章 509: Chapter 509: MGM's Interest
In Hollywood, Universal City, General Electric's chairman Jeff Immelt stood by the window of the Universal Pictures chairman's office, watching Charles Capet's car drive away.
Next to him were NBC Universal Entertainment chairman Jeff Zucker and Universal Pictures chairman Ronald Meyer.
"Charles certainly has a lot of confidence. Comcast can't compare in this aspect," Jeff Immelt had decided to sell NBC Universal to Capet.
"Capet indeed has the confidence to back it up," Ronald Meyer chimed in:
"District 9 cost $30 million and brought in over $100 million in North America, with a global box office of over $200 million.
The Proposal cost $40 million and achieved over $160 million in North America, with a global box office of over $300 million.
Iron Man 2 cost $200 million and brought in $300 million in North America, with a global box office of $600 million.
The Hangover cost $35 million and achieved over $270 million in North America, with a global box office close to $500 million.
Transformers: Revenge of the Fallen cost $200 million and brought in over $400 million in North America, with a global box office of nearly $900 million.
The Blind Side has been out for more than a month and cost only $35 million, but its North American box office has already exceeded $200 million. By the time it's out of theaters, surpassing $350 million globally won't be hard!"
Jeff Zucker took a deep breath and was astonished: "Capet pulled in $1.5 billion in the North American market this summer alone, and more than $2.8 billion globally. With DVDs, pay-per-view, and all that, no wonder Charles is so self-assured. With profits like these, Jesus would give up his seat if Capet asked for it!"
Jeff Immelt turned around, "Now, the board is very receptive to Capet. Merging NBC Universal and Capet will create a media giant. However, Capet's side is very aggressive, and they are valued highly in the current asset evaluation. Several rating agencies on Wall Street also favor Capet. For the benefit of our shareholders, we still need to strive for more shares in the merged entity. No one will oppose Charles' voting rights."
Jeff Zucker nodded, "Don't worry. We'll communicate well with Capet's team."
Ronald Meyer smiled wryly, "Capet's side has sent a message, hoping Universal Pictures will reduce its investments in big films and transfer as much of the film investment shares to Relativity Media as possible."
Jeff Zucker understood immediately. This meant Capet wasn't optimistic about Universal Pictures' projects. "Do as Capet suggests. If even Relativity Media isn't optimistic about the projects in the pipeline, then let's terminate the projects for now."
Ronald Meyer nodded, feeling helpless, realizing there would probably be a massive round of layoffs once Capet took over.
...
Charles Capet didn't return to Capet headquarters after leaving Universal City but went straight to the Avalon Hotel on Beverly Avenue in Beverly Hills.
The Blind Side's crew was holding a celebration party at the Avalon Hotel in Beverly Hills. With more than $200 million at the North American box office, they had to celebrate in a big way!
Plus, Charles' mom was attending since it was the highest-grossing film in North America for Oscar-winning actress Nicole Kidman.
"Congratulations. No one can call you a box office poison now, can they?" Charles hugged Nicole Kidman.
"Oh, I remember back in '95, Batman Forever made over $200 million in North America, which was my highest-grossing film. The Blind Side just surpassed $200 million in North America!" Nicole Kidman couldn't hide her smile. This was a huge comeback.
"Still, I need to thank you. The Blind Side had an excellent script, and the film's reputation is stellar!"
Nicole Kidman's performance in The Blind Side received unanimous praise from both critics and regular audiences.
"When choosing scripts, don't just think about winning awards or box office success. Consider how well the role suits you," Charles reminded Nicole, who was now 42 years old, to be careful when picking scripts.
Nicole Kidman nodded, "Don't worry. I want to protect my reputation. Being called box office poison is no fun."
Charles smiled, "Alright, enjoy the flattery and spotlight for now."
Then, Charles found his mother, Evelyn, and started a conversation.
"Any progress with the meeting with Jeff Immelt?" Evelyn, obviously aware that GE's chairman Jeff Immelt was in Los Angeles.
After all, the big news in Hollywood recently was Capet merging with NBC Universal, a significant story in the entertainment industry!
Charles shook his head, "Not much progress. We still need both sides to agree on the asset evaluation. But at least Comcast is out of the picture."
Evelyn took a sip of wine and reminded him, "Comcast has shifted its focus. They seem to be interested in MGM now."
"MGM, a sinking ship," Charles remarked, having kept an eye on it. "Stephen Cooper replaced Harry Sloan as MGM's chairman and attempted a debt restructuring plan, but creditors opposed it. The creditors hope to sell MGM's assets to raise funds."
Evelyn added, "Warner Bros., 20th Century Fox, Relativity Media, Comcast, Lionsgate - more than a dozen companies are interested in MGM."
"Stephen Cooper can't control the creditors' will. After the companies evaluate MGM's assets, they should start making offers!"
"MGM's debt is too high. Otherwise, their solid assets would be quite attractive," Charles had always considered MGM a fallback if acquiring Universal failed, believing he could revive MGM under his management.
"However, Warner Bros. and Comcast might be the only sincere ones. The rest..." Charles's disdainful expression said it all.
"The creditors want cash, not debt restructuring. Without $2 billion in cash, these creditors won't agree. News Corp's main focus is on TV networks, so their offer won't be high. Lionsgate, Relativity Media - they can't even handle their own debt, let alone satisfy MGM. As for other Wall Street investment firms, they won't manage MGM themselves. They just want to act as middlemen."
Evelyn smiled, "So, are you interested in MGM?"
*****
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