June 11, 1982: The Movie Columbia Passed On That Became the Biggest Film in History

Not every mistake announces itself.On June 11, 1982, E.T. the Extra-Terrestrial opened in theaters across America and began its run toward becoming the highest-grossing film in history. Columbia Pictures had already passed on it, calling it a wimpy Disney movie, but kept five percent of the net profits in the turnaround deal, making E.T. their most profitable film of the year despite never producing it.Mars declined a candy placement deal to protect their brand from an alien movie, and watched Reese's Pieces sales jump between 65 and 85 percent in two weeks while a Hershey executive's blind leap of faith turned an obscure product into a global name. Eleven years later, on the same calendar date, Steven Spielberg broke his own record with Jurassic Park.From bsnsHistory, the daily podcast about the moments when business quietly reshaped the world.Written and hosted by Ron Trucks. Research and editing by Rodney Russ. Sound design by Angela Cahoy. Music by Cody Martin and Soundstripe.For more daily business stories, visit www.bsnsDAILYpodcasts.com