Word: ovitz
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Dates: during 1990-1999
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Bronfman is frustrated by the skepticism that greets his assurances that the dismissals are finished, but then lots of things about Universal must frustrate him. A former Universal insider says Michael Ovitz, onetime head of the powerful CAA talent agency who played a bit part in negotiating Bronfman's purchase of Universal, portrayed the company as "an easy turnaround." Ovitz also figured, wrongly, that he would be the one to do it. But instead of buying a slumbering giant, Bronfman bought a more troublesome enterprise...
Bronfman may have created some problems by hiring his top executive team backward. When talks with Ovitz fell through, he hired Ovitz's partner, Meyer, as No. 2 man. Meyer installed his associate Sandy Climan and his friend Weitzman in top executive jobs. Both are now gone. And finally, with the key players already in place, Bronfman hired Frank Biondi as chairman of the company...
...MICHAEL OVITZ Back from limbo and on Broadway, where he'll give his regards to ex-boss Michael Eisner...
...home and abroad. Hired in his 30s by the secretive Bass brothers of Texas, he helped them acquire a 25% stake in then troubled Disney, pocketing a reported $50 million for himself in the process. His work with Disney helped him befriend Hollywood heavyweights like Michael Eisner and Michael Ovitz, and in 1994 he joined the Beverly Hills crowd by buying the old estate of actor Sidney Poitier. In 1989 he helped finance a $3.65 billion leveraged buyout of Minnesota-based Northwest Airlines, investing about $12 million of his own money. Today much of his fortune is based...
Given the stakes, a settlement makes sense, though it would be awkward for Eisner to pay Katzenberg a vast sum in the wake of shareholder anger over the $130 million or so that Disney dealt to Michael Ovitz after firing him as president last December. Conversely, the Ovitz settlement ensures that Katzenberg's sights are set high: Why should Katzenberg take less for 10 successful years than Ovitz got for 14 unimpressive months? If a deal is made, three things seem certain. One: the terms will be sealed. Two: the amount will be leaked to the press--by both sides...