Dunn wasn't buying Jack Welch's take.
It seemed the success of the TV networks still hadn't convinced this old-timer that content was king. Universal Pictures didn't just have a solid distribution pipeline—it had over 1,500 film copyrights and a treasure trove of Hollywood resources. That was real wealth!
"Mr. Welch, if you think the TV network's success was a fluke, what about last year's Disney-Time Warner clash? Without Who Wants to Be a Millionaire's massive pull, Time Warner might've crippled Disney's TV network."
Dunn was referencing a headline-grabbing story from last year.
It started with AOL eyeing Disney for a merger. But Michael Eisner dismissed AOL's stock as inflated junk, tossing in some sharp jabs for good measure.
So AOL pivoted, pulling off a century-defining merger with Time Warner—$165 billion in play!
Time Warner traded real assets for AOL's stock. Their big shareholder, Ted Turner, even bragged to The New York Times, "This merger's got me more excited than my first time 42 years ago!"
It was the talk of the town.
Michael Eisner panicked. The fallout with AOL threatened Disney's TV network ties with Time Warner!
Disney's TV reach spanned the U.S., but antitrust rules meant no single operator could handle its massive network alone.
With fewer users, Disney could exclusively license to Comcast for a lower cut.
But its broader network had to be split up among multiple operators—including Time Warner Cable.
Sure enough, just as Eisner feared, Time Warner yanked Disney's signal, leaving 3.5 million households unable to watch Disney channels through their service.
Disney's stock tanked, and its image took a hit.
Disney offered to switch those users to Comcast or RCN, but it barely helped.
Then came the game-changer: Disney's ace show, Who Wants to Be a Millionaire, rolled out a celebrity Q&A series!
Families, caught in the crossfire of the two giants, missed out on this blockbuster program and kicked up a storm of protests. Even lawmakers' kids joined in, sparking high-level attention.
In the end, Time Warner caved, swallowing over 30 "unequal terms" from Disney. Michael Eisner's clout held strong despite Dunn's relentless pressure, keeping him a Hollywood titan!
Time Warner's Richard Parsons issued a public apology, admitting, "No PR department in the world can outmuscle a show like Millionaire."
That's the power of content!
One hit show nearly saved Disney single-handedly.
How much content did Universal have?
Was that small potatoes?
To Dunn, Jack Welch still didn't get the heart of the entertainment game.
Welch waved a hand, his voice rich and steady. "You're missing my point. I'm not talking content—or even business. I said this is big-picture stuff. I'm talking vision."
"Vision?"
"Call it a goal, if you like."
Dunn's face lit up with realization. He got it.
Jack Welch was worried.
Dunn's net worth was soaring past $15 billion—no stopping that!
On the Forbes list, he'd crack the top 15, easy!
That kind of fortune could let Dunn live lavishly for generations.
For a grizzled vet who'd hustled a lifetime, it might not raise eyebrows. But Dunn? He was young—too young—with a future brimming with possibilities!
And uncertainties.
A weathered old-timer might handle that kind of cash. But a kid short on experience and wisdom? That much wealth could easily send him spiraling.
Even Dunn, with two lives' worth of perspective, had floundered after cashing out big from the stock market. He'd even lost focus on his own film, A Beautiful Mind.
Life needed a goal!
Without one, no drive—just drifting into a haze of excess and ruin.
That's what Jack Welch was getting at.
Dunn went quiet for a moment, his voice softening. "Truth is, my goal's never changed. I want to rule Hollywood!"
"Hm?"
"Back in '96, I was just a nobody assistant in a film crew. Then I got lucky, started Dunn Films, put out My Big Fat Greek Wedding, Wedding Crashers, and Spider-Man. For a while, I was on top—outshining even the big studios."
Dunn reminisced slowly, a flicker of struggle in his eyes. "You've probably heard I clashed hard with Disney. But what you don't know is that Disney was just the tip of the iceberg."
"Twentieth Century Fox was boxing me in. Time Warner's media was pushing bankruptcy rumors, eyeing Harry Potter's rights. Universal, my so-called partner, held back on Spider-Man promo and made me foot the bill. Columbia tried to strong-arm Marvel's hero rights. Paramount was circling my animation studio like vultures."
He'd never shared this with anyone. Back then, the pressure was crushing. Disney's ban was the public face, but behind it? A storm of schemes.
This was the first time he'd opened up. "Everyone thought I was some reckless, loudmouthed punk, dumb enough to take on Disney. Hmph! If I didn't fight, Dunn Films would've ended up another DreamWorks—dead! Fighting might've killed me, but sitting still was just surviving. I didn't want to scrape by—I wanted to carve a path through the siege with my own hands!"
"Luckily, I played it right."
"I put on a mask, acted clueless, and went head-to-head with Disney. With the other five giants, I played nice, teamed up with Michael Ovitz, pitched a co-investment plan, and won people over. I aimed all my fire at Disney. You saw the result—Disney used Millionaire to make Time Warner blink. I used Spider-Man to flip the table!"
Jack Welch nodded. Back then, he'd seen the papers full of snark—calling Dunn brash, stupid, cocky, and delusional.
But even a short chat showed Welch this kid's maturity and smarts were way beyond his years.
Dunn's words finally painted the full picture of that chaotic, cutthroat mess.
"So you want to dominate Hollywood—make all those bastards who screwed you, openly or not, kneel at your feet?" Welch grinned, his eyes gleaming with approval.
Dunn shook his head, his gaze steely. "Competition's just business—no right or wrong. Warner, Sony, Paramount, even Universal—I don't hold grudges. I've even worked with Fox on a bunch of projects. But I've got a blacklist. The ones who kicked me when I was down and humiliated me? Not one of them gets off easy!"
Back in the day, Jack Welch faced heavy bureaucracy and seniority games at GE, getting a raw deal.
When he took charge, his first move was layoffs—framed as "reform."
Every jerk who'd stepped on him or played power trips over his head? Fired!
So he got Dunn's mindset. "So your goal's power?"
Dunn owned it, speaking freely. "Since forever, what do men chase? Wealth, power, women! I've got the cash, I'm not short on women—what I need now is power! Hmph, you know Kirk Douglas? That fossil, retired for 20 years, still thinks he can challenge me!"
Welch chuckled, shaking his head. "Either way, having a goal's good. Just don't forget—power's a bottomless pit."
Dunn thought it over. "I might invest in some companies, but I won't meddle—just invest. My empire's staying in the media sandbox."
Welch looked at him deeply, eyes full of respect.
A kid worth over $15 billion, clear-headed, grounded, driven, and idealistic—not just talk, not chasing fantasies. That was rare.
More importantly, he grasped that every empire has its limits!
Even Napoleon, unstoppable at his peak, thought endless expansion was the key—until Waterloo hit.
No one wins forever.
Invincibility isn't about charging ahead endlessly—it's knowing when to stop, turning back to dominate your turf, crushing any upstart who might outshine you.
For Dunn to see that so young? Impressive.
"Your goal's power—I get it," Welch said with a nod, a smile tugging at his lips. "So what's Dunn Films aiming for? You're not planning to buy Universal, are you?"
Dunn laughed heartily. "Of course! Universal's just step one. Down the road, there's bigger fish—like that NBC network you had your eye on. I'm pretty interested."
Welch shook his head. "Not enough. Nowhere near enough!"