Word: ovitz
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...that Michael Ovitz is out of a job, what's he up to? Shopping, for one thing. Recall that Ovitz was dispatched as president of the Walt Disney Co. in December, after 14 unhappy months. His wounds were soothed by a handsome contract settlement worth $130 million, give or take a dollar, depending on the performance of Disney stock...
These days it's easier to spot Waldo than Ovitz. He's been out of strobe range for the paparazzi, who haven't seen him at a single Hollywood event. But his movements are tracked with interest by the entertainment community, whose denizens wonder whether the former superagent will be able to reinvent himself and return to his old glory...
...ever find him," says a prominent industry figure. "He has this pager number and he calls right back, but you never know where he is." Late last week his office said he was "traveling." Entertainment-industry analyst Hal Vogel also has no idea what Ovitz is doing. "It's amazing," he says. "The most powerful man in Hollywood has disappeared...
Well, not quite. Ovitz spent Christmas hopping from his new yacht, The Illusion, in the Bahamas to Auldbrass, Lethal Weapon producer Joel Silver's estate in South Carolina. From there he headed to Aspen, Colorado. He returned to Los Angeles to attend the funeral of Phil Weltman, his mentor at the William Morris Agency...
Short on cash? Here's one way to make tens of millions of dollars without even being good at your job! It's simple. First, be MIKE OVITZ. Next get hired by Disney and do such lame work that the Mouseketeers terminate 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...