Chapter 429: 429
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In July and July, Simon spent most of his energy on a financial report of the westrow system in the second quarter of 1991.
Because the scale of the enterprise has doubled, and it is the initial stage of the merger, it was not until August 21 that the first quarterly financial report after the merger of danielis entertainment and MCA was finally released.
In the three months from April to June 1991, the new Denise entertainment group had a total quarterly revenue of US $1.93 billion, second only to Time Warner Group, whose annual revenue reached 10 billion, and ranked second among the seven major Hollywood companies.
However, compared with the huge profits in the same period of last year, this time, due to the large amount of money consumed by the staff layoffs, debt repayment, asset write down and other activities in the process of the merger of the two companies, the net profit after tax of Denise entertainment in the second quarter was only a paltry $28 million.
After the completion of M & A of large enterprises, it often means a huge loss lasting for one or two years, which is the case of Time Warner.
Steve Ross is struggling with Time Warner's huge debt from its last acquisition.
As a result, Simon was generally satisfied with the results.
After AOL's successful IPO, Cisco's IPO began to accelerate.
As the Internet industry began to take off in the past year, Cisco's revenue growth is also more and more rapid.
In the past second quarter, Cisco's revenue was $298 million, up 26% from the first quarter. At this rate of revenue growth, the company's revenue for 1991 is expected to reach $1.2 billion.
With most of its revenue invested in business expansion, Cisco's quarterly net profit still reached $16.79 million.
Because the entire westero system almost monopolizes the core patents of the world wide web platform, Cisco's market share of network equipment products such as routers and switches has reached more than 95%. Because of this obvious monopoly, the management predicts that in the next few years, as long as Cisco can maintain its advantage in the Internet equipment market as far as possible, the company's net profit margin is expected to reach more than 20%.
Cisco is different from AOL, which is limited to the three major operators on the East and west coasts of the United States. This company is oriented to the entire Internet equipment market in North America and overseas. Coupled with the monopoly of the world wide web based patents, the capital market is more looking forward to the prospect of Cisco's IPO.
Before AOL was officially listed on the NASDAQ Exchange, Cisco had submitted a prospectus to the securities and Exchange Commission.
is also about 15% of the proportion of new shares issued. According to the 271 million share total capital stock adjusted before CISCO IPO, the number of new shares issued is 40 million shares.
In addition, the IPO, Cisco's shares will also be adjusted to a dual ownership structure.
Westero's 15600 shares in Cisco fell from 57.5% to 50.1% after the IPO. Class A shares holding 10 times the voting rights of tradable shares still guarantee 56.7% of the voting rights of Westeros.
Other shareholders of westero have naturally objected to westero's strong demand to maintain absolute control over Cisco.
Westero's 57.5% stake in Cisco is not as high as 75% before AOL's IPO, which almost triggered the IPO.
However, it was only after Simon made no concession to show his tough attitude of either dual ownership structure or abolishing IPO that the unwilling other shareholders stopped.
Different from the calculation method of 35 times expected P / E ratio adopted in AOL's IPO process because of negative net profit, Cisco maintained relatively considerable net profit in the first two quarters of 1991, and the net profit scale of 1991 is expected to reach about 65 million US dollars.
Morgan Stanley did not calculate and value the P / E ratio according to Cisco's net profit margin of only 5% in the second quarter. Instead, it gave a valuation of US $3 billion equivalent to AOL based on such elements as corporate revenue, cash flow and market share.
Simon is not satisfied with such a valuation. In
's memory, at the peak of the Internet bubble in 2000, CISCO's market value broke through 600 billion US dollars, and AOL did not reach 200 billion dollars.
That's three times the difference.
Even now, although the revenue volume of the two companies is similar for the time being, the gap is obvious.
AOL only operates in a few states along the East and west coasts of the Federation. Cisco not only monopolizes the Internet equipment market in North America, but also has no competitors overseas.
As a result, Simon insists that Cisco's valuation is higher than AOL's, and very high.
After several rounds of bargaining, the company's IPO valuation was confirmed at $5 billion, and the revised offering price range submitted to the SEC was between $17 and $19.
Despite AOL's success, due to Simon's high valuation strategy, Cisco's IPO has to start the green shoe mechanism to deal with the possible fluctuation of the stock price after listing.However, the green shoe program is not to issue new shares, but other shareholders of Cisco take 6 million shares as a reserve.
Cisco's shareholders have held shares for up to seven years since the company was founded in 1984.
For example, the famous Sequoia Capital, these companies have a relatively strong desire to cash out. Starting the green shoe mechanism can just meet their needs.
Westero and other Cisco shareholders agreed that once the stock price rises after the listing, other shareholders will provide investors with an additional 6 million shares. If the share price falls after the listing, westero will buy about 6 million shares at its own expense to stabilize Cisco's share price.
In fact, if necessary, Simon doesn't even mind buying all of Cisco's outstanding shares and re privatizing the company.
Simon, however, is confident that westero's need to invest in the stock is unlikely.
Through this period of operation, the final date of Cisco's IPO is confirmed as September 6, which is also a Friday, about two months later than AOL's IPO.
The two consecutive IPOs also made Simon realize that he has opened the Internet era ahead of time.
You know, the world wide web standard in memory was gradually formed in 1993, and then, in 1995, the Internet industry began to break out.
Now, Simon put forward a complete technical solution for the world wide web in 1990 ahead of time, and the Internet era is coming ahead of time.
The Internet sprouted in the 1960s, and computers began to appear in the 1970s. After decades of accumulation, the Internet industry has a very fertile "soil". The world wide web is like a seed, which was planted three years in advance. On the already fertile land, the seed will quickly take root, germinate and spread with the wind.
What's more, Simon is a "farmer" with decades of farming experience in the future.
Graphical interface browser, igritte portal, AOL's advance efforts and so on have all provided the growth and spread of this seed with super nutrients like auxin.
Cisco's IPO roadshow started on August 26, so Simon does not need to follow up personally.
After his trip to Europe in early July, Simon basically stayed in Los Angeles for more than a month, working with Janet, who has been pregnant for five months.
After several pregnancy tests, the boy's gender has been confirmed. He is a boy.
It makes Janet very happy.
Because women feel that they can't imagine a girl's name "Melbourne". They even have a plan to take the spare name of "Seattle" from their female assistant once they are a girl. Everyone thinks that "Seattle" seems to be more suitable for a girl's name.
Of course, to be able to give birth to the eldest son of the Westeros is actually one of the reasons why Janet is happy.
After careful genetic testing, it was confirmed that the baby was very healthy, and Simon's last worry completely dissipated.
Some marriage relationships have lasted for thousands of years, and they still exist in most countries of modern society, so it is reasonable for them to exist. Simon's worry comes more from the influence of previous life education environment.
Daniels studios.
It's August 28th.
In the projection Hall of No.1 office building of the administrative district, the internal trial of toy story ended at 4 p.m.
The Pixar team spent more than two years working on the 3D animated film, which eventually cost 35 million dollars, 5 million dollars more than the original version.
What's more, it doesn't include some technology research and development and infrastructure investment.
In order to support the production of toy story and the CG technology development of Denise special effects, Simon built a rendering farm with 1000 top graphics workstations in Denise studio.
In fact, there is no concept of "rendering farm" in this era. Many studios producing computer animation related businesses tend to pile up a large number of workstations with different brand types and configurations in one room for graphic rendering processing. Therefore, this is obviously the first rendering farm in the world, which only costs US $20 million.
With the success of blockbuster movies such as "Batman: the moment of war", "Batman: The Dark Knight" and "Terminator 2", which use a large number of CG special effects, the rendering farm invested by Denise entertainment has gradually attracted the attention of the industry.
However, few people are willing to spend such a sum of money to build a farm.
It's a huge sum of money that can't be expected for a small animation special effects company. The seven major Hollywood studios that have the ability to invest the money don't have a series of professional software developed by Denise entertainment after several years.
Fortunately, Denise Entertainment's special effects studio and rendering farm did not refuse external orders.
This is also Simon's strategy. In the short term, he doesn't want a second studio with top special effects technology in Hollywood.Disney, which was the most powerful in the original time and space, is obviously ahead of its peers in special effects technology because it has successively annexed Pixar studio and Lucas pictures, which has industrial light and magic. The most obvious contrast is the difference between Marvel film universe and DC film universe.
"Avengers" can be made as long as dozens of minutes of daytime special effects, superheroes smashed all the way to make people excited.
Justice alliance, or most of the DC superhero series, gives people the feeling of "black.". Many special effects scenes take place at night, and some scenes even give people a visual sense of Wumao online games. This is not accidental, one of the big reasons is that night effects require less CG technology and save more money.
Now, Denise entertainment has been leading the industry in special effects for at least three years. Pixar's 3D animation software, randerman rendering software, and Denise's Maya software are all products that the industry can't catch up with in the short term, and corresponding software patent barriers have been established in advance.
With Simon's continuous R & D investment in film special effects technology, this advantage is bound to continue.
Although the new version of toy story was born four years ahead of schedule, due to danielis Entertainment's unremitting support and investment, the technical details of the film are more mature than Simon's version, which was finally completed after five years of ups and downs. Both the 3D picture and the action are more fluent.
Although the people who participated in the audition were not sure whether such a 3D animated film would be recognized by the market, they all said that they tried their best to spend 90 minutes very interesting.
At the end of the audition, Simon discussed the publicity strategy of the film. After the meeting, he called out John lassett and praised the other party's work.
"And one more thing, John, isn't the production team of the Lion King hoping to go to Africa to collect wind?"
Two people walk together on the corridor of the Cinema Park.
John lassett nodded: "we hope to see the scenery of the African prairie in person, and then put into the production of some scenes in this film."
"It's a coincidence that gaomen film is preparing to make a documentary about the African prairie. You can contact Ella tomorrow and choose some people to follow."
The documentary about the African prairie is naturally due to the Antarctic documentary "ice and snow world", which is a very successful box office documentary in this summer camp.
With a production budget of US $3 million, ice and snow world is nearing the end of its release more than three months ago. As of last week, the cumulative box office of the documentary in North America has reached US $51.69 million, which exceeds that of many big productions with investment of more than US $30 million.
Therefore, during this period, Hollywood studios are looking for various documentary projects.
Now that she has tasted the sweetness, danilisi entertainment itself will not only make this documentary.
After "ice and snow world", the original team has begun to prepare a documentary project of Antarctic penguins similar to "Diary of emperor penguin" in Simon's memory.
In addition, Simon approved a documentary about the African savannah, and the production team will go to Africa next month, just to bring Pixar's "Lion King" team together.
After a few words, they separated in the parking lot.
Back at domay point estate, Janet has begun to prepare dinner.
After pregnancy, although the woman put down the work of cersei capital, her daily life is still full.
Taking care of the Simon & Janet westero foundation, preparing for the westero medical center, attending regular pregnancy training classes, paying attention to the progress of the westero building project, and so on, are very busy. Therefore, there is no tendency that pregnant women who rest may feel lonely, depressed or insecure.
Simon was worried that her busy work and the occasional need to leave Los Angeles would cause trouble to Janet. After a long time, he found that this kind of worry was totally unnecessary.
After dinner with a woman, Simon had to leave Los Angeles overnight.
This time I'm going to New York, because Time Warner's long-standing stock issue will be officially launched tomorrow.
Steve Ross had made a lot of phone calls to Simon in person before, hoping that Simon would come forward. Terry Semel also made an invitation to Simon in person, so he couldn't shirk it at all and had to rush to New York to support the IPO.
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In July and July, Simon spent most of his energy on a financial report of the westrow system in the second quarter of 1991.
Because the scale of the enterprise has doubled, and it is the initial stage of the merger, it was not until August 21 that the first quarterly financial report after the merger of danielis entertainment and MCA was finally released.
In the three months from April to June 1991, the new Denise entertainment group had a total quarterly revenue of US $1.93 billion, second only to Time Warner Group, whose annual revenue reached 10 billion, and ranked second among the seven major Hollywood companies.
However, compared with the huge profits in the same period of last year, this time, due to the large amount of money consumed by the staff layoffs, debt repayment, asset write down and other activities in the process of the merger of the two companies, the net profit after tax of Denise entertainment in the second quarter was only a paltry $28 million.
After the completion of M & A of large enterprises, it often means a huge loss lasting for one or two years, which is the case of Time Warner.
Steve Ross is struggling with Time Warner's huge debt from its last acquisition.
As a result, Simon was generally satisfied with the results.
After AOL's successful IPO, Cisco's IPO began to accelerate.
As the Internet industry began to take off in the past year, Cisco's revenue growth is also more and more rapid.
In the past second quarter, Cisco's revenue was $298 million, up 26% from the first quarter. At this rate of revenue growth, the company's revenue for 1991 is expected to reach $1.2 billion.
With most of its revenue invested in business expansion, Cisco's quarterly net profit still reached $16.79 million.
Because the entire westero system almost monopolizes the core patents of the world wide web platform, Cisco's market share of network equipment products such as routers and switches has reached more than 95%. Because of this obvious monopoly, the management predicts that in the next few years, as long as Cisco can maintain its advantage in the Internet equipment market as far as possible, the company's net profit margin is expected to reach more than 20%.
Cisco is different from AOL, which is limited to the three major operators on the East and west coasts of the United States. This company is oriented to the entire Internet equipment market in North America and overseas. Coupled with the monopoly of the world wide web based patents, the capital market is more looking forward to the prospect of Cisco's IPO.
Before AOL was officially listed on the NASDAQ Exchange, Cisco had submitted a prospectus to the securities and Exchange Commission.
is also about 15% of the proportion of new shares issued. According to the 271 million share total capital stock adjusted before CISCO IPO, the number of new shares issued is 40 million shares.
In addition, the IPO, Cisco's shares will also be adjusted to a dual ownership structure.
Westero's 15600 shares in Cisco fell from 57.5% to 50.1% after the IPO. Class A shares holding 10 times the voting rights of tradable shares still guarantee 56.7% of the voting rights of Westeros.
Other shareholders of westero have naturally objected to westero's strong demand to maintain absolute control over Cisco.
Westero's 57.5% stake in Cisco is not as high as 75% before AOL's IPO, which almost triggered the IPO.
However, it was only after Simon made no concession to show his tough attitude of either dual ownership structure or abolishing IPO that the unwilling other shareholders stopped.
Different from the calculation method of 35 times expected P / E ratio adopted in AOL's IPO process because of negative net profit, Cisco maintained relatively considerable net profit in the first two quarters of 1991, and the net profit scale of 1991 is expected to reach about 65 million US dollars.
Morgan Stanley did not calculate and value the P / E ratio according to Cisco's net profit margin of only 5% in the second quarter. Instead, it gave a valuation of US $3 billion equivalent to AOL based on such elements as corporate revenue, cash flow and market share.
Simon is not satisfied with such a valuation. In
's memory, at the peak of the Internet bubble in 2000, CISCO's market value broke through 600 billion US dollars, and AOL did not reach 200 billion dollars.
That's three times the difference.
Even now, although the revenue volume of the two companies is similar for the time being, the gap is obvious.
AOL only operates in a few states along the East and west coasts of the Federation. Cisco not only monopolizes the Internet equipment market in North America, but also has no competitors overseas.
As a result, Simon insists that Cisco's valuation is higher than AOL's, and very high.
After several rounds of bargaining, the company's IPO valuation was confirmed at $5 billion, and the revised offering price range submitted to the SEC was between $17 and $19.
Despite AOL's success, due to Simon's high valuation strategy, Cisco's IPO has to start the green shoe mechanism to deal with the possible fluctuation of the stock price after listing.However, the green shoe program is not to issue new shares, but other shareholders of Cisco take 6 million shares as a reserve.
Cisco's shareholders have held shares for up to seven years since the company was founded in 1984.
For example, the famous Sequoia Capital, these companies have a relatively strong desire to cash out. Starting the green shoe mechanism can just meet their needs.
Westero and other Cisco shareholders agreed that once the stock price rises after the listing, other shareholders will provide investors with an additional 6 million shares. If the share price falls after the listing, westero will buy about 6 million shares at its own expense to stabilize Cisco's share price.
In fact, if necessary, Simon doesn't even mind buying all of Cisco's outstanding shares and re privatizing the company.
Simon, however, is confident that westero's need to invest in the stock is unlikely.
Through this period of operation, the final date of Cisco's IPO is confirmed as September 6, which is also a Friday, about two months later than AOL's IPO.
The two consecutive IPOs also made Simon realize that he has opened the Internet era ahead of time.
You know, the world wide web standard in memory was gradually formed in 1993, and then, in 1995, the Internet industry began to break out.
Now, Simon put forward a complete technical solution for the world wide web in 1990 ahead of time, and the Internet era is coming ahead of time.
The Internet sprouted in the 1960s, and computers began to appear in the 1970s. After decades of accumulation, the Internet industry has a very fertile "soil". The world wide web is like a seed, which was planted three years in advance. On the already fertile land, the seed will quickly take root, germinate and spread with the wind.
What's more, Simon is a "farmer" with decades of farming experience in the future.
Graphical interface browser, igritte portal, AOL's advance efforts and so on have all provided the growth and spread of this seed with super nutrients like auxin.
Cisco's IPO roadshow started on August 26, so Simon does not need to follow up personally.
After his trip to Europe in early July, Simon basically stayed in Los Angeles for more than a month, working with Janet, who has been pregnant for five months.
After several pregnancy tests, the boy's gender has been confirmed. He is a boy.
It makes Janet very happy.
Because women feel that they can't imagine a girl's name "Melbourne". They even have a plan to take the spare name of "Seattle" from their female assistant once they are a girl. Everyone thinks that "Seattle" seems to be more suitable for a girl's name.
Of course, to be able to give birth to the eldest son of the Westeros is actually one of the reasons why Janet is happy.
After careful genetic testing, it was confirmed that the baby was very healthy, and Simon's last worry completely dissipated.
Some marriage relationships have lasted for thousands of years, and they still exist in most countries of modern society, so it is reasonable for them to exist. Simon's worry comes more from the influence of previous life education environment.
Daniels studios.
It's August 28th.
In the projection Hall of No.1 office building of the administrative district, the internal trial of toy story ended at 4 p.m.
The Pixar team spent more than two years working on the 3D animated film, which eventually cost 35 million dollars, 5 million dollars more than the original version.
What's more, it doesn't include some technology research and development and infrastructure investment.
In order to support the production of toy story and the CG technology development of Denise special effects, Simon built a rendering farm with 1000 top graphics workstations in Denise studio.
In fact, there is no concept of "rendering farm" in this era. Many studios producing computer animation related businesses tend to pile up a large number of workstations with different brand types and configurations in one room for graphic rendering processing. Therefore, this is obviously the first rendering farm in the world, which only costs US $20 million.
With the success of blockbuster movies such as "Batman: the moment of war", "Batman: The Dark Knight" and "Terminator 2", which use a large number of CG special effects, the rendering farm invested by Denise entertainment has gradually attracted the attention of the industry.
However, few people are willing to spend such a sum of money to build a farm.
It's a huge sum of money that can't be expected for a small animation special effects company. The seven major Hollywood studios that have the ability to invest the money don't have a series of professional software developed by Denise entertainment after several years.
Fortunately, Denise Entertainment's special effects studio and rendering farm did not refuse external orders.
This is also Simon's strategy. In the short term, he doesn't want a second studio with top special effects technology in Hollywood.Disney, which was the most powerful in the original time and space, is obviously ahead of its peers in special effects technology because it has successively annexed Pixar studio and Lucas pictures, which has industrial light and magic. The most obvious contrast is the difference between Marvel film universe and DC film universe.
"Avengers" can be made as long as dozens of minutes of daytime special effects, superheroes smashed all the way to make people excited.
Justice alliance, or most of the DC superhero series, gives people the feeling of "black.". Many special effects scenes take place at night, and some scenes even give people a visual sense of Wumao online games. This is not accidental, one of the big reasons is that night effects require less CG technology and save more money.
Now, Denise entertainment has been leading the industry in special effects for at least three years. Pixar's 3D animation software, randerman rendering software, and Denise's Maya software are all products that the industry can't catch up with in the short term, and corresponding software patent barriers have been established in advance.
With Simon's continuous R & D investment in film special effects technology, this advantage is bound to continue.
Although the new version of toy story was born four years ahead of schedule, due to danielis Entertainment's unremitting support and investment, the technical details of the film are more mature than Simon's version, which was finally completed after five years of ups and downs. Both the 3D picture and the action are more fluent.
Although the people who participated in the audition were not sure whether such a 3D animated film would be recognized by the market, they all said that they tried their best to spend 90 minutes very interesting.
At the end of the audition, Simon discussed the publicity strategy of the film. After the meeting, he called out John lassett and praised the other party's work.
"And one more thing, John, isn't the production team of the Lion King hoping to go to Africa to collect wind?"
Two people walk together on the corridor of the Cinema Park.
John lassett nodded: "we hope to see the scenery of the African prairie in person, and then put into the production of some scenes in this film."
"It's a coincidence that gaomen film is preparing to make a documentary about the African prairie. You can contact Ella tomorrow and choose some people to follow."
The documentary about the African prairie is naturally due to the Antarctic documentary "ice and snow world", which is a very successful box office documentary in this summer camp.
With a production budget of US $3 million, ice and snow world is nearing the end of its release more than three months ago. As of last week, the cumulative box office of the documentary in North America has reached US $51.69 million, which exceeds that of many big productions with investment of more than US $30 million.
Therefore, during this period, Hollywood studios are looking for various documentary projects.
Now that she has tasted the sweetness, danilisi entertainment itself will not only make this documentary.
After "ice and snow world", the original team has begun to prepare a documentary project of Antarctic penguins similar to "Diary of emperor penguin" in Simon's memory.
In addition, Simon approved a documentary about the African savannah, and the production team will go to Africa next month, just to bring Pixar's "Lion King" team together.
After a few words, they separated in the parking lot.
Back at domay point estate, Janet has begun to prepare dinner.
After pregnancy, although the woman put down the work of cersei capital, her daily life is still full.
Taking care of the Simon & Janet westero foundation, preparing for the westero medical center, attending regular pregnancy training classes, paying attention to the progress of the westero building project, and so on, are very busy. Therefore, there is no tendency that pregnant women who rest may feel lonely, depressed or insecure.
Simon was worried that her busy work and the occasional need to leave Los Angeles would cause trouble to Janet. After a long time, he found that this kind of worry was totally unnecessary.
After dinner with a woman, Simon had to leave Los Angeles overnight.
This time I'm going to New York, because Time Warner's long-standing stock issue will be officially launched tomorrow.
Steve Ross had made a lot of phone calls to Simon in person before, hoping that Simon would come forward. Terry Semel also made an invitation to Simon in person, so he couldn't shirk it at all and had to rush to New York to support the IPO.
In July and July, Simon spent most of his energy on a financial report of the westrow system in the second quarter of 1991. Because the scale of the enterprise has doubled, and it is the initial stage of the merger, it was not until August 21 that the first quarterly financial report after the merger of danielis entertainment and MCA was finally released. In the three months from April to June 1991, the new Denise entertainment group had a total quarterly revenue of US $1.93 billion, second only to Time Warner Group, whose annual revenue reached 10 billion, and ranked second among the seven major Hollywood companies. However, compared with the huge profits in the same period of last year, this time, due to the large amount of money consumed by the staff layoffs, debt repayment, asset write down and other activities in the process of the merger of the two companies, the net profit after tax of Denise entertainment in the second quarter was only a paltry $28 million. After the completion of M & A of large enterprises, it often means a huge loss lasting for one or two years, which is the case of Time Warner. Steve Ross is struggling with Time Warner's huge debt from its last acquisition. As a result, Simon was generally satisfied with the results. After AOL's successful IPO, Cisco's IPO began to accelerate. As the Internet industry began to take off in the past year, Cisco's revenue growth is also more and more rapid. In the past second quarter, Cisco's revenue was $298 million, up 26% from the first quarter. At this rate of revenue growth, the company's revenue for 1991 is expected to reach $1.2 billion. With most of its revenue invested in business expansion, Cisco's quarterly net profit still reached $16.79 million. Because the entire westero system almost monopolizes the core patents of the world wide web platform, Cisco's market share of network equipment products such as routers and switches has reached more than 95%. Because of this obvious monopoly, the management predicts that in the next few years, as long as Cisco can maintain its advantage in the Internet equipment market as far as possible, the company's net profit margin is expected to reach more than 20%. Cisco is different from AOL, which is limited to the three major operators on the East and west coasts of the United States. This company is oriented to the entire Internet equipment market in North America and overseas. Coupled with the monopoly of the world wide web based patents, the capital market is more looking forward to the prospect of Cisco's IPO. Before AOL was officially listed on the NASDAQ Exchange, Cisco had submitted a prospectus to the securities and Exchange Commission. is also about 15% of the proportion of new shares issued. According to the 271 million share total capital stock adjusted before CISCO IPO, the number of new shares issued is 40 million shares. In addition, the IPO, Cisco's shares will also be adjusted to a dual ownership structure. Westero's 15600 shares in Cisco fell from 57.5% to 50.1% after the IPO. Class A shares holding 10 times the voting rights of tradable shares still guarantee 56.7% of the voting rights of Westeros. Other shareholders of westero have naturally objected to westero's strong demand to maintain absolute control over Cisco. Westero's 57.5% stake in Cisco is not as high as 75% before AOL's IPO, which almost triggered the IPO. However, it was only after Simon made no concession to show his tough attitude of either dual ownership structure or abolishing IPO that the unwilling other shareholders stopped. Different from the calculation method of 35 times expected P / E ratio adopted in AOL's IPO process because of negative net profit, Cisco maintained relatively considerable net profit in the first two quarters of 1991, and the net profit scale of 1991 is expected to reach about 65 million US dollars. Morgan Stanley did not calculate and value the P / E ratio according to Cisco's net profit margin of only 5% in the second quarter. Instead, it gave a valuation of US $3 billion equivalent to AOL based on such elements as corporate revenue, cash flow and market share. Simon is not satisfied with such a valuation. In 's memory, at the peak of the Internet bubble in 2000, CISCO's market value broke through 600 billion US dollars, and AOL did not reach 200 billion dollars. That's three times the difference. Even now, although the revenue volume of the two companies is similar for the time being, the gap is obvious. AOL only operates in a few states along the East and west coasts of the Federation. Cisco not only monopolizes the Internet equipment market in North America, but also has no competitors overseas. As a result, Simon insists that Cisco's valuation is higher than AOL's, and very high. After several rounds of bargaining, the company's IPO valuation was confirmed at $5 billion, and the revised offering price range submitted to the SEC was between $17 and $19. Despite AOL's success, due to Simon's high valuation strategy, Cisco's IPO has to start the green shoe mechanism to deal with the possible fluctuation of the stock price after listing.However, the green shoe program is not to issue new shares, but other shareholders of Cisco take 6 million shares as a reserve. Cisco's shareholders have held shares for up to seven years since the company was founded in 1984. For example, the famous Sequoia Capital, these companies have a relatively strong desire to cash out. Starting the green shoe mechanism can just meet their needs. Westero and other Cisco shareholders agreed that once the stock price rises after the listing, other shareholders will provide investors with an additional 6 million shares. If the share price falls after the listing, westero will buy about 6 million shares at its own expense to stabilize Cisco's share price. In fact, if necessary, Simon doesn't even mind buying all of Cisco's outstanding shares and re privatizing the company. Simon, however, is confident that westero's need to invest in the stock is unlikely. Through this period of operation, the final date of Cisco's IPO is confirmed as September 6, which is also a Friday, about two months later than AOL's IPO. The two consecutive IPOs also made Simon realize that he has opened the Internet era ahead of time. You know, the world wide web standard in memory was gradually formed in 1993, and then, in 1995, the Internet industry began to break out. Now, Simon put forward a complete technical solution for the world wide web in 1990 ahead of time, and the Internet era is coming ahead of time. The Internet sprouted in the 1960s, and computers began to appear in the 1970s. After decades of accumulation, the Internet industry has a very fertile "soil". The world wide web is like a seed, which was planted three years in advance. On the already fertile land, the seed will quickly take root, germinate and spread with the wind. What's more, Simon is a "farmer" with decades of farming experience in the future. Graphical interface browser, igritte portal, AOL's advance efforts and so on have all provided the growth and spread of this seed with super nutrients like auxin. Cisco's IPO roadshow started on August 26, so Simon does not need to follow up personally. After his trip to Europe in early July, Simon basically stayed in Los Angeles for more than a month, working with Janet, who has been pregnant for five months. After several pregnancy tests, the boy's gender has been confirmed. He is a boy. It makes Janet very happy. Because women feel that they can't imagine a girl's name "Melbourne". They even have a plan to take the spare name of "Seattle" from their female assistant once they are a girl. Everyone thinks that "Seattle" seems to be more suitable for a girl's name. Of course, to be able to give birth to the eldest son of the Westeros is actually one of the reasons why Janet is happy. After careful genetic testing, it was confirmed that the baby was very healthy, and Simon's last worry completely dissipated. Some marriage relationships have lasted for thousands of years, and they still exist in most countries of modern society, so it is reasonable for them to exist. Simon's worry comes more from the influence of previous life education environment. Daniels studios. It's August 28th. In the projection Hall of No.1 office building of the administrative district, the internal trial of toy story ended at 4 p.m. The Pixar team spent more than two years working on the 3D animated film, which eventually cost 35 million dollars, 5 million dollars more than the original version. What's more, it doesn't include some technology research and development and infrastructure investment. In order to support the production of toy story and the CG technology development of Denise special effects, Simon built a rendering farm with 1000 top graphics workstations in Denise studio. In fact, there is no concept of "rendering farm" in this era. Many studios producing computer animation related businesses tend to pile up a large number of workstations with different brand types and configurations in one room for graphic rendering processing. Therefore, this is obviously the first rendering farm in the world, which only costs US $20 million. With the success of blockbuster movies such as "Batman: the moment of war", "Batman: The Dark Knight" and "Terminator 2", which use a large number of CG special effects, the rendering farm invested by Denise entertainment has gradually attracted the attention of the industry. However, few people are willing to spend such a sum of money to build a farm. It's a huge sum of money that can't be expected for a small animation special effects company. The seven major Hollywood studios that have the ability to invest the money don't have a series of professional software developed by Denise entertainment after several years. Fortunately, Denise Entertainment's special effects studio and rendering farm did not refuse external orders. This is also Simon's strategy. In the short term, he doesn't want a second studio with top special effects technology in Hollywood.Disney, which was the most powerful in the original time and space, is obviously ahead of its peers in special effects technology because it has successively annexed Pixar studio and Lucas pictures, which has industrial light and magic. The most obvious contrast is the difference between Marvel film universe and DC film universe. "Avengers" can be made as long as dozens of minutes of daytime special effects, superheroes smashed all the way to make people excited. Justice alliance, or most of the DC superhero series, gives people the feeling of "black.". Many special effects scenes take place at night, and some scenes even give people a visual sense of Wumao online games. This is not accidental, one of the big reasons is that night effects require less CG technology and save more money. Now, Denise entertainment has been leading the industry in special effects for at least three years. Pixar's 3D animation software, randerman rendering software, and Denise's Maya software are all products that the industry can't catch up with in the short term, and corresponding software patent barriers have been established in advance. With Simon's continuous R & D investment in film special effects technology, this advantage is bound to continue. Although the new version of toy story was born four years ahead of schedule, due to danielis Entertainment's unremitting support and investment, the technical details of the film are more mature than Simon's version, which was finally completed after five years of ups and downs. Both the 3D picture and the action are more fluent. Although the people who participated in the audition were not sure whether such a 3D animated film would be recognized by the market, they all said that they tried their best to spend 90 minutes very interesting. At the end of the audition, Simon discussed the publicity strategy of the film. After the meeting, he called out John lassett and praised the other party's work. "And one more thing, John, isn't the production team of the Lion King hoping to go to Africa to collect wind?" Two people walk together on the corridor of the Cinema Park. John lassett nodded: "we hope to see the scenery of the African prairie in person, and then put into the production of some scenes in this film." "It's a coincidence that gaomen film is preparing to make a documentary about the African prairie. You can contact Ella tomorrow and choose some people to follow." The documentary about the African prairie is naturally due to the Antarctic documentary "ice and snow world", which is a very successful box office documentary in this summer camp. With a production budget of US $3 million, ice and snow world is nearing the end of its release more than three months ago. As of last week, the cumulative box office of the documentary in North America has reached US $51.69 million, which exceeds that of many big productions with investment of more than US $30 million. Therefore, during this period, Hollywood studios are looking for various documentary projects. Now that she has tasted the sweetness, danilisi entertainment itself will not only make this documentary. After "ice and snow world", the original team has begun to prepare a documentary project of Antarctic penguins similar to "Diary of emperor penguin" in Simon's memory. In addition, Simon approved a documentary about the African savannah, and the production team will go to Africa next month, just to bring Pixar's "Lion King" team together. After a few words, they separated in the parking lot. Back at domay point estate, Janet has begun to prepare dinner. After pregnancy, although the woman put down the work of cersei capital, her daily life is still full. Taking care of the Simon & Janet westero foundation, preparing for the westero medical center, attending regular pregnancy training classes, paying attention to the progress of the westero building project, and so on, are very busy. Therefore, there is no tendency that pregnant women who rest may feel lonely, depressed or insecure. Simon was worried that her busy work and the occasional need to leave Los Angeles would cause trouble to Janet. After a long time, he found that this kind of worry was totally unnecessary. After dinner with a woman, Simon had to leave Los Angeles overnight. This time I'm going to New York, because Time Warner's long-standing stock issue will be officially launched tomorrow. Steve Ross had made a lot of phone calls to Simon in person before, hoping that Simon would come forward. Terry Semel also made an invitation to Simon in person, so he couldn't shirk it at all and had to rush to New York to support the IPO.
