Word: ovitz
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...they sat together at an opulent wedding reception that financier Marvin Davis was throwing for his daughter at his Beverly Hills home on Dec. 7, Michael Eisner and Michael Ovitz, the ranking executives at the Walt Disney Co., apparently came to the conclusion that their own corporate union must be dissolved...
Just a week later, one of the more stunning reversals of fortune (even for Hollywood) was announced, following a frenzy of speculation that transfixed both coasts. Ovitz, the former superagent once routinely described as "the most powerful man in Hollywood," was out as president of Disney after a brief and unhappy 14 months. And he wasn't departing to take over Sony's troubled entertainment empire, as had been rumored. Simply put, he was out of a job. "There are even people who don't like him who feel sorry for him," said one of his bitter enemies, who added...
...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...