![]() Ovitz was unavailable for comment, but sources close to the executive noted he has no desire to become an employee again. GI works closely with TCI and Bell Atlantic, and has agreements with Intel, Microsoft and Novell. Forstmann Little also bought out General Instrument in 1990 for $1.6 billion. Ovitz has been closely aligned with the company, which acquired computer publisher Ziff-Davis in 1994 for $1.4 billion in cash Ovitz is on the board of directors of Ziff-Davis. One scenario making the rounds on Wall Street two weeks ago had the former exec possibly hooking up with investment banker Ted Forstmann of Forstmann Little & Co., whose partner recently resigned. Ovitz will continue to serve as an adviser and consultant to the company and the board of directors. The 14-page contract was negotiated by attorney Ron Olson and CAA’s Bob Goldman. With stock options and cash, sources said Ovitz could possibly make $140 million to $160 million from his year at Disney, insiders said, although that figure could not be confirmed. However, he also is due an annual bonus and is owed $10 million upon termination of his contract, according to the agreement. Ovitz, who was getting an annual salary of $1 million, leaves Disney with $50 million in cash and $3 million in stock options for his settlement, sources said. Contrary to speculation in the Wall Street Journal, Ovitz will not be going to Viacom, Viacom insiders said. Sony also continues to publicly debunk the rumor. He will not surface at Sony Corp., according to a close associate of Sony president Nobuyuki Idei. Speculation now centers on what the onetime Creative Artists Agency chairman will do. “We have been doing business together while being friends for many years and I know that both our personal and professional relationships will continue.” “I will miss Michael’s energy, creativity and leadership at Disney,” Eisner said in a statement. ![]()
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