Stock investing icons Nelson Peltz and David Einhorn are among speakers at CNBC's Delivering Alpha in New York City on what's next for stocks and the economy.
The media industry may be broken in many respects in the digital era, but according to Gerry Cardinale, RedBird Capital Partners founder, managing partner, and chief investment officer — who recently helped orchestrate the Skydance Media acquisition of Paramount — the counter-intuitive truth is that 'Content is finally king.
' He's working with Ben Affleck, best known for acting and directing but who appeared at DA in his capacity as Artists Equity co-founder and CEO, and who said that he is focused on developing a new business model which breaks with the Hollywood past. Oftentimes, the movie business model led to people working with different incentives and effectively against each other, leading to an economic equation that wasn't sustainable for anyone but executive paychecks, especially with the rapid changes wrought by streaming technology like Netflix. 'People don't act like owners, there's a cash grab mentality exacerbated by the sense it's fleeting and the phone can stop ringing and you 'get what I can get now,'' Affleck said at DA. One of the keys to the new model is the value of human beings as IP, Affleck said, the cultural footprints of people like Lebron James, the 'array of IP we now view in the world not only IP, but human beings. ... human beings represent things,' he said, giving the example of a pop star like Beyonce standing for 'elegant' style more than the word 'elegant' itself does now. And another focus for Affleck, given the extent to which talent and creators are necessary for profit and creating return, is to realign project incentives. He's currently working on movie projects, including one currently in a deal with Netflix, in which bonuses will be awarded in a way that he said has not existed before. 'Escalating tranches of bonus money,' Affleck said, which will enable the movie's producers to manage down the initial investment with the cast and crew, but also send the message that if the project is 'a real success, you'll make a hell of a lot more,' he said. —Eric Rosenbaum
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