English Entertainment
US seminar to examine the future of public broadcasting
MUMBAI: The American Cinema Foundation (ACF) will present Finding the Future of Public Television.
This is a two-day workshop from 14 -15 October 2005 in Los Angeles and is sponsored by the Corporation for Public Broadcasting (CPB).
This event features panelists and special guests who will provide an unusual variety of perspectives and insight on whether or not US pubcaster PBS has the ability to fully represent America’s diverse culture in today’s political and economic climate.
This forum will explore issues of agenda setting, implicit bias, and cultural prejudices which exist both within and around political party lines. This event will be the first in a continuing series. Each panel will attempt to identify an area of consensus about the future of the public television system. Public television broadcasting has been around in the US for 40 years. The organisers of the event state that it has been one of the most visible expressions of the sense of the common good in arts and education. However there is concern that this sense of a shared culture may be lost in today’s partisanship.
In one of the session TV producers and writers consider why they and others like them don’t produce more for public television. Why do shows that take on the hot topics of the day (from Bill Maher to Dennis Miller), and shows whose genres originated on public TV, end up on cable? What part does politics play? How can public broadcasting hold its ground? The panellists include Harry Shearer who has written episodes for The Simpsons and Peter Robinson a presidential speechwriter.
Another session is titled Will You, Won’t You Join the Dance. The Experience of Producing for Public Television. Veteran producers who feel that their programming has been marginalised because they hold viewpoints that fall outside the mainstream of current PBS culture speak. How should stewards of a national trust go about the business of funding and distributing programs that represent a wide spectrum of positions, while maintaining their own personal and political views?
Public Television Confidential: A Look at Basic Premises examines the question of whether publicly funded programming meets its own high standards, and whether we ask enough of the system that spends our dollars. Is Sesame Street still the utlimate in quality educational programming? Is it fair to ask producers to treat more of the US’ widely held values as legitimate?
English Entertainment
Warner Bros. Discovery shareholders approve Paramount deal
Investors wave through a $111 billion megamerger but deliver a stinging, if toothless, rebuke over half-a-billion-dollar goodbye packages
NEW YORK: The shareholders said yes to the deal. They said no to the cheque. At a virtual special meeting on Thursday that lasted barely ten minutes, Warner Bros. Discovery investors voted overwhelmingly to approve Paramount Skydance’s $111 billion acquisition of the company — and then turned around and voted against the lavish exit pay packages lined up for chief executive David Zaslav and his fellow outgoing executives.
Not that it will make much difference. The compensation vote is purely advisory and non-binding. The Warner Bros. Discovery board can, and almost certainly will, pay out as planned.
But the symbolism stings. It is the second consecutive year that WBD shareholders have voted against the executive compensation packages, and this time they had good reason. Zaslav’s exit deal is, by any measure, extraordinary. Under the terms filed with the Securities and Exchange Commission, he is set to receive $34.2 million in cash severance, $517.2 million in equity in the combined company, and $44,195 in continued health coverage — a total of at least $550 million. On top of that, Warner Bros. Discovery has agreed to reimburse Zaslav up to $335 million for taxes assessed by the Internal Revenue Service on his accelerated stock vesting, though the company says that figure will decline depending on when the deal closes. As of March 11, Zaslav also held $115.85 million in vested WBD stock awards — and last month sold a further $114 million worth of WBD shares.
Shareholder advisory firm ISS recommended voting against the compensation measure, citing “problematic” tax reimbursements to Zaslav and the full vesting of his stock awards.
Zaslav will be bound by a two-year non-competition covenant and a two-year non-solicitation of customers and employees after the deal closes.
His lieutenants are not walking away empty-handed either. J.B. Perrette, chief executive and president of global streaming and games, is in line for $142 million, comprising $18.2 million in cash severance and $123.9 million in equity. Bruce Campbell, chief revenue and strategy officer, will receive an estimated $121.5 million, including $18.8 million in severance and $102.7 million in equity. Chief financial officer Gunnar Wiedenfels is set for $120 million, made up of $6.6 million in cash severance and $113.1 million in equity. Gerhard Zeiler, president of international, will get $82.6 million, including $11.9 million in severance and $70.7 million in equity.
The deal itself, clinched in February after Netflix declined to raise its bid for Warner Bros., still needs regulatory clearance from the Justice Department and European authorities. Several state attorneys general are also weighing legal action to block it.
Senator Elizabeth Warren, Democrat of Massachusetts, was unsparing. “The Paramount-Warner Bros. merger isn’t a done deal,” she said after the shareholder vote. “State attorneys general across the country are stepping up to stop this antitrust disaster. We need to keep up this fight.”
If it does go through, the combined entity would be a formidable beast, bringing together Paramount Skydance’s stable — CBS, CBS News, Paramount Pictures, Paramount+, BET, MTV and Nickelodeon — with WBD’s portfolio of HBO, Max, Warner Bros. film and TV studios, DC, CNN, TBS, TNT, HGTV and Discovery+. Paramount has said it expects $6 billion in cost savings from the merger, which is Wall Street shorthand for mass layoffs on a significant scale.
The ten-minute meeting was presided over by chairman Samuel Di Piazza Jr., with Zaslav, Campbell, Wiedenfels and chief communications officer Robert Gibbs in virtual attendance. Di Piazza was bullish. “We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,” he said. “With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”
Zaslav echoed the sentiment. “Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership,” he said. “Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders.”
Paramount Skydance struck a similar note. “Shareholder approval marks another important milestone towards completing our acquisition of Warner Bros. Discovery,” it said in a statement, adding that it looked forward to “closing the transaction in the coming months.”
The shareholders have spoken on the merger. On the pay, they were ignored before the vote was even counted.
