"What did you say? Lionsgate sold their Marvel rights to Carl Icahn?? And then Icahn plans to sell those rights to Ted Turner and Steve Case???"
July 2nd, 2005.
After receiving Isabella's call, Barry Meyer—already heartbroken and shaken by the flop of Batman—nearly jumped out of the Warner Group chairman's seat.
He wasn't an idiot.
So he understood exactly what this message implied!
Carl Icahn is the infamous Wall Street Wolf King. His signature move is to pick a listed company he can chop up, then rally shareholders who are unhappy with the board, and stir up trouble. In Barry Meyer's eyes, the deal between Icahn, Ted Turner and Steve Case meant one thing: these people likely intend to dismantle Warner!
Or in other words, they may have already sounded the horn for a secret war.
If your enemy raises their blade, then any sane person would feel shocked and nervous!
Yet while Barry's eyebrows tightened as if struck by lightning, his eyes narrowed, and he decisively asked, "Is the information accurate? No wait—Isa—where did you get this from?"
"I don't know if it's true or not, but it was Kevin Feige who told me."
"Who? Who did you say?"
Barry was puzzled.
Because in his memory… there didn't seem to be any 'Kevin Feige'.
But when Isabella explained—and more importantly, when the name Richard Donner came up—Barry instantly understood, "Oh, you mean that kid who wants to make movies like TV shows?"
"Barry? You know him?"
"I've heard of him. That guy's like a car horn… every time he meets someone who might invest, he goes beep-beep-beep trying to get attention. So… he found you this time?"
"Yeah."
"Okay, I get it. I understand what you mean. Hang up for now. I'll call you back once I know more."
"Alright."
Although Isabella personally believed Feige was likely telling the truth—not only because, in her memory of her previous life, Carl Icahn truly had attacked Time Warner—but also because deceiving her came with consequences. And if someone spreads false news about something that could trigger a capital war… once exposed… Kevin Feige would never survive in Hollywood—or even in the human biosphere.
But still—you never know.
What if Feige was actually sent by someone to stir the pot? If they jumped to conclusions and attacked Ted Turner and Steve Case based on Feige's words, wouldn't that be a classic case of two sides fighting while a third party profits?
Yeah.
Because in this world right now, many people want internal chaos at Warner.
For example—Rupert Murdoch. When this guy, who wants Isabella and Warner dead, realizes his X-Men IP has reached a point where it must be rebooted… could he use the excuse of "launching the X-Men cinematic universe" to instigate Feige into spreading false news—to trigger conflict between the Ross family and Ted Turner's group?
Then wouldn't he have space to make his moves?
And even if Feige's news is true… did Icahn really team up with Turner and Case? That information is extremely important.
Because if Icahn is attacking alone, without teaming up with them, then if they strike back rashly, wouldn't they just be helping the enemy by giving him allies?
So confirming the authenticity of the news became Isabella's instinctive reaction.
It's not that Isabella was overthinking.
It's that she was standing too high.
That means… many people would want to knock her off.
"How did he respond?"
Once the call ended, Vivian also grew concerned about Barry Meyer's reaction.
"He said he understands and he's checking into it. So let's get some sleep first."
Isabella gestured to reassure her mother.
Since verifying the information would take time, continuing to live properly while waiting was her choice—or rather, a necessary skill for anyone who wants to succeed.
Too much emotional fluctuation harms judgment.
Not resting properly during limited time harms thinking.
And as for Barry Meyer's efficiency…
Actually pretty fast.
London time, July 2nd—Isabella passed him the message.
London time, July 3rd—Barry had his reply.
Unfortunately…
"I haven't found anything unusual yet."
On the night of July 3rd (London time), Barry held a satellite call with Isabella and Columbus.
"Carl Icahn has been very busy lately, so I can't tell if he's acquired our Time Warner shares or not."
"In 2004, just last year, he set up a new raider fund. Up to now, he's already spread out 5 billion dollars. So with the limited information I have, it's very hard to make an accurate judgment."
Back when he was 32, in 1968, Carl Icahn founded his own investment firm.
Then he set up funds, became a dealer, and focused on risk arbitrage and options trading.
Uh…
Don't ask how he became a big player at 32.
If you ask, the answer's simple: he didn't come from a regular family.
His startup capital came from his uncle. That uncle's side includes Rick Schnall—American billionaire, co-owner of the Atlanta Hawks and Charlotte Hornets, and partner of global private equity giant CD&R.
Although Icahn has been using shell-company tactics for ages, his shells became too well-known. Nowadays, the moment he acts, people on his level can spot it. That made it hard for him to "rob in disguise" like before.
So last year, Icahn switched shells.
That move let him become invisible again.
This was the real reason Barry couldn't detect anything useful.
After changing shells, in just one year, Icahn launched three hunts.
Attacking three companies at the same time is already insane.
What's even crazier—those companies were strong.
They were Mylan, Kerr-McGee, and Blockbuster.
Blockbuster needs no introduction. As for Mylan and Kerr-McGee…
The former is a globally known pharmaceutical company. Last year they even tried to acquire King Pharmaceuticals, who owned a bunch of valuable patents like levofloxacin. But before they could act—Icahn struck first.
The latter is an energy company, a major US oil producer.
When Icahn launched his $5 billion assault on these three companies, and still had to keep reserve funds for safety… was he also secretly setting up something against Time Warner?
No one can say for sure.
So Barry's investigation ended with no conclusion.
And that meant…
"Barry, what do you mean now?"
After hearing Barry's analysis, Chris Columbus looked at Isabella.
Seeing the girl gesture for help, he spoke up: "Wait? Just wait until they make the first move?"
"No no no. We can't wait—"
Before Columbus finished, Barry cut him off: "Although I haven't found evidence, I already know how to verify the truth. Isabella, I need your help."
"You need my help?"
Isabella squinted, glancing at her mom. Vivian shook her head; she didn't understand either.
"Yeah,"
"I need your help."
"You'll help me, right?"
"We're allies, aren't we?"
Maybe he thought time was limited.
Or maybe being allies made him straightforward.
He said directly: "Right now, only you can easily verify whether the news is true."
Barry's idea was simple:
If Feige secretly visited Isabella—because only an idiot would openly pick a side—then in Ted Turner and Steve Case's eyes, Feige's visit to Isabella meant he was presenting his Marvel Cinematic Universe plan, effectively supporting Isabella against the Ross family.
So all Isabella had to do was send Lionsgate an invitation, telling them she wanted to buy the Marvel rights. Then, depending on their reaction, everything would be clear.
If Lionsgate accepted, then Feige was lying—the rights were never sold.
If Lionsgate refused, then there's a 50% chance Feige told the truth. As for the other 50%?
It could simply mean Lionsgate wants to make Marvel movies themselves.
"..."
Isabella didn't follow Barry's logic.
She gestured to her mom.
Vivian politely said, "Uh… Barry… I don't think we understood you…"
"You said if we make the acquisition offer, we'd know whether Lionsgate sold the rights to Icahn. But what you said next… doesn't seem like it proves anything?"
"Oh, because I didn't finish."
Barry continued: "What I just described is only the first half of the test. The second half is: if Lionsgate rejects the offer, then they'll be walking straight into hell."
"Because Lionsgate is publicly listed on the NYSE. Once they reject our private offer, we can publicly announce our intention to partner with them to make more Marvel films."
"At that moment, their stock will definitely rise."
"Who doesn't know Isabella's fame right now?"
"And then Lionsgate will be in trouble."
"Once we make our public collaboration intention known, they'll have to respond openly. If Lionsgate refuses… however much the stock rose, we can make it fall just as much."
"Then their board will get hit with shareholder pressure."
"If their executives won't answer us… we'll fire them."
"Of course, if Lionsgate says the rights are already sold… great, situation solved."
"And if Lionsgate agrees to the partnership, then that's also good news—because the rights clearly weren't sold, right?"
Barry's counterquestion made all three listeners laugh.
His method was an open scheme.
Columbus chuckled: "Barry~ so this is your way of saying… answer my question or I'll send you to meet God?"
"Yes," Barry answered bluntly. "A small company like Lionsgate has no choice."
"With their tiny size, they think they can cover for Carl Icahn?"
"They're not worthy."
The open disdain made the others shake their heads.
Isabella added: "Barry, your plan is good, but I think there's a flaw. Carl Icahn wouldn't use his own company to buy the rights from Lionsgate."
"What do you think?"
"Oh, you're totally right~"
In Burbank, Los Angeles, Barry grinned, took a sip of water, and continued: "A smart guy like Icahn definitely wouldn't use his own company to buy them. So the pressure we apply to Lionsgate can only verify whether or not they sold the rights."
"But that's fine. Forcing Lionsgate to answer is only step one of the verification."
"As long as they say the rights are sold, we can then move to step two."
"The second step is to leak the news that Beaver Productions abandoned Resident Evil because of Marvel movies."
"If Ted Turner has no intention of teaming up with Carl Icahn, then they'll definitely try to attack you."
"If Ted Turner wants to win you over, then they'll quietly ignore it."
"But what if Rupert Murdoch makes a move?"
Before Barry Meyer finished speaking, Columbus cut in.
That question made Barry, who was holding the phone, give a light snort as he leisurely leaned back into his chair.
"If Rupert Murdoch moves, but Ted Turner doesn't, then I still have a second verification."
"Isa, your Beaver Productions shows are already being filmed, right? When can they air?"
"If they can air soon, we'll take another swing at Fox."
"When we publicly clash with Fox, if Fox is the only one retaliating, then it proves Ted Turner and Steve Case have already joined forces with Carl Icahn. Because if those two still wanted to take you down, they wouldn't keep passing up chances to strike, and they absolutely wouldn't give up their cooperation with Rupert Murdoch."
"And when an attack happens, Murdoch will definitely call them for help."
The smooth logic made Isabella feel a bit emotional.
"Barry, is this the power of someone who fights every single opponent and manages to control a Fortune 500 company?"
Barry Meyer burst out laughing. "Isa, any experience in dealing with conflicts only comes from constant conflict. So don't overpraise me. I've just happened to win more often."
"…," Isabella was speechless at this shameless self-praise.
She rolled her eyes and continued, "Okay, Barry, you've explained the verification process. What about after? If Ted Turner and Steve Case really did team up with Carl Icahn… what would you do?"
"Oh, Miss 20 Questions, you really do ask too much."
Barry said, "I can answer the other questions. But this one… sorry, I can't."
"Because different situations require different plans."
"For example, if Ted Turner and Steve Case truly want to kick me out of Warner and make the Ross family sell all their shares… then I wouldn't just slap them back once, right? What do you think?"
Isabella felt Barry Meyer wasn't wrong.
If someone wants your head, are you supposed to smile at them? That's just pathetic.
So…
"Mom, give Susie a call and tell her to send an offer."
That night.
After hanging up and returning to the hotel room, Isabella told her mother her plan.
Since Vivian agreed that Barry's logic was solid, she nodded.
So, the next day, Beaver Productions vice president, Susie Feiges, heard that the boss wanted to acquire Marvel's rights from Lionsgate. Without hesitation, she sent an offer to Lionsgate—and then…
Lionsgate froze up.
"What did you just say? Isabella wants to buy ALL the Marvel rights we hold?"
Lionsgate's CEO, Jon Feltheimer, looked at his secretary, brows tightly furrowed.
"Yes."
The secretary handed him the fax. "Mr. Feltheimer, this is the offer sent by Beaver Productions."
Jon took the fax.
Read the paper.
Black-and-white words, both simple and complicated.
Simple, because Beaver Productions request was straightforward.
Complicated, because they couldn't actually respond to it.
Just like the message Kevin Feige passed along earlier.
Right now, Lionsgate had already sold the Marvel rights to Carl Icahn.
Although Icahn never asked them to keep quiet—and they didn't know or deserve to know his real plan—this deal was something they couldn't make public. The reason was simple: Icahn bought the rights but never took them away.
At this moment, Captain America and Black Widow's rights were still sitting at Lionsgate.
And this "sitting" was under a "proxy holding" arrangement.
Carl Icahn's reason was simple too: cautious old-timer habits.
If he bought them and immediately took the rights away, people could trace the deal.
If other power players saw it, their first reaction would be: Carl Icahn is up to something again.
But by NOT taking them yet and choosing a proper time for transfer, he hides his tracks.
When Carl Icahn can pull such a sneaky move just for a copyright transaction, Lionsgate CEO Jon Feltheimer would have to be brain-dead not to smell danger.
And sure enough…
Recently…
People started asking him whether Carl Icahn was hiding something at his place.
This…
"So why does Isabella want to buy the rights? Does she have a grudge with Carl Icahn?"
Jon Feltheimer asked the secretary.
The suited middle-aged man shook his head. "I don't know if she has a grudge with Icahn. But the whole world knows Isabella loves Marvel. And last year, didn't Warner ask us about it too?"
"Except we didn't sell back then."
"Oh—" Jon tapped his forehead with four curled fingers.
Maybe it was too sudden.
He'd even forgotten that Isabella loved Marvel.
"So you're saying her offer is just a pure purchase attempt?"
"Uh… probably…"
"Alright, you can go."
The secretary left.
As the door closed, Jon leaned back in his chair again.
Right now, things felt complicated.
Just like Barry Meyer said, he was just another corporate employee.
The true owner of Lionsgate was a Wall Street financier named Frank Giustra.
His real business was investment. Particularly mining.
He controlled Goldcorp, the 5th largest gold producer in the world.
He founded Lionsgate purely because his father loved movies. His dad hoped Vancouver's movie industry, and Canada's overall industry, could develop internationally. So he threw money into the film business.
Given that background, Isabella's offer now looked like a double-edged sword to Jon Feltheimer. One misstep, and he'd get cut.
The logic was simple:
Since Lionsgate no longer actually owns Marvel, they can only refuse Isabella's offer. If his boss never hears of it, fine. But if his boss does… he'll roast him alive.
The boss would ask if he didn't want to make Lionsgate successful.
The boss would ask why he sold the Marvel rights for cash.
The boss would ask why he didn't use the transaction to partner with Isabella.
Yes.
There are plenty of ways to structure copyright deals in this industry.
For example: I hold the rights, but can't produce anything. You have fame and skills, and want to buy them. In that case, I can exchange the rights for investment power, production rights, or distribution rights and cooperate that way.
Put simply: I "give" you the rights, but you must agree in the contract to reserve some investment for me in the future project, and let me participate in production and distribution.
If you think that's too demanding, well… we can negotiate.
Maybe I skip production or distribution, but I still want a logo credit.
Jon knew that if he had used the rights wisely last year, since Isabella truly loved Marvel, he would've been able to partner with her. So after losing that chance… he went numb.
He could try to argue that he was forced.
That Carl Icahn pressured him.
But…
As soon as he said that, the boss would ask, "Why didn't you come to me for help?"
His boss was also a Wall Street player.
No one would believe the owner of the world's fifth largest gold company was weaker than Carl Icahn.
At that point, Jon would be even more screwed.
Because then he'd only have one path left.
Tell the truth.
And the truth was…
In his eyes, the only valuable Marvel IP was Spider-Man.
Everything else was unworkable.
Last year, after multiple Marvel films flopped in a row, he completely gave up on it.
So, when Carl Icahn offered a rather high price, he sold at what he thought was the peak.
After that explanation…
Well…
Even if his boss didn't understand film or Marvel… he could still fire him.
Because in his boss's eyes, that would be considered an absolute waste of a golden hand.
"What the hell kind of mess is this—"
"Why is Isabella making offers again?!"
Jon scratched his head furiously, utterly confused.
But that didn't matter.
Because after some thinking, he came up with an old fox's solution.
"No. I can't let this mess ruin my future."
"Since the rights are in Icahn's hands… then I have to let Icahn know!"
"Then I'll just reply however he says!"
"That way, if my boss asks why I sold the rights, I can say I was coerced! And if he asks why I didn't ask for help, I'll say Icahn coerced me the whole time!"
Thinking this through, he swiftly dialed Carl Icahn.
And then—
"What did you say?"
"Isabella wants to buy the rights you hold?"
New York.
Manhattan.
In his private office, while reviewing a kill report from his subordinates, Carl Icahn raised his head.
"Yeah."
At the other end, Jon firmly kicked the ball away. "Mr. Icahn, you didn't mishear."
"Today, Lionsgate officially received Beaver Productions acquisition offer for Marvel IP."
"And since the IP belongs to you…"
"How should we respond?"
"Should we reject it directly?"
"Say we already sold it?"
"Or… uh…"
"Since we don't know your reason for proxy holding, this one's up to you."
Carl Icahn narrowed his eyes.