English Entertainment
Fox TV Group COO Joe Earley to step down
MUMBAI: Fox veteran and current COO for Fox Television Group Joe Earley will step down from his role at the end of the year.
“Over the past 21 years, I’ve had the great fortune of working alongside some of the most talented and inspiring people in the business, from my co-workers and bosses, to the talent on our shows, both in front of and behind the camera. Because of the entrepreneurial spirit that pervades Fox, and the incredible support of the teams across the network, I have been afforded unbelievable opportunities for growth and new experiences. I’m very grateful to Dana Walden, Gary Newman and Peter Rice for their leadership and friendship, and for inviting me to join them at the Fox Television Group, which has allowed me to also appreciate the impressive team on the studio side. All of this new opportunity, however, as rewarding as it is, has led me further and further from the creative process, which is really where my heart wants to be. So, while I will miss my extended Fox family terribly, it is time for me to pursue the proverbial, ‘next chapter.’ As a former publicist, I thought I would never use that phrase, but it turns out that sometimes it’s true,” said Earley.
Fox Television Group chairmen and CEOs Gary Newman and Dana Walden added, “Joe is one of the most talented executives and gifted leaders we’ve ever had the pleasure of working with, so we are saddened that he has decided to step down. We have been discussing his desire to get closer to the creative process for a while now, and although we would love for him to stay at Fox for another 21 years, we understand and fully support his plans to take on new challenges. We are extremely grateful to Joe for his partnership, strategic insight and all of his contributions to the company, and we know we’ll be working with him again soon.”
Fox Networks Group chairman and CEO Peter Rice said, “I have been fortunate to work with Joe for nearly seven years, and one of the things I admire most about him is the deep level of trust and confidence he’s built with our creators, talent and industry peers. His sharp business sense, passion for creativity and ability to inspire and mobilize teams have made him an extraordinary and beloved executive here at Fox – and he will undoubtedly have that same impact no matter what path he chooses to take next.”
Earley has served as COO for Fox Television Group since August 2014, where he’s had oversight of marketing and communications, digital, research, talent relations, scheduling and audience strategy at Fox Broadcasting Company, and partnered with 20th Century Fox Television’s development, production, business affairs, marketing and finance leads on strategic initiatives, as well as publicity and talent relations at the studio.
Previously, Earley served as COO of Fox Broadcasting Company, where he played a key management role in all areas of the network, including scripted programming and development, casting, scheduling, marketing and communications, research, audience strategy, digital and business affairs. Prior to that, he was president of marketing & communications for the network, having risen from previous positions as executive vice president of marketing & communications; executive vice president of publicity, corporate communications and creative services; senior vice president, publicity and corporate communications; and vice president, entertainment publicity.
Before joining Fox as senior publicist in 1994, Earley spent several years in Media Relations at HBO. He began his entertainment career in production and development with producer Gale Anne Hurd.
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.
