English Entertainment
Christian Vesper steps down as Fremantle’s global film and drama CEO
LONDON: Christian Vesper is leaving Fremantle after ten years as ceo, global film and drama, ending a tenure that turned the company into an internationally recognised centre of excellence for drama and film. Since joining in 2016, Vesper expanded Fremantle’s scripted footprint, overseeing or exec producing over 80 films and series in the last five years, with the 100th slated for release in 2026.
Vesper shepherded hits including Bugonia, Pillion, Queer, Maria, The Chronology of Water, Picnic at Hanging Rock, The Luminaries, On Becoming a Guinea Fowl, and the upcoming Rachel Weisz starrer Séance on a Wet Afternoon. Festival favourites and critical darlings under his watch include Without Blood (Angelina Jolie, Salma Hayek), M. Son of the Century (Joe Wright, Luca Marinelli), Faithless (Tomas Alfredson, Frida Gustavsson), Cannes winner My Father’s Shadow, and The Listeners (Janicza Bravo, Rebecca Hall). He also set up the Fox revival of Baywatch.
Vesper forged a formidable slate of first-look and creative collaborations with global talent, including Emma Stone and Dave McCary’s Fruit Tree Production; Kristen Stewart, Dylan Meyer and Maggie McLean’s Nevermind Pictures; Pablo and Juan de Dios Larraín’s Fabula; Rachel Weisz and Polly Stokes’ Astral Projection; Edward Berger’s Nine Hours; Johan Renck and Michael Parets’ Sinestra Films; Sarah Condon’s Fair Harbour; and Richard Yee and Krishnendu Majumdar’s Me+You Productions.
Based in London, Vesper reported to Andrea Scrosati, group coo and ceo continental Europe, who will now oversee the film and drama division on an interim basis alongside the wider leadership team.
Scrosati said: “Christian’s vision has built the credibility of our drama and film slate. With him at the helm, we delivered consistent success and critical acclaim. We appreciate that he now wishes to focus on new horizons, and we all wish him well.”
Vesper said: “After 10 years, the time is right to step down. Fremantle has been a huge part of my life. I’m proud of what we’ve achieved — the 100th film this year underlines the progress made. We’ve built a dedicated, talented team, and I know they will take our film and drama business to even greater heights. Now is the perfect moment for my next adventure.”
Before Fremantle, Vesper spent 14 years at Sundance TV overseeing scripted projects and co-productions including Rectify, The Honorable Woman, The Last Panthers, Top of the Lake and Deutschland 83. He also held roles at HBO, iFilm, October Films and USA Films.
From festival acclaim to awards galore — four academy awards, two golden globes, five baftas, eight cannes winners, seven venice winners including the golden lion — Vesper leaves Fremantle’s film and drama operations in a position of strength, a legacy of ambition, vision and global impact, and a company poised for even bigger hits.
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.
