“Let me try and be as direct as I possibly can with you on this. There was no relationship to repair. I didn’t intend for Harvey to buy and release The Immigrant – I thought it was a terrible idea. And I didn’t think he would want the film, and I didn’t think he would like the film. He bought the film without me knowing! He bought it from the equity people who raised the money for me in the States. And I told them it was a terrible idea, but I had no say over the matter. So they sold it to him without my say-so, and with me thinking it was a terrible idea. I was completely correct, but I couldn’t do anything about it. It was not my preference, it was not my choice, I did not want that to happen, I have no relationship with Harvey. So, it’s not like I repaired some relationship, then he screwed me again, and I’m an idiot for trusting him twice! Like I say, you try to distance yourself as much as possible from the immediate response to a movie. With The Immigrant I had final cut. So he knew he couldn’t make me change it. But he applied all the pressure he could, including shelving the film.”
~ James Gray
By Ray Pride Pride@moviecitynews.com
The Walt Disney Company Completes Lucasfilm Acquisition
Deal expected to strengthen Disney’s position as a leading global provider of high-quality branded entertainment and build long-term shareholder value
BURBANK, Calif.—December 21, 2012—Continuing its strategy of delivering exceptional creative content to audiences around the world, Robert A. Iger, President and Chief Executive Officer of The Walt Disney Company (NYSE:DIS) announced today that Disney has completed its acquisition of Lucasfilm Ltd. LLC.
“We’re thrilled to welcome Lucasfilm to the Disney family,” said Iger. “Star Wars is one of the greatest family entertainment franchises of all time and this transaction combines that world class content with Disney’s unique and unparalleled creativity across multiple platforms, businesses, and markets, which we believe will generate growth as well as significant long-term value.”
Under the terms of the merger agreement, at closing Disney issued 37,076,679 shares and made a cash payment of $2,208,199,950. Based upon the closing price of Disney shares on December 21, 2012 at $50.00, the transaction has a total value of approximately $4.06 billion.
Lucasfilm’s assets include its massively popular Star Wars franchise, operating businesses in live action film production, consumer products, animation, visual effects, and audio post production, as well as a substantial portfolio of cutting-edge entertainment technologies. It operates under the names Lucasfilm Ltd. LLC, LucasArts, Industrial Light & Magic, and Skywalker Sound.
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to the expected benefits of the integration of Disney and Lucasfilm; the combined company’s plans, objectives, expectations and intentions and other matters that are not historical fact. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of Disney regarding future events and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Disney does not undertake any obligation to update or revise these statements, whether as a result of new information, future events or otherwise.
Actual results may differ materially from those expressed or implied. Such differences may result from a variety of factors, including but not limited to developments beyond the Disney’s control, including but not limited to: changes in domestic or global economic conditions, competitive conditions and consumer preferences; adverse weather conditions or natural disasters; health concerns; international, political or military developments; and technological developments. Additional factors that may cause results to differ materially from those described in the forward-looking statements are set forth in the Annual Report on Form 10-K of Disney for the year ended September 29, 2012, under the heading “Item 1A—Risk Factors,” and in subsequent reports on Form 8-K and other filings made with the SEC by Disney.