Chapter 76: Chapter 76: Pacific Theater
Hollywood, the Dome Theater on Sunset Boulevard.
Charles finally signed a purchase agreement with Pacific Theater Company for $26.5 million. The deal included equity in 16 theaters and the operational management of an additional 30 affiliate theaters.
With a total of 325 screens, Los Angeles' Dome Theater and Arclight Cinemas were the flagship locations, often used for movie premieres.
Built in the 60s and renovated since, the Dome Theater could seat up to 600 people and had hosted many movie premieres.
Of course, it couldn't compare to the Chinese Theater, Kodak Theater, or Egyptian Theater on Hollywood's Walk of Fame.
Leaving the theater, the warm California sunshine was incredibly comfortable. A good mood and good weather called for a celebration.
"Boss, you asked me to keep an eye on Google. They just started their IPO process and entered a quiet period. In three to four months, after the SEC review, they'll be on the market," reported Dona, walking beside Charles. "Regarding the earlier acquisition of Netflix, its stock price surged last year, reaching a peak of $74 in February this year. Netflix then split the stock, 2-for-1."
Despite a slight decline, Netflix's stock price stabilized around $30 per share.
The investment had increased more than tenfold. Charles now believed there was no quicker way to make money than the stock market.
"Keep an eye on it. I want to buy!" said Charles, who didn't elaborate much. If Dona were smart, she would buy some shares too.
"By the way, what's the update on Michael Jackson's case?" asked Charles. Since last year, Michael Jackson had been embroiled in another child molestation scandal.
He'd been through it once in '93, spending a lot of money to settle. Now, it was happening again.
Dona Williams shook her head, "The trial is still ongoing. Michael's spokesperson said he won't compromise this time. His Neverland Ranch was searched by the police last year, and his career has come to a halt. It's such a pity. Boss, do you believe Michael?"
Charles chuckled and shook his head sarcastically, "Just like Michael said, a bunch of shameless people are trying to extort money by false accusations. Didn't that father and son succeed ten years ago?"
Charles knew the truth. Michael Jackson's music publishing company, ATV, owned not only his songs but also over 250 Beatles songs and many other artists' music rights.
ATV merged with Sony Music Publishing, with both parties holding equal shares. How many shareholders were behind Sony, a major force in the record industry?
From being a singer, Michael wanted to cut a slice of the industry's pie, and he was a proponent of creators owning their own music rights. This threatened the entire record industry. Besides, he was a Black man.
Sony Music, representing the interests of the recording industry, became the leading force in suppressing Michael.
Other major record companies also didn't want Michael Jackson to succeed because he aimed to change the structure of the industry. Hence, no capital came to his aid when Sony was suppressing him.
In the face of capital, everything else was superficial. Changing the class structure threatened the entire industry. If there was one Michael Jackson, there could be a second Madonna Ciccone.
The fate of the trailblazer was often the harshest.
Dona Williams couldn't see the bigger picture yet. Charles shook his head and sighed, "How can an individual fight against capital? Only other capital can fight capital!"
Defeating the traditional record industry could only be done with new streaming music; just like online streaming was disrupting the traditional film industry.
Distribution was supreme; it wasn't just talk. Channels were in the hands of capital!
When online streaming started showing its strength, content would become king.
Even if Charles started a record company now, which artist would dare say their music rights were their own? Charles would crush them without mercy.
Returning to Carpe Industries' office, Charles reviewed the project for Mr. & Mrs. Smith. The movie had just begun filming, and the signed advertising contracts already exceeded $8 million.
The marketing department predicted that ad revenue for Mr. & Mrs. Smith might exceed $20 million. Further collaborations with brands were anticipated upon release.
However, the marketing budget for Mr. & Mrs. Smith was also substantial, estimated between $50 million and $60 million.
Charles could only curse Universal in his mind. General Electric had acquired Universal Studios from Vivendi, excluding Universal Music Group.
Universal Music Group's major shareholder was the Seagram boss, having no relation to Vivendi.
Now, GE had merged its NBC Broadcasting and Universal Studios into NBC Universal Entertainment. How much of the promotional cost was lining their pockets?
Shortly after, Dona Williams informed Charles that her mother was coming to Los Angeles. She would be staying with her mother at their home near the Burbank company.
"Boss, it's not far from Carpe Manor. You can call me anytime," Dona said, hugging Charles.
Charles smiled, "I thought you were renting. Carpe Manor has plenty of rooms; you could live there for convenience. When did you buy a house in Burbank?"
"Earlier this year, a 1,200-square-foot, two-bedroom place for $300,000," Dona Williams replied with a smile.
"Oh, that's good. I often don't return to Carpe Manor myself. My mother has someone maintaining it for me," Charles said. He was grateful to his mother, who had helped his career soar, mainly because she was good to him.
After all, many single mothers were hopeless deadbeats.
After leaving Carpe Industries, Dona went to the airport to pick up her mother.
Charles continued reviewing the company's financial reports and project progress. As the boss, he had to be well-informed about many matters.
Charles wondered why his mother, Evelyn, didn't have a boyfriend. He hadn't noticed before, but now it seemed odd.
She was only in her forties, so no reason for it. He hadn't paid attention before 2001, but even after he came here, he didn't see Evelyn with any man.
It made him curious. Was she too focused on her career? That seemed unrealistic. Or maybe she didn't like men, which was an even more intriguing thought.
Charles shook his head, deciding to focus on his own life first.
*****
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