Chapter 624: 627

After the IPO application was formally submitted, many platforms, such as igritte portal, SEC official website, and Denise entertainment official website, announced the prospectus of Denise Entertainment Group for the first time.

The first edition of the prospectus introduces in detail the business composition, revenue data, equity structure, development prospects and other relevant information that must be disclosed in the IPO of danilis entertainment group. In addition, it also includes the specific information that investors are most concerned about, such as the selection of the exchange, the list of underwriters, the scale of raised funds, the range of the stock issue price, etc.

The business structure and revenue data of danielis entertainment are no secret to those who want to. In this version of the prospectus, most potential investors are most concerned about the equity structure and development prospects of danielis entertainment.

After the internal subscription of employees and the realization of senior stock awards in March, the total share capital of danilisi entertainment group after accounting is about 2.113 billion shares, of which Simon himself holds 91.7% and 1.937 billion shares.

There has been a lot of speculation about danielis Entertainment's internal subscription and reward cashing scheme. Most people did not expect that Simon would transfer or reward danielis Entertainment's 8.3% shares to group employees with such a large amount of money.

According to the offering price range of $18 to $20 given in the prospectus, the total value of 176 million shares Simon transferred to employees would be more than $3 billion even at the lowest value of $18.

Danielis Entertainment Group plans to issue 250 million new shares this time. According to the lowest value of $18, the total amount of funds raised is expected to be only $4.5 billion.

According to previous media reports, except for the high-level stock awards, the shares subscribed by internal employees are sold at a very low discount, and the average subscription price may be less than 50% of the actual value of the shares. It can be said that Simon westero gave more than $1.5 billion in cash to the employees of danielis entertainment group.

According to the prospectus, Denise entertainment has 29000 employees at the present stage, which is equivalent to 51000 dollars per person on average, which has exceeded the annual salary of most working class in the United States.

In 1993, the per capita annual income of the United States was only 31000 US dollars.

Of course, the actual distribution of awards and subscriptions cannot be even.

According to the data disclosed in the prospectus, in addition to Simon westero's 91.7% absolute holding, Amy Pascal, CEO of danilisi entertainment, who holds the largest proportion of shares, has 35 million shares, holding 1.65%.

The total value of Pascal's shares is $630 million, also based on the minimum issue price of $18.

This is obviously a very conservative estimate.

It is not impossible for the total value of these stocks to exceed 1 billion US dollars after they are officially listed.

Moreover, according to the salary contract of Amy Pascal, which has been exposed by some media, the female head of danielis entertainment has accumulated hundreds of millions of dollars since she took up her job. With the advice of Simon westero, Pascal even spends half of her salary on investment, including the share award she just got, she has no wealth It is likely to have broken through the $1 billion mark and become another one in the United States.

After Amy Pascal, a female executive still holds the third share of danielis entertainment shares.

Nancy Brill, holding a total of 7 million shares.

The small female executive, who is mainly responsible for danielis Entertainment's peripheral products, video games, video tape chain and other businesses, has made remarkable achievements in recent years. However, in this still man oriented society, Nancy Brill's ability to get the share of stock next only to Amy Pascal is still surprising to many people.

Probably to explain some people's doubts, the official website of danielis entertainment group released a more detailed list of stock awards and subscription.

Nancy Brill has 7 million shares, of which 5 million are incentive shares and another 2 million are internal subscription shares.

Amy Pascal's 35 million shares were all obtained from the reward. The CEO of danielis entertainment voluntarily gave up his 3 million shares of internal subscription to other employees of the group.

Robert egger, who is also the group president with Nancy Brill and is mainly responsible for danielis entertainment TV business, received a total of 4.5 million shares, with 3 million shares awarded and 1.5 million shares subscribed.

Mark Belford, the vice president of global operations, who is in charge of the global distribution of danielis Entertainment's films and TV works, Ella doechman, the president of gaomen pictures, and Denny Morris, the president of new world pictures, all hold 3 million shares, of which 2 million are awards and 1 million are subscription shares.

Although the total value of shares obtained by the five core executives, Nancy, egger, mark, doechman and Morris, is far less than Amy's, it has exceeded the salary of most of the same level executives in Hollywood. Even if it is still based on a single share value of at least $18, the total value of the five core executives' shares is at least $54 million.Across the United States, there are few executives who can get such a big reward at one time.

Of course, because Denise entertainment group tends to have a flat corporate structure, no other executive can gain too much power except Simon, the actual controller, and Amy, the CEO leader. Therefore, the return of Nancy five will not be too high compared with Amy.

In fact, this is the distribution rule of most enterprises.

If the leader takes the largest share, the income of the next level executives may be zero less.

What's more, Amy Pascal's high reward is also due to her role as the founder of danilisi entertainment. Among them, other core executives joined danilisi entertainment after its gradual rise.

Many times, the earlier you join a company, the more you get.

Just like Steve Ballmer, one of Microsoft's early core executives, who could gradually accumulate tens of billions of dollars later, Satya NADELLA, the Indian CEO who brought Microsoft back from the bottom to the top of trillions of market value after decades, could only honestly earn tens of millions of dollars a year.

It's the same with igritte now.

Jeff Bezos is expected to get 5% of igritte's shares after the contract expires. Alice Ferguson, who is in charge of e-commerce business and has successfully turned igritte's big three into big four, can only get 3% of igritte's shares at most even if Simon adjusts the contract for her after he recognizes the housekeeper's ability.

In fact, in Simon's mind, the housekeeper's ability is much better than that of Tim Berners Lee and Carol Bartz in the initial big three, almost equal to that of Bezos, but that's how things are.

Back to Denise entertainment, Tom Pollack, who used to be the president of universal pictures after the initial merger and acquisition, gained the least share of shares among the seemingly core executives, with only 1.5 million shares, of which 500000 shares were awarded and 1 million shares were purchased internally.

It is also clear in the circle that this senior executive, who is in charge of danilisi film, the core of danilisi Entertainment's three brands, actually has very low authority.

Most of the decisions made by Denise pictures are made by Simon and Amy themselves. Although Tom Pollack has a title of president, he is just a housekeeper executive role, and the other party joined Denise entertainment later. In fact, he is not the core of Denise entertainment group.

Simon westero may have been able to get 1.5 million shares in order to protect the face of the old Hollywood executive.

In addition to the core management, danilisi entertainment executives at all levels, such as John lassett, President of Pixar, mark hilvis, President of danilisi special effects, Stan Lee, chairman of Marvel Entertainment, Anna Coleman, President of Fashion TV, and so on, shared another 13.5 million share awards and about 7 million subscription shares.

According to comprehensive statistics, of the 176 million shares transferred by Simon westero, 63 million are incentive shares, which are basically owned by the management above the executive level of danelis Entertainment Department. 113 million shares were for subscription, but the management took only 14.5 million shares, most of which were subscribed by employees from all walks of life.

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In fact, tax is the biggest difference between the two parts of the stock.

Many executives get incentive stocks that are subject to income tax.

For the time being, you don't have to do this for some of the shares you subscribe for. You only need to pay capital gains tax when you sell them in the future.

Moreover, because the shares purchased by the company belong to the nature of additional issuance, danilisi entertainment does not need to pay tax, but the funds raised must be used as the cash reserve of danilisi entertainment for the development of the company, and cannot be transferred to Simon himself.

In fact, danelis entertainment only recovered $1.09 billion through an internal subscription of 113 million shares. In other words, Simon's actual reward value to the entire Denise Entertainment Group's employees far exceeds the media estimate of $1.5 billion.

Simon doesn't really agree that money can buy people's hearts. He believes that I will give you as much as you pay.

With the rapid development of danielis Entertainment Group in recent years, Simon will not underestimate his role in it, but he will not ignore the concerted efforts of the whole group. Therefore, he will not be stingy when it comes to giving.

However, Simon has no intention of letting go of the control of danielis entertainment.

After the equity adjustment in March, all of the 1.937 billion shares held by Simon will be class B shares with 10 times of the voting rights. The 176 million shares held by all employees of Denise entertainment are class A shares, with only one tenth of the voting rights of class B shares. The 250 million new shares planned to be issued in the IPO process are also class A shares with only one tenth of the voting rights.

It is expected that after the official listing at the end of June and the beginning of July, the total equity of danielis Entertainment Group will be expanded to 2.363 billion shares, Simon's personal shareholding ratio will drop to 81.9%, but the voting right will still be as high as 97.8%.Even if Simon intends to sell some of his shares in the future, he has the right to convert class B shares into class A shares before the sale. It can be said that as long as Simon does not take the initiative to give up, even if the Westeros family's shareholding in danielis Entertainment Group drops to less than 10% many years later, they can still maintain absolute control of the company.

It's not hard to imagine that, because of the recent public opinion situation, after the exposure of the dual ownership structure of danielis entertainment, it is an inevitable criticism.

Simon just turned a deaf ear to it.

Whether it's Cisco, AOL or daenerys entertainment, Simon's dual equity operation is completely within the rules of the game.

Even if some people are dissatisfied, even if the relevant provisions of the company law are amended in the future, it is impossible to change many established facts again according to the unspoken rule of non retroactivity in American law.

From the release of the news that Denise entertainment will soon IPO, there is a popular saying in the industry that the entertainment giant, whose core film business has occupied about 40% of Hollywood's share, does not have much growth potential, so it is not optimistic about its long-term development prospects.

Recent facts have proved that this view is totally wrong.

Not to mention anything else, it's just that the social game "happy farm" produced by EA company of danielis entertainment has suddenly achieved phenomenal success, which has proved that besides the film business, danielis Entertainment's game business still has great growth potential.

The film released in the first week of Easter by danielis Entertainment Group is the third Ninja Turtle 3 in the Ninja Turtle series. The film opened on April 1, and the box office in the first seven days of the first week finally reached $21.62 million. Compared with the production cost of $40 million and the publicity budget of $20 million, the opening performance of $21.62 million is obviously not up to expectations.

However, it is estimated that the total box office in North America will be about 80 million US dollars. In fact, it is a fairly good ending for this series. Considering the box office outside Shanghai, the film can easily recover its cost and make profits through global cinema distribution.

At the same time as the movie was released, Nintendo's "Ninja Turtle" series games also launched another sequel on April 1. The sales volume of the first week in North America and Japan was 116000 boxes. Even if it can't match the phenomenal sales volume of the first generation of "Ninja Turtle" games in the world of more than 5 million boxes, according to the results of the first week, it is estimated that the total global sales volume of this sequel will reach 20 million boxes It is still a rare success.

Online games, console games, plus EA's strength in the PC field through real-time strategy games and sports games, the industry predicts that the scale of output value in the future is no less than that in the field of video games in the film market, and Denise entertainment will maintain a very bright high-speed growth for a long time in the future.

On the other hand, after Denise's Backstreet Boys officially released the album of the same name "Backstreet Boys" on March 25, the album sold 270000 copies in the first week in the U.S. and 320000 copies in the next week. It is estimated that the total sales volume of backstreet boys in the United States alone will reach about 15 million. Although the overseas potential is unknown for the time being, based on the popularity of North America, the total global sales volume of this album is conservatively estimated to exceed 20 million.

Simon has been following up the formation and promotion of the Backstreet Boys' group since last year. He has been busy for a year and has paid off.

The success of Backstreet Boys group not only means that Denise records has a firm foothold in the mainstream pop music field, but also means that the attempt to mass produce teen pop singers is really feasible.

Similarly, the sudden upsurge of backstreet boys also added another point for the entertainment giant in the relatively weak record field at the critical time point when danilisi entertainment submitted its IPO application, proving that danilisi Entertainment Group also has huge growth potential in the record field besides its core film business.

In the description of the company's development prospects in the prospectus, in addition to the prospect of the two high growth businesses of games and music, it also mentions the TV business that Denise entertainment has been actively developing.

In terms of content production, Denise entertainment has not only created the upsurge of reality TV, but also launched "Seinfeld" and "Desperate Housewives" and other popular dramas in recent years.

In terms of TV stations, danielis entertainment has fully owned the basic cable network USA with a total subscriber scale of more than 90 million. The professional fashion TV station Fashion TV launched last year has also completed the full broadcasting in major countries such as North America and Europe. The two cable networks with precise target audience groups have maintained a very fast growth rate of performance.

Not only that, Denise entertainment also said in the prospectus that it will further expand into the TV field after the IPO.

This description is not at all obscure.

The lifting of the federal media integration ban is an inevitable trend. Once the ban is lifted, daenerys entertainment is undoubtedly the most powerful one to merge with the three traditional American public television networks.

Some Wall Street analysts predict that the IPO of danielis entertainment is largely to pave the way for the merger of large public television networks in the future. On the one hand, it is to raise funds; on the other hand, it is to reduce the political and commercial obstacles of the federal government to the further expansion of danielis entertainment through the public listing.Therefore, it can be seen that the entertainment giant can continue to maintain a high growth rate for a long time in the future, whether it is from the game and music businesses that are still developing at a high speed within danilisi entertainment, or it may further expand to the television field in the future.

What's more, Denise Entertainment's film business doesn't really touch the ceiling.

Only in the United States, the film market capacity has maintained a natural growth of more than 10% in the past few years. Hollywood, with its blockbuster blockbuster movies as its "siege hammer", has been making an irresistible move in the global film market. In the past few years, Hollywood's blockbuster blockbuster movies have basically come from Denise entertainment.

Considering that daenerys entertainment has a lot of technology or IP protection, such as daenerys special effects, Pixar studio, Marvel Entertainment, etc., it is no problem for the Hollywood giant to continue to maintain the growth of its core film business.

In addition to the layout of danielis Entertainment Group in consumer peripheral, theme park, cinema line, video chain and other aspects, the first version of the prospectus confidently predicts that danielis entertainment can still maintain an annual revenue growth of 20% to 30% in at least the next five years.

Obviously, in order to make room for themselves, this forecast still tends to be conservative.

After all, in the two years after the merger of MCA, Denise Entertainment's annual growth rates reached 37% and 35% respectively. This is actually the growth data of Denise Entertainment's core film business in a very strong situation.

It can be imagined that even without considering the potential expansion of Denise entertainment to the large public television network, it will not be a problem for Denise entertainment to maintain an annual revenue growth rate of more than 30% in the next five years at least.

Although many media and Wall Street analysts with ulterior motives still insist that Denise entertainment has reached the ceiling of growth after it submitted the prospectus, most potential investors are aware of the real value of Denise entertainment stock.

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