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NEWSWEEK REPORTS OVITZ-TO-MCA DEAL IS NEAR COMPLETION
Published June 5, 1995
In a series of interviews with NEWSWEEK, Creative Artists' Agency head Michael Ovitz acknowledged that he has been in conversations with Seagrams CEO Edgar Bronfman about running MCA, Bronfman's latest acquisition. Writes NEWSWEEK's Johnnie Roberts, "The mystery is why Hollywood's man in the middle would want to change roles. After all, Ovitz has revolutionized the industry. He rocked the Madison Avenue world by snaring Coca- Cola's advertising account, and more recently he's set his sights on Kodak. Midlife restlessness may have a lot to do with it, but so does money. CAA can only make him so rich." Last-minute talks are said to concern "snags" over Ovitz taking CAA's corporate and financial consulting business with him and the role of the interactive Tele-TV venture Ovitz has stated with the Baby Bells (NEWSWEEK, 6/12 issue). One Hollywood insider terms Ovitz's likely move as "cataclysmic." Ovitz's consulting at CAA includes work with Nike (Jeff Jensen, AD AGE ONLINE, 6/5). Execs and investment bankers familiar with the Ovitz-Bronfman talks say that if Ovitz signs on, he hopes to pursue the acquisition of CBS or another network over the next year (BLOOMBERG/FT. WORTH STAR- TELEGRAM, 6/5).