I am Hollywood

Chapter 389: Chapter 390: Year-End Blowout



[Chapter 390: Year-End Blowout]

Robert Shea sneered, "Ha, you think if you want to buy back, I'll sell to you? Let me tell you, you can forget it. Since you've burned your bridges, I'll drag you down with me. Don't think that just because you've won over Michael and the others, you can control everything at Firefly now."

Eric stood up as well, staring coldly at Robert across the desk. He was half a head taller than Robert, and his air of poise, which was far beyond that of his peers, brought some calm to Robert, who was on the edge of madness. "If you don't want to sell, that's fine. But starting next year, I'm going to consolidate Firefly along with Pixar, Digital Domain, and Black Ant Productions. I'll also bring in a lot of funds for the Playa Vista studio base. I guarantee your share will be diluted to below 10%, and it will keep on being diluted."

Robert, who had calmed slightly, couldn't help but ask, "Why would you do this? Just because I didn't take your advice to abandon production and focus solely on distribution?"

"Because you and Firefly are not on the same page. You consider your own power and interests more; you'd sacrifice Firefly for that. Just look at the overseas distribution for Teenage Mutant Ninja Turtles, those unnecessary budget expenditures for Sleeping with the Enemy, and the film currently in theaters. Do you need more examples?"

"Didn't you do just that? Weren't you the one who started Black Ant Productions first?" "Black Ant Productions is completely my personal asset. The distribution for Basic Instinct didn't use Firefly's channels at all. The contract for Point Break leaned much more towards Firefly, while you were too busy thinking of how to gain profit from Firefly's distribution channels." Eric waved his hand dismissively and said, "Alright, Robert, that's enough. I'm not here to debate who's right or wrong. If you leave now, you could walk away with a large sum of money and restart your career. From today on, Firefly will only have one voice."

Robert Shea was enraged again by Eric's words. "I'll make you understand that getting rid of me isn't that easy. I'll sue you, and I'll take back everything from New Line!"

"You can go ahead and sue. After two or three years of this lawsuit, you'll find that not only will your lawyer fees be astronomical, but your shares will be worth a fraction of what they are now, and you'll be completely out of Hollywood. Of course, even if they devalue, you can still live comfortably and enjoy an early retirement for the rest of your life."

Robert's temples throbbed as anger surged through him. Grabbing a coffee cup nearby, he suddenly paused at the cold glare from Eric. Yet, he couldn't hold back and abruptly threw the coffee cup, smashing it against the conference room's 32-inch television used for displaying video materials.

With a loud crash, smoke poured from the shattered screen.

Eric glanced at the broken television and said, "I'll make sure finance deducts that from your dividends. Don't worry; it will be calculated at depreciated value."

Robert gnashed his teeth at Eric, muttering some incoherent syllables through clenched jaws, before kicking a nearby chair and storming out of the conference room.

...

"Based on the information we've gathered, Firefly's overall profits this year might only rank fourth, behind Warner Bros., Fox, and Universal. In light of this positive development, Eric Williams' sudden and aggressive dismissal of Robert Shea triggered turmoil within Firefly, which was an unwise action. The distribution channels Firefly just established could be destroyed because of this.

A staff member from Firefly who wished to remain anonymous revealed that Eric Williams and Robert Shea had a heated argument at the year-end meeting. Following that, out of anger, Eric Williams fired Robert Shea. However, Shea's representatives stated that was not the case at all. Eric Williams dismissed Robert Shea without any justifiable reason; the truth of the matter will be closely followed by our report."

...

"Firefly stated their next film, Point Break, will be released as scheduled and will not be affected by the sudden departure of the CEO."

...

"In an interview with the Hollywood Reporter, Robert Shea appeared agitated, condemning Eric Williams for burning bridges and vowing to take him to court.

Reportedly, after Robert Shea's departure, no employees from New Line left with him. All positions held by Shea were quickly taken over by Eric Williams and the new CEO, Michael Lynn. Jeffrey Hansen was once again appointed as the president of Firefly."

...

"After a week of waiting, Firefly announced on the morning of December 2 that they were entering negotiations to buy back Robert Shea's shares. It seems Shea had given up his decision to sue Firefly. However, the situation is far from over. Although Firefly has the right of first refusal, all seven major Hollywood studios have expressed interest in acquiring those shares.

Due to Firefly's outstanding performance on television, parent companies of major networks like ABC and CBS have also made offers to Robert Shea. Subsequently, major media groups like Viacom have also begun submitting bids."

...

"This morning, Robert Shea officially made a $500 million offer, which would put Firefly's market valuation at $2 billion. However, the spokesperson for Firefly stated that Robert Shea's bid was completely exorbitant.

According to the information, Firefly operates only a few properties, including the Burbank headquarters. The Playa Vista studio base is still in the preparatory stage. Therefore, Firefly's main assets are the film copyrights from the merger with New Line. The number of films that have grossed over a hundred million dollars and have potential for sequels in recent years is astonishing. The sitcom Friends, which holds copyright, has already brought in over a hundred million dollars in pure profit from advertising revenue, video releases, and broadcast rights, just from its first season alone. So while the $2 billion valuation may seem high, it's not entirely unfounded.

As we've reminisced about Bill Gates and Steve Jobs becoming billionaires by their thirties, we've unknowingly seen a 20-year-old billionaire born in Hollywood, a place that constantly creates miracles. Let's review the journey of this young tycoon..."

...n/ô/vel/b//in dot c//om

In just a week since Robert Shea's departure, discussions around the event erupted like a year- end celebration across all media, even drawing in European outlets across the Atlantic. Compared to the uproar caused by the $2 billion figure, Eric's recent rumors with Connelly

seemed trivial by comparison.

*****

https://www.patreon.com/Sayonara816.