Beverly Hills, Cooper Family.
It was 4 AM, and father and son had been talking for a long time, finally reaching an agreement.
Harry Cooper was finally persuaded; his ambition burned fiercely in his chest. It was just a big gamble, after all.
His son had won $1.1 billion from the World Cup, and he believed that with their combined efforts and his insider information, there was a chance of successfully acquiring MGM.
Through the conversation with his dad, Eric also understood MGM's current precarious situation.
Last year, although they made a large sum from "legally blonde" and "hannibal," "Original Sin," "Stealing Hearts," "Thieves Meet Thieves," and other films released in the same year all resulted in losses.
"Original Sin," starring Angelina Jolie, had a total investment of $50 million, but its global box office was only $35 million, resulting in a loss of $30 million.
"Stealing Hearts" had a total investment of $40 million, a global box office of $57 million, and a loss of over $10 million.
"Thieves Meet Thieves" had a total investment of nearly $80 million, but its global box office was a mere $38 million, losing a fortune.
Therefore, MGM barely made any money in 2001. So far in 2002, MGM has released films such as "Extreme Storm," "Hart's War," "Killing Me Softly," and "windtalkers."
"Extreme Storm" had a total investment of $100 million, a global box office of $25 million, a huge loss.
"Hart's War," starring Bruce Willis, had a total investment of $100 million, a global box office of $32 million, another huge loss.
"Killing Me Softly" was directed by Chen Kaige, but let's not talk about that.
Coupled with the already disastrous "windtalkers," MGM has been in a state of loss for six months.
However, upcoming films in the second half of the year include "red dragon" and "barbershop," one set for October release and the other for November.
According to memory, both of these films made a significant profit. If MGM managed to survive until then, the difficulty of acquisition would greatly increase, so now is the best time for acquisition.
"Dad, if I remember correctly, Kirk Kerkorian and his trusted family members hold over 80% of MGM's shares, right?"
Harry Cooper shook his head: "More than 80%, precisely 92%. MGM is practically his sole proprietorship."
"So, if we can just sort out Kerkorian, there will be no resistance to the acquisition, right?"
"You could say that, and there's also good news that's very useful to us: Kerkorian's hotel business hasn't been doing well lately, coupled with MGM's losses, he is once again looking to sell MGM."
Eric frowned slightly: "What does that 'again' mean?"
Harry Cooper immediately recounted MGM's history. It turned out that MGM had been acquired by Kerkorian as early as 1970 due to its financial situation.
However, this guy had no interest in movies; his focus was always on casinos and hotel businesses.
He bought MGM partly because he coveted the land owned by MGM, which could be directly used to build hotels, saving a lot of trouble.
On the other hand, it was naturally used for money laundering. Since its inception, film has been one of the best tools for money laundering.
As a gambling magnate, Kerkorian naturally needed such a professional money laundering tool.
Afterward, Kerkorian sold and bought back MGM several times, tossing it around for decades, so it's no wonder the company struggled to develop.
Affected by 9/11 and other events, the entire America's hotel and entertainment businesses have been in decline recently. To revitalize his hotels, Kerkorian naturally started thinking about selling MGM again.
After a moment of contemplation, Eric had a devious thought: "Dad, is there any way to get inside information about the MGM hotel?"
Harry Cooper said without hesitation: "Impossible. Although there are many people arranged by Kerkorian within MGM, these guys aren't privy to that information, and I'm not familiar with the hotel business. I don't have many connections in that industry."
"Actually, instead of racking our brains for inside information, it's better to directly confront Kerkorian. I've worked for him for over a decade, and I believe he'll show some respect."
It was already noon when he woke up. Today was the weekend, and Harry Cooper was too lazy to go to the company.
At the dinner table, Emily looked at them suspiciously: "What are you two whispering about? Is there something you're hiding from me?"
"Nothing, Mom. We're just talking about work. I think developing a career in the entertainment industry is also a good option."
His mom never worried about his work. In her opinion, with her son's excellent qualities, he could thrive in any industry he chose.
After lunch, Eric drove his dad directly to Citibank, where he had $300 million in deposits.
Since they had called in advance, even though it was the weekend, the Citibank manager specifically came over.
As soon as they entered, they were led into the VIP room, where a sharp-looking middle-aged man in a suit and tie immediately stood up to greet them.
Upon seeing Harry Cooper, he was momentarily stunned: "Mr. Cooper, you two?"
Harry Cooper shook hands with the other party: "Eric is my son."
The manager looked them both over for a moment before sitting down, somewhat surprised: "I didn't expect our mysterious big client to be your son. Your family education is indeed excellent."
Clearly, in the manager's eyes, the $300 million deposit was naturally Harry Cooper's doing.
After all, such a large sum of money would be barely reasonable for a CEO. But if the person was a recent college graduate, the manager might have called the police.
The female employee with black stockings and glasses placed the coffee down and stood by with a smile.
Studies have shown that in front of attractive women, the closing rate always increases by a few percentage points.
"Mr. Cooper, what kind of business are you looking to conduct? I have several products here—"
Before the manager could finish, Harry Cooper decisively interrupted him: "A loan. I want a loan."
Hearing this, the manager hesitated and said: "Mr. Cooper, given MGM's current situation, Citibank is probably…"
Harry Cooper interrupted him again: "No, I want the loan myself."
Both the manager and the female employee in black stockings were momentarily stunned, thinking, "They're already so rich, and they still want a loan?"
"Mr. Cooper, how much do you wish to borrow?"
"As much as possible. If Citibank can lend me $2 billion, I think that would be best."
It was fortunate he hadn't drunk his coffee, otherwise, he would definitely have spit it out. But the manager maintained his professionalism very well, especially with such a big client.
The manager did not directly refuse but tentatively asked: "Mr. Cooper, could you tell us the purpose of your loan? We also need to conduct a risk assessment."
Harry Cooper briefly described the acquisition plan and also told a small lie: "This is indeed a bold plan, but I have already raised $1.1 billion, and Morgan and Goldman Sachs have both decided to lend to me. Now it's up to Citibank's sincerity."
In an instant, the offense and defense shifted.
The manager swallowed hard: "Mr. Cooper, I don't have such high authority. I need to consult headquarters."