Michael Ovitz
Broad Beach Ventures LLC
Santa Monica, California
Overview
Work Experience
Owner
2010 - Current
Broad Beach Ventures is a Venture Capital Fund launched by Michael Ovitz and James Ellis in 2010, investing primarily in early-stage technology companies and digital offerings. BBV includes a portfolio of over thirty companies, including Medium, Palantir, Klout, Priceonomics, GoodRx, Blend Labs, HipSwap, Factual, doubleTwist, RelateIQ, Ground Crew/Citizen Logistics and more. The fund not only invests, but plays a role in each company’s development, with a well-defined strategy in each area of interest. BBV consults with venture capital firms, private equity firms and hedge funds, including Andreessen Horowitz, Formation 8, Founders Fund and others.
Co-Founder and Chairman
1975 - 1995
Michael Ovitz co-founded Creative Artists Agency (CAA) in 1975, served as chairman until 1995. Talent agent for film stars such as Tom Cruise, Dustin Hoffman, Kevin Costner, Michael Douglas, Sylvester Stallone, and Barbra Streisand, in addition to directors such as Steven Spielberg, Barry Levinson, and Sydney Pollack. Ovitz was credited with putting together the major elements of hit films such as Rain Man, Cliffhanger, and Jurassic Park. In 1991 Ovitz shook up advertising world by signing Coca-Cola to CAA as a marketing and media aid, shifting paradigm from traditional advertising agencies to more innovative advertising solutions. In 1993 Ovitz negotiated in 1993 David Letterman's three-year, $42 million contract for the late night talk-show host to move from NBC to CBS. Ovitz was hired as investment adviser for several significant industry transactions, including Sony's 1989 purchase of Columbia Pictures for $3.4 billion, the French bank Credit-Lyonnais' rescue of MGM in 1993, Matsushita's purchase of entertainment conglomerate MCA for $6.6 billion in 1990, and its subsequent sale of that organization to the Seagram Company in 1995. Ovitz and CAA consulted with corporations to help develop new strategies in the technology industry, such as AT&T, Microsoft, Bell Atlantic, Nynex, and Pacific Telesis to create Tele-TV.