Michael Ovitz: commitment

Transcript context

…I can't think of any other companies we've covered on this show in the 200+ that you really were a true family business. It was a partnership, it was an LLC. Believe me, if I could have split up the business and made it bigger, I would have done it. Ari said, well, you could have been the biggest investment banker as big as Goldman Sachs. I reminded him, I couldn't have been because a) I'd have to compete with them and b) they're in a fee-driven business. That was the business I was looking to get out of. By the way, at that moment, I'll give you the kicker, which I've never said to anybody. The thought of being in the client service business to big corporate clients was boy, that soured my stomach because I had had enough of service. The one thing about going to Disney that I will say was positive, man, it's easier to be a buyer because everyone's calling you. It's easier to be a buyer. Yeah. You created a lot of value and captured a lot of value, and other scenarios and in other points of CAA's life, you created a lot of value at the end and made a pretty sweetheart deal for the next generation that you sold the firm to. At least, my research found that you sold all of CAA to the next generation for $200 million, which of course they didn't have in cash. They were able to pay you with the profits over the next five or so years on an interest-free loan that you effectively made them. Keep in mind this is the business that has an enduring revenue stream of Jurassic Park and all these other franchises that have recurring revenue associated with it.…

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