BUSINESS 2004: WHIRLWIND RIDE FOR DISNEY EXECS MOVIE DISAPPOINTMENTS COUNTERED BY TV SUCCESSES.Byline: Greg Hernandez Staff Writer BURBANK - From CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael D. Eisner's announcement that he will be stepping down in 2006 to a hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. bid by Comcast Corp., the plot of any movie released by The Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. in 2004 could not compare with the off-screen corporate dramas swirling around the entertainment conglomerate. The year kicked off with the stunning announcement in January that Disney and Pixar Animation Studios had severed talks to extend their lucrative partnership beyond 2006. They have been business partners in six consecutive computer-animated box office smashes including the current hit The Incredibles. Then on Feb. 11, Comcast made its takeover bid, which was quickly rejected by the Disney board but had lasting repercussions repercussions npl → répercussions fpl repercussions npl → Auswirkungen pl on the company as it headed toward its annual shareholder meeting in March. At that meeting, Eisner faced an unprecedented shareholder revolt against him and was stripped of his title of chairman of Disney's board of directors. While Eisner remained CEO, he announced in September that he would be stepping down from that job as well when his contract expires in September 2006. Eisner, 62, has been at the helm of the entertainment conglomerate for two decades and though he has enjoyed some tremendous successes, he has become increasingly embattled in recent years. He is currently embroiled em·broil tr.v. em·broiled, em·broil·ing, em·broils 1. To involve in argument, contention, or hostile actions: "Avoid . . . in a shareholder lawsuit involving the controversial hiring and firing of former Disney President Michael Ovitz. Also in 2004, Disney appeared poised to end its current deal with Miramax Films founders Bob and Harvey Weinstein after an often rocky 10-year relationship. It is said to be only a matter of time before Disney and the Weinsteins part ways with only specifics of an official separation left to hammer out. With the pact set to expire Sept. 30, 2005, a resolution must be reached by March 2005 at the latest. The relationship between the Weinsteins and Eisner, already tenuous, was further strained this spring when Disney refused to allow Miramax to release Michael Moore's controversial movie Fahrenheit 9/11 which Eisner said was too politically charged to be released during an election year. The movie, released by Lions Gate Films instead, went on to become the highest-grossing documentary in history. The studio began 2004 as the reigning box office champ but things soured in early spring with such expensive failures as Hidalgo Hidalgo, state, Mexico Hidalgo (ēthäl`gō), state (1990 pop. 1,888,366), 8,058 sq mi (20,870 sq km), central Mexico. Pachuca de Soto is the capital. , The Alamo Alamo Eighteenth-century mission in San Antonio, Texas, site of a historic siege of a small group of Texans by a Mexican army (1836) during the Texas war for independence from Mexico. and the animated Home on the Range. Then the studio's first big summer releases, Around the World in 80 Days and King Arthur, opened dead on arrival. But Disney managed to salvage what had been a dismal year at the box office with its release of The Incredibles and National Treasure in November. Additionally, its struggling ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. network finally delivered some breakout hit shows this fall with the dramas Desperate Housewives and Lost both firmly ensconced en·sconce tr.v. en·sconced, en·sconc·ing, en·sconc·es 1. To settle (oneself) securely or comfortably: She ensconced herself in an armchair. 2. in the ratings top 10 and the reality shows Extreme Makeover: Home Edition and Wife Swap also solid hits. Greg Hernandez, (818) 713-3758 greg.hernandez(at)dailynews.com OFF-SCREEN NEWS Although The Walt Disney Co. dominated business news in 2004, several other industry events occurred: Legendary film studio MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. was sold in September to a consortium led by the Sony Corp. of America. NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. acquired Vivendi Universal in May, forming a $43 billion media empire spanning film, television and theme parks. DreamWorks Animation launched the biggest entertainment initial public offering in years, raising $800 million. The recording and film industries filed thousands of lawsuits seeking to curb Internet piracy. CAPTION(S): 3 photos, box Photo: (1) EISNER (2) Disney's struggling ABC network got a much-needed shot in the arm with the primetime hit Desperate Housewives. (3) no caption (NBC - UNIVERSAL) Box: OFF-SCREEN NEWS (see text) |
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