I am Hollywood

Chapter 22: Buyout



[Chapter 22: Buyout]

Amy Pascal had made her interest in Eric clear: "Oh, Eric, you look younger than I imagined. When I was your age, I had just started college."

"You look quite young yourself, Ms. Pascal," Eric complimented.

Amy smiled and said, "Thank you, Eric. Just call me Amy. By the way, do you still hold the rights to the novel you wrote?"

Eric raised an eyebrow, "Of course."

With his growing fame, Eric had been approached by several studios about the movie rights, but he had turned them all down. Until he was strong enough to negotiate a fair deal, he had no plans to sell the adaptation rights.

"Well, would you be willing to sell the rights to Columbia? We could offer a very decent price," she proposed.

Eric replied, "Amy, that's not the topic we're discussing today. Besides, the special effects technology isn't quite there yet, so I'm not looking to sell the rights at this time."

"That's a shame; well, let's talk about something else. Jeffrey really appreciates this film, and as I know Jeffrey, he has a good eye for talent. By the way, I heard you originally intended for 20th Century Fox to distribute the film. What happened with that?"

Eric shrugged and said truthfully, "Mr. Carlin Hunt from 20th Century Fox didn't even watch the film and turned it down."

"Carlin Hunt, I know him. Quite a pompous guy," Amy laughed. "Well, let's check out your film now."

...

Eric nodded, and Amy led him and Jeffrey to a theater at Columbia Pictures' headquarters, handing a copy to an usher as they took their seats in the leather chairs.

"Eric, you don't seem very excited," Amy teased as she caught his expression before the screening began.

Eric laughed lightly, "Amy, you know I produced this film from start to finish. Every shot exists in my mind, and I've watched it many times. But I believe you won't be disappointed."

As the lights dimmed, Amy nodded, pulling her gaze away as a sense of desperation crept in. While it was true Columbia was in need of good projects, how had she come to rely on even a high school student's film? With those thoughts, Amy sighed softly in the dark.

As a senior executive at Columbia, Amy was very much aware of the company's situation. The company had struggled in recent years, and if not for the revenue from a solid library of films accumulated over the years, they would be facing immense losses.

Compared to the rising Disney and 20th Century Fox, or even the still-thriving Paramount after the Barry Diller era, Columbia felt like an aging man with little ambition. After placing second in North American box office in 1984, it had been three years since Columbia had a film in the top ten, and it looked like they wouldn't this year either. For an established film giant, it was a disgrace.

Columbia's parent company, Coca-Cola, had suffered massive losses during last year's stock market crash. If Columbia failed to provide profits, it risked being sold off; in fact, Sony was already signaling interest in acquiring Columbia Pictures.

Amy had done her homework on Eric. The kid had just graduated high school, had a sci-fi script picked up by 20th Century Fox, and had landed a lead role in the film, which had astonished everyone. Without those accolades, Amy might have dismissed Eric's movie like Carlin Hunt had.

Columbia had indeed received the script; several producers were interested, but Eric's condition of starring in it was a deal-breaker for the cautious Columbia. In the end, they had to pass.

It was said that Barry Diller himself had personally approved the project, which made Amy sigh again when considering the mediocre Cohen Blount now running Columbia. The company's current struggles were linked to that president's timidity and conservative nature.

As the film played on, the delightful plot and Stuart Ronkel's standout performance quickly drew Amy's scattered thoughts back to the screen.n/o/vel/b//in dot c//om

After the screening, Amy was left with nothing but astonishment. She couldn't believe this brilliant comedy had been helmed by the eighteen-year-old sitting before her.

With excitement, Amy stood up and said to Eric, "Eric, could you wait here for a moment? I need to make a phone call."

From Amy's expression, Eric knew that things were leaning in his favor.

Half an hour later, a group of six or seven Columbia executives, including president Cohen Blount, gathered in the screening room to watch the film again.

In a lively atmosphere, they watched the film once more as the clock neared quitting time, but no one seemed eager to leave. During the latter half of the movie, the executives began to whisper among themselves.

In the office of the president of Columbia Pictures, Eric sat with Jeffrey across from the sixty- something Cohen Blount. After his assistant brought in coffee, Cohen leisurely sipped before beginning, "Eric, to be honest, we see great potential in this film. We want to offer ten million dollars for all the rights. What do you think?"

Upon hearing the ten million dollar price tag, Jeffrey Hansen's excitement was palpable. A budget of one million could instantly balloon tenfold; were he in Eric's position, he would have likely nodded in agreement immediately.

Cohen Blount noted Jeffrey's reaction and smiled in satisfaction. The estimated box office for the film hovered around fifty million dollars, and a sequel looked easily attainable. The potential for merchandise rights was substantial, so after discussion, they decided to set a buyout price that seemed high to them, with a ceiling of twelve million dollars firmly established.

Thinking that they could buy out the film for ten million made Eric inwardly scoff. Business dealings often meant raising the stakes and haggling.

"Mr. Blount, I'm sure you have a rough estimate of the box office value for this film. May I know that figure?"

Eric didn't immediately agree, disappointing Cohen somewhat, but he responded, "Of course, we believe that with proper promotion, the North American box office should be around thirty million dollars. Traditionally, as the producer, you'll receive about twenty percent of the profit. Therefore, Eric, the ten million buyout offer is very reasonable. Your production costs shouldn't exceed two million, right? So, Eric, what are you hesitating for? Just say yes, and you'll become the youngest millionaire overnight."

*****

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