Chapter Summaries

Sumner Redstone tried to negotiate a Viacom partnership with General Electric over NBC, but Jack Welch showed little urgency as NBC's ratings improved. Aaron read about Warren Buffett's losses during the internet stock boom and reflected on the risks of the tech bubble.

• Aaron picked Jennifer Aniston up from the production lot, discussed the delayed filming and release of Traffic, and took her toward his yacht.
• Sumner Redstone proposed that Viacom buy a stake in NBC and handle content production while Bob Wright retained management control.
• Jack Welch said he was open to discussing joint operation with Viacom, but Redstone sensed General Electric was not eager to make a deal.
• Warren Buffett faced criticism as Berkshire Hathaway's share price fell amid the internet stock boom, and Time magazine questioned his judgment.
• Aboard the Starlight, Aaron noted that Tianhai Fund's Berkshire Hathaway holdings had lost substantial value and considered the danger of the tech bubble.

Aaron discussed developing an action role for Kate Beckinsale while Dawn promoted Shakespeare in Love and dealt with complaints about the Victoria's Secret Fashion Show. Victoria's Secret and its modeling company continued to grow, with the fashion show boosting their reach and value.

• Aaron woke beside Jennifer Aniston and Kate Beckinsale, then talked with Kate about an Underworld script and her potential as an action star.
• Dawn Pictures promoted Shakespeare in Love as the film began a limited release and sent videotapes to Film Academy judges.
• The Victoria's Secret Fashion Show drew 12 million viewers on CBS, but Dawn received an FCC warning after complaints about its revealing content.
• Aaron told Christiana Yeri that CBS would handle the complaints and argued that the fashion show was an entertainment and fashion program.
• Christiana Yeri said the show had raised the profile of Victoria's Secret Angels and that Wall Street valued Victoria's Secret Model Company at over $500 million.

Aaron told Edgar Owen to reduce Tianhai Fund’s holdings in internet stocks and move into traditional blue-chip companies while keeping cash available to short the market after a crash. Later, Aaron met Jack Wells and Denise Richards at a club, then planned a Las Vegas birthday trip with Jennifer Connelly.

• Aaron instructed Edgar Owen to sell Tianhai Fund’s America Online and Yahoo shares, invest in companies such as ExxonMobil and Walmart, and keep about $2 billion in cash.
• Aaron anticipated a tech-stock collapse and considered the coming NASDAQ crash an opportunity to short the market.
• Aaron and Jennifer Connelly met Jack Wells and Denise Richards at a Manhattan club, where Jack said he had been attending events opposing gun control.
• Aaron invited Jennifer to choose a birthday vacation destination, and they settled on Las Vegas so Aaron could follow MGM Grand’s planned acquisition of Mirage Resorts.
• Jennifer and Aaron discussed Denise Richards’s revealing roles and how actresses used their bodies to stand out.

Aaron and Sheldon Adelson discussed Steve Wynn’s casino sales, Macau’s coming gambling-license changes, and the threat posed by Harrah’s Entertainment and Kirk Kerkorian. Later, Aaron and Jennifer Connelly visited Mandalay Bay to see Shania Twain perform, and Aaron suggested buying a Las Vegas vacation villa.

• Aaron questioned why Steve Wynn was selling his Las Vegas casinos, and Sheldon Adelson said Mirage Resorts’ shareholders wanted to sell while Wynn prepared for future opportunities.
• Sheldon Adelson explained that Macau’s return to China would bring changes to its gambling licenses and attract Las Vegas casino operators.
• Aaron warned Sheldon Adelson that Phil Satre’s data-driven strategy at Harrah’s Entertainment deserved attention, then noted Kirk Kerkorian’s return to the gambling industry.
• Aaron and Jennifer Connelly visited Mandalay Bay and enjoyed its resort and House of Blues before Shania Twain’s performance.
• Aaron suggested that he and Jennifer buy a vacation villa in Las Vegas, and she agreed to look for one.

Aaron learned that America Online and Time Warner had agreed to merge and planned to sell his shares when the announcement boosted their price. Back in Los Angeles, he pulled his money from a profitable Euro short and learned that Lloyd Bentsen Jr. wanted Dawn Pictures to make a campaign commercial for George W. Bush.

• Edgar Owen told Aaron that America Online and Time Warner had reached a merger agreement, with America Online shareholders set to own 55 percent of the new company.
• Aaron discussed the merger with Jennifer Connelly, who said she had sold her tech stocks and wanted to invest more in real estate and have a child.
• Aaron withdrew the $300 million he had invested in shorting the Euro after making a net profit of more than $200 million.
• At Dawn Pictures, Leon Panetta told Aaron that Lloyd Bentsen Jr. wanted the company to help prepare a campaign commercial for George W. Bush.

Aaron Anderson and Lloyd Bentsen Jr. discussed George W. Bush’s prepared presidential campaign and the interest groups his team would need to satisfy. In New York, Nicole Kidman told Aaron she planned to focus on Moulin Rouge, while they discussed Anna and the King’s poor reception before leaving for a Christmas party.

• George W. Bush’s team met with Aaron Anderson and Lloyd Bentsen Jr. at Brenham Farm to prepare Bush’s presidential campaign message and policy plans.
• After Bush’s group left, Aaron and Lloyd discussed Bush’s strengths, Karl Rove’s influence, and the challenge of balancing powerful interest groups.
• Nicole Kidman told Aaron she had received the Moulin Rouge script and planned to make it her only film the following year so she could prepare for the musical.
• Nicole said Anna and the King had opened to weak reviews and disappointing box-office returns, and Aaron noted that Chow Yun-fat had also appeared in a film directed by Ang Lee.
• Aaron reminded Nicole that they needed to get ready for a Christmas cocktail party.

At a Manhattan Christmas reception, Aaron Anderson discussed the tech-stock frenzy and Tiger Management’s losses with Leon Cooperman as investors confronted Julian Robertson. Aaron and Nicole Kidman left the party, and Nicole said she would avoid investing in tech stocks and continue focusing on real estate.

• Aaron Anderson and Leon Cooperman discussed Long-Term Capital Management’s losses and Tiger Management’s poor performance from betting against tech stocks.
• Investors confronted Julian Robertson over Tiger Management’s losses, and one smashed a champagne glass at his feet.
• Aaron told Leon Cooperman that no one could predict when the tech bubble would burst and people should avoid becoming too greedy.
• Aaron and Leon discussed the proposed J.P. Morgan–Chase Manhattan merger and recent banking deregulation.
• Aaron left the reception with Nicole Kidman, who said she had been pitched NASDAQ funds but preferred real estate and had no plans to invest in stocks.
• Aaron and Nicole returned to the Upper East Side villa and went inside.

Aaron negotiated with Harold McGraw III to establish the CBS Business Channel, then celebrated the millennium in New York with Charlize Theron. After midnight, they discussed her possible trip to South Africa and Aaron’s need to monitor the AOL–Time Warner merger.

• Aaron and Harold McGraw III agreed on the main terms for a jointly funded CBS Business Channel, with McGraw-Hill providing content and Dawn managing operations.
• Aaron and Charlize Theron celebrated New Year’s Eve near Times Square and discussed her film The Cider House Rules and its reception.
• Aaron predicted that Spider-Man would make Charlize and James McAvoy famous when it came out the following summer.
• After midnight, Charlize said she might visit South Africa with her mother, while Aaron said his plans depended on developments surrounding the AOL–Time Warner merger.

Aaron agreed to help the United States Holocaust Memorial Museum and Dawn Universal produce and distribute the documentary Into the Arms of Strangers. After Sara Bloomfield suggested he visit Israel, Aaron discussed Israel’s influence in the United States with Christiana Yeri and prepared to attend a politicians’ banquet in Washington D.C.

• Aaron received Edgar Owen’s call about SoftBank seeking to buy his 12.5% stake in Yahoo and told him to meet Masayoshi Son in Japan.
• Aaron met Sara Bloomfield, who presented the Holocaust Museum’s plan for Into the Arms of Strangers, and he agreed that Dawn Universal would handle distribution.
• Sara Bloomfield suggested Aaron visit Tel Aviv, and Aaron considered Israel’s wealth and influence on American policy with Christiana Yeri.
• Aaron told Christiana Yeri to get ready for the politicians’ banquet, revealing that his Washington D.C. visit involved more than the museum meeting.

Aaron exchanged Tianhai Fund’s America Online shares for Citibank’s ExxonMobil shares as America Online’s merger with Time Warner sent its stock soaring. At a Hollywood party, Tom Hanks asked Aaron to consider funding Band of Brothers for Starz!, and Aaron agreed to have the channel contact him.

• Gerald Levin and Steve Case announced that America Online would merge with Time Warner in a deal valued at more than $250 billion.
• Aaron and Sandy Weil signed an agreement exchanging Tianhai Fund’s 4.8% stake in America Online for Citibank’s 3% stake in ExxonMobil.
• Robert Zemeckis told Aaron that filming on Cast Away would resume now that Tom Hanks had completed his physical transformation for the role.
• Tom Hanks told Aaron he and Steven Spielberg wanted to adapt Band of Brothers into a ten-episode series with a budget exceeding $100 million.
• Aaron said Starz! would contact Tom Hanks about investing in Band of Brothers.

Aaron discussed the expensive Band of Brothers miniseries, then reviewed Marvel’s film plans and pushed to expand its superhero franchise. He left David Meisel to negotiate with Constantine to bring Fantastic Four back to Marvel.

• Everett Fleck questioned the cost of Band of Brothers, and Aaron said DreamWorks and Starz! could make the investment worthwhile.
• Aaron learned that Stan Lee had founded Stan Lee Media Inc. and criticized Wall Street investors for exploiting Lee’s fame.
• David Meisel told Aaron that X-Men was filming in Atlanta before moving to Toronto and was expected to wrap in May.
• Aaron urged Marvel to build a connected film franchise after Spider-Man and X-Men, naming characters such as Captain America, Iron Man, and Hulk.
• Aaron told David Meisel to negotiate with Constantine to regain Fantastic Four’s filming rights and allow Constantine to participate in its development.

Aaron and Monica Bellucci discussed her European film opportunities and Giuseppe Tornatore’s offer to star in Malèna. Monica chose not to take the role’s explicit scenes, and Aaron promised to find her other scripts.

• Aaron considered UFA and RTL Group more valuable prospects than Constantine Pictures because of their reach in European television.
• Monica told Aaron that French filmmakers had approached her after Under Suspicion, but she did not find their projects suitable.
• Monica and Aaron discussed the weak box-office reception of The Legend of 1900 in the United States and Europe.
• Monica told Aaron that Giuseppe Tornatore had offered her the role of Malèna, a woman persecuted by townspeople in wartime Sicily.
• Monica said she had declined the role because she did not want its explicit scenes to define her Hollywood career, and Aaron supported her decision.

Aaron discussed Monica Bellucci’s upcoming trip to the Sundance Film Festival before examining Disney’s removal of a controversial scene from Fantasia and its broader business challenges. At a reception, he spoke with Steven Spielberg about his busy slate and the success of American Beauty, which was emerging as a rival to Shakespeare in Love.

• Monica Bellucci told Aaron that Lionsgate had bought distribution rights to Under Suspicion and that she would promote it at Sundance before preparing for fashion weeks.
• Aaron discussed Disney’s removal of the African American centaur Sunflower from the restored Fantasia and the resulting debate over historical integrity and censorship.
• Tom Rothman reported that Dick Cook had replaced Joe Roth as chairman of Disney Films Group and that Disney planned to control budgets while bolstering animation and its resorts.
• Aaron and Tom Rothman discussed Disney’s struggling film and animation businesses, and Aaron wondered whether a change of CEO could alter the company’s fortunes.
• Aaron met Steven Spielberg at a Beverly Hills reception and discussed Band of Brothers, A.I. Artificial Intelligence, and Spielberg’s upcoming Minority Report.
• Spielberg praised the rewards of low-budget success as American Beauty passed $70 million in North American box office, far ahead of Shakespeare in Love’s $25 million.

Aaron discussed Hollywood’s growing interest in war films with Joe Roth, then comforted Winona Ryder as she faced a tiring awards campaign for Shakespeare in Love. The chapter ended with Aaron and Winona returning to their hotel suite and becoming intimate.

• Aaron met Joe Roth, who described his partnership with Sony Pictures Entertainment and his plans for Revolution Studios.
• Joe Roth told Aaron that Jerry Bruckheimer and Ridley Scott were making Black Hawk Down, while Disney was developing Pearl Harbor with Michael Bay.
• Aaron discussed war films with Joe Roth and noted that Warner Bros. had taken over Universal’s rejected submarine film U-571.
• Winona Ryder told Aaron that Shakespeare in Love’s press events had left her exhausted, and Aaron said she would need to keep attending events until the Oscar nominations were announced.
• Aaron and Winona discussed Girl, Interrupted’s $28 million box office before returning to their suite and becoming intimate.

Aaron learned that Hillary Swank’s performance in Boys Don't Cry could threaten Winona Ryder’s Oscar prospects, while his team completed the acquisition of Tianhai Fund’s Yahoo shares. He later checked on Britney Spears as she continued her tour and prepared a new album.

• Winona Ryder told Aaron about Boys Don't Cry, and Aaron researched the film and recognized Hillary Swank as a strong awards competitor.
• Edgar Owen reported that SoftBank, Nomura Securities, Sakura Bank, and American banks had acquired Tianhai Fund’s Yahoo shares for $12.5 billion.
• Aaron said he planned to wait for the tech bubble to burst while his team worked out how to manage the funds held through Cayman Islands shell companies.
• Aaron drove Britney Spears to his Hollywood Hills villa and asked about her tour and her family.
• Britney Spears told Aaron that her company’s team handled her affairs and that she sent her parents money each month.

Aaron supported Britney Spears as her career flourished and celebrated Liv Tyler’s Golden Globe win while discussing her upcoming films. Liv suggested buying a secluded vacation villa near Los Angeles, and Aaron declined to attend the upcoming Super Bowl, noting that the Los Angeles Starlight’s stadium would not be ready until next year.

• Britney Spears told Aaron that she had been nominated for two Grammy Awards and promised to consult him about important decisions.
• Aaron congratulated Liv Tyler on winning a Golden Globe for Girl, Interrupted and asked about her work on The Lord of the Rings and Charlie’s Angels.
• Liv Tyler asked Aaron about The Lord of the Rings release schedule, and he explained that Universal had delayed the first film to allow more time for production and to avoid Harry Potter.
• Liv Tyler asked Aaron to spend the night with her, and they agreed to look for a secluded vacation villa near Big Bear Lake.
• Liv Tyler asked Aaron whether he would attend the Super Bowl, and he said the Los Angeles Starlight’s home stadium would not be completed until the following year.

CBS Group expanded into a major broadcast and cable network group as Aaron discussed Hollywood projects and his business interests in China with Liv Tyler and Joey Wong. The chapter ended with Aaron and Joey Wong at his new Miami villa, where she described China’s growing trade and film markets.

• CBS Television and McGraw Hill Companies each invested 180 million dollars to establish the CBS Business Channel, and CBS Family Channel began broadcasting.
• Dawn integrated CBS Group with AMC Cable Network and Starz, creating a group that included CBS, AMC, Starz, TNN, CMT, and EOP.
• Liv Tyler told Aaron she had declined Michael Bay’s offer to star in Pearl Harbor and said she wanted to focus on Charlie’s Angels.
• Aaron showed Joey Wong his villa on Indian Creek Island and discussed her birthday, her return to Taipei for Chinese New Year, and his other Florida property.
• Joey Wong told Aaron that her garment factory was receiving more orders, she had invested in Beijing Media Asia, and construction had begun on Beijing Media Asia Tower and Global Shopping Plaza.
• Joey Wong explained that China’s annual allotment of imported revenue-sharing blockbusters had risen from ten films to fifteen, while Aaron expected it to reach twenty in 2002.

Aaron reflected on Forum Company’s expansion after its acquisition of the Los Angeles Times-Mirror Group, then discussed Men in Black 2, Will Smith, and Dawn’s theater plans with Christiana Yeri. The chapter left Aaron and Christiana heading out to eat as he anticipated the Oscar prospects of Dawn’s films.

• Aaron noted that Forum Company’s acquisition of the Los Angeles Times-Mirror Group made it the second-largest newspaper group in the United States.
• Christiana Yeri told Aaron that Men in Black 2 had held its production launch press conference, and they discussed Barry Sonnenfeld, Will Smith, and the film’s commercial prospects.
• Aaron and Christiana discussed Will Smith’s success and the possible futures of Rush Hour and Bad Boys.
• Christiana explained that Mamma Mia! would reach New York after San Francisco and that Dawn’s theater was staging Shakespeare in Love and Shakespeare plays.
• Aaron predicted that Shakespeare in Love and The Talented Mr. Ripley would receive Oscar Best Picture nominations, while American Beauty might win voters’ support.
• Christiana stood up from Aaron’s lap, and they left to get something to eat.

Aaron discussed the tech bubble and his investment plans with Warren Buffett, then explained to Christiana Yeri why Hollywood films were flocking to the Berlin International Film Festival. The chapter left Aaron anticipating a future chance to buy Berkshire Hathaway shares while Hollywood continued exploiting Germany’s film tax rebate loophole.

• At dinner, Aaron and Christiana Yeri discussed the success of The Talented Mr. Ripley and its prospects overseas.
• Aaron told Warren Buffett that he had sold off tech holdings, built up cash, and planned to increase his Berkshire Hathaway investment when its share price fell.
• Warren Buffett noted that the Nasdaq was nearing 5,000 points and that internet companies were spending heavily on Super Bowl advertisements.
• Aaron and Christiana Yeri discussed Hollywood’s strong presence at the Berlin International Film Festival, and Aaron explained that studios were seeking German investors to claim film tax rebates.
• Aaron explained that Hollywood was using leaseback deals to qualify for German Film Fund tax relief before the government closed the loophole.

Aaron and Reginald Cole discussed CBS Sports pursuing NBA broadcasting rights when its contract with NBC expired in 2002. After Dawn films received Academy Award nominations and Aaron discussed recent films with Catherine Zeta-Jones, she asked whether he wanted to work with Guy Ritchie.

• Reginald Cole proposed that CBS bid for NBA broadcasting rights, and Aaron agreed CBS should compete when NBC's contract expired in 2002.
• Aaron and Catherine Zeta-Jones discussed The Green Mile and Frank Darabont's films after Shakespeare in Love and The Sixth Sense received Best Picture nominations.
• Aaron and Catherine discussed the poor box-office and critical reception of Danny Boyle's The Beach, and Aaron doubted Boyle would get another Hollywood opportunity soon.
• Catherine mentioned Guy Ritchie's Lock, Stock and Two Smoking Barrels and upcoming film Snatch, and asked Aaron whether he wanted to work with him.