Ohio Entertainment Executive Takes Helm of Titanic Marketing
Wire for SOST Dec 07, 1999 12:50 EST
Dec. 4 (Akron Beacon Journal/KRTBN)--More than eight decades after the
Titanic sank in the North Atlantic, Joe Marsh and a group of investors
have seized control over the ship in a financial mutiny he hopes will
turn the shipwreck loot into stock-market treasure.
Marsh, founder of Aurora-based entertainment producer Magicworks, led
a takeover of RMS Titanic Inc., the corporation that holds exclusive rights
to salvage and display artifacts from the 87-year-old shipwreck.
Last week, he said, the group of eight investors completed a deal to purchase
51 percent of the company's 16 million shares -- at a total cost of about
$24 million -- and oust its president and three
directors.
Marsh got involved with RMS Titanic as an investor two years ago when
his company began producing Titanic shows and exhibits around the world.
His initial investment was between 25,000 and 50,000 shares at $1 a share.
Magicworks was purchased last year by SFX Entertainment, a producer of
concerts, sporting events and other entertainment.
He decided RMS Titanic wasn't realizing its money-making potential under
the existing structure, so he organized the seven others to take matters
into their own hands.
"Everyone realized there's a lot of financial benefit here," Marsh said.
"Nobody's ever tried to make the stock exciting. There's about a billion
dollars worth of artifacts down there -- that would be $80 a share, to
put it in round numbers. That's a lot of shareholder value."
Marsh said the plan is to raise the exhibit's profile to draw bigger crowds
and sell more Titanic-related merchandise. That shouldn't be difficult,
Marsh said, considering the enormous interest in all things Titanic, particularly
since James Cameron's 1997 movie.
The relics on display include a cherub statue from the bottom of the grand
staircase, a 10-carat diamond ring, coins, letters, plates and silverware.
The company will send down another diving expedition this summer, he said.
RMS Titanic Inc.'s stock closed yesterday down 1/8 to 3 5/8.
By Candace Goforth
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go to ohio.com
(c) 1999, Akron Beacon Journal, Ohio. Distributed by Knight
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