English Entertainment
NatGeo Ventures effects major restructuring
MUMBAI: National Geographic Ventures (NGV), a wholly owned, taxable subsidiary of the National Geographic Society, has announced a series of structural changes in the organisation.
To begin with, NGV CEO Dennis Patrick has been named NGV chairman, while retaining the functions of CEO, providing broad, strategic oversight for the company.
The announcement was made by National Geographic president and CEO John Fahey and Patrick. Patrick is stepping down as president, NGV, and this position is being filled immediately by Tim Kelly, formerly president, National Geographic Television & Film (NGT&F).
NGV creates and distributes content across different platforms and media. NGV business units include NGT&F, National Geographic Digital Media and National Geographic Maps.
Gilbert M. Grosvenor, who had been chairman of NGV since its inception in 1996, will continue as a member of the board of NGV in addition to his chairmanship of National Geographic’s board of trustees, informs an official release.
The new structure of NGV is designed to enable the business units of the company to better compete in the converged digital marketplace. It also organizes NGV functions around content creation and distribution.
“Dennis Patrick will remain a valuable and trusted confidant – knowledgeable of media markets and motivated simply by what is best for National Geographic and its mission,” Fahey said.
“Tim Kelly has steered NGT&F for more than 20 years from its beginnings as a documentary production unit into a multifaceted production and distribution film and television company. We’re lucky to have him ready and willing to take the reins of NGV.”
Also announced today is the appointment of Edward (Ted) M. Prince Jr. in the newly created, dual role of chief operating officer, NGV, and president, NGV Distribution. He will be responsible for the broad, day-to-day operations of NGV and for marketing and business development, home video and DVD distribution, National Geographic Television International (the international distribution arm of NGT&F) and the National Geographic Digital Archive (formerly the National Geographic Film Library). Prince was formerly vice president, business development, NGV, the release adds.
“I am looking forward to assuming a more strategic role as we continue the NGV push into the digital marketplace. I could not have a stronger successor than Tim Kelly. Tim is NGV,” said Dennis Patrick. “We will both count heavily on Ted Prince to oversee operations and expand our access to new digital distribution technologies.”
In addition, Chris McAndrews, formerly senior vice president and general manager of Nationalgeographic.com, has been named to the newly created post of president of Digital Media, NGV. He will continue to oversee all aspects of Nationalgeographic.com, as well as manage the National Geographic Digital Archive and all new initiatives in digital media.
Michael Rosenfeld, formerly executive vice president for Specials and Events programming for NGT&F, has been appointed to the newly created role of executive vice president, Television Programming and Production, overseeing all aspects of documentary programming and production for NGT&F. He is responsible for the Specials and Events programming and production, as well as National Geographic Explorer, NGT&F production for the National Geographic Channel, Production Operations, Editorial Development, Standards and Practices and the Natural History Unit.
“The new team is in place and already on the move,” said Kelly. “There are new opportunities out there, and the new organization is well positioned to take full advantage of the latest trends in all our businesses.”
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.
