As Adelson included movie production, advertisement firms, a home-video company, radio shows, publishing and TV stations, Lorimar attracted a variety of Hollywood’s rising executives, among them Peter Chernin, later the president of News Corp., Leslie Moonves, later on the chief executive policemanceo of CBS Corp.; and Brad Grey, later the CEO of Viacom Inc.’s Paramount Photo.
Nonetheless, Lorimar showed less effective at developing films than it had actually been with tv. One of its few hits was “A Policeman and a Gentleman” (1982).
By mid-1987, Lorimar was clambering to offer its advertisement firms, publishing business and TELEVISION stations and had to look for concessions from lenders. In early 1988, Adelson began speak to offer the company to Steven J. Ross’s Warner Communications Inc. The$1.2 billion sale was completed in January 1989, a stock swap that made Adelson one of Warner’s largest individual shareholders.
He served briefly as vice chairman until Warner was offered to Time Inc. the following year. He formed a private-equity firm called East West Venture Group.
Adelson continued to be a Time Warner Inc. director up until 2000, when his shares were valued at $100 million. Just 3 years later on, he filed for personal bankruptcy in Los Angeles, having actually held all his Time Warner shares as the stock lost more than 80 percent of its value.
Fortune magazine reported that Adelson had obtained heavily versus his Time Warner stock to invest in the dot-com Internet boom while maintaining a luxurious way of life that consisted of grand houses and personal planes.
“I lost a lot of money,” Adelson informed the L.a Times in 2010, when he became a consultant to Warner Bros. on new-media start-ups. “It’s no secret much of it was lost in the AOL-Time Warner merger.”
For a time in the 1980s, he had a seven-room Manhattan home ignoring Central Park along with homes in Malibu, Bel Air and Aspen. He was an active charity event for Jewish and Israeli causes, became an individual good friend of Israeli Prime Minister Benjamin Netanyahu and invested a night at the White Home during Bill Clinton’s presidency.
In its March 2013 edition, Vanity Fair stated Adelson, at 83, was staying in a 500-square-foot home off the beach in Santa Monica, California.
“You understand, there was a time I could choose up the phone here, call my pilot, and I might be in Paris the next morning,” Adelson stated, according to Vanity Fair. “But not anymore. I won’t be namby-pamby and state I don’t miss all that cash. I do. But I’ve learnedlearnt how to do so much on my own.”
Mervyn Lee Adelson was born upon Oct. 23, 1929, in Los Angeles to Nathan and Pearl Adelson. He attended Menlo Junior College in northern California. He told Fortune that he left of college to play semi-pro baseball, giving up the sport later on due to the fact that he could not strike captain hook.
With a $10,000 loan from his daddy, Adelson opened the very first 24-hour grocery in Las Vegas, in 1953.
He ended up being a land developer, partnering with gambling establishment owner Morris “Moe” Dalitz and others to secure $100 million in loans from the Teamsters Central States pension fund for tasks that included the renowned Rancho La Costa resort near San Diego. Adelson’s longtime company partner was Las Vegas designer Irwin Molasky.
In 1975, Penthouse magazine released an article with the heading, “La Costa: The Hundred-Million-Dollar Resort with Lawbreaker Clients.” It represented La Costa as a rich man’s playground that was developed and frequented by organized criminal activity figures.
Adelson called an interview to announce a $540 million libel claim. The case dragged out for One Decade before it was settled in 1985 without either side gathering a penny. In a letter, Penthouse stated it “did not suggest to imply nor did it plan” for readers to think that Adelson and Molasky “are or were members of organized criminal activitythe mob or bad guys.”
In his interview for Vanity Fair’s 2013 post, Adelson acknowledged that he made an effort not to look for answers to extensive concerns about Dalitz’s ties to organized criminal offense.
“Look, I understood Moe knew a lot of bad individuals,” Adelson said. “I knew that. But I never ever saw one minute, in all the time I knew Moe, of him losing his mood or mistreating anyone in any method. It was all just innuendo.”
Lorimar was named in part after Adelson’s first spouse, his high-school sweetheart, Lori Kaufman. Their marriage ended in divorce, as did Adelson’s three subsequent marital relationships, including one to television anchorwoman Barbara Walters in 1986.
“Merv seemed larger than life,” Walters recalled in her narrative. “He skied, rode horses, played golf and tennis, cruised. He put on pants and T-shirts when every male I understood in New york city was wearing navy blue matches and ties. And he lived as if there were no tomorrow.”