Chapter 543: Waiting for the Joke

[Chapter 608: Waiting for the Joke]

Galaxy Pictures, Pacific Corporation of California.

Jim Colt and Arthur Smith sat together, watching the Far East financial news on television: Thailand announced the abandonment of its fixed exchange rate system, opting for a floating exchange rate instead.

"The Thai baht has completely collapsed!"

Arthur chuckled, "I remember, it was just at the beginning of the month when the Thai Prime Minister gave a televised speech, fervently declaring that the baht wouldn't devalue, and that those speculators would lose their shirts!"

Jim Colt took a sip of his drink. "Based on estimates at the time, the Thai central bank's foreign exchange reserves should only be down to $6 to $7 billion. Singapore's Monetary Authority couldn't possibly bail them out at any cost. Next up are the Philippine peso and the Malaysian ringgit."

Arthur sighed, "Those hedge funds are really going all out; we can just play along for now. When this fire reaches Korea, that's when we'll need to go all out. Right now, we should start preparing our ammunition."

The Quantum Fund, Tiger Management, Long-Term Capital, and Omega Advisors -- these four major hedge funds were likely being cursed by millions of people.

Jim Colt nodded. "I'll have Emily Shead pay special attention to the South Korean financial market. Once we get the first spark, we can ignite the fire completely."

...

Later, Arthur returned to Los Angeles. The end of June marked the NBA Draft day, and this year's draft took place at the Charlotte Coliseum in North Carolina.

Unfortunately for Galaxy, their pick was late in the round, and they weren't going to land any prime rookie. Tim Duncan, the coveted player across the league, was snagged by the Spurs with the first overall pick, while Tracy McGrady, whom Arthur was familiar with, was taken by the Toronto Raptors with the ninth pick.

"But, now Popovich is the head coach of Galaxy? Will the Spurs still be that strong?"

In his Beverly Hills mansion, Arthur sipped his drink, lost in thought.

"Arthur, look! There's news that There's Something About Mary broke $150 million at the North American box office! This past week alone, it took in $4.4 million."

Jennifer Aniston, brimming with excitement, joined him on the sofa holding a newspaper.

There's Something About Mary had been in theaters for nearly two and a half months. Although it had only topped the weekly box office twice, its performance was hard to ignore.

Moreover, its overseas numbers looked great, with international box office receipts at $130 million.

Arthur smiled, "America's sweetheart isn't just a title you toss around -- your standing now is on par with top-tier leading ladies."

With the fourth season of Friends about to air, it had turned into a cultural phenomenon in America. The broadcast network ABC and Galaxy Television had both reaped massive profits from it.

"Well, my highest-grossing film still relied on your script," Jennifer Aniston teased, nudging Arthur with her head.

Arthur chuckled, ruffling her beautiful blonde hair.

"Arthur," Jennifer Aniston playfully growled at him, baring her teeth, followed by a flurry of faux aggression.

"Okay, okay," Arthur said, pulling the actress into the sofa and planting a kiss on her.

"I'm just happy for you. Remember when we first met? I said it would happen."

"Yes," Jennifer settled into his embrace, "Darling, you made that happen years ago. Speaking of which, remember Jeff?"

"Jeff's restaurant?!" Arthur laughed, "Last time there was an earthquake, Jeff's place collapsed. The last time I went back to North Ridge, he was already gone."

"What a pity," Jennifer wrapped her arms around Arthur's neck, kissing him.

...

Century City, in the 20th Century Fox screening room, Rupert Murdoch had specifically invited Arthur to preview the rough cut of Titanic.

Peter Chernin, CEO of News Corporation, Bill Mechanic, chairman of 20th Century Fox, and director James Cameron, along with lead actors Leonardo DiCaprio and Kate Winslet, were present.

"Arthur, the production budget for Titanic is an unprecedented $200 million, and the whole of Hollywood is laughing at us now."

Rupert sat beside Arthur, displaying a hint of concern; News Corporation's debt rate wasn't low.

Arthur grinned as he watched the screen. "Just the other day, I turned down a script called Speed 2: Cruise Control; with water-themed films like Waterworld and Cutthroat Island, I had some worries."

"Uh," Rupert blinked; even Arthur had his doubts.

"Don't worry, Mr. Murdoch, we should trust James Cameron," Arthur reassured him. "Honestly, even if Titanic does fail, the losses for 20th Century Fox will be significantly less than those for MGM."

Rupert chuckled, "It's hard to imagine Galaxy's growth reaching this point; such losses seem unprecedented, right?"

Arthur raised an eyebrow, a smirk creeping onto his face. "Galaxy has never experienced losses on such a scale with a grand blockbuster."

Ever since acquiring MGM, Galaxy had been on a roll, churning out blockbuster after blockbuster. After their IPO last year, the momentum was unstoppable.

While Galaxy's summer slate wasn't the brightest, the three films currently screening were still quite successful. Titanic was set for a December release, with distribution handled by Galaxy MGM, and the promotional campaign was already underway.

This year had been tough for 20th Century Fox; Titanic's budget overruns drained substantial cash flow, especially with their investment in the Star Wars prequels.

As of now, their best-performing title was still the re-release of Star Wars: Episode IV - A New Hope.

Was it any wonder Rupert Murdoch was zeroing in on Titanic?

"With the investment into the film's production, plus the promotional costs for its North American release, MGM's total investment in Titanic was roughly $100 million."

Rupert wasn't about to believe that the well-known "Hollywood golden boy," Arthur Smith, would allow a blemish like that on his record.

Arthur shrugged, a grin playing on his lips. "MGM may have put in about $100 million, but combined with 20th Century Fox, the amount neared $200 million. Seems like 20th Century Fox has a long-standing tradition of big-budget productions."

Rupert shook his head. "Regardless, moving ahead, MGM will handle all the groundwork for Titanic. Soon enough, MGM will have to face the audience in America with how the film performs upon its release."

*****

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