Capítulo 414: Chapter 415: Two Proposals
[Chapter 415: Two Proposals]
The current CEO of Columbia Pictures was Peter Guber. After Sony acquired Columbia, they invested an additional $200 million to purchase Guber's production company and appointed him as the head of Columbia. Guber's "welcome gift" to Sony included a copyright lawsuit with Warner Bros. Eric wasn't entirely clear on the specifics of the case, but the end result was that Sony had to pay another $800 million in settlements to wrap it up.
Eric recalled the initial turmoil; due to Guber's extravagance, Sony-Columbia suffered a staggering $2.7 billion loss in just a few years. There were rumors that this unprecedented financial disaster played a significant role in the resignation of Sony's founder and president, Akio Morita.
However, despite his mediocrity, Guber was quite shrewd and knew how to endear himself to the upper management of Sony Japan to solidify his position. He understood that Sony wanted Columbia to quickly help raise their profile, so after gaining control of Columbia, Guber hastily initiated several major film projects. The summer blockbuster starring Schwarzenegger, Total Recall, and the film currently in production by Spielberg, Hook, were both brought forth under Guber's influence.
Big productions, big directors, and big stars were Guber's main directives for making films. As long as they could generate significant impact, the rationality of the investment and whether expenses could be recouped weren't concerns for this new leader of Columbia.
When Tom Cruise proactively reached out to Columbia, hoping to revitalize the Running Out of Time project, Columbia showed immense enthusiasm. After all, while Cruise's last film, Days of Thunder, hadn't been a hit, it didn't significantly affect his standing in Hollywood. For top-tier stars, a typical rule of thumb allowed for three failures before their status began to suffer.
By the time Eric learned about this, Columbia had already begun preliminary discussions with Tom Cruise on a script for the continuation of Running Out of Time.
The person who came to discuss the sequel with Eric was still Amy Pascal.
...
Since this matter was initiated by Tom Cruise and Eric wasn't particularly enthusiastic about the Running Out of Time sequel, along with Tom Hanks indicating that he wouldn't participate in the sequel without Eric, Columbia decided to move away from both Eric and Hanks in order to develop a prequel focused on the character Andy, a thief played by Tom Cruise.
In the new script, the story took place in London, where Andy's father Peter had died. At the beginning of the story, Andy was unaware of his illness and was depicted as a "legacy villain." A kind girl was swept into a smuggling operation that Andy was involved in. Like many stories, Andy gradually became moved by the girl's kindness and discovered his terminal illness. He eventually made the right choice. The story also included an underlying plot about Andy's father, Peter, who had faced betrayal by one of his students and died disheartened. In the end, good prevailed and Andy told the girl a comforting lie, saying he needed to go to Los Angeles to tie up some loose ends, leaving her behind.
In Eric's view, the story had potential, but strictly speaking, aside from Andy, it had no real connection to Running Out of Time. It was effectively just a showcase for Tom Cruise. Even if the sequel succeeded, the brand of Running Out of Time would be forever altered. It could adversely affect the popularity amassed by the first film, potentially rendering the series effectively dead.
Eric believed that if they were to produce a sequel, it would be better to center it around Sean, played by Tom Hanks. Much like Batman, each installment would feature a classic villain, which would be the best way to continue the series.
...
When Amy entered Eric's office, he was already reviewing some project documents sent over by Columbia.
After Amy Pascal entered Eric's office, she greeted him briefly and then quietly took a seat on the sofa in the meeting area, patiently waiting for Eric to finish reading the documents.
Once Amy finished her coffee, Eric had skimmed through the files.
"Eric, what do you think?" Amy asked eagerly as Eric took a seat across from her. If Eric gave the green light, she'd gain the lead on this project, which could greatly enhance her credentials.
Eric didn't directly answer her question; he probed instead, "Has Sony signed a deal with Cruise yet?"
Amy was caught off guard by Eric's unexpected question, and a flicker of uncertainty crossed her face.
Eric didn't press too hard; he merely expressed his dissatisfaction with Columbia's negotiations with Cruise without authorization. After all, Firefly owned half the rights to Running Out of Time, and Columbia's actions could be seen as a violation of those rights. If Eric chose to pursue this matter, any contract between Sony and Cruise regarding Running Out of Time would be rendered null and void. However, he had no intention of doing so.
"Amy, according to your proposal, this series has completely strayed from the Running Out of Time theme and become just another action flick. Although the first film's popularity combined with Cruise's box office draw means this movie has a high chance of success, the deviation makes it difficult to put together a sequel later on."
Amy Pascal sensed that Eric wasn't going to dwell on what had just been said and heaved a sigh of relief. "Eric, Columbia still hopes you and Mr. Hanks can come on board for this film."
Eric shook his head slightly and smiled. "I got a general idea about Hook. Sony is not only fully funding the investment but they also promised Spielberg, Dustin Hoffman, and Robin Williams a combined 40% profit share across the board. Firefly owns half the rights to Running Out of Time; given the circumstances, how much do you think Hanks, Cruise, and I should get?"
Amy calmly replied, "As long as you're willing to join the film, any terms are negotiable."
"But those terms would never meet my expectations," Eric chuckled. "Plus, I've already mapped out my work schedule for the next few years. On top of that, I need to manage Firefly's business, so I simply don't have time to take on a large-scale film."
Amy showed a slight look of regret, yet inside she wasn't too disappointed.
In a recent internal meeting at Columbia, she had raised this question to the management. Given Firefly's position in Hollywood and Eric's status as its undisputed leader, it was unrealistic to expect him to helm a movie for another studio, let alone work on it as a collaboration.
"Eric, you could do it like Mr. Spielberg and just be a producer in name. You wouldn't have to do anything, yet you could still earn a nice share. Would you consider that?"
Spielberg often took producer credits on four or five films a year, making him one of the highest-grossing producers in Hollywood. However, most of those were just titles; he hadn't been involved in the movies at all, and he had even poked fun at himself for it.
But Eric had no intention of going that route. While Spielberg held a high standing in Hollywood, his practice of taking credit as a producer had brought him considerable negative fallout. Many issues were not his fault, yet with his name attached, he often bore the brunt of blame when things went awry.
After some thought, Eric didn't articulate his idea about centering the series around Hanks; movies featuring big stars like Cruise or Hanks tend to leave most profits to them after three sequels, which meant the film studios essentially worked for them.
Even if Eric had a good relationship with Hanks, he couldn't pressure Hanks into accepting a lower fee. Thus, many Hollywood films struggled to sustain a trilogy, often replacing leads during a reboot to cut costs, or retaining the main character while recasting all supporting roles.
"Well, Amy, Firefly will opt out of this production. But I have two cooperation proposals. One is a one-time license for $30 million. The other is for Firefly to sell half of Running Out of Time's rights for $100 million to Columbia outright."
After Eric finished speaking, he sipped his coffee slowly, allowing Amy some time to contemplate.
While the allure of a buyout was significant, the risk was considerable. So far, only a handful of movie franchises in Hollywood managed to produce more than three sequels. Even those films were mostly low-budget horror flicks that could churn out sequels every year. Big-budget movies could have the potential for three or more sequels, yet they usually took over a decade to accomplish. Relative to that, a $30 million one-time license was the more financially prudent choice.
Amy didn't contemplate for long. If she had the power to decide, she would have unhesitatingly chosen Eric's first option to mitigate risks. Given the box office success of Running Out of Time, $30 million was indeed a bargain.
However, even though she had become Columbia's Vice President, she lacked the authority to make decisions involving tens of millions of dollars.
Moreover, Amy Pascal sensed that Eric had anticipated this. She quickly realized that by proposing such terms, Eric was essentially offering Columbia bait. With Guber's personality, she was confident Guber would lean toward the outright buyout option.
"Eric, this sequel project has garnered a great deal of optimism. Based on Running Out of Time's success, even if the sequel's budget exceeded $50 million, a 30% drop in box office would still yield considerable profits. Why choose this option?"
"I don't have the energy to manage this project," Eric replied. "Plus, Firefly is currently looking short on funds, which is why I was considering cashing out on Running Out of Time rights."
Although Eric had secured nearly $8 billion from the futures market, in order to make a surprise acquisition of Disney, he didn't intend to tap into those funds unnecessarily. Thus, Firefly's operations and expansion still heavily relied on profits generated from its own projects.
Though Toy Story had yet to be released, Eric had already set Pixar to work on the preparation of another animated film, a task that required funds. Additionally, the corporation was undergoing structural expansion, establishing a new filming base, handling the financial fallout from Robert Shea, and preparing for marketing on films like Toy Story and Terminator 2. With all those responsibilities, Firefly's funds were quickly depleting.
Amy Pascal recalled Firefly's recent string of big moves and realized that the company might be experiencing a funding crunch, making it perhaps more feasible to negotiate for a lower price.
However, she quickly dismissed that thought. Despite being young, Eric had already established himself as a well-known tough negotiator in Hollywood. His defining characteristic was his aversion to protracted negotiations; if Eric had the upper hand, he wouldn't even entertain discussions.
The information suggested that Firefly had no shortage of film projects, and Eric seemed to have a nonchalant attitude toward the rights of a blockbuster like Running Out of Time. This implied that Eric wasn't likely to compromise on price. In contrast, Sony-Columbia's Guber urgently needed major projects to bolster Sony Pictures' prominence and solidify his own standing. Once aware of Eric's terms, Guber would likely be extremely eager to secure the rights, making it unlikely for prices to budge. Moreover, since the funding came from Japan, Guber wouldn't flinch at spending a bit more.
"Eric, I don't have the authority to make this decision. I need to consult Mr. Guber first."
"No problem, I'll await your good news," Eric replied, standing up to escort Amy Pascal out of his office.
Sony-Columbia didn't deliberate long. Just as Eric had anticipated, they opted to negotiate with Firefly on the second proposal. Leading up to the Oscars, negotiations between Firefly and Columbia regarding the rights to Running Out of Time effectively overshadowed much of the Oscars' buzz.
*****
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