Chapter 547: I'm Only Doing This for Dumas' Sake
[Chapter 547: I'm Only Doing This for Dumas' Sake]
"Let's just talk about the future when it comes," Eric Williams shook his head with a smile. Despite that, he didn't worry too much about the issue; MGM's fundamental problem lay in its management philosophy.
Even now, MGM still held onto the vertically integrated management style passed down from the golden age of blockbuster films. However, starting in the 1980s, several of Hollywood's major film companies began to diversify, working to tap into related industries like video, publishing, music, toys, and theme parks. This effort maximized the 'locomotive effect' of their film operations and increased their ability to resist risks through the opening of new profit channels.
In contrast, MGM, during the same period, fell into the hands of Kirk Kerkorian, a casino mogul who preferred capital manipulation over film production. Kerkorian appeared to be far more interested in converting MGM into a hotel than in making movies, leading the aging film giant to miss its best chance for transformation.
Now that Hollywood's film companies had established their industry chains, they began a new wave of integration with media conglomerates. Once that trend was complete, MGM would be completely left behind, with no chance to catch up with the peers that had merged with media groups.
In this situation, providing quality film projects to MGM would only result in temporary prosperity. Eventually, once everyone's done splitting the profits, MGM would still be the deteriorating MGM it had always been.
...
After bidding farewell to Chris, Eric returned to his room to change his clothes, then took a car to a restaurant in New York along the Seine. Tonight, he was meeting Marcel Novare, a vice president in the investment department of Credit Lyonnais Bank, and John Calley, the current president of MGM.
In 1990, Kerkorian sold MGM for $1.3 billion to Italian investor Giancarlo Paretti. However, not long after, the U.S. Securities and Exchange Commission discovered significant issues with the transaction. Giancarlo's company was merely a shell, and the entire process was a fraudulent ploy to acquire MGM.
Giancarlo ended up in prison due to the scam, but the biggest blow fell upon Credit Lyonnais, as they provided the financing for that deal. By the end of last year, the fraud case was resolved, and Giancarlo received his due punishment. However, the transaction was still declared valid; the 75% of MGM shares that Giancarlo acquired were transferred to Credit Lyonnais. To offload MGM, the bank organized an auction, but no one dared to take on that mess. Consequently, Credit Lyonnais had no choice but to reorganize MGM's management, bringing in Frank Mancuso and John Calley to form a new team, hoping to improve MGM's performance and find a suitable buyer.
Unfortunately, the new captains faced setbacks right away, with two high-budget summer releases, Cliffhanger and Last Action Hero, both flopping.
Eric spent the journey contemplating a proposal to unite European film companies with MGM. After the hotel car stopped, as soon as he got out, he saw two Caucasian men eagerly approaching him.
He quickly recognized John Calley, around sixty, with gray-white hair. Eric had met him at some Los Angeles events before, but they hadn't interacted until the celebration for Fanfan.
John Calley had been an executive in Warner's production department since the late 1960s, a veteran from the Steve Ross era. After Ross's death and escalating infighting between Warner's co-presidents over the CEO position, combined with an invitation from Credit Lyonnais, Calley left his long-time employer to take the helm at MGM.
Eric attributed the earlier promotional issues with Cliffhanger to the unlucky CEO of Calok Pictures, not realizing that the blunders originated from MGM's two new leaders. Regardless, Eric didn't care much; the failures of MGM's recent films had not affected the success of Jurassic Park.
Seeing John Calley approach warmly with a broad-nosed Frenchman in his forties, Eric also smiled and quickly walked over.
"Eric, it's great to see you tonight," John Calley casually embraced Eric before introducing, "This is Marcel Novare from Credit Lyonnais."
"Hello, Mr. Novare," Eric extended his hand in greeting.
...
After a brief exchange with Marcel, the three headed toward the restaurant. The waiter guided them to a quiet corner, and once they ordered, Marcel wasted no time diving straight into the topic.
Although MGM ranked last among Hollywood's big seven, it was still the largest compared to any European film company.
Eric was surprised yet felt it made sense when Marcel disclosed that Credit Lyonnais hoped Firefly Films could take over MGM entirely.
Noticing Eric's astonishment, Marcel continued, "Eric, as long as you agree to take over MGM, Credit Lyonnais is willing to offer a very reasonable price. Additionally, we will ensure lobbying with the SEC to facilitate this transaction."
Firefly Films had already reached a pinnacle in Hollywood, and further expansion in the film industry would inevitably raise monopolistic concerns. Given the current conditions of other studios, achieving a merger seemed unlikely. Still, Eric understood that initiating a bid for MGM would attract far less resistance and might even have discreet support.
The SEC's decisions were greatly influenced by capital power. Acquiring MGM now would mean pulling in a hefty burden that could hinder Firefly's growth and upset investors' evaluations.
If it were any other time, with MGM's extensive library, Eric would have been open to bringing it into his fold and nurturing it. However, considering that Firefly planned rampant expansion in the coming years, taking on MGM's troubles was out of the question.
Since Marcel was so upfront, Eric also cut to the chase and flatly refused, saying, "Marcel, I'm really sorry but I can't agree to this because I can't think of any reason to take over MGM."
Of course, Credit Lyonnais couldn't have guessed Eric's strong interest in MGM's library. Thus, Marcel's expectations had been low; the approach was more of a desperate gamble.
As one of France's top three banks, Credit Lyonnais not only handled traditional banking but also engaged in investment and insurance. The economic downturn in Europe from the early '90s due to the unrest in the Soviet Union and Eastern Europe had led to massive losses for the bank over several years, with this year's losses expected to reach an astounding 11 billion francs (equivalent to $2.2 billion). MGM had contributed significantly to these losses due to the fraud case, and Credit Lyonnais was eager to offload this hot potato.
Since he held no illusions of acceptance, Marcel did not press after hearing Eric's refusal. Once the dishes arrived, he exchanged a knowing glance with John.
John nodded slightly, set down his fork, and turned to Eric. "Eric, what do you think about the 007 series?"
Eric smirked slightly, realizing it was going in that direction. Nevertheless, MGM truly lacked anything substantial to entice him. Meanwhile, Credit Lyonnais's sole goal was to energize MGM for a quick exit, rather than seeking investment in Firefly's film business like other European companies.
MGM had always viewed the 007 series as a lifesaver; they could slice off a piece whenever they reached the brink, allowing them to scrape by for a few more years.
Before the sixteenth film, whether during the united era or MGM's time, 007 had a two-year production cycle. The sudden halt of this enduring series four years ago was primarily due to MGM's turmoil and copyright disputes, but mainly due to the dismal reception of the sixteenth film, License to Kill. This installment had a budget of $32 million yet grossed just over $33 million in the U.S. If not for international markets compensating for losses, License to Kill would have almost become the first financial failure in the franchise.
For a legendary spy series, one installment's financial loss didn't seem like a big deal. However, MGM feared the franchise's reputation would be severely damaged. If the seventeenth or even eighteenth installments could not garner fans' approval, it could be the end of the series. Thus, MGM wavered for years about launching a production on the seventeenth film, with no result to show for it.
"Speaking of License to Kill, although the film was poorly received, I found one aspect of it very interesting," Eric replied, recalling Carey Lowell, who played Sam's deceased wife in in Sleepless in Seattle. Carey Lowell was the Bond girl for License to Kill, and Eric had shared a brief romantic encounter in Seattle with her, after which she vanished from his life.
Hearing Eric's comment, John naturally asked, "What aspect?"
"The two Bond girl concept. License to Kill is the only 007 film where two Bond girls competed for Bond's affection and even shed tears," Eric elaborated. "Unfortunately, the plot leaned more towards revenge, losing the essence of a Bond film, which is why that angle wasn't emphasized. I also think that the dual Bond girl concept had some issues."
After a moment of hesitation, John focused on the first point in Eric's commentary and asked, "Eric, what do you believe is the essence of a 007 film?"
With a touch of mischief, Eric laughed, "It's about saving the world, of course."
Both John and Marcel stared at him for a moment, then broke into laughter. But after the chuckles subsided, John realized that Eric's seemingly cheeky remark struck at the core of the 007 series and leaned in to ask, "Then what do you mean when you say the dual Bond girl setup had issues?"
Eric became animated. He set down his cutlery and said, "Traditionally, Bond girls have always assisted or been romantic interests for Bond. Even in the sixteenth film, when two were featured prominently, it followed the same predictable pattern. But why not flip this? We could set up one girl as an ally and the other as an antagonist for Bond. Just like the recent Batman films from Warner, which, while Michael Keaton was beloved, the villains captured more audience attention. Jack Nicholson as the Joker has become a classic to emulate, while Michelle Pfeiffer's Catwoman and Danny DeVito's Penguin left lasting impressions. This indicates that after seeing so many heroic leads, audiences are eager for vividly charactered villains, providing a huge breakthrough for the 007 series."
Listening to Eric's words, Marcel intuitively found them sensible but didn't grasp the deeper implications. Meanwhile, John Calley, with over two decades of production experience, felt intrigued. Having witnessed the joy from Batman's initial success, he recognized that Warner's company attributed that triumph to years of comic book popularity rather than delving deeper into its significance.
What seemed like idle conversation from Eric sparked a realization in John -- a potential insight into why Warner's payment exceeding $50 million to Jack Nicholson for his role as the Joker wasn't unreasonable. Simultaneously, John admired Eric's sharp thinking and vision, reflecting that it was no accident that this young man achieved such notable success at a tender age.
Though impressed internally, John didn't forget to seize the moment. "Eric, since you have such ideas, why not take on the role of director for the seventeenth 007 film? MGM would surely present you with an appealing offer."
Eric took a sip of the red wine nearby, refraining from directly answering John's invitation. Instead, he remarked, "John, do you really think MGM is willing to keep its strong reliance on the 007 series?"
Feeling a slight shift inside, John maintained his poker face but sighed softly, "You know, Eric, we don't have many choices here."
"There's a golden opportunity at this moment," Eric set his glass down and glanced at Marcel. "However, Credit Lyonnais needs to facilitate this."
Although Marcel was not overly knowledgeable about the film industry, he understood that whatever Eric was about to say might impact MGM's current situation significantly. "Eric, if Credit Lyonnais can assist, we will certainly do everything we can. Please, share your thoughts."
Eric proposed, "Recently, several film companies and foundations have shown interest in investing in Hollywood, but Firefly's production schedule for the next two years is already mostly determined and adjustments would be inconvenient. Thus, perhaps we could collaborate: I could select suitable projects and participate in production, while European film companies and foundations take on investment, and MGM manages production and distribution. This approach could alleviate MGM's current operational difficulties while fully utilizing the funding advantages from Europe."
Marcel nodded throughout the discussion, seriously considering Eric's proposal. John, however, understood better than Marcel the challenges in implementing Eric's suggestion. Though Eric's personal contribution appeared minimal, in reality, his involvement would be the most valuable part. Just like in the original timeline, when Steven Spielberg's enormous influence attracted worldwide investors to DreamWorks shortly after its establishment, bringing in over a billion dollars for initial funding. At this moment, if Eric did not step up, those European companies might not even have contemplated collaborating with MGM, especially after the disasters of the summer blockbusters.
However, both knew that despite Eric leading the charge, the European film entities were well aware of MGM's unfortunate circumstances. Even with Eric in the lead, their likelihood of agreement remained tenuous.
"Eric, personally, I'm eager for this partnership to happen, but..." just as John was about to continue, he noticed Marcel signaling to him, prompting him to halt. Given that his role was merely as a professional manager at MGM, he recognized Marcel's keen interest in the proposal and held back from disheartening it immediately. Instead, he altered his tone, "But we do need to negotiate with all parties involved."
Marcel quickly interjected, "Eric, we will get back to you as soon as possible, and Credit Lyonnais will strive to make this happen."
"Then I'll await your good news," Eric nodded in response.
The conversation shifted to a lighter tone, with John curiously asking Eric about his recent insights on villain roles, which Eric eagerly shared theories he had gathered. They continued this enlightening exchange until around 9:30, when the dinner concluded.
...
After settling the bill, John and Marcel walked Eric out of the restaurant. As Eric stood at the curb bidding goodbye, he spotted a familiar face stepping out from the bright restaurant lobby -- Sophie Marceau. She was flanked by a tall, middle-aged man in his forties, sporting a typical French appearance. The pair conversed animatedly as they walked outside.
John and Marcel glanced in the same direction, both having attended the previous celebration for Fanfan and knowing some of the details. John exchanged a knowing look with Marcel and then addressed Eric, "Eric, in this case, we will leave first."
Eric paid no mind to the teasing glances from John and Marcel, saying his goodbyes before striding toward Sophie.
Upon approaching the pair, Eric discerned Sophie's impatient demeanor, even though he couldn't understand French. After adjusting to the dim outdoor light, Sophie spotted him, and her expression shifted from surprise to a playful wink, then she subtly gestured to the middle-aged man, clearly signaling for Eric to intervene.
The middle-aged man, noticing Sophie's change in mood, looked ahead and recognized Eric walking toward them. Dressed in a well-tailored black suit, Eric gave off a calm yet commanding presence that drew attention. Although the middle-aged man felt a sense of familiarity, he couldn't place Eric's identity but instinctively became wary.
As Eric reached them, the man took a step forward, extending his hand. In French, he introduced himself, "Hello, I'm Frederic Brown. Who might you be?"
To Frederic's surprise, Eric's expression showed a hint of confusion as he looked at the extended hand but didn't respond, choosing instead to focus on Sophie.
Sophie, aware that Eric didn't understand much French, chuckled lightly but needed him to ensure her escape from the annoying man. She quickly replied in French to Frederic, "He doesn't understand French; use English."
A flash of disdain crossed Frederic's eyes upon hearing Sophie's words, yet he repeated his introduction in English.
Finally, Eric shook his hand, "Hello, I'm Eric Williams."
Realization struck Frederic immediately after hearing the name. As a figure in the film industry, he was well aware of Eric's meteoric rise as the young Hollywood mogul who had created miracles with Firefly Films. This prompted Frederic to retract any trace of contempt and offer warmly, "Mr. Williams, it's a pleasure to meet you; I'm a producer at TF1."
"Oh, TF1, I know of it," Eric nodded and almost mentioned titles like Paddington, The Transporter, Intouchables, and Lucy but caught himself, realizing those were films from years later. Feeling a bit awkward, he looked at Sophie and said, "That, uh, Sophie's film, L'étudiante, is under your company, right?"
Noticing Eric's slight embarrassment, Sophie couldn't contain her laughter. Frederic, mindful of Sophie's unrestrained demeanor, nodded and replied, "Yes, it was a joint investment with Gaumont."
"Ah," Eric nodded, indicating he didn't want to prolong the conversation. He pointed to Sophie, who was playfully smirking, and said, "I haven't seen Sophie in ages; would you mind if we had a moment alone?"
What do you mean "ages"? We're not even close!
Sophie rolled her eyes at the thought yet didn't outright refuse.
"Of course, then I'll take my leave," Frederic exchanged a few parting words with Sophie, then departed toward the parking lot.
"Phew, I'm glad I ran into you. I had no idea how I'd get rid of that annoying guy," Sophie sighed in relief once Frederic disappeared into a white BMW.
Eric gestured to the hotel driver nearby and pointed toward the Seine River across the road. "Let's walk over there."
"Oh, uh, sure," Sophie suddenly seemed to realize what was happening but didn't reject Eric's invitation. Together, they crossed the street, making their way to the riverbank, where the night was alive with couples strolling, and no one seemed to notice them, allowing them a moment of privacy.
Noticing Sophie slightly shiver from the evening chill, Eric asked, "Since you despised that guy, how did you end up dining with him?"
"My agent just got me a new movie," Sophie seemed to recall her recent unpleasantness and retorted, "I got an invitation tonight at the last minute to discuss a script, but the director and screenwriter left early, and I was just left with that annoying guy. If I'd known, I wouldn't have gone, but I took this role for Dumas, you know."
Listening to Sophie's haughty tone, Eric chuckled lightly, "Dumas? Which work?"
Sophie replied, "The sequel to The Three Musketeers, focusing on D'Artagnan's daughter. Honestly, if he keeps pestering me, I might just back out. I'm not in a position where I can't find films to work on!"
*****
https://www.patreon.com/Sayonara816.