Movies
Karnataka film producers association plans protest rally
BANGALORE: Karnataka Film Producers Association (KFPA) has called for a rally on 9 August, protesting the government’s decision to reduce entertainment tax from 70 per cent to 40 per cent for non-Kannada films.
The association had also been demanding that the government should extend subsidy to all the Kannada films produced in the state, with the exception of remakes and sex and violence-dominated films.
Though KFPA has asked prominent Kannada actors to participate in the rally, their confirmation is still awaited. Hence, till the time of filing of this report, industry sources were unsure whether the rally would be held or not.
Fresh Kannada films have a benefit of no entertainment tax at all being levied on them, while remakes are taxed at a reduced rate of 30 per cent. A section of the producers would like this 30 per cent entertainment tax also to be waived, while some others would like it to continue.
On an average, Karanataka film industry has been producing 80 to 90 movies annually. But for Karnataka, which has the maximum number of cinema halls in the South, this is not at all a sufficient figure. Also, some producers are often reluctant to release their movies in certain theaters in the state. In such a scenario, theater owners cannot do away with non-Kannada films.
The Karnataka Theater Owners Association (KTOA) has approved the deputy chief minister’s decision to bring down the entertainment tax. They would also like the government to re-introduce the service tax of Rs1.50 per ticket, which could be utilised for improving the theatre conditions.
Some industry sources feel that reduction of entertainment tax would improve compliance and the tax collections and make more exhibitors to come forward and declare correct ticket sales figures. But another section feels that lower tax declarations and collections would force the government to reverse its decision to bring down entertainment tax.
Hollywood
Trump invested over $1.1m in Netflix bonds at the peak of Warner Bros bidding battle
Financial disclosures show U.S. president also bought Warner Bros Discovery debt during high-stakes media takeover race.
WASHINGTON: New government financial disclosures show that U.S. president Donald Trump purchased more than $1.1 million worth of bonds issued by Netflix over the past three months. The transactions occurred during a period when Netflix was engaged in a competitive bidding war for Warner Bros. Discovery, a potential merger that the Trump administration had publicly criticised on antitrust grounds.
Between December and January, the president acquired Netflix bonds valued between $1.1 million and $2.25 million. The bonds carry a 5.375 per cent interest rate and are scheduled to mature in November 2029. Financial disclosures also revealed an additional investment in Warner Bros Discovery bonds. The purchase was valued between $500,002 and $1 million, with the debt reportedly bought at roughly 92 cents on the dollar. The bonds are now trading at around 95 cents on the dollar, leaving the position currently in profit.
The timing of the investments has drawn scrutiny because the administration had been openly critical of Netflix’s market activities at the time. While the president’s trust was purchasing the debt, the administration reportedly pressured Netflix to remove board member Susan Rice and expressed concerns that a Netflix–Warner merger could harm competition.
The White House has dismissed conflict-of-interest concerns, stating that the president’s assets are managed independently by his children. Spokesperson Anna Kelly said U.S. presidents are legally exempt from the conflict-of-interest laws that apply to other federal officials.
Despite the financial interest, Netflix ultimately lost the race to acquire Warner Bros Discovery. Paramount Skydance secured the deal on 27 February with a $110 billion offer. The acquisition was backed by Larry Ellison, who guaranteed $40 billion to support the bid, while major lenders including Bank of America, Citigroup and Apollo Global Management provided $39 billion in financing.
The final acquisition leaves the combined Paramount entity carrying roughly $85 billion in debt, while Netflix withdrew its bid roughly two weeks before the official disclosure report was released.
