Michael Ovitz Net Worth

Michael Ovitz: The Power Broker of Hollywood – Net Worth, Career, and Disney Controversy

What is Michael Ovitz’s Net Worth?

Michael Ovitz, the legendary talent agent, boasts a net worth of $500 million. This impressive figure reflects his successful career shaping Hollywood, co-founding the powerhouse agency Creative Artists Agency (CAA), and his later ventures. While his time at Disney was controversial, it undeniably contributed to his overall wealth. This article delves into the details of Ovitz’s financial standing, exploring the factors that contributed to his substantial net worth.

Early Life and Career Beginnings

Born on December 14, 1946, in Chicago, Illinois, Michael Ovitz’s family eventually settled in Encino, California, a suburb of Los Angeles. His early experiences, including working as a tour guide at Universal Studios while attending UCLA, provided him with an invaluable introduction to the entertainment industry. Following graduation, Ovitz began his career in the mailroom at the William Morris Agency, a pivotal step that set the stage for his future accomplishments.

The Rise of Creative Artists Agency (CAA)

In 1975, Michael Ovitz, along with four colleagues from William Morris Agency – Ron Meyer, Bill Haber, Rowland Perkins, and Michael S. Rosenfeld – made a bold move. They founded Creative Artists Agency (CAA). With a modest initial investment of $21,000, the agency started in a small office, utilizing card tables and rented chairs. The wives of the founders even took turns as the receptionist. This humble beginning belied the agency’s future dominance.

CAA’s Impact and Ovitz’s Power Plays

Under Ovitz’s astute leadership, CAA rapidly transformed from a fledgling startup into the preeminent talent agency in the world. The agency’s influence expanded from television and film to encompass investment banking and even advertising. Ovitz was famous for pioneering the “package deal,” where CAA would provide a complete package of talent – directors, actors, and screenwriters – to studios. This strategy shifted negotiating power from the studios to the talent, a revolutionary concept at the time.

During his tenure at CAA, Ovitz represented some of the biggest names in Hollywood, including Tom Cruise, Dustin Hoffman, Kevin Costner, Michael Douglas, Bill Murray, Sylvester Stallone, and Barbra Streisand, as well as prominent directors such as Steven Spielberg, Barry Levinson, and Sydney Pollack. His influence extended beyond entertainment, with corporate consulting services that aided major international business mergers and deals. A particularly significant achievement was his signing of Coca-Cola as a CAA client, which led to the iconic “Always Coca-Cola” advertising campaign, leaving an enduring mark on the advertising landscape. Ovitz also orchestrated David Letterman’s move from NBC to CBS.