Business Wars
Cruise Ship Wars | Mayday | 4
Jul 24, 2024
The battle between Carnival and Royal Caribbean heats up as they vie for Princess Cruises, a move that could redefine the cruise industry. Tensions rise during a heated shareholder meeting, and the infamous 'poop cruise' adds a twist to Carnival's challenges. As the pandemic hits, the cruise industry faces unprecedented obstacles, with the Diamond Princess outbreak highlighting vulnerabilities. Despite setbacks, a cautious optimism emerges as leaders anticipate a rebound in 2024.
44:36
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Quick takeaways
- Strategic maneuvers and shareholder influence played a crucial role in Carnival's successful acquisition of Princess Cruises over Royal Caribbean.
- The COVID-19 pandemic posed unprecedented challenges for the cruise industry, leading to a prolonged shutdown, onboard outbreaks, and legal backlash.
Deep dives
Mickey Harrison's Mission to Stop Royal Caribbean Acquisition
Mickey Harrison, President of Carnival Cruise Line, takes decisive action in 2002 to prevent Royal Caribbean's acquisition of Princess Cruises. Learning of Royal Caribbean's deal to buy Princess, Harrison assures shareholders that Carnival genuinely seeks to acquire Princess. He highlights Royal Caribbean CEO Richard Fain's lack of cruising background and underperformance compared to Carnival. Through strategic maneuvers and shareholder influence, including adjourning meetings, Harrison successfully outmaneuvers Royal Caribbean, secures the acquisition of Princess, and strengthens Carnival's market dominance.
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