English Entertainment
Industry comes together at first annual NYC Television Week
MUMBAI: The first NYC Television Week, presented by Broadcasting & Cable, Multichannel News, Next TV, and the National Association of Broadcasters (NAB), drew more than 1500 television industry executives to the Waldorf Astoria and the Metropolitan Pavilion from 28-30 October. Sony was the Founding Sponsor.
NYC Television Week comprised conferences, events, and an exhibition – including the “State of Television,” Broadcasting and Cable Hall of Fame, the two-day “TV Summit,” “TV on Wall Street,” and the Solutions Center exhibit floor, presented by NAB Show – bringing them to the heart of Manhattan.
NYC Television Week’s conferences featured 87 industry leaders as keynotes and presenters, including DirecTV president, chairman and CEO Mike White; National Basketball Association commissioner David J. Stern; WWE executive VP – creative Stephanie McMahon and Twitter chief media scientist Deb Roy, to name a few.
“The incredible line-up of speakers, sponsors, and exhibitors is a good indication of how the television industry needed a place to get together after the start of the fall season to discuss the status quo and the direction in which we are headed,” stated Broadcasting and Cable and Multichannel News EVP/group publisher Louis Hillelson, “I am happy that we and NAB were able to provide the platform for these high-level discussions.”
“Given the transformative state of the industry, NYC Television Week could not have been more timely and relevant, providing valuable takeaways for attendees,” said NAB executive VP conventions and business operations Chris Brown. “We had a very strong ‘TV on Wall Street’ program that was an immediate hit, and the Solutions Center featured a provocative mix of innovative products and services for the industry. We look forward to building on this event going forward as we continue to extend the NAB and NAB Show brands.”
NYC Television Week opened Monday morning, 28 October, at the Waldorf Astoria with the “State of Television” conference, and featured in-depth discussions about various areas of the television industry, including cable, sports, advertising, and new technologies. This was the 23rd annual Broadcasting & Cable Hall of Fame, hosted by CBS News correspondent 60 Minutes Lesley Stahl and NBC News special correspondent and host of The Meredith Vieira Show Meredith Vieira.
On Tuesday, 29 October, NYC Television Week took over the Metropolitan Pavilion with “TV Summit Day 1,” “TV on Wall Street,” and the Solutions Center exhibition. “TV Summit Day 1” covered a wide range of topics, such as indie production, syndication in the digital age, showrunning, and the state of network television. “TV on Wall Street” examined how content competition and consumer consumption trends are driving the evolution of television and featured chief executives, venture capitalists, and leading financial analysts sharing their views of the TV industry. The summit concluded with a cocktail reception sponsored by National Geographic Channels.
NYC Television Week wrapped up on Wednesday, 30 October, with a second day of both “TV Summit” and the Solutions Center exhibit floor. “TV Summit Day 2” featured discussions on ad buying, 4K, new platforms, and content distribution.
Solutions Center exhibitors included Sony, placemedia, Dolby Laboratories, and Verizon Digital Media Services, among many others. Broadcasting & Cable, Multichannel News, and Next TVare all published by NewBay Media.
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.
