1
" RAND HOLSTON: Forrest Gump is a movie I am extremely proud of. I represented Wendy Finerman and Steve Tisch, the producers. STEVE TISCH: Gump was ’94 but we set up the project at Warner Bros. in ’85—a nine-year development gestation period. It didn’t hurt that Ovitz wanted Gump to be made. Hanks and Zemeckis were clients. When the head of the most important talent agency in the business at that time says he wants to make something happen and he’s very passionate about making something happen, it’s a lot of wind in your sail. RAND HOLSTON: We had to restructure the deal more than once. The studio decided it wasn’t willing to make the picture for what had been previously discussed, and when they gave us the new number, it was clear the only way to get the film made was taking the principals above the line—Bob Zemeckis, Tom Hanks, Wendy, and Steve—to take less cash up front, and we made sure they were able to get more gross points on the back end. This turned out to be a really good deal for all of them. ROBERT ZEMECKIS: The studio was going to shut the movie down if Tom and I didn’t give our fees back. This was something that they do all the time: There’s forty-eight hours left before you shoot, and they say you’ve got to take X amount of million dollars out of the budget. So we said, “How are we going to do that now? We’ve got to start shooting in forty-eight hours.” And it comes back, “Well, you guys are just going to have to give us back your fees. "
― James Andrew Miller , Powerhouse
2
" SYLVESTER STALLONE: Mike Ovitz carried a heavy hammer, and he swung it like he was Beverly Hills Thor. He went around smashing people, sometimes I think just for the fun of it. He did things to me that I thought were beyond unfair. We got into sort of a business with art, and the person he hooked me up with turned out to be a disaster, and had me spending a great deal of money on art that turned out to be—well, I don’t want to get into it because of the lawsuit, but it just wasn’t good. The next thing I know, he’s throwing an engagement party for them at CAA, a building that I basically put tons of money into with my commissions. I told him, “I find this to be really offensive. You know how much these people hurt me, yet you’re celebrating them?” He said to me, “What do you want me to do? Cancel it? Throw them out? And embarrass yourself and me all over the city? Would that make you happy?” I believe that was the last time I talked to him for many, many years. Is he beloved? That’s a rhetorical question. "
― James Andrew Miller , Powerhouse
4
" JIM COULTER: One of the challenges in the investment business is what I’ll call uncommon wisdom. Common wisdom is what people think about a situation; it’s usually not that valuable because it’s something everybody sees. What is valuable is if you find uncommon wisdom, which is where you see something that the rest of the world sees one way and you see a different way. So when I first ran into CAA, my reaction was actually common wisdom that Hollywood agencies might be difficult to invest in, because they’re people businesses, and maybe not great stewards of capital. What surprised me is the deeper I looked, the more uncommon wisdom showed up, and things that I might have expected to be true weren’t necessarily the case. In 2010, when we first looked at the company, their sports business was still new, still in start-up phase, and still in cash flow negative. We looked at that business and could say, “Here’s something that represents a breakout opportunity for this business.” Concert touring was a much bigger business than I would have expected from the outside, and the strength of the TV business was stronger than I would have expected. The stickiness of CAA’s businesses and the resilience of their businesses were much stronger than I expected. The light went off for me that this is not only an agency; it is a content play because of their extraordinary access to a very large pool of content. As the value of content increases around the world, an investment in CAA would be the most diversified and interesting way to be in that marketplace. "
― James Andrew Miller , Powerhouse
5
" In the world of physics, when two spatially separated events occur at the same time, the question of whether they are absolute is a function of witnesses’ time frames, a phenomenon known as the relativity of simultaneity. The marriage of CAA and TPG arrived at a time when the CAA partners were still grappling with a radically changing media landscape and trying to get their own house in order financially. People believed TPG had summoned a series of budgetary reviews, but just as Noah started work on an ark before even a drop of rain, some financial controls were put in motion before TPG had to request, or insist upon, a single one. One affected area, expense accounts, may sound trifling, but not in the representation game. So it was that modifications in CAA’s travel and entertainment policies brought about changes in the culture as well. One example: For years the opulent St. Regis Hotel in New York City had served as a virtual dorm for CAA agents traveling on business. No more. New regulations were put in place prohibiting midlevel and junior agents from bunking there. Limits were also placed on dining allowances for midlevel and junior agents no matter what the city. "
― James Andrew Miller , Powerhouse
6
" DOUG ELLIN, Writer and Director: When we went to sell Entourage to HBO, the character of Ari didn’t really exist. There was an agent, but at that point it was based on some version of Jeff Jacobs, my agent at the time. I first met Jeff when he was a counselor at the camp I went to when I was twelve, and he was what I knew best of as an agent. At the pitch meeting, it was me, Jeff, Steven Levinson, and Ari, who was there because he represented Mark Wahlberg. I had never even heard of Ari before this, but as soon as the meeting started, Ari said three or four things that just blew me away. The guy was unlike anyone I had ever met, and I remember I looked at Jeff right there and said, “This character is changing to Ari. "
― James Andrew Miller , Powerhouse
7
" Dustin Hoffman once said to me, “Alec, we’re all in line; some of us are just in a shorter line.” It was a very wise statement, because that competition between performers to get scripts and parts is very real and very aggressive, even to people at his level. The biggest stars in the world, when I came into this business there was Nicholson, De Niro, Pacino, Hoffman, and Michael Douglas—a lot of great movie stars, and they were all jockeying to get material. That’s something that never changes. The preciousness of good writing, it’s very tough to come by. "
― James Andrew Miller , Powerhouse
8
" I think Fox was paying him about a million bucks a year, and he had created the Ice Age franchise for them, which was billions of dollars of value. I said, “Here’s how we’re going to negotiate with Fox. On a separate track, we’re going to create a company that you’re going to run. We’re going to get off-balance-sheet financing and we’re going to align you with another global distributor.” At the time we had at least three studios that would be great strategic fits. But he didn’t want to be an employee, he wanted real ownership. So we created parallel paths. On one track was the Fox negotiation, which I told him would take a year, and they would give him a 15 percent increase. They would grind it out and play hardball. I told him, “At the end of the day, they’re not going to pay you anywhere near what you’re worth. But on this other track, we’ll create this opportunity to change your life, for you to have something of your own.” I remember having a meeting with Mark Shmuger and David Linde, who were literally in the first day of their new jobs as co-chairmen of Universal Studios, and Bryan, Richard, Kevin, and I met with them in their first official meeting and I pitched them the idea of being in business with Chris, and they said, “Yes. We want you to do it.” It took probably well over a year, but ultimately we created Illumination. Universal came in and financed the company 100 percent. They wanted to clean up their balance sheet because they were about to sell to Comcast, so we got paid an investment banking fee for $ 4 or $ 5 million, and then on top of that we’ve commissioned every movie that Chris has done. Chris got a very, very, rich deal, probably the best producing deal there is. The truth is, on Minions he’ll probably make $ 80–$ 90 million. To date he’s probably made hundreds of millions. And he’s got Despicable Me 3, and The Grinch Who Stole Christmas. "
― James Andrew Miller , Powerhouse