Don could have predicted that Jobs would be determined to break with Michael Eisner once and for all.

But he really didn't expect that Jobs would sell Pixar to Done Pictures!

For Pixar, Donn has coveted it for a long time and has long wanted to get it, which is the top animation studio in the world today!

Not only that, Pixar also has a strong software development department, many of Pixar animation's application software, are self-developed, and even the current mac computer interface, the USDZ format in the future AR experience, are all products of Apple and Pixar's cooperation.

Pixar is especially good at video post-processing and visual effects beautification, and when streaming video is launched in the future, it will be a valuable asset, and when combined with Netflix, it will complement each other.

"Steve, to be honest, your decision is shocking!" Don said heartily.

Jobs looked at Donn lightly, "I still say that the buyout contract is not good for me, but I don't want Michael Eisner to have a good time, so ...... It's up to you to do it for you. ”

Don is funny and angry.

Unilateral buyout contracts, even if they comply with legal procedures, can have a reputation for being discredited in the West's culture of trustworthiness.

Mr. Jobs had a bad reputation at Apple, and was ousted from the board of directors by a Wall Street-controlled shareholder meeting. Now he was bitten by a snake and was afraid of the well rope for ten years.

Wanting to strike back at Michael Eisner without damaging his reputation, Jobs' sale of Pixar to Don was indeed wishful thinking.

If Pixar goes into the hands of Donn, will the distribution agreement between Pixar and Disney still exist?

Jobs wanted to borrow Donn's hand and teach Michael Eisner a lesson!

Don was of course willing, "Okay, I see what you mean. I'm the second largest shareholder of Pixar, with a 15% stake, and to be honest, sooner or later, I'll buy Pixar, but I didn't expect that day to come so soon. ”

Jobs said: "In the past few days, I have communicated with the shareholders, and I have told them that I will not have any more dealings with Disney! Pixar's cartoons will be removed from Disney's list! But they objected to my decision." ”

Don smiled: "But you are the majority shareholder of Pixar, the stake is more than 50%, and you have an absolute controlling stake, and their opposition is useless, right? In order to cash out before Pixar's stock price plummets, they will definitely agree with your idea of selling Pixar." But in my opinion...... Steve, your means are too weak, you have absolute control, you can do whatever you want in Pixar, they have no right to interfere!"

Jobs shook his head, "I don't want the relationship with investors to become so strained, but I've made up my mind to sell Pixar to Done Pictures." ”

Tang En nodded and smiled slightly, "No problem, with the current stock price of Pixar, a premium of 10%, the full amount of the acquisition!"

Now Pixar, with a market value of more than $1.8 billion, has to pay at least $2 billion for a premium acquisition!

Fortunately, Don Pictures now has money, with more than $8 billion on its books!

spent 2 billion to buy Pixar, and the remaining 6 billion dollars wanted to buy Universal Pictures...... It's difficult, but that's okay, Towne Pictures has almost no debt now, and it can be bought with debt.

John Rust sat quietly on the sidelines, the kind of topic he couldn't get involved in, he had less than 3% of the shares in Pixar, and everything was headed by Steve Jobs.

Looking at Don En sitting in front of him, this young man whose face has not even faded is about to become his own boss?

John Rust shook his head, feeling that this world was really magical.

Jobs said in a deep voice: "The acquisition thing...... Donn, you can't buy for cash, it's a big obstacle and it's not good for the stability of the new company. ”

"Huh?" Don raised his eyebrows slightly, "you mean...... Stocks?"

Steve Jobs said: "The cash-plus-share exchange model is the most appropriate. Shareholders who want to cash out can take the money and leave, and shareholders who have expectations for the new company can continue to hold shares. Of course, I have high expectations of you, and I can even take a penny of cash without it. ”

Cash transactions are not the main means of large mergers and acquisitions, because shareholders are subject to capital gains tax after cashing out.

Stock exchange, you can be exempted from this part of the tax.

Holding stocks is the largest and safest way to avoid taxes in the United States!

For example, Warren Buffett is the second richest person in the United States, and he pays taxes of only a few million dollars a year, and the most fundamental reason is that his wealth is stocks.

No matter how high or more the stock rises, as long as it does not cash out, it does not need to pay capital gains tax, and only needs to pay 20%-30% dividend tax when the shareholding company pays dividends.

According to Jobs, Pixar shareholders can choose to cash out if they are not optimistic about the prospects of the new company, and if they are optimistic about Donn's ability, they can choose to take stock in the new company. (Non-listed companies can also have shares, but the shares are not freely traded on exchanges.) ）

Don's face was a little ugly.

Why hasn't Dolby Laboratories completed the acquisition for a long time?

It is because Dr. Dolby, father and son, are not satisfied with the all-cash acquisition, which is too tax-paying, and they hope to sell the company in the form of "cash + stock".

But the question is...... Tang En Pictures is still a private company, and the shareholder is Tang En, and it has not yet undergone a share transformation.

Donn's expectations for Donn Pictures were so high that he invested almost all of his money.

With the full range of efforts in film, television, animation, etc., the valuation of Down Pictures will be higher and higher!

In other words, the earlier the share transformation, the more Tang En will pay if he takes out the same shares, which is also the reason why Tang En has not restructured the property rights structure for a long time.

However, with the development of Tangen Pictures to its current scale, it has become more and more difficult to acquire more high-quality potential companies without share transformation.

It used to be Dolby Laboratories, and now there's another Pixar studio!

In many cases, equity mergers and acquisitions are more attractive than cash mergers and acquisitions!

Jobs seemed to see through Donn's mind and said: "The business sector of Donn Pictures is already very large, and it is not enough to have a slogan and a mission to manage such a large company and have corporate cohesion. It is true that 'new order, new model, new power, new Hollywood' is a great goal, but interests can unite everyone even more!"

Don shook his head and looked at him with a smile, "Steve, you're sure you're going to eat me, right?"

"I don't know what you mean. ”

Jobs looked calm.

Donn said deeply: "I suddenly feel that you are playing a trick on me? On the surface, you are angered by Michael Eisner and want to teach him a lesson and sell Pixar to Done Pictures." But I suddenly thought...... Your real purpose is Down Pictures! You heard that I was going to buy Universal Pictures and transfer all the funds to Down Pictures, and you think that the future of Down Pictures is greater than that of Pixar! So you want to take advantage of the fact that Down Pictures is not listed, and you want to start as soon as possible and exchange Pixar shares for Don Pictures shares. It's an amazing investment!"

Jobs laughed, "Don, you're too confident!"

Don stared at him, "You just have to tell me, is this the truth?"

Jobs did not answer the question, and said to himself: "Facts or illusions, does it matter? The future of Pixar must not exist independently, and it must rely on large film companies." All the shareholders of Pixar believe that Disney is the best choice, and the current ...... It was the opportunity to hand Pixar over to Don Pictures. ”

The two have known each other for a year, and Jobs was amazed by Donn's insight and vision, and even though he was young and had obvious shortcomings, he firmly believed that he could make a career in Hollywood.

If he had a choice, Jobs would definitely give Pixar to Don Pictures, not Disney!

Now Michael Eisner has openly attacked Jobs, which has given him a chance to turn his face and give him a chance to persuade Pixar's shareholders to sell Pixar to Down Pictures.

Tang En pondered for a long time, and then laughed self-deprecatingly, "Steve, you have recognized me as working for you!"

Jobs was instantly overjoyed.

Donn's words are very simple, but they contain a lot of content - first, Down Pictures will carry out a shareholding reform; second, Down Pictures agreed to acquire Pixar in the form of "cash + stock", and finally, Jobs will become a shareholder and director of Down Pictures!

"If you want to work part-time, it's too exaggerated! Pixar's size is too far behind that of Done Pictures, and roughly estimated, my stake will not occupy 8 percent of the new company! If you want to talk about part-time jobs, I will also work for you, and your shares in Apple are 16.5 percent!" Jobs was in a very comfortable mood.

Tang En also smiled, "At Apple, you help me make money, and at Tang En Pictures, I help you make money, it's fair!"

……

International Women's Day, 8 March 2002.

On this day, Tangen Pictures announced a blockbuster news that it will cooperate with Citibank, a famous investment bank on Wall Street, to carry out the share transformation of Tangen Pictures and underwrite the original share subscription within the company.

According to Citibank, Don has invested a total of $8.5 billion in the company, with a total share capital of 850 million shares. The private placement will underwrite 50 million shares at $10 per share in limited quantities to all employees of Down Pictures.

A total of $500 million was raised, which was clearly not something the employees of Down Pictures could afford.

For example, Bill McNick, who subscribed the most, reached 6.5 million shares, but could he take out $65 million in cash and subscribe for 6.5 million shares?

The same is true for other employees.

$500 million may not be a lot for Down Pictures, but in a downturn, it is a huge amount of money for any other company.

If you want to underwrite 50 million shares, with the current number of employees of Tangen Pictures is less than 2,000, it is impossible to do it.

What happens to the remaining stocks?

It's simple, today is Women's Day!()

Please remember that the first domain name of this book is:. Mobile version reading URL: