Hollywood
Filipino festival cancels feature competition for lack of funds
NEW DELHI: The Cinemalaya Philippine Independent Film Festival has cancelled plans for a feature film competition this year.
Organisers blame the decision on the late approval of this year’s budget, which was only confirmed in December.
Indications had come in November of the potential cancellation of this year’s New Breed competition section after CCP vice president Chris Millado raised the possibility at a forum in Vietnam.
In place of its competition section, this summer’s 11th edition- held 7 to 14 August, 2015- will host a retrospective of selected features from its first 10 years. The competition will return in 2016 without the New Breed section.
For its 12th edition, Cinemalaya will increase its grants from 500,000 to 750,000 ($17,000). The ten finalists — who will have 12 months to produce their films — will be announced at the closing ceremony of this year’s festival.
The festival will remain at the Cultural Center of the Philippines | Sentrong pangkultura ng Pilipinas despite interest to relocate the event in Metro Manila’s Quezon City by its mayor. Additional screenings will be hosted at regular partner malls in Makati City and Quezon City within Metro Manila.
Earlier this month, film director Laurice Guillen was appointed president of the Cinemalaya Foundation. She previously held the position of competition chairman.
Hollywood
David Zaslav could net up to $887m as Warner Bros Discovery sells up
Media mogul strikes gold as Paramount Skydance deal triggers massive windfall
NEW YORK: While the average office worker might hope for a nice clock and a round of applause upon leaving, David Zaslav is looking at a slightly more substantial parting gift. The chief executive officer of Warner Bros Discovery is positioned to receive a windfall of up to $887 million following the company’s blockbuster $110 billion sale to Paramount Skydance.
In a twist of corporate fate that feels scripted for the big screen, the deal marks the finale of a high-stakes bidding war. It comes after Netflix, once the frontrunner, decided to exit stage left and abandon its pursuit of the HBO Max parent company.
While most people receive a standard final paycheck, the filing released on Monday suggests Zaslav’s exit package is built a little differently. If the deal closes as expected in the third quarter of 2026, the numbers break down like this:
The cash out: A severance package of $34.2 million, covering his salary and bonuses.
The equity: $115.8 million in vested shares he already owns.
The future fortune: A massive $517.2 million in unvested share awards, essentially “future stock” that turns into real money the moment the ink dries on the merger.
Perhaps the most eye-catching figure is the $335 million earmarked for tax reimbursements. However, this particular pot of gold has an expiration date.
The company noted that these reimbursements are tied to specific tax-code rules that significantly decline as time passes. If the deal hits a snag and drags into 2027, that tax payout drops to zero. With hundreds of millions on the line, the chief executive officer likely has every incentive to ensure the closing process moves at double-speed.
