![]() ![]() Wasserman died of complications from a stroke in Beverly Hills in 2002 and was interred in Hillside Memorial Park in Culver City. In 1996, he was inducted into the Television Hall of Fame. On September 29, 1995, Wasserman was presented with the Presidential Medal of Freedom by President Bill Clinton. Wasserman served on the board of directors until 1998. Wasserman pocketed an estimated $350 million from the sale of MCA and remained as manager, but with vastly diminished power and influence, until Seagram bought controlling interest in 1995, which then resulted in his role becoming even more marginalized. ![]() In 1993, Wasserman created Universal CityWalk and made numerous, substantial changes to the Universal City area. Reagan allowed MCA to work both as a producer as well as an agent, which enabled the Mafia to earn a huge income. By 1947, just after Al Capone died, and still with the help of his alliance with the underworld, Wasserman was instrumental in helping Reagan to become president of the Screen Actors Guild, which kicked-off Reagan's rise to power. Moldea's survey Dark Victory: Ronald Reagan, MCA, and the Mob (which inspired Clara and Julia Kuperberg's 2017 TV documentary Ronald Reagan: un président sur mesure), Wasserman was the link between the Mafia, the Hollywood film industry and Reagan, who obtained very lucrative deals as an actor with Wasserman as his agent. It is routinely decorated for various events, such as Halloween Horror Nights, and is removed for the Macy's Holiday Parade, as to not interfere with the various balloons. Wasserman ran the combined company for nearly 30 years before selling it to Japanese consumer electronics conglomerate Matsushita Electric in 1990.Īs 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. ![]() Together they orchestrated and controlled much of how Hollywood operated, and was allowed to do business, for the next several decades. In 1966, he singlehandedly installed Jack Valenti as head of the Motion Picture Association of America (MPAA). 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.įollowing 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. Wasserman used this tax avoidance scheme with actor James Stewart, beginning with the Anthony Mann western Winchester '73 (1950). The corporation, which would employ the actor, would own part of a motion picture in which the actor appeared, and all monies would accrue to the corporation, which was taxed at a much lower rate than was personal income. For example, Feldman and Selznick realized in the late 1930s that an actor could pay much less tax by turning himself into a corporation. Wasserman expanded on practices established by earlier agents. Therefore, in some respects, agencies began to do the job previously done by the studios – namely, assembling films. 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. 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. ![]() 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."Īt MCA, Wasserman expanded upon a business practice known as film packaging (a process established by earlier agents like Feldman and Selznick). 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. ![]()
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