Word: paramount
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...Paramount's triumph comes at a time of sharply increased competition in Hollywood. After a slow start, 1986 turned into a solid box-office year for mainstream cinema; receipts are expected to hit $3.1 billion. Those dollars have been spent on an unusual number of widely released movie offerings: 130 features...
Overall, studio profits reflect the general bounty, and nowhere is that more true than at Paramount. The company's earnings for 1986 are expected to exceed $110 million on estimated revenues of over $925 million. That compares handsomely with an anemic $75.1 million profit on revenues of $864 million in 1985. Paramount's television business is also booming, along with "follow- on" sales of movies to cable TV and other outlets. The company's overall prospects have helped Gulf & Western's stock rise from its year low of 47 3/4 to last week's close...
...Paramount's moviemaking renaissance is a tribute to the painstaking teamwork and sales know-how of Chairman Frank Mancuso, 53, the marketing whiz who took over the studio's top job in September 1984. A 25-year Paramount veteran, Mancuso worked his way up through the company's marketing and distribution ranks. Along the way, he became an important ingredient in Paramount's success over the years. Mancuso, says one of his superiors at Gulf & Western, "has an extraordinary sense of what is going to work in the * marketplace and how to position it." As Paramount chief, he has clearly...
Mancuso has painful memories to bolster his caution. He became Paramount chairman after the departure in 1984 of tough, abrasive Barry Diller, 44, who suddenly skipped over to become head of 20th Century-Fox. The reason for Diller's departure: differences over management style with Gulf & Western CEO Martin Davis. Diller was followed out the door by Paramount President Michael Eisner, 44, who accepted an offer to become chairman of Disney. A number of senior Paramount production executives departed in the duo's wake. Recalls Ned Tanen, 55, currently head of Paramount's motion-picture group: "Frank (Mancuso...
Before the Diller-Eisner team left, it had already moved Paramount neck- and-neck with Warner for Hollywood's No. 1 studio slot with such hits as Flashdance, An Officer and a Gentleman and Raiders of the Lost Ark. In Diller's final year, Paramount's profits hit what was then an all-time peak of $109 million on revenues of $986.6 million. The duo left behind one monster hit, Beverly Hills Cop, which subsequently brought in $235 million. But the Paramount stable also included such nags as King David ($5.1 million) and Explorers ($9.9 million). Paramount's market share...