English Entertainment
Fox acquires new thriller from J.J. Abrams, Stephen King, Bridget Carpenter
MUMBAI: 11.22.63, the event series thriller from executive producers J.J. Abrams, Stephen King and Bridget Carpenter will premiere in select European territories this spring exclusively on Fox.
The deal with Warner Bros. International Television Distribution secures exclusive first-run linear and non-linear rights in 18 European markets, including Bulgaria, Flemish-speaking Belgium, Croatia, Finland, Germany, Greece, Hungary, Italy, Netherlands, Norway, Poland, Portugal, Russia, Serbia, Slovenia, Spain, Sweden and the U.K.
Based on King’s best-selling 2011 novel, the epic new nine-hour event series 11.22.63 combines the talents of Abrams’ Bad Robot Productions, best-selling author King with executive producer/writer Carpenter and Warner Bros. Television.
Academy Award winner Kevin Macdonald directs and serves as executive producer for the two-hour series premiere. Distributed around the world by Warner Bros. International Television Distribution, the series is executive produced by Abrams, King, Carpenter and Bryan Burk.
11.22.63 will roll out weekly over eight weeks on Fox channels and via associated video on-demand services.
Fox EVP for distribution Caleb Weinstein said, “The golden age of television is being driven by serialised drama. And in 2016, Fox channels across Europe are at the forefront: delivering on-demand access to the best content in the world, whenever and wherever our Pay TV subscribers want to watch.”
Fox SVP global acquisitions Jason Simms added, “We are delighted to be working with Warner Bros. on 11.22.63. With its epic and suspenseful story complemented by an absolutely incredible array of talent, both behind and in front of the camera, we are confident our audiences will love what promises to be one of 2016’s hottest shows, first on Fox.”
Starring an ensemble cast, 11.22.63 hurtles viewers deep into the unpredictable darkness of the American Dream. Academy Award nominee James Franco stars as Jake Epping, a high school teacher at a loss with his life, who wants to make a difference and do something meaningful. Encouraged by his ailing friend, Al Templeton (Chris Cooper), Jake journeys back in time in an attempt to prevent the assassination of President John F. Kennedy.
The story transports audiences into the world of 1960s Texas as Jake explores the multiple mysteries surrounding the alleged assassin, Lee Harvey Oswald (Daniel Webber). But Jake’s mission faces threats not only from Oswald, but also from Sadie Dunhill (Sarah Gadon), a beautiful librarian he falls in love with, and from the Past itself…which doesn’t want to be changed. And if the Past doesn’t want to be changed, it will push back – often violently.
The cast also includes Cherry Jones, Lucy Fry, George MacKay, Leon Rippy, Kevin J. O’Connor, T.R. Knight, Jonny Coyne, Brooklyn Sudano and Tonya Pinkins, with Josh Duhamel.
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.
