English Entertainment
Discovery US extends ops through new facility
MUMBAI: Discovery US has launched a state-of-the-art Discovery Television and Technology Center. This will serve as the new home for the network origination for 13 of Discovery’s US Networks and BBC America, encompassing a total of 17 network feeds.
As Discovery US celebrates its 20th anniversary later this year, the company will provide increasingly connected consumers with the highest quality viewing experience through the digital, file-based, high-definition ready, owned-and-operated playout facility which began broadcasting today. In this digital age, the Discovery Television and Technology Center, located in Virginia leverages the latest technology to ensure that Discovery’s commitment to quality extends all the way from production to air.
The aim of the Center’s specialized technology, systems and staff will be to guarantee that when viewers tune into any of Discovery’s US Networks they will be met with quality programming provided at superior broadcast standards. Discovery states that the facility is a fusion of broadcast and information technology that enables the use of digital files paired with high-bandwidth data networking instead of video tapes for the storage and distribution of all programs, commercials, and other broadcast elements.
As a result, the center provides cost-effective flexibility that can evolve with Discovery as it brings content to a growing number of subscribers through traditional and new media. With system integration services provided by Ascent Media Systems & Technology Services, the true design and operational center of the facility is the glass-enclosed, circular master control area that can support any mixture of up to 64 channels of HD or SD programming. The master control features three on-air supervisor posts, with the ability to add one more, and is surrounded by ten transmission pods that can be easily configured to control as little as one or as many as six of Discovery’s US Networks in various combinations based on business needs.
Additionally, the design will result in tremendous operational cost savings, while providing the ability to ensure proper signal monitoring during key programming day parts. The center boasts eight active media ingest/QC suites that can be grown to ten, a HD/SD-hybrid live events control room, two non-linear post-production suites and a transmission operations center (TOC). The fully integrated, server-based venue also hosts a massive digital data archive and on-site physical media library. After the initial content ingest, the entire end-to-end workflow occurs in a tapeless manner employing five video servers that provide 2000 hours of online storage and a nearline tape archive that supports up to 90 petabytes of high-resolution content.
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.
