UNIVERSAL TROUBLE; SILVER'S DEPARTURE MAKES IT SIX RESIGNATIONS, FOUR FLOPS AND A PIG.Byline: Dave McNary Daily News Staff Writer The flops just keep coming, and so do the resignations. Universal Pictures Chairman Casey Silver, 43, departed Monday following the disappointing Thanksgiving weekend opening of ``Babe Babe Paul Bunyan’s blue ox; straightens roads by pulling them. [Am. Lit.: Fisher, 270] See : Strength : Pig in the City.'' The $90 million sequel took in $8.2 million over the five-day period, or less than one-fifth of Disney's ``A Bug's Life'' and less than one-third of Paramount's ``Rugrats.'' The ax has now fallen on a half-dozen top-level Universal executives since last spring as Edgar Bronfman Two persons are named Edgar Bronfman (father and son). They are the son and grandson of Seagram founder Samuel Bronfman:
``Edgar wants to take control and run the show,'' said Barry Hyman, an analyst with Ehrenkrantz King Nussbaum. ``There's nobody to blame but him now, because now it's his company.'' Hyman said the poor timing of the release rather than the quality of the ``Babe'' sequel was likely the key factor in Silver's departure. ``Absolutely it would have done better at almost any other time,'' he said. ``It's hard to compete with a Disney animated film and their marketing power. So someone has to take the heat, and it's probably better to do it now.'' The aftermath of ``Babe: Pig in the City'' was nearly a repeat of what happened two weeks ago when ``Meet Joe Black'' opened with a disappointing $15 million weekend and Universal chairman Frank Biondi Frank J. Biondi, Jr. (born January 9, 1945) is an American businessman. He was born in New York City to Frank Biondi, Sr. and Virginia Willis. He has a Bachelor of Arts degree from Princeton University and an Master of Business Administration degree from Harvard Business School. Jr. resigned. Silver's departure has been widely rumored in recent weeks with the studio's hitless streak dating back to ``The Lost World: Jurassic Park.'' Since his company bought control of Universal in 1995, Bronfman has shifted Seagram's focus toward entertainment and away from beverages. The music and theme park businesses have been solid performers, but the company's core enterprise of making movies has stumbled at a time when the industry's revenues continue to rise 10 percent annually in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and even higher overseas. ``I don't think Silver's resignation is any surprise, because the film division has performed so badly,'' said David McFadgen of Griffiths McBurney Partners. ``Right now, my outlook on Seagram is it's mildly positive but at the end of the day, I'm in more of a wait-and-see mode.'' Wall Street values Seagram stock far lower than rival entertainment conglomerates, and the issue was off 93.75 cents Monday to $34.3125. Shares hit $45 in May following the announcement of its $10.4 billion buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. of music giant PolyGram NV. ``If the company continues to underperform Underperform An analyst recommendation that means a stock is expected to do slightly worse than the market return. Also known as market underperform, moderate sell, or weak hold. , the stock will continue to be cheap,'' McFadgen said. Monday's announcement of Silver's departure after three years in the post said his responsibilities would be assumed by Ron Meyer Ron Meyer (born February 17, 1941) is a former college and professional football coach. He is best known for being the head coach of the New England Patriots and Indianapolis Colts. Meyer's head coaching career began at UNLV, where he coached from 1971 to 1975. , Silver's boss and president of Universal Studios. It also said Stacey Snider, who had been co-president of production, had been elevated to the post of president of production, a post that had been vacant since Marc Platt For the American producer, see Marc E. Platt. Marc Platt (born 1953) is a British writer. He is most known for his work with the BBC science fiction television series Doctor Who. departed in April. In a memo to Universal employees about Silver's resignation, Meyer said, ``Although it was difficult, both Casey and I believed it was time to make a change. We have underperformed in our motion picture business, and we are going to fix what isn't working.'' Silver had been telling reporters and analysts for months that Universal's late fall-holiday season schedule would pull the studio out of its downward spiral, but the prospects for its next movie - an updated version of ``Psycho'' that opens Friday - are not particularly impressive. Robert Bucksbaum, president of the Reel Source forecasting service, believes ``Psycho'' will open with a solid but hardly blockbuster block·bust·er n. 1. Something, such as a film or book, that sustains widespread popularity and achieves enormous sales. 2. A high-explosive bomb used for demolition purposes. 3. weekend total of $10 million to $12 million. Hopes among trackers are much higher for ``Patch Adams,'' opening Dec. 25 with Robin Williams as a medical student who uses laughter to treat patients. Still, the poor performance of the ``Babe'' sequel was deeply disappointing, given the good will generated by the 1995 sleeper hit This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since October 2007. about a pig who learns to herd sheep. It received an Academy Award nomination for Best Picture, grossed $64 million in the United States and about $150 million abroad. Universal had heavily promoted the movie with a large program of tie-ins and toys with about 100 licensees. But the film received only mixed reviews and a spate of negative publicity when it was forced to delay the world premiere Noun 1. world premiere - (music) the first public performance (as of a dramatic or musical work) anywhere in the world performance, public presentation - a dramatic or musical entertainment; "they listened to ten different performances"; "the play ran for 100 two weeks ago. Industry analyst Arthur Rockwell said the studio should have seen better grosses from the film, adding that the apparent lack of executive direction in movies might be to blame. ``Granted that it's a crowded market, but it's a film designed for this time of year,'' said Rockwell, a former studio executive. ``The poor grosses are a function of it being mishandled, so they haven't blown the franchise, but they've damaged it. There has been no sense that anyone has been running the division effectively for several years now, along with a sense that the top executives are preoccupied pre·oc·cu·pied adj. 1. a. Absorbed in thought; engrossed. b. Excessively concerned with something; distracted. 2. Formerly or already occupied. 3. with music.'' As for 1999, Universal has a respectable slate of films ready, including ``Life,'' an Eddie Murphy Edward "Eddie" Regan Murphy (born April 3, 1961) is an Academy Award nominated, Golden Globe Award-winning American actor and comedian. He was a regular cast member on Saturday Night Live from 1980 to 1984, and has worked as a stand-up comedian. comedy due in February; ``Ed TV,'' a ``Truman Show''-like comedy out in March; ``The Mummy'' in early May; and a Steve Martin-Eddie Murphy comedy, ``Bowfinger,'' due in midsummer. ``We're still on the fence on Seagram,'' said Linda Bannister of Edward Jones Edward, Eddie, or Ed Jones is the name of: Edward Jones:
Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. , but that doesn't mean next year won't be good. Movie success is very difficult to anticipate.'' A DIFFICULT YEAR Universal Studios has been rocked for the past year by strategic changes and executive departures. Oct. 20, 1997 Studio parent Seagram agrees to sell most of Universal's TV business to Barry Diller Barry Diller (born February 2, 1942 in San Francisco, California) is an American media executive responsible for the creation of Fox Broadcasting Company. Biography for $4.1 billion. Nov. 14, 1997 ``The Jackal'' opens with a disappointing $15.2 million weekend; it finished with only $54 million domestically. Feb. 5 Lew Wasserman Lew Wasserman (March 15, 1913 - June 3, 2002) was a Hollywood agent and studio executive credited with first creating and then taking apart the studio system in a career spanning more than six decades. , the key builder of Universal, retires from Seagram's board. March 20 ``Primary Colors'' opens with a $12.4 million weekend, losing to the 14th weekend of ``Titanic''; it finishes with only $38 million. April 7 Howard Weitzman, executive vice president of corporate operations, resigns. April 14 Marc Platt, president of production, resigns. April 17 Marketing chiefs Kathy Jones and Buffy Shutt resign. May 21 Seagram announces it will buy PolyGram NV for $10.5 billion. July 20 Seagram agrees to sell Tropicana to PepsiCo for $3.3 billion. July 31 ``BASEketball'' opens poorly and closes in a few weeks with a $7 million gross. Nov. 13 ``Meet Joe Black'' opens with a $15 million weekend, well below expectations. Nov. 16 Universal Studios Chairman Frank Biondi Jr. resigns three days later. Nov. 25 ``Babe: Pig in the City'' opens with $8.5 million over Thanksgiving weekend. Nov. 30 Casey Silver resigns as chairman of Universal Pictures. CAPTION(S): 6 Photos, Box PHOTO (1--Color) no caption (Scene from ``The Jackal'') (2--Color) no caption (Video cassette video cassette Noun a cassette containing video tape video cassette n → videocassette f video cassette n → case for ``Primary Colors'') (3--Color) no caption (Scene from ``BASEketball'') (4--Color) no caption (Scene from ``Meet Joe Black'') (5--Color) no caption (Scene from ``Babe: Pig in the City'') (6) Casey Silver BOX: A DIFFICULT YEAR (see text) |
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