Sometimes these international buyouts of U.S. companies don’t quite go as expected…
Different customs and practices by the foreign buyer can bring eventual frustration and downright bitterness to the company being bought out. Remember Daimler-Benz and Chrysler?
Current American management may feel that they’re still in charge, but often times they’re really not. And that can be a hard pill to swallow.
Think I’m kidding?
Back in 1987 I was part of the management team of the now defunct Commonwealth Theatres, Inc. which was headquartered on film row in Kansas City. I was Commonwealth’s Director of Advertising, Publicity and Public Relations and we operated nearly 500 screens in more than a dozen states, many of which were twins, triplexes and fourplexes with about 100 were Drive-Ins.
In the greater Kansas City area we had, among others, the Ranch Mart, Bannister Mall, Metcalf, Antioch, Valley View, Trailridge and Crest and Riverside drive-Ins. Plus surrounding area theaters in Lawrence, Manhattan, Warrensburg, Junction City, Emporia, Sedalia, Clinton and Chillicothe.
Commonwealth, after a brief stint as a publicly traded company, had turned private again. But as these things sometimes go, current ownership wanted out and in 1987 found a buyer.
A foreign buyer.
It was THE CANNON GROUP, a film production company in Israel that had established a foothold in the U.S. with generally low-budget exploitation movies.
Its leaders, Menahem Golan and Yorum Globus, were known in the trade as "The Go-Go Boys."
Their plan was to expand Commonwealth to over 1,500 screens and accomplish it in a very short time frame.
I’ll never forget it.
Instead of holding our next annual managers meeting in Kansas City, Denver or Albuquerque, our new owners opted for Tel Aviv. I was to get the ball rolling, make the convention, flight and hotel arrangements and pretty much oversee the conclave.
To say I was overwhelmed is an understatement.
It never came off.
Cannon had overextended itself and six months later we had an Israel overseer placed in our K.C. office who first slashed jobs, then dramatically cut expenses. And we felt like we had to account for practically every box of paper clips.
In short, their traditional way of doing things sure didn’t match ours.
Commonwealth’s upper management here became mere puppets. It was a sad situation—and one that didn’t last much longer—as Cannon unloaded us to the United Artists circuit which eventually sold us off on a market by market basis.
By the time it was all over our home office staff of about 250 had shrunk to just 2-1/2 persons. Two full time and one part timer. I was among those last 2-1/2 souls.
So when I hear about China’s DALIAN WANDA GROUP buying out Apollo Investment, J.P. Morgan Partners, Bain Capital Investors, the Carlyle Group and Spectrum Equity Investors’ stake in AMC ENTERTAINMENT, I flash back to our buyout days and what eventually became of it.
Foreign ownership means different customs, traditions and and perceptions of business practices. It can make for unforeseen circumstances.
Today’s USA TODAY reporting on the deal from Beijing writes that Wang Jianlin, Chairman and President of Wanda, is "a Communist Party member who sits on his nation’s top advisory council."
USA TODAY also reports that the movie business there reflects the central contradictions of modern China, where the film world’s standard glamor and deal making must accommodate a ruling Communist Party that tightly controls what its citizens can watch. And that, "Beijing is investing heavily in projecting its ‘Soft Power,’ or cultural influence by boosting the Chinese state media’s presence abroad, including the USA, where the Chinese government has also run advertisements in New York’s Times Square."
AMC has a rich heritage and is a great motion picture exhibition company.
It’s expertise, knowledge and understanding of the business combined with Wanda’s desire to rapidly expand should make it the world’s top theater circuit.
And I wish them all the best under their new ‘East meets West’ company integration.
From Rock Hudson to Randolph Scott, the stories never stopped.
So we’ll see.
After starting off the season 7-0, Sporting KC hit a rough patch. A month-long rough patch… 
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And that my friend makes our car rental taxes among the highest in the nation— tied only by Boston.
As for Cabo, it’s early and I have no true braking news outside of just having edited the story about Craig dirty dancing on his vaca. Other than maybe plug the Playa Grande resort if you’re looking for someplace tranquil, halfway affordable and fun within very close range of a party and shopping zone.
I was always into the "talent" of music. The voice, the style. Voices like Sinatra, Houston or Streisand. And rockers like Led Zepplin and all the pretenders that came after them. But HIP HOP? Hey, I owned the top HIP HOP club in town and it was packed all the time. But I seldom went into the club because I hated the music.
The Office (NBC):
The Simpsons (FOX):
Modern Family (ABC):
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"Big Fat Blonde" was prophecy. I mean, take a look around.
I remember hearing about a push from some at their label wanting them to go from Steve, Bob, & Rich (the bands original name) to "The Missouri Mules." They fought and stayed with the Rainmakers name. Although , as I scour the Internet for band memorabilia sifting through a mess of Burt Lancaster as "The Rainmaker" movie paraphernalia the other name would have been fine. The other name might actually call up the mule mascot I bought for my alma mater CMSU (now known as UCM) a few years ago.
Our first solar eclipse this year is late Sunday afternoon. It’s also one of the few times I can look at something through a pinhole in public without getting arrested!
Any time Humans go to War is a failure. A failure to compromise and try and understand another’s viewpoint- to the point of physical violence is a total failure. And the conflicts of the 90’s laid the foundation for the disastrous wars we are fighting today. And Marilyn’s music spoke to those fed up with the interpersonal strife that humans can”t seem to overcome.
Then it happens. An alien invasion of fire balling propellants smashing into the ocean—then rising to the surface as a squadron of superior alien spaceships. Upon which what at first was a competitive get together of competing naval hardware combines its forces to battle the enemy’s deadly razor balls.
BATTLESHIP is pure summer popcorn, action fare with a script and dialogue that’ll have you (unintentionally) chuckling throughout, but made bearable by the well-staged pyrotechnics.
When a hot shell landed down the front of my t-shirt I instantly understood why you have to wear protective clothing.
Forgive me for asking but, the percentage of flashing hotties to flashing notties?
Speaking of 20 years, two decades back big box stores were all the rage.
Columnist insert: I’ll still drop by the odd Best Buy when traveling to maybe see if it has a certain CD I want to listen to on the road, or to pick up the odd new release or maybe get a phone or computer part. Even just to see what the stores are featuring and/or what kind of people are still shopping there. And what I’ve noticed increasingly in recent years is that I see fewer and fewer customers in the stores.
Kiefer’s bottom line on Best Buy:
Wednesday, May 16th
Grant Hart & Danny Pound @ the Taproom in Lawrence
n is a crazy mutha-funker… I’ll pause quickly right now and slap myself in the mouth for that. I deserve it.
Bad Veins @ the Replay in Lawrence
Cowboy Indian Bear & Ghosty @ the Replay in Lawrence
