Chapter 102: The Award Presenter

[Chapter 102: The Award Presenter]

As March rolled around, the 61st Academy Awards approached closer and closer. With the increasing influence of Hollywood films worldwide, more eyes turned toward the Oscars.

Despite Eric's lack of direct ties to this year's awards, no one could overlook the meteoric rise of this eighteen-year-old who had hardly been on the scene for six months. Among the films he was associated with, 17 Again had already entered its fifteenth week of release since November 18 of the previous year, showing strong momentum. After four months in theaters, it had grossed over $107 million, becoming the sixth film of 1988 to surpass the $100 million mark.

Standing on its own merits, that number was impressive. However, the box office potential for had already been nearly tapped out, with weekly earnings of just $200,000 to $300,000 on fewer than 300 screens, and a pull from the theaters was imminent.

In contrast, the other one Home Alone had already approached $240 million, still earning about $5 million a week on over 1,200 screens in North America.

In those days, a $200 million domestic box office was considered a blockbuster; only George Lucas's franchise could reach such heights, and even Steven Spielberg's creations lacked that kind of assurance. A $300 million domestic haul was only a legend -- the last and only time it had occurred was in 1982 with Spielberg's film. Now, six years later, another film was on the verge of touching that legendary threshold.

Under these circumstances, Columbia Pictures, which had begun acquisition talks with Sony, no longer focused on how much they could reap from the profit-sharing agreements, but on how to push the film's North American box office past that elusive $300 million mark. Everyone knew that once they crossed that milestone, it would trigger another round of stock price surges for Columbia.

...

"What? You want me to be the presenter for Best Supporting Actress?" Eric exclaimed, taken aback by Amy Pascal's unexpected visit. "Is that something Columbia can decide?"

"We spoke with the producer of this year's Oscars, Alan Carr," Amy assured him. "With your current stature, you are more than qualified. Eric, as long as you give us the thumbs up, you'll soon receive the invitation."

Eric hesitated. He had already been in the spotlight enough, and his private life had been under constant scrutiny from the press. But he understood Columbia's reasoning; featuring him at a ceremony that drew viewership of 40 to 50 million would greatly benefit the still-in-theaters film.

Since Cohen Blount had left and acquisition talks with Sony began, Columbia had done a complete 180 regarding its attitude toward Eric, aggressively promoting him. Unfortunately, the most strategic opportunity, the Golden Globes, was already missed, and the Oscar nominations had been announced. They had only received a rather lackluster nomination for Best Original Score. Everyone recognized this as the Academy's attempt to draw public attention, deservedly so due to the film's impressive box office.

If Columbia had been proactive from the start, they might have snagged a few more nominations, and perhaps even walked away with a little golden statuette. But now it seemed too late; with less than two weeks until Oscar voting commenced, any further publicity seemed futile. Given the caliber of films like this one, it would be a stretch for audiences to be surprised if they received a little golden man.

At the end of the day, it was just a children's comedy -- a film without any artistic merit.

After a moment's thought, Eric nodded in agreement. While Columbia's initiatives were ultimately self-serving, he could reap substantial rewards from it too. As long as he cooperated with them, his chances of crossing the $300 million threshold looked promising. Hitting that goal would mean his share would reach a staggering $120 million.

Amy had also relayed promises from Columbia's upper management to Eric, indicating that once the film left theaters, they would pay him the full amount of his cut within a month. That would alleviate his financial pressure significantly, especially considering just recently he had taken out a $50 million loan from the bank for the smooth production of the film and the construction of his Malibu mansion. He was carrying $100 million in debt at this point, making him the most financially encumbered individual in Hollywood.

"Since you agreed, I'll inform Alan Carr right away to send you the invitation," Amy said, satisfied, as she took a sip of her coffee. Then she inquired, "Eric, I heard that your negotiations with Tom Cruise and Tom Hanks have hit a snag. Do you need Columbia to step in?"

Eric shook his head. He had anticipated this stalemate and was confident it would not last more than a month.

Richard Gere stepped away from the lead in Pretty Woman to participate in that action drama, Road House, set to release during Easter. His mind drew a blank on that film, and he had to ask around for information. He was informed that even the most optimistic internal forecasts from the studio projected box office earnings of only around $30 million.

With Richard Gere as a cautionary tale, there was no way Tom Cruise and Tom Hanks, both A-list Hollywood stars, would make the foolish decision of turning down the chance to join Eric's new project.

The bigger the star, the more cautious they were with their role selections; one wrong turn could mean significant harm to their reputation. Just four years earlier, Al Pacino had suffered a major setback when a $30 million disaster from Warner Bros. flopped, compelling him to take a four-year hiatus amid public outcry. Before that, he was a five-time Oscar nominee and an uncontestable A-lister.

Given Eric's films' track record of three consecutive massive successes, they were undoubtedly solid in box office and critical acclaim. Plus, Tom Cruise and Tom Hanks had both recognized its box office potential after reading the script.

The reason both men allowed the CAA agents and Firefly to remain deadlocked was not only to give Michael Ovitz, "Hollywood's most powerful figure," a little courtesy, but also because they wanted to secure higher salaries and profit-sharing.

Eric believed that once CAA exhibited any intention to purposely break off negotiations, both stars would immediately step in to stop it. He knew from their script discussions that they were steadfast in wanting to partake in this film, as their conversation had lasted four hours.

"It's unnecessary, Amy. CAA will relent within a month," Eric replied, not wanting to owe Columbia a favor. "I can use this time to finalize preparations for the film. Compared to the less than month-long production cycles of the last two movies, there's plenty of time for this one. We still have over four months until its July release."

*****

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