Who is David Geffen?
He is an American record executive, film producer, theatrical producer and philanthropist.
He is known for creating Asylum Records in 1970 and Geffen Records in 1980. Geffen Records launched the careers of the Eagles, Aerosmith and Guns N’ Roses.
In 1990 Geffen Records was sold to MCA Records for US$ 550 million.
He is also one of the founders of DreamWorks SKG. The co-founded the company with Steven Spielberg and Jeffrey Katzenberg. Dreamworks is a live-action and animation film studio. They founded in October 1994.
With the financial backing of US $33 million from each of the three founders. And $500 million from Microsoft co-founder Paul Allen.
The founders agreed on three conditions. They would make fewer than nine movies a year. They would be free to work for other studios if they chose. They would go home in time for dinner.
He is an active philanthropist, supporting medical research. He also supports AIDS organizations, arts, and theatre. In 2002 Geffen supported the University of California in Los Angeles with US$ 200 million. The university was renamed in the David Geffen School of Medicine.
David Geffen Net Worth
Forbes estimates his net worth at US$ 9 billion (February 2020). In March 2015 Geffen donated USD 100 million to New York’s cultural institution Lincoln Center.
The amount will be used to renovate the Avery Fisher Hall. The concert hall will be renamed Geffen Hall.
For a few years, he owned the yacht Pelorus. Pelorus is now owned by Hong Kong based billionaire Samuel Tak Lee.