English Entertainment
Perry Stahman appointed MGM president, domestic theatrical marketing
MUMBAI: Metro-Goldwyn-Mayer Studios Inc. (MGM) has named Perry Stahman as president, Domestic Theatrical Marketing.
Stahman will report directly to MGM COO Rick Sands. Stahman is a seasoned marketing executive who brings extensive experience from 20th Century Fox, Miramax Films, Metro-Goldwyn-Mayer and Sony Pictures to the newly created position.
Stahman takes on the responsibility for supervising all theatrical marketing activities for MGM’s theatrical distribution unit, unveiled as part of MGM’s revitalization strategy in March. The release of several high profile films this year will kick off MGM’s domestic theatrical distribution business in North America, states an official release.’
Chairman and CEO Harry E. Sloan said, “As part of the marketing team which released Hannibal, Legally Blonde, Barbershop and Heartbreakers, just to name a few, we are delighted to welcome Perry back into the MGM family. Perry’s experience, both in terms of the roster of studios where he has worked and the number of marketing successes he has achieved, will be of tremendous benefit as MGM readies for this new chapter in studio history. We are thrilled to have an executive of Perry’s caliber on our team and leading the marketing efforts for our new slate of films. ”
MGM COO Rick Sands added: “Marketing is an extremely important function for any studio and we are confident that Perry has the skill, talent and knowledge to make our films big hits with audiences. Having overseen the marketing for a number of high profile films, Perry’s extensive experience encompasses a wide spectrum of film genres and styles as well as different studio environments, which will be a great asset in marketing our well rounded slate of new theatrical releases. I am pleased to welcome him to MGM.”
“I am excited to be an integral part of MGM’s groundbreaking effort to craft a new model for theatrical distribution, breaking from the bounds of the traditional studio system. I’m energized by the opportunity and look forward to helping MGM establish a fresh and effective new approach to film marketing,”said Stahman.
Stahman comes from MGM from 20th Century Fox in Los Angeles, where he served as SVP, Creative Advertising since 2004. During his tenure at Fox, Stahman worked on the release of such films as Fantastic Four, Big Momma’s House 2, Transporter 2, Family Stone and Date Movie. Prior to this, Stahman served as SVP, Creative Advertising at Miramax Films. Joining Miramax in June 2002, Stahman created campaigns for Chicago, Kill Bill Volume 1 & 2, Hero and Gangs of New York.
In February 1997, Stahman joined Sony Pictures as manager, Creative Advertising and worked on Men In Black,Air Force One, As Good As It Gets, Stepmom and The Mask of Zorro. Three years later, he joined Metro-Goldwyn-Mayer as vice president, Creative Advertising.
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.
