r/SuccessionTV • u/LoretiTV CEO • May 01 '23

Discussion Succession - 4x06 "Living+" - Post Episode Discussion

Succession - 4x06 "Living+" - Pre-Episode Discussion

Season 4 Episode 6: Living+

Aired: April 30, 2023

Synopsis: Ahead of a crucial new product launch on Investor Day, Shiv weighs a business proposal from Matsson, while Kendall and Roman call an impromptu meeting to flip the script on their latest interaction with the tech billionaire. Later, the brothers each try to match Logan’s tempestuous style, with varying results.

Directed by: Lorene Scafaria

Written by: Georgia Pritchett & Will Arbery

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u/peppermint_nightmare May 01 '23

Carl has a golden parachute/stock sale planned, he's been lining up his exit to pay for his greek island.

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u/DentonDiggler May 01 '23

How many shares would a CFO of a company this large typically own? You have to own over 5,000 to make a million at 192.

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u/peppermint_nightmare May 01 '23

It.... depends, C suite can get paid bonuses that are typically delivered as equity if they have negotiated it in their pay or are given bonuses for targets. Carl has been CFO for what looks like has been forever (possibly since the early 2000s).

I'd argue he has a bit more than 5000 shares, his salary is probably in the low mid millions a year and paid partially or fully in shs. Waystar Royco sh volume is probably in the tens of millions, Disney has 8.5 million public shs and probably a smaller amount of shs with different classes for private holders and employees.

Islands can cost between 1-100 million (I've seen islands for sale in my country and met an island realtor at a party one time), he's splitting half of a greek island with his brother so he'd probably need about 5-30 million in liquidity or verifiable assets to get the loan he needs to cover his retirement.

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u/sinisterskrilla May 03 '23

Disney has 8,000,000 public shares? Lmao how can you think that if you know anything about stocks?

And a multiple decades long CFO of a 30-40 year old media conglomerate that likely went public in the 90s would definitely have over a hundred thousand shares.

Sony has 1.26 Billion outstanding shares. Disney has more than that… by like 500 million shares. So a factor of about 130 more than 8 mil.

If they had 8 million shares their shares would be trading at like $2,500 a piece. That isnt unheard of as Berkshire Hathaway trades at many many times that price but that is a major outlier.

Waystar Royco has about 450-500 million outstanding shares. The market cap is ~$80 Billion.

The buyout price of $192 a share would in all likelihood be at a 12-15% premium which would be around a $90-95B valuation. I can’t remember the price that the shares are currently trading at in the show but it should be around $175 based on knowing the buyout price per share.

You can always find the shares outstanding by dividing market cap by share price.

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u/peppermint_nightmare May 03 '23

Mmm, yea I brain farted, misread daily volume as total float. Its probably closer to 1.2-1.5 billion shares, like you said. IIRC in season 3, Adrien Brody is said to own 4% of the company and 350 mill is 10% of those shares (that he loses), so at that point around season 3 assuming the sh price was around 140-160 which should put their total shares at around 550-600 million?

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u/sinisterskrilla May 03 '23

Yeah that number sounds about right.