English Entertainment
Discovery fights against illegal wildlife trade in Asia through PSA
MUMBAI: In support of an ongoing commitment to save the world’s most endangered species, Discovery Networks has announced the launch of an originally created public service announcement (PSA). Narrated by actor Edward Norton, the announcement will air on Discovery’s channels across Asia Pacific to help raise awareness and stem the illegal trade of endangered species products.
Discovery first announced this at the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) in September. It was part of a multiplatform campaign to raise awareness and reduce demand for illegally sold animal products.
“As we are all well aware, the illegal trade in wildlife is pushing species to the brink of extinction. We urgently need to change attitudes and mobilize people to stop this tragedy. But crucially, we also need the next generation to be more responsible consumers and caring custodians. To accomplish this, we need to join forces across public and private sectors. That’s why we’re so pleased to work with Discovery Communications in efforts to halt the illegal trade in wildlife. The trade is accelerating the destruction of our natural world, but we can stop it together,” said UN Environment head Erik Solheim.
For the airing of the PSA in Africa and Asia Pacific, Discovery is partnering with United Nations (UN) Environment and the Wild for Life campaign, which launched in May 2016. WildforLife aims to mobilise millions of people to participate in the process of making commitments and taking action against illegal wildlife trade.
Discovery Networks APAC president and MD Arthur Bastings added, “Discovery is a purpose-driven company and we have been at the forefront of efforts to raise awareness of species conservation for over 30 years. Protecting and showcasing the beauty that our planet has to offer is deeply important to us and we are thrilled to be able to share this important message with audiences in Asia. The support of our partners in this effort has been invaluable and we are hopeful that together we can help put an end to this global issue.”
The call is for global communities to be more informed when making purchases. Ignorant buying unknowingly fuels the illegal wildlife trade as the desire to own something rare and unusual – from souvenirs and novelties to trinkets and fashion – has resulted in the poaching, slaughter and decimation of many animal species.
US ambassador to Vietnam Ted Osius said, “The Hanoi Conference on Illegal Wildlife Trade is an opportunity for the global community to work together to implement solutions to address wildlife trafficking. By hosting this conference, the Vietnamese Government is engaging world leaders, non-government organisations and the private sector to collectively make a positive difference for the planet.”
According to the Wildlife Conservation Society, wildlife trafficking today is estimated to be the fourth largest illegal trade in the world after drugs, human, and weapons trafficking, worth some $19 billion annually (excluding fish and timber).
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.
