Latest news with #DavidGeffen
Daily Mail
2 hours ago
- Entertainment
- Daily Mail
Disney's VERY pricey mistake: How firing a man who made the film studio billions 'cost them even more' after he became their biggest rival
In the mid 90s, the Walt Disney Company sacked Jeffrey Katzenberg, the executive widely credited with reviving the studio's flagging fortunes and ushering in a golden age of animation. In doing so, they may have made one of the most costly errors in corporate Hollywood history. Not only did Jeffrey, now 74, go on to co-found DreamWorks SKG alongside Steven Spielberg and David Geffen but, under his leadership, the new studio soon became Disney's most formidable competitor in animation. It was a twist few in the industry could have predicted, but Jeffrey's journey from Disney's inner circle to rival mogul reshaped the landscape of modern entertainment. Jeffrey's film career began in 1974 when he joined Paramount Pictures as an assistant to the chairman, Barry Diller. His work ethic and ambition quickly became apparent and after a short time, he was promoted to work directly under head of production Michael Eisner, according to the LA Times. He became a trusted lieutenant and was soon overseeing major hits such as Saturday Night Fever, Grease and Beverly Hills Cop. And when Eisner left Paramount in 1984 to become CEO of Disney, Jeffrey followed him, appointed to chair Walt Disney Studios during a time of significant decline. At the time, Disney's animation division was near collapse. Jeffrey immediately began reshaping the unit, scrapping underperforming projects and helping complete a handful of decently successful films. But his real impact came with The Little Mermaid, the first film over which he had full creative control. It became a massive box office hit and signalled the start of what is now known as the Disney Renaissance. Under Jeffrey's leadership, Disney produced a string of hits including Beauty and the Beast, Aladdin and The Lion King. These films grossed billions of dollars, revitalised the company's reputation and re-established animation as a dominant force in global cinema. But Jeffrey's influence extended beyond animation. He oversaw all of the studio's filmed content, from motion pictures and television to home video distribution. He also played a major role in launching Disney's Touchstone Pictures and producing a string of adult-oriented comedies such as Good Morning, Vietnam, Dead Poets Society and Pretty Woman. Under his influence, Disney rose from the bottom of the box office rankings to become the most successful studio in Hollywood by the late 1980s. He co-launched Hollywood Pictures, oversaw the acquisition of Miramax and greenlit the historic partnership with Pixar, resulting in the production of Toy Story. But even with these achievements, Jeffrey's relationship with the company began to deteriorate. He had always been a highly ambitious executive and, in 1993, he even sought promotion to company president. But after the untimely death of then-president Frank Wells in a helicopter crash the following year, CEO Michael Eisner decided not to promote Jeffrey to the vacant role. According to Jeffrey, Eisner had previously assured him the position would be his if it became available, he told The Hollywood Reporter. Instead, Eisner stepped into the role himself, reportedly under pressure from Roy E. Disney, who had become uncomfortable with Jeffrey's aggressive style and growing influence, the LA Times reported. Jeffrey left the company in October, 1994, his contract completed but his departure laced with acrimony. And shortly afterward, he filed a lawsuit against Disney, claiming he was owed bonuses and back pay. The case was ultimately settled out of court in 1999 for a reported $250million. That same year, Jeffrey embarked on a new chapter in his career that would alter the animation industry once again. With the encouragement of Steven Spielberg, Jeffrey co-founded DreamWorks SKG just two months after leaving Disney. He was given primary responsibility for the studio's animation division and began building it from scratch. Initially, the studio experimented with both traditional and stop-motion animation, producing titles like The Prince of Egypt, Chicken Run and The Road to El Dorado. But the major breakthrough came in 2001 with Shrek, a computer-animated satire of the traditional fairytale narratives Disney had popularised. Shrek was not only a commercial hit but also a critical success, winning the first-ever Academy Award for Best Animated Feature. Its humour appealed to both children and adults, establishing a groundbreaking new tone in family entertainment. It also spawned a billion-dollar franchise, complete with sequels, merchandise and spin-offs that have endured for more than two decades, with the next Shrek film coming to cinemas at the end of 2026. Ahead of his time, Jeffrey recognised early on that the future of animation lay in computer-generated imagery. After the commercial failure of the traditionally animated Sinbad: Legend of the Seven Seas in 2003, which lost the company over $100million, he shifted DreamWorks entirely to CG animation. This transition led to a series of hits including Madagascar, Kung Fu Panda and How to Train Your Dragon. By the mid-2000s, DreamWorks had become Disney's most serious competition in the animation market, both in terms of box office performance and cultural influence. In 2016, Jeffrey sold DreamWorks Animation to NBCUniversal for a staggering $3.8billion, AWN reported. He personally received an estimated $500million from the deal, bringing a lucrative end to a chapter that had begun with his being fired from Disney more than two decades earlier. It appears Disney's decision to remove him in 1994 was rooted in internal politics and personal rivalries. Yet in doing so, the company created a competitor that would challenge its dominance for years. In the story of Hollywood's modern animation era, Jeffrey is a central figure not just for what he built, but for what he built after seemingly being told he was no longer needed.
Forbes
30-05-2025
- Business
- Forbes
Did David Geffen Really Risk Billions By Skipping A Prenup?
Contributing author: Morgan Fraser Mouchette David Geffen is a triple threat—a record executive, film producer, and talent agent—but was he a threat to his own multibillion-dollar empire when he tied the knot without a prenup? In March of 2023, Mr. Geffen married his personal trainer, David Armstrong. It was a union that drew intense speculation, due to their 50-year age gap—Mr. Geffen was 80 to Mr. Armstrong's 30—as well as rumors about Mr. Armstrong's past and evidence that he had changed his name several times (Mr. Armstrong also goes by Donovan Michaels). Still, love is love, and the couple enjoyed a lifestyle befitting Mr. Geffen's extreme wealth, at least until they didn't. Two years later, in February of 2025, they separated, and Mr. Geffen officially filed for divorce in Los Angeles, CA, in May 2025, citing irreconcilable differences. Though the shock factor of this May-December relationship had worn off, news of the divorce brought a surprising twist—that the couple had not signed a prenuptial agreement. Thanks to a vast business empire including DreamWorks Pictures, Asylum Records and Geffen Records, Mr. Geffen's net worth is valued at over $8 billion. However, it is unlikely that Mr. Armstrong will be entitled to a substantial percentage of that fortune in their divorce. California is a community property state that generally divides marital property equally upon divorce, but most of Mr. Geffen's wealth was accumulated at the height of his career—long before his marriage to Mr. Armstrong. Thus, the bulk of his assets would likely be considered separate property. As he is no longer involved in the day-to-day operations at his labels, his current income is primarily earned via his role at Geffen Advisors and through prior investments, which significantly limits the assets his soon-to-be ex-spouse could be entitled to. From my experience working with high-net-worth and ultra-high-net-worth individuals, I would speculate that Mr. Geffen's wealth may have also been secured through irrevocable trusts prior to marriage, another way of shielding assets from divorce. This strategy is common for many reasons: the reduction of estate taxes, privacy of financial records, and protection from legal proceedings such as divorce. Given that Mr. Geffen was 80 years old, his estate and assets may have long ago been structured to account for divorce and death, mitigating the need for a prenup. Due to the aforementioned factors, the most likely entitlement for Mr. Armstrong would be spousal support. However, since this marriage was only two years long, the support would be temporary or rehabilitative, confined by law to one year rather than lifelong alimony. In accounting for the luxurious lifestyle enjoyed by the couple, the courts will likely provide Mr. Armstrong with a small percentage to adapt in his post-divorce transition. All told, this would amount to just a sliver of Mr. Geffen's total wealth, though it could still be considered quite a payday for the former fitness instructor who, reportedly, also spent time as a go-go dancer in Miami. Mr. Armstrong has responded to the divorce petition, stating, 'The exact nature and extent of separate property assets and obligations are unknown at this time.' He further stressed that he 'reserves the right to amend this Response when the same is ascertained,' which leads me to believe that he may push back in an attempt to gain a higher payout. Anonymous statements from an alleged ex-girlfriend of Mr. Armstrong have added to this speculation, expressing that his intentions have historically been driven by the desire for money and fame, which were certainly within his reach during this marriage. Mr. Geffen is a titan of empire and likely would have recognized that prenuptial agreements are standard business practice, begging the question: why would he opt out? For starters, Mr. Geffen may have felt confident that his exposure upon divorce or even death was already limited. Other common reasons for foregoing a prenup include the desire to maintain privacy, an underestimation of financial risks in a marriage, or simply being too blinded by love. In this particular case, the couple's age gap could have also been a factor, as Mr. Geffen may have felt the need to demonstrate trust to Mr. Armstrong. Conversely, he may have had confidence in his control over their relationship dynamics. With the divorce proceedings ongoing, it remains to be seen whether Mr. Geffen's lack of a prenup will work in his favor. Even if he comes out relatively unscathed, it should be noted that such an outcome is an exception, not the rule. A relationship is akin to a business investment, and regardless of financial status, should be treated like one. Working with a matrimonial attorney and a holistic financial advisory team is the only foolproof way to safeguard your legacy in the event of divorce. Morgan Fraser Mouchette, Partner in the New York City office of Blank Rome and Vice Chair of the Matrimonial and Family Law Group, handles complex matrimonial matters for high-net-worth and high-profile clients. She provides individuals and families with tailored and strategic support to navigate and move on from life's most difficult outcomes, including divorce.
News.com.au
27-05-2025
- Entertainment
- News.com.au
Family breaks silence on music mogul David Geffen's ex-husband's secretive past
Shocking new details about David Geffen's estranged husband, David Armstrong, have been revealed by his family and ex-girlfriend. The former go-go dancer's adoptive father, Patrick Armstrong, claims he learned about his son's forthcoming divorce from the billionaire businessman, 82, from the media. 'I don't know where he (David) is, or what the situation is, first I heard about it (was) one of my sons saw it on TV,' he told the Daily Mail. 'We kinda didn't even know about the marriage. But 50 years is a big age gap,' Patrick, 68, added of the couple's huge age difference. 'I don't know how you expect it to work out. My soon-to-be former son-in-law is older than me.' Patrick told the outlet that he wasn't invited to David and the film producer's 2023 nuptials and that he last saw his son two years ago at a family reunion. At the time, however, the 32-year-old allegedly didn't mention he had gotten married. 'For some reason, I Googled his (my son's) name, and that's when it came up,' Patrick shared. 'I never expected I could Google one of my kids' names and have them show up.' Patrick revealed that he had never met Geffen, but also looked him up on the internet. 'Some of the stuff I looked up, it kind of sounds like Geffen is a little overbearing. But you can't believe everything you read. I can't really have an opinion of him.' Patrick told the Daily Mail that he allegedly had to go through Geffen's business secretary to contact his son by phone and then 'David (would) get back to us.' Though he said David regularly kept in touch with his older sisters, Patrick claimed his son 'got quiet' a few months ago. Patrick — who adopted David and 13 other kids with his wife after they had two biological kids — said the model's siblings 'were happy' for his marriage. 'Evidently, it looks like it didn't work out, which would have been my thing at the beginning, because it's too big an age difference,' he said. 'I don't know how you can fall for someone 50 years older than you, because you don't even have the same stuff in common, stuff you grew up with.' Patrick admitted that he was 'surprised' his son even got with Geffen, noting that David 'didn't seem to be interested in boys.' The dad of 16 told Daily Mail he's unsure if David will reach out amid the divorce. 'We're just kind of waiting now to see if he mentions it, bring it up on his own terms,' he explained. David's ex-girlfriend also shared some insight into their past. The woman, who remains anonymous, told the outlet that she believes David's romance with Geffen was 'kind of typical.' 'I just think he got what he was looking for. He cared a lot about the money, in my eyes. He always wanted to become rich and famous,' she claimed. 'He wanted the name brand stuff — the cologne, the sunglasses, the shoes. He wanted to be a public figure. He had big dreams,' David's ex alleged. The woman said she was surprised by news of the divorce because there was 'quite an age gap.' 'I sure as hell am not marrying someone 50-60 years older than me, so I can watch them die,' she shared, adding that she was 'proud' of Geffen for divorcing David before he passed away to prevent him from getting his 'entire (fortune).' Earlier this month, TMZ reported that the record company founder, who has a net worth of more than $9 billion ($A14bn), filed for divorce from David after two years of marriage — with no prenuptial agreement in place. Geffen cited irreconcilable differences as the reason for the split and has hired attorney Laura Wasser to represent him in the split. Though Geffen has amassed his wealth through founding several record companies, including Asylum Records, DreamWorks Records, DGC Records and Geffen Records, he has been retired for 15 years and most of his income now consists of equities and stocks. TMZ reported that California law states dividends from stocks are separate property, which means David may not get much in the divorce.
Daily Mail
27-05-2025
- Entertainment
- Daily Mail
EXCLUSIVE Shocking true story about David Geffen's boy toy husband, 32... from his family and ex GIRLFRIEND... as he prepares to collect millions in no prenup divorce from 82-year-old
The adoptive father of billionaire David Geffen's much younger estranged husband reveals he was surprised to learn his son had married a man, and why he believes their marriage was never going to last, in exclusive comments to the Daily Mail. Patrick Armstrong, 68, said he first learned of the 82-year-old media mogul's marriage to his son David Armstrong, 32 - and their impending divorce - when it made headlines last week.
New York Times
22-05-2025
- Entertainment
- New York Times
Without a Prenup, David Geffen's Divorce Could Get Interesting
For a man whose name is affixed to concert halls, medical programs and drama schools, David Geffen probably never wanted his name where it landed last week: on divorce papers. Mr. Geffen, 82, was the instigator in a divorce petition filed on Friday in Los Angeles, signaling a split from his husband of two years, David Armstrong, a 32-year-old dancer he married in March 2023. While the legal grounds were familiar to anyone with a passing knowledge of divorce — 'irreconcilable differences,' according to the petition — the circumstances of the dissolution raised some eyebrows because of one detail: The petition also indicates that Mr. Armstrong did not sign a prenuptial agreement with Mr. Geffen, the entertainment mogul whose net worth has been estimated at more than $8 billion. Whether that will lead to financial distress for Mr. Geffen remains to be seen, say experts in California divorce law. The filing last week shows that Mr. Geffen intends to pay spousal support, which — considering the brevity of the marriage — is generally disbursed over a period equal to about half the length of a marriage. Still, that support could be sizable considering the luxurious world in which Mr. Geffen — and, until recently, Mr. Armstrong — resided. Samantha Bley DeJean, a family law attorney in San Francisco, said she would guess that the couple's lifestyle 'was fairly significant,' though she also noted that Mr. Geffen could probably afford whatever the court deemed support to be. 'No matter how nice their lifestyle is, his net worth is so significant that I could imagine that any spousal support that he'd be ordered to pay probably will not make a dent for him,' said Ms. Bley DeJean. What led to the breakup is unclear, though the two men had very different public personas and were separated by a half-century age gap. Mr. Armstrong, who The New York Post described as 'a former go-go dancer with a murky past,' has a limited social media presence, though he posted several selfies — some shirtless — on Instagram in 2017 and 2018. He has also used the name Donovan Michaels, per court papers. Mr. Geffen rose from modest beginnings in Brooklyn to become one of the world's best producers, in multiple mediums, including rock 'n' roll, where he was central to the careers of the Eagles and Jackson Browne and worked with Bob Dylan, Joni Mitchell, and Crosby, Stills, Nash and Young. (Known as a sometimes bruising boss, Mr. Geffen had falling-outs and legal battles with some of those figures.) He dated Cher and Marlo Thomas before coming out as gay in 1992. Mr. Geffen's credits also include the films 'Risky Business' and 'Beetlejuice,' as well as the original Broadway production of 'Cats.' In 1994, he formed DreamWorks Pictures with Steven Spielberg and Jeffrey Katzenberg; the company was sold to Paramount for $1.6 billion 12 years later. In 2008, at 65, he effectively stepped away from the business. In recent years, Mr. Geffen has been more likely to be found on his yacht, the Rising Sun, or at one of his homes, which include an estate in the Hamptons. Mr. Geffen's relative lack of current business ventures — and the briefness of his marriage — may actually work out in his favor financially, lawyers say. Under California law, Mr. Armstrong would be entitled to half what was earned by Mr. Geffen through the broad terms of 'time, skill and effort' during the marriage, said Ms. Bley DeJean, but not from more passive means like residuals or dividends. Moreover, that so-called community property is limited to the moment you marry until the moment 'of separation,' which is roughly defined as when the relationship was over. (In Mr. Geffen's case, he put that date in late February, though he didn't file for divorce until mid-May.) That's only about 23 months of income for Mr. Geffen. What could be more problematic is public perception, said Ms. Bley DeJean, who has represented celebrity clients like Angelina Jolie and Claire Boucher, the singer who is known professionally as Grimes. 'They have all the same issues and problems that you and I have, usually with a lot more zeros,' she said. 'And their life is under a microscope.' It's not clear why Mr. Geffen, known as a tough and savvy negotiator, did not apparently have a prenup. Mr. Geffen's lawyer, Laura Wasser, did not return requests for comments; Mr. Armstrong also could not be reached for comment. But Susan Myres, a family law specialist in Houston and a former president of the American Academy of Matrimonial Lawyers, said that some couples were reluctant to make such an agreement because of the message it could send. 'One reason he might not have insisted on one is he didn't want his husband to think he didn't trust him,' Ms. Myres said. 'That is a huge trigger for a lot of people: 'You're planning our divorce!'' Early indications are that the Geffen-Armstrong divorce is amicable thus far — there have been no tabloid tell-all interviews, no accusations in court or elsewhere. And Ms. Myres said that, in her experience, it often behooved 'high-wealth, high-profile people' to be civil, despite the stakes involved. 'It doesn't do either of them any good to go all vitriolic,' she said. 'So if they're keeping things close to the vest, great for them,' she added. Still, while the marriage was brief, Mr. Myres also said that Mr. Armstrong probably wouldn't be hurting for money any time soon. 'If he plans well,' she said, 'he could be nicely set up.'
