanted to bring a team back to oft-abandoned Los Angeles are going home unhappy. And the price of a sports team ? which these days comes with the additional cost of the kind of snazzy stadium that McNair is promising in Houston ?- has just been bid further up into...
...Ovitz's real problem may have been his city?s fans. L.A. certainly had plenty going for it, namely television. With broadcast deals skyrocketing at least as fast as franchise fees, TV is the best source of the league?s long-term revenues, and Los Angeles is the nation?s second largest media market; Houston is the 11th. Both cities have shed teams in recent years ? the Oilers left Houston in 1996, and both the Rams (in 1995) and Raiders (in 1994) have found it too hard to make a go of it in L.A. But it was McNair that...
...second act has been a deluge of litigation. Following his ouster, Drabinsky was sued in Canada by Livent's new managers, including Furman and Hollywood honcho Michael Ovitz, who had taken control of the company in June. Then came a criminal indictment in U.S. federal court and fraud charges by the Securities and Exchange Commission, alleging that Drabinsky fiddled with the books to disguise Livent's precarious financial condition. He's been accused of hiding expenses, of misleading auditors and devising a kickback scheme that funneled more than $5 million to him and his longtime partner Myron Gottlieb...
...soon, however. Eisner knows he faces an angry board of directors, and angry shareholders, if Katzenberg wins too much in this suit, especially in the wake of the debacle of paying Katzenberg's successor Michael Ovitz in excess of $100 million to leave after only 14 months in the job. The case has ripped open Disney's accounting books--much to the delight of merchandisers, who can now check their cut against the "real" books. Add to that Disney's other financial woes, with second-quarter earnings down 41%. Wall Street still rates the company a buy, which must...