Lew Wasserman - MCA Universal Studios - Studio Head & Talent Agent

100 Years of Universal: The Lew Wasserman Era: A look at MCA (Music Corporation of America) Universal Pictures, Universal Studios Hollywood, under the visionary leadership of Lew Wasserman.

Spoken:
Jon Wilkman
Steven J. Ross
Jeff Pirtle
Tom Wertheimer
Casey Wasserman
Sid Sheinberg
Skip Paul
Melody Sherwood
Lew Wasserman

Lewis Robert Wasserman (March 22, 1913 – June 3, 2002) was an American talent agent and studio executive, sometimes credited with creating and later taking apart the studio system in a career spanning more than six decades. He was also the manager of MCA.

Under Wasserman, MCA branched out into representing actors and actresses in addition to musicians and in the process created the star system, which drove up prices for studios. MCA struggled to gain ground in Hollywood since major agencies like those belonging to Charles Feldman, Myron Selznick, and Leland Hayward had already grabbed up most of the major talent. However, in the mid-1940s, when it purchased Hayward's agency, MCA finally gained bargaining leverage with the studios. As an agency, Wasserman's MCA came to dominate Hollywood, representing such stars as Bette Davis and Ronald Reagan.

Wasserman was an influential player and fundraiser in the Democratic Party, but was also a lifelong and instrumental advocate, mentor, and close friend of Reagan. The Newsmeat Power Rankings identify Wasserman and his close friend Jack Valenti as two of the top five "most famous and powerful Americans whose campaign contributions result most often in victory."

At MCA Wasserman expanded upon a business practice known as film packaging (a process established by earlier agents like Feldman and Selznick). Since studios reduced output after World War II, they let more actors out of long-term contracts, and big agencies like MCA could then negotiate stronger terms for their clients. Agents like Wasserman would pitch packages, for example a writer client, director client, and actor or actress, to the studios who then needed only to finance it. Agencies therefore began doing the job the studios used to in some respects – namely, assembling films.

Wasserman expanded on practices established by earlier agents. For example, Feldman and Selznick realized in the late 1930s that an actor could pay much less tax by turning himself into a corporation. The corporation, which would employ the actor, would own part of a motion picture the actor appeared in, and all monies would accrue to the corporation, which was taxed at a much lower rate than was personal income.

Wasserman used this tax avoidance scheme with actor James Stewart, beginning with the Anthony Mann western Winchester '73 (1950). This marked the first time an onscreen talent ever received "points in the film" – a business tactic that skyrocketed after Wasserman's negotiation and Stewart's ensuing success.

Following the rising postwar popularity of television and the resulting near bankruptcy of many studios, Wasserman purchased Universal Studios and Decca Records in 1962 and merged them with MCA. In 1966, he single handedly installed Jack Valenti as head of the Motion Picture Association of America (MPAA). Together they orchestrated and controlled much of how Hollywood operated, and was allowed to do business, for the next several decades. Wasserman ran the combined company for nearly 30 years before selling it to Japanese consumer electronics conglomerate Matsushita Electric in 1990.

According to the 2003 book When Hollywood Had a King: The Reign of Lew Wasserman, Who Leveraged Talent into Power and Influence, Wasserman was interested in acquiring The Walt Disney Company in 1984, and this deal came within inches of actually happening.

In 1984, MCA held talks about acquiring Walt Disney Studios when that company was trying to repel the advances of investor Saul Steinberg. "All the terms were done," said Barry Diller, who had learned what happened from one of the principals. "But the Disney family said that Ron Miller [a Disney executive] had to be [MCA] president. [MCA president and COO] Sid [Sheinberg] said to Lew, "It's fine." Felix [Rohatyn, the investment banker advising MCA] said to Lew, "Do it – a year from now, you'll get rid of Miller, and make Sid President." But Lew said "No. Sidney is president."

As a tribute to the man who essentially built the park, the New York section of Universal Studios Florida possesses a statue of Wasserman with an accompanying plaque. ~wikipedia.org

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