Chapter 568: Chapter 568: MGM Found a New Owner
The Four Seasons Hotel in Beverly Hills saw Comcast spending $2.1 billion to acquire MGM, taking over MGM's $3.8 billion debt just a week before the bidding deadline.
It was a grand acquisition party, showcasing Comcast's determination to enter the content domain.
Charles attended the party with Britney Spears. "Michael's planning a world tour for later this year. Do you have any thoughts about it?" he asked.
Britney shook her head, donning a sexy dress and clinging to Charles's arm. "I did a world tour in '08. Can't do them too often!"
Charles nodded. "When the Barclays Center in Brooklyn is finished next year, why don't you kick off a concert there and help promote it?"
Britney Spears was undeniably the reigning diva, Madonna's successor - a statement that was no exaggeration.
"The Nets aren't doing that well now. They're ranked 12th in the East, didn't even make the playoffs," Britney pouted.
Charles gently squeezed her waist, laughing. "They're just tanking for the draft! Hope they get lucky in the lottery."
Britney smiled. "Got it. I'll coordinate with your arena's construction schedule. Once it's done, my first concert will be at Barclays!"
"Perfect," Charles said, giving her a kiss on the cheek before reminding her, "I'm going over there for a bit."
Charles had spotted Steve Burke, Comcast's Vice Chairman, newly appointed Chairman of MGM Group by Comcast's Chairman Brian Roberts.
"Hey, Steve, congrats!" Charles greeted Steve Burke.
"Oh, Charles, good evening. I'm so glad you could make it," Steve Burke warmly embraced Charles.
MGM was in bad shape, burdened with debt and lacking cash flow. Though Comcast had money, they couldn't be careless. After the failed attempt to acquire NBCUniversal, Comcast's choice to go after MGM was a reluctant one given the industry's content-is-king strategy in the internet age.
"So, how's it going? MGM's top priority must be rebooting the Bond series and The Hobbit."
"New Line Cinema has the production rights to The Hobbit, and now that New Line is part of Warner Bros., Warner will handle its international release. What about Bond? Has MGM decided who'll get the international distribution rights for the next Bond film?"
Charles was straightforward; he was after the international distribution rights for MGM's Bond series.
After all, MGM currently only had domestic distribution channels; for overseas distribution, they had to rely on companies with comprehensive international distribution networks like his.
Steve Burke chuckled. "Charles, you guys are really something. All six major Hollywood studios want the international distribution rights for the next Bond movie."
"Aren't you getting ahead of yourself, Charles?"
Charles was unimpressed. The old guy was probably thinking about how to make the six studios compete.
"No rush. MGM's own sci-fi comedy Hot Tub Time Machine, released in February, made only $50 million in North America and just $14 million overseas!"
Charles smiled. "Even though Hot Tub Time Machine's production cost $36 million, that was last year's highest production cost film for MGM!"
MGM had previously collaborated with Columbia on Casino Royale and Quantum of Solace, but now as Comcast's subsidiary, MGM's choices would be different.
Universal, Warner Bros., Paramount, and Buena Vista's international distribution capabilities were on par with Sony's.
Steve Burke raised his glass, clinking it with Charles's. "Indeed, we'll quickly get started on The Hobbit and Bond sequels. Of course, MGM would love to work with Capet Universal. But for the international distribution rights of the Bond sequel, we need to see the sincerity of you six majors!"
After chatting with Steve Burke for a while, Charles understood MGM's cautious approach, likely due to the previous unsuccessful investment in MGM with Sony.
"Charles, Hollywood is getting more interesting, isn't it?"
Charles turned around. It was Ted Turner. Seeing the Time Warner Vice Chairman, who spent most of his time enjoying retired life at his large ranch in Florida, in a business gathering in Los Angeles was surprising.
Charles smiled. "Hollywood is always evolving. Newcomers come in, and old-timers leave. When the Warner brothers founded Warner Bros., they couldn't have imagined it would grow to this scale!"
"Ha," Ted Turner, 72, still in good health, raised his glass and clinked it with Charles.
"Capet recovered the other half of MSNBC News. Congratulations!"
Charles shook his head. "Among the three big cable news networks, Fox has the highest ratings, CNN is second, and MSNBC is third, and there's a significant gap."
Ted Turner scoffed. "It's pitiful that a paper seller managed to start a TV network and surpass us."
Before the mid-'90s, CNN was the undisputed leader in news until Fox News and MSNBC's rise brought its ratings down a notch.
Particularly after AOL's merger with Time Warner at the millennium, extensive reforms and layoffs at TBS (Turner Broadcasting System) significantly reduced CNN's competitiveness.
Charles' eyes lit up, having always heard that Ted Turner looked down on Rupert Murdoch, who thrived on tabloid sensationalism, violence, and scandal.
"Roger Ailes, Chairman of Fox News, is the reason for Fox's rise!"
Charles deliberately pointed out that Roger Ailes treated Fox's female anchors as his playthings.
Ted Turner glanced at Charles, smirking. "I'm retired now. Not my problem..."
*****
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