‘DisneyWar’ compelling tale of corporate intrigue
The recent announcement that Robert Iger would become the next chief executive of the Disney Co. effectively ended Michael Eisner’s remarkable 20-year run as the face of America’s best-loved entertainment company.
For the official version of Eisner’s accomplishments, check the company news releases. But for an unbeatable inside look at Eisner’s long tenure as head Mouse, look no further than James B. Stewart’s “DisneyWar.”
One of journalism’s top chroniclers of corporate America, Stewart delivers another intimate portrait of life in the boardroom and executive suite. At Disney, it is not a pretty sight.
After a brief introduction to the Disney legacy, as conceived and constructed by Walt Disney himself, Stewart’s narrative quickly turns to Eisner’s hiring in 1984.
At the time, Disney Co. was in disarray. Its creative juices had stagnated. Its vision was stunted. Even its vaunted knack for animated storytelling had atrophied.
Eisner quickly reinvigorated the company, touching off a creative frenzy of inspired movies and other deals that sent its revenues and stock price soaring.
Movies including “Beauty & the Beast,” “The Lion King” and “Toy Story” revived Disney’s genius. And its eventual acquisition of the ABC network, along with its associated ESPN cable sports franchise, proved to be a masterstroke.
Yet even as Eisner was hailed as a creative and commercial genius, seismic cracks were emerging that would grow to threaten the company’s future and tarnish his reputation.
A bitter feud between Eisner and Disney movie executive Jeffrey Katzenberg, the force behind “The Lion King” and other successes, led to a messy falling out and an even messier court battle that cost shareholders $280 million.
A similar break between Eisner and Hollywood super-agent Michael Ovitz lost Disney millions more while also costing Eisner a 30-year friendship.
Disney rode a roller coaster of successes, such as “Who Wants to Be a Millionaire,” and failures, such as the Euro Disney theme park. There were also missed opportunities, including fumbled chances to buy a sizable stake in Yahoo! and to land the hit TV series “Survivor,” “CSI” and “The Sopranos.”
Stewart recounts all this and much more with cinematic precision. Drawing on first-hand observations, hundreds of interviews and thousands of court documents, e-mails and internal memos, he builds an unimpeachable sketch of a company riven by internal jealousies and back-biting and falling into confusion.
Finally, Eisner faced a rebellion among members of the board of directors, including Walt Disney’s nephew, Roy Disney, and his ally Stanley Gold. Their rejection of his leadership prompted a shareholder revolt that forced Eisner to step down as Disney chairman and name Iger his successor.
Early on, Stewart sticks close to the factual record. But as the book proceeds, his voice grows stronger in pointing out executive missteps. He’s particularly critical of Eisner, who often is portrayed as duplicitous in dealing with others inside and outside the company and oblivious to consequences of his own decisions.
In the epilogue, Stewart salutes Eisner’s “record of extraordinary achievement,” noting the creative output and the increase in Disney’s share price and revenues. But he pulls no punches in condemning Eisner’s preoccupation with his own prestige and power at the expense of shareholders.
Perhaps few people would care if this corporate intrigue took place at a steel mill or widget factory. But when it involves one of America’s signature cultural empires, set against the backdrop of Hollywood glamour and power, “DisneyWar” is a compelling tale.
It might even make a pretty good movie.