Hollywood
Dev Patel joins Oscar as new member
MUMBAI: After adding 271 people last year, the Academy of Motion Picture Arts and Sciences sent out invitations to more than 300 people this year to be their new members, including actors Eddie Redmayne, Emma Stone and Dev Patel. The new invitees were from Oscar winners, nominees, and other notable names in the industry.
Eddie Redmayne’s role as Stephen Hawking in The Theory of Everything not only won him the best actor award, but also saved him a member’s place in the Academy. Others include Emma Stone, who was nominated for best supporting actress for her performance in Birdman; rapper Common who grabbed best original song for his Selma soundtrack; and Dev Patel, whose film Slumdog Millionaire won eight Oscars in 2009.
In the music category, the All Of Me singer, John Legend who collaborated with Common in the Selma theme song Glory has also made it to the list of invitees. Another new member in the music branch is Nine Inch Nails’ vocalist Trent Reznor who scored David Fincher’s Gone Girl.
Other actors in the new list include Elizabeth Banks, Benedict Cumberbatch, Martin Freeman, Tom Hardy, Kevin Hart, Felicity Jones, David Oyelowo, Rosamund Pike, Chris Pine, Daniel Radcliffe, Jason Segel and JK Simmons.
The new directors who join this year’s invitees are James Gunn (Guardians of the Galaxy), Justin Lin (Fast and Furious 6), Edgar Wright (The World’s End), and Joe Wright (Anna Karenina).
Hollywood
Warner Bros board reopens talks after Paramount raises bid to $31 a share
Netflix has four days to revise $27.75-a-share proposal
NEW YORK: The board of Warner Bros Discovery has reopened talks with Paramount Skydance after the rival bidder raised its cash offer to $31 a share, intensifying a takeover contest for one of Hollywood’s most prized studios, Reuters reported.
Paramount’s revised proposal has pulled Warner Bros’ directors back to the negotiating table, even as Netflix risks losing its status as the preferred suitor. The board said it had not yet concluded whether Paramount’s offer was superior to the Netflix deal, but confirmed it would engage further with both sides. Should a higher bid emerge, Netflix has four business days to respond.
In a bid to strengthen its hand, Paramount increased the termination fee payable if regulators block the deal to $7 billion, up from $5.8 billion. It also agreed to pay Warner shareholders 25 cents a share per quarter for every quarter beyond 30 September that the transaction fails to close. Paramount further offered to inject additional equity should lenders raise concerns about financing at completion.
Paramount’s $31-a-share bid is an all-cash offer for the entire company. Netflix, by contrast, has proposed $27.75 a share in cash, valuing the deal at $82.7 billion including net debt, for Warner’s film and television studios, content library and the HBO Max streaming platform.
The comparison is muddied by structure. Warner plans to spin off its television networks into a separately listed company, Discovery Global. The ultimate value of Netflix’s offer therefore depends on the spun-off unit’s debt load and market valuation. The board estimates Discovery Global could trade between $1.33 and $6.86 a share, potentially lifting overall shareholder returns above Paramount’s earlier $30-a-share proposal.
Either outcome would reshape Hollywood’s balance of power, handing the winner a deep content vault and enduring franchises including Game of Thrones and DC Comics. Netflix has ample cash to raise its offer, while Paramount argues it faces fewer regulatory hurdles in the United States. It has also signalled readiness to mount a board challenge at Warner’s annual meeting if its proposal is rejected.
That pressure is building. One potential director nominee floated by Paramount is Pentwater Capital Management chief executive Matthew Halbower, one of Warner’s largest shareholders. Separately, activist investor Ancora Holdingshas accused the board of insufficient engagement with Paramount.
Warner is due to report quarterly results this week, which may shed more light on the value of its cable television assets. Paramount reports earnings on Wednesday. A shareholder vote on the Netflix deal is scheduled for 20 March.
