English Entertainment
Fox Star Studios to release 28 films in 52 weeks in India
MUMBAI: Fox Star Studios’ seems to be on a roll. After releasing Bullett Raja directed by Tigmanshu Dhulia, the studio is set to roll out as many as 28 films in the next 52 weeks that is more than one film every 2 weeks across Hindi, English and Tamil. It would be the highest ever for any studio in India.
With as many as nine Hindi films, four Tamil films and 15 English Films slated for release in 2014, the studio is looking at its busiest year ever since its inception in 2008. The Bollywood titles will feature A-listers like, Hrithik Roshan, Saif Ali Khan, Ranbir Kapoor, Emraan Hashmi, Arjun Kapoor and leading ladies Katrina Kaif, Deepika Padukone, Anushka Sharma and Vidya Balan.
Speaking about the Hindi lineup that includes mega productions, massy entertainers and clutter breaking films, Fox Star Studios CEO Vijay Singh says, “In doing so, the Studio is making a strong statement about scaling up and becoming a key player in the Hindi film industry as also working with diverse talent cutting across genres!”
The studio is strengthening its old partnerships and has new associations too. They have a three-film deal with Vishesh films (on the back of Raaz 3, Jannat 2 and Murder 3’s success) and Amole Gupte’s Hawaa Hawaai (post Stanley Ka Dabba’s criticial and commercial success). In terms of new alliances, the studio has joined hands with Pooja Entertainment and Films Ltd, Phantom Films, Illuminati Films and Endemol India.
“Our partnership with Vishesh films and others, is a testimony to the fact that FSS has used its strength in creative, distribution and marketing, in sustaining lasting partnerships and creating new ones in the industry since its inception in 2008.”
In Tamil, the studio will lead with its partnership with CV Kumar’s Thirukumaran Entertainment with two films — V.Chitram and Mundasupatti and Cukkoo with Next Big Films. The studio is also partnering with Atlee Kumar once more.
Among its Hollywood lineup, the studio plans to roll out as many as 15 films including some major titles like The Secret Life of Walter Mitty, Rio 2, X Men First Class: Days of the Future Past, How to train your Dragon 2, Dawn of the Planet of the Apes, Night At The Museum 3 and Oscar runner, The Book Thief.
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.
