English Entertainment
ABC Family to change name to Freeform in January
MUMBAI: ABC Family will be officially renamed Freeform from 12 January, 2016, a name that speaks to the network’s ongoing priority to super-serve the ‘Becomer’ audience.
According to the company, traditionally ‘Becomers’ are in high school, college and the decade that follows and they’re navigating the wonderful, fun, exciting and scary time when you experience many of life’s firsts – from first kiss to first kid. Becomers are on that epic adventure of becoming an adult.
The audience’s identity and experience are fluid as they explore endless possibilities and their passions take shape. Freeform is inspired by the interconnection between content and audience, media and technology, interactive and linear, life stage and life style and the way Becomers interact with them all.
“The Freeform brand represents the passion, fun, energy and new ideas that infuse young adulthood. We’ve been evolving naturally for a while now, so it’s time that our name reflects the true essence of our brand. We are excited to take our network in some new directions and continue to evolve alongside culture while delivering those favorite shows our viewers already love,” said ABC Family president Tom Ascheim.
The name change coincides with the season premiere of the network’s No. 1 original hit series, Pretty Little Liars, and the world premiere of Shadowhunters, a new original series based upon novelist Cassandra Clare’s bestselling young adult fantasy book series The Mortal Instruments. Both shows kick off their season on 12 January, while the midseason premiere of The Fosters and the debut episode of the brand-new series Recovery Road air on 25 January.
Freeform also has several new series in the works including the supernatural series Beyond from executive producer Tim Kring; thriller series Guilt; horror tale Dead of Summer, from Once Upon a Time creators Adam Horowitz & Edward Kitsis, with Ian Goldberg; and the recently unproduced new reality series The Letter.
Additional projects include the pilot Famous in Love, from Pretty Little Liars producer Marlene King, based on the novel by Rebecca Serle; and the highly anticpated Nicki Minaj comedy project, which is inspired by Nicki’s life growing up in Queens with her vibrant family after immigrating from Trinidad – as well as her personal and musical evolution that led to her eventual rise to stardom.
The network is also planning new seasons of established series including Switched at Birth, Stitchers andThe Fosters, as well as a second season of recent unscripted hit Monica the Medium.
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.
