Michael Ovitz

And I got that position because he made a decision that he had better technology with the Betamax videotape than Matsushita, also known as Panasonic, had with VHS. And he did. His tech was better, but they beat him. They killed him. They killed him for two reasons. One, he had a max running time of two hours. There's no movie that automatically stops at two hours.

Sometimes they're 1.50, but most of the time they're 2.10. So people couldn't record movies, which is all they used those machines for. Oddly, they were all invented by an American company called Ampex, and they were invented for a reason that you'll never guess. They were invented by a bunch of engineers at Ampex in the United States to record pornography.

Sometimes they're 1.50, but most of the time they're 2.10. So people couldn't record movies, which is all they used those machines for. Oddly, they were all invented by an American company called Ampex, and they were invented for a reason that you'll never guess. They were invented by a bunch of engineers at Ampex in the United States to record pornography.

It always comes back to that and pizza technology. Technology is all about porn and pizza and Diet Coke. But they sold the rights and Sony bought them. And he said, we sat for hours in Tokyo. How do I avoid this? I said, you have one shot. You can control the content. And I said, it's a tough shot because it's not profitable. but no one's going to beat you in technology if you combine the two.

It always comes back to that and pizza technology. Technology is all about porn and pizza and Diet Coke. But they sold the rights and Sony bought them. And he said, we sat for hours in Tokyo. How do I avoid this? I said, you have one shot. You can control the content. And I said, it's a tough shot because it's not profitable. but no one's going to beat you in technology if you combine the two.

So Pete was his board member, and they revered Pete, revered him. So I came to, I put Morita together in my home with Kirk Kerkorian, who owned MGM. And the three of us met for three hours discussing Sony buying MGM. And at the meeting, Morita did something genius. He brought a box, about six inches square, and he put it on the coffee table and he let it sit there.

So Pete was his board member, and they revered Pete, revered him. So I came to, I put Morita together in my home with Kirk Kerkorian, who owned MGM. And the three of us met for three hours discussing Sony buying MGM. And at the meeting, Morita did something genius. He brought a box, about six inches square, and he put it on the coffee table and he let it sit there.

And you could see Kirk just staring over at this box. It was so Japanese. And finally, Kirk says, he says, I can't take it anymore. What's in that box? Morita said, the future. He opens the box and it's a handheld videotape recorder, this big, like four inches big. with a little mini tape in it. And Kirk played with it, used it, it was simple to use, videoed the whole meeting. And at the end,

And you could see Kirk just staring over at this box. It was so Japanese. And finally, Kirk says, he says, I can't take it anymore. What's in that box? Morita said, the future. He opens the box and it's a handheld videotape recorder, this big, like four inches big. with a little mini tape in it. And Kirk played with it, used it, it was simple to use, videoed the whole meeting. And at the end,

Morita takes the camera away from Kirk, puts it in a box and seals it and thanks him for the meeting and said, Kirk said, can I have the camera? He said, no, if you sell me the studio. So we left. We couldn't make a deal. We tried to make a deal. We couldn't make a deal. And then I started getting involved with a guy named Walter Yednikoff, who was a client of mine who ran CBS Records.

Morita takes the camera away from Kirk, puts it in a box and seals it and thanks him for the meeting and said, Kirk said, can I have the camera? He said, no, if you sell me the studio. So we left. We couldn't make a deal. We tried to make a deal. We couldn't make a deal. And then I started getting involved with a guy named Walter Yednikoff, who was a client of mine who ran CBS Records.

And there was an opportunity to take CBS Records away from the Tisch family who really didn't want to keep it. And Sony became the candidate. And Pete was on the board of Sony and I was working for Mr. Morita. And we got to be friends aside from we knew each other from MoMA. So it made a great common denominator. And Steve was the banker.

And there was an opportunity to take CBS Records away from the Tisch family who really didn't want to keep it. And Sony became the candidate. And Pete was on the board of Sony and I was working for Mr. Morita. And we got to be friends aside from we knew each other from MoMA. So it made a great common denominator. And Steve was the banker.

And you'll die when I tell you who was the number cruncher was Roger Altman. He was at Black Sun at the beginning. And there was a tiny little office that they had. But Steve had something that Pete didn't have. that nobody else had.

And you'll die when I tell you who was the number cruncher was Roger Altman. He was at Black Sun at the beginning. And there was a tiny little office that they had. But Steve had something that Pete didn't have. that nobody else had.

Steve had my template, the common denominator amongst all these guys that I'm crazy about, a drive that had no end, a desire to do something different, a desire to break all the rules illegally, but to not stand on ceremony and to create a financial institution out of thin air. It's easy to look at it now. They have $450 billion credit fund.

Steve had my template, the common denominator amongst all these guys that I'm crazy about, a drive that had no end, a desire to do something different, a desire to break all the rules illegally, but to not stand on ceremony and to create a financial institution out of thin air. It's easy to look at it now. They have $450 billion credit fund.

I was having dinner with the heads of one of the banks in New York, and we were talking about Blackstone, and Steve in particular, and I said, would you ever have thought that someone from scratch would create a competitor to you in the credit markets? Because they get the first call, you don't. And they're the biggest bank in the city. And Steve had a drive and a brain

I was having dinner with the heads of one of the banks in New York, and we were talking about Blackstone, and Steve in particular, and I said, would you ever have thought that someone from scratch would create a competitor to you in the credit markets? Because they get the first call, you don't. And they're the biggest bank in the city. And Steve had a drive and a brain

And I kept, I related to him so much because in 1974, when I wanted to start CA, I will never forget this as long as I live, an agent at William Morris, we were friends and he said to me, why are you doing this? You're going to fail. And I said, what do you mean I'm going to fail? And he said to me, no one could build an independent agency. There are 200 agencies. You're going to get killed.