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59.2% I am Hollywood / Chapter 592: Chapter 593: What Else Do You Want to Do

章 592: Chapter 593: What Else Do You Want to Do

[Chapter 593: What Else Do You Want to Do]

Saving Private Ryan would be the first heavyweight film released by Firefly Films during this summer's blockbusters. Since the final cut was completed yesterday, even though today was Saturday, the Firefly management team eagerly held an internal screening.

After watching the complete film, many executives who attended the test screening shared similar concerns with Jeffrey Katzenberg. The film's quality was undeniably top-notch, from its plot to its score. However, there were worries about its brutally realistic scenes, the film's near-three-hour runtime, and its potential R-rating.

Nevertheless, Firefly's outstanding performance over the past few years meant that the company would not face a crisis due to the failure of one or two big-budget films. Moreover, since Eric had personally backed the project, even if the film flopped, the management team wouldn't bear too much responsibility. Thus, everyone present felt relatively unburdened, instead focusing on diligently offering suggestions for the film's promotional details.

Eric had initially planned to release Saving Private Ryan on June 6, 1994, the 50th anniversary of D-Day. However, unfortunate timing prevented that, as June 6 fell on a Monday, the first day of the workweek. In North America, box office statistics were tracked from Friday to the following Thursday. While some films might choose to premiere on Wednesday or Thursday, most studios avoided releasing on a Monday, which was typically the least favorable day for attracting audiences right after the weekend.

The consensus among the group was that the 50th anniversary of D-Day would not strongly stimulate box office sales, rendering it not a particularly special date. Therefore, Eric's suggestion was unanimously rejected, and they ultimately decided to move the release date to June 3.

By the time they completed the detailed promotional plan for Saving Private Ryan, it was already 4 PM. Given that it was the weekend, everyone swiftly dispersed after wrapping up work.

...

As she left the conference room, Kathryn's previously anxious heart finally eased. She still recalled the harsh criticism she received during her first test screening for her debut feature, The Loveless, from executives at a small production company.

Although the budget for Saving Private Ryan was dozens of times that of The Loveless, she found this situation to be quite the opposite today. Most of those attending the screening spent the majority of their time discussing the film's promotional details. This made her glance over at the lazy-looking young man walking next to her. She knew that if it weren't for him patiently stepping into the editing process, even with her scornful glances, the final result of Saving Private Ryan would not have turned out as remarkable as it did. Considering this, Kathryn's resentment toward Eric for cutting out her favorite scenes vanished completely.

While Kathryn found herself momentarily lost in thought, Eric suddenly turned and flashed a subtle smile. "You look like you have something you want to say. Are you hoping to invite me to dinner tonight? Haha, if that's the case, I'll accept."

Kathryn didn't take offense at Eric's mildly cheeky tone; she merely rolled her eyes instinctively. "Did you not say you were going to the ICM Oscar pre-party tonight?"

"Attending the party is one thing; dinner is another," Eric replied with an unchanged grin. "Everyone knows it's hard to fill up during those kinds of parties."

As Kathryn hesitated on how to respond, the sound of hurried footsteps approached from behind, followed by Katzenberg's voice. "Eric, wait a minute!"

The two paused, and as Katzenberg approached, Eric noticed the unmistakable excitement on his face.

"Eric, I just received a call. It's..." Katzenberg trailed off, glancing at Kathryn. Though he knew Eric and Kathryn shared something special -- after all, he wouldn't have spent $70 million to produce a risky war film unless it was important -- Katzenberg wasn't sure just how deep their relationship went.

As Eric was about to prompt Katzenberg to continue, Kathryn excused herself. "You two can chat; I'll head back now." With that, she walked toward the parking lot.

Katzenberg noticed Eric's slightly annoyed expression and smiled, opening his mouth to say something, but thought better of it and swallowed his words.

If Kathryn were someone closer to Eric's age, Katzenberg might have made a cheeky comment or two, believing that Eric wouldn't mind. However, recalling Kathryn's age, Katzenberg shook his head internally. Typically, many women found it hard to maintain their looks, but Kathryn appeared to be around thirty, exuding an allure that even he found hard to resist. It was no wonder his young boss was so invested.

As Kathryn drove away, Eric turned and asked, "Jeffrey, what happened?"

"Oh, it's this," Katzenberg regained his composure and resumed his earlier excitement. "I just got a call; Warren Buffett, Tom Murphy, and another partner from Berkshire, Charlie Munger, arrived in Los Angeles this afternoon. They are currently settled at Buffett's vacation home in LA."

The news that Buffett and Murphy had come to LA surprised Eric, who soon guessed Buffett's intentions and instinctively thought of calling Jeffrey and the others to convene a meeting. Just then, Eric's mobile phone rang.

"It's probably about this matter," Jeffrey waved at Eric. "You take the call; I'll contact Jeffrey and the others."

Eric pressed the accept button, and on the other end, Kepler's voice sounded somewhat mysteriously. "Eric, a friend just called asking for a few invites to tonight's pre-party. Can you guess who wants to come?"

Eric smiled and named the three men: "Warren Buffett, Tom Murphy, and Charlie Munger."

"Uh..." Kepler seemed taken aback for a moment and then chuckled. "I should've guessed. For such a significant matter, someone was bound to notify you first. Prepare accordingly; I need to contact the security company to enhance security for tonight's party. By the way, I initially planned to invite some reporters. Should I cancel that segment?"

Eric replied, "No need. Since all three of them are in LA, the initiative is entirely in Firefly's court now. Moreover, it's nearly impossible to keep this under wraps."

All the media had focused on Firefly's acquisition of ABC recently. Buffett and the others had made no efforts to hide their presence in LA. If the reporters couldn't piece together the mystery, that would be quite a failure. Furthermore, since Buffett was reaching out directly, Eric not only wanted to avoid secrecy but actually hoped the situation would garner as much attention as possible.

...

As dusk fell, a throng of reporters gathered outside the Sunset Tower Hotel in Hollywood, with two television station trucks on stand-by.

Guests arriving for the ICM Oscar pre-party quickly sensed something unusual. Every year, there were hundreds of significant parties before and after the Oscars, but none attracted such extensive media coverage.

With just a few phone calls, most could discover what was brewing. These reporters were drawn by the meeting of major players like Eric Williams and Warren Buffett. However, while waiting, reporters took ample advantage of the star-studded arrivals, snapping pictures of each Hollywood star who came into view, leading many of the stars to slow down and pose for more pictures.

Time swiftly approached seven o'clock that March evening, and darkness settled completely over Los Angeles.

The banquet hall rented by ICM was filled with Hollywood stars and luminaries. Guests formed small circles discussing the events of the evening.

"I really thought the negotiations had fallen through. I sold all my ABC stocks the other day; I might just lose hundreds of thousands of dollars now," a plump white man said to his companions, holding a glass of champagne. His tone was light, as if he didn't care much about the potential loss. The slender woman beside him leaned a little closer as she heard his comments.

Another middle-aged man in a white suit cast an inconspicuous glance at the petite woman next to his companion and said with a hint of pride, "I bought three thousand shares at a low price yesterday. If Eric Williams strikes a deal with Warren Buffett tonight, I might even swap that for some Firefly stocks down the line."

A tall middle-aged man interjected, "Getting Firefly stocks isn't as straightforward as you think. I heard that the main disagreement between Firefly and ABC is over the share exchange ratio. Eric Williams is only willing to offer a small portion of Firefly stock. Currently, there isn't much circulation of ABC shares, and upon completion of the acquisition, to ensure privatization, most circulating shares might be converted into cash or bonds; otherwise, they won't meet the minimum shareholder requirement for delisting."

The petite woman leaned in curiously, "But what if these shareholders refuse to sell?"

The tall man chuckled, "If they insist on holding on, their shares could get wrapped into a packaged holding company by Firefly. But that's not a good deal because after privatization, the company's market value will be hard to determine. The value of those shares can significantly depreciate, and they wouldn't carry any voting rights. Any smart person would choose to cash out."

Amid the subdued murmurs of the guests, a small commotion arose in the banquet hall. Kepler Hyde hurriedly walked through the crowd, and people recognized that the most important guest of the night would soon arrive.

Despite the many outsiders present, most attendees remained Hollywood insiders -- stars, agents, and other industry professionals. While they had heard of Buffett's exploits, many were more concerned about Eric, the young mogul with the billionaire spotlight. Some even perked up, with certain actresses making their way to corners to check their makeup in hope of making a good impression on Eric Williams.

...

Eric and Katzenberg were surprised to find so many reporters at the party, as they pulled up to the hotel entrance. They were quickly surrounded by journalists as they exited their two vehicles.

It wasn't until Kepler and a team of security personnel arrived to clear a way through the crowd that Eric could finally get out of the car.

Once they stepped outside, the journalists erupted into a frenzy, snapping photos and shouting questions at Eric and Katzenberg.

As they reached the entrance of the hotel, and just when the reporters expected these big names to slip away without a word, Eric paused at the steps. He raised his hands to signal for silence before addressing the crowd, "Regarding tonight's events, I'll hold a press conference after the party, but right now I can't disclose anything. Please be patient."

"Is tonight really the night for a showdown?" As soon as Eric finished speaking, a reporter urgently asked the pressing question without even a salutation. The others, who had been prepared to speak, fell silent in anticipation.

Eric smiled mildly and nodded subtly but didn't give a direct answer. "I don't think Mr. Buffett came here just to admire a certain Hollywood star."

Having said that, Eric turned away, making his way into the hotel lobby without giving the reporters another chance to ask questions.

Eric stepped into the elevator with Katzenberg and Kepler, chuckling as he entered the event space. The room's crowd seemed to magically feel drawn to them, converging toward the entrance, with various greetings wafting around them.

While most actresses were under ICM's contract, Eric hadn't spotted any except Penelope among all the gathering women; even the bubbly young girl who usually sought parties wasn't present this time. Penelope merely greeted Eric with her eyes before resuming her conversation with the other two Angels from Charlie's Angels. The sharp-witted Spanish woman sensed that Eric had something crucial to attend to tonight.

ICM was certainly a stronghold at the moment, boasting an impressive roster of top directors and actors like James Cameron, Quentin Tarantino, Tom Hanks, Al Pacino, and Julia Roberts. The agency was as powerful as CAA had been in its prime. After the founder, Marvin Joseph, gradually phased out, Kepler skillfully took over as ICM's head through the company's stock ownership and his private connection to Eric.

Eric took over ten minutes to greet familiar faces before stepping into a meeting room with Kepler and others.

Buffett hadn't delayed in arriving, and just after Eric chatted for a while, Kepler received the news that Buffett and his associates had made it.

As Kepler ushered the three elderly gentlemen who were similarly stuck in their car inside, Eric and Katzenberg welcomed them at the hotel lobby.

...

After shaking hands with everyone, Buffett turned to Eric and said, "Eric, it's good to see you again."

"Yes, I've been looking forward to seeing you," Eric replied, smiling.

Buffett introduced the others, saying, "These two are Tom Murphy and Charlie Munger."

"Hello, gentlemen," Eric maintained his warm smile and offered compliments. Instead of heading to the banquet hall, they went directly to a small conference room prepared by the hotel.

After the steward delivered coffee and exited the meeting room, Kepler nodded to Eric and turned to leave.

Left in the room were the upper echelons of Firefly and ABC. Katzenberg, Jeffrey, Michael Lynn, and Frank Wells occupied seats beside Eric, while Buffett's trio faced them.

After some casual conversation, Buffett finally said, "Eric, I believe dragging this matter out any longer doesn't benefit anyone. I think we should be open about it; what do you think?"

Eric nodded with a smile, refraining from contradiction, but he was certain everyone in the room understood that Firefly had gained the upper hand. Even a significant portion of ABC's shareholders had publicly sided with Firefly, and if not for the desire to avoid internal turmoil within ABC, Eric could have even colluded with the pro-Firefly shareholders to swiftly gain control.

"Mr. Buffett, I don't wish to waste much more time on this matter. Everyone understands that Firefly isn't solely dependent on ABC as an option."

Before Buffett could respond, Tom Murphy beside him couldn't help but interject, "After all, everyone knows why you've chosen ABC. Among the three major networks, only ABC has proven the most stable. Our television network is currently the most developed in America, with the highest number of affiliate stations. If you chose either of the other two, it would take at least three years to catch up with ABC. Frankly, due to complex internal issues, you might not even have the opportunity to pursue that."

Though Fox had risen in the past few years, Tom remained accustomed to saying "the Big Three Networks."

Eric shook his head with a grin. "Mr. Murphy, that's merely your assumption. I believe just a few years ago, many thought Firefly had no chance of joining the Big Seven, but that has now become a reality. Moreover, based on the ratings of Friends, The X-Files, and Who Wants to Be a Millionaire on Fox, I think your assumption has fallen flat."

Considering the recent defection of ABC shareholders and the stalemated negotiations with Firefly, Tom Murphy had been in a rather foul mood for the past week. Hearing Eric's response, his expression soured, and just as he prepared to retort, Charlie Munger on the opposite side asked with keen interest, "So, Mr. Williams, why do you insist on acquiring ABC instead of opting for either of the other two networks? I think choosing NBC or CBS could save you quite a bit of money."

Eric smiled, "As Mr. Murphy pointed out, ABC is the network with the best overall conditions among the Big Three... oh, I should say the Big Four."

Charlie Munger pressed further, "That doesn't seem like a strong enough reason, does it?"

"That is my reason. Primarily, I don't want to waste too much effort on fixing NBC or CBS. I have other matters to address."

"Oh," Charlie Munger grew increasingly curious. "After acquiring the network, Firefly would become the largest integrated media group in America and even the world. According to federal antitrust laws, that would make it nearly impossible for Firefly to expand afterward. What else do you want to do?"

Eric replied, "I don't think that's the topic we should be discussing today."

Charlie Munger suddenly realized he was straying from the subject. Seeing the knowing look from his old friends, he coughed slightly to cover it up, but he still seemed somewhat unsatisfied, adding, "I really am quite curious about the thoughts of today's youth. If possible, let's set aside some time to chat casually?"

Eric nodded and smiled, "Of course, Mr. Munger. If you have time, feel free to call me anytime."

Reluctantly, Buffett offered his final concession. After the two concluded, he pulled out a notebook from his pocket and handed it to Eric. "Eric, this is the final offer I've come up with. You can take a look."

Eric accepted the small notebook, gestured to the others, and opened it on the table. Katzenberg and Michael Lynn leaned in to get a look, though Jeffrey and Frank Wells remained a bit shy about getting too close.

Buffett's offer was not far off from the last one received, only adjusting the ratio of shares that Firefly already held. Firefly could include its currently held shares in a 30% exchange ratio.

Following the previous offer, Firefly sold three million shares to push ABC's stock price down, reducing its ownership to 5.5%. A simple calculation showed Buffett effectively lowered the exchange ratio to 28.4%. At a post-merger valuation of three billion dollars, every percentage point meant three hundred million dollars in disparity, and as the amounts grew, Eric certainly wouldn't yield lightly.

Quickly jotting down a series of previously agreed numbers, Eric handed the notebook back to Buffett. "Mr. Buffett, here's our proposal."

*****

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