Hollywood
South Korean trio sweeps Far East Asian awards in Italy
NEW DELHI: South Korea swept the main awards at the 17th Far East Film Festival in Italy over the weekend.
The Festival was held in Udine from 24 April to 2 May. The results were announced after midnight following a closing gala screening of The Taking of Tiger Mountain 3D.
With an average score of 4.44/5 from the audience, J.K. Youn’s Ode to My Father was the most popular film. The drama traces the remarkable globetrotting journey of a man who made immense sacrifices for his family.
The runner-up awards went to Lee Won-suk’s The Royal Tailor and E J-Yong’s My Brilliant Life. Lee won the audience award two years ago with his debut film, How to Use Guys with Secret Tips (2013).
Royal Tailor also won the My Movies Audience Award, voted by users of the Italian film website.
Youn, E and Lee are former guests of the festival. Youn attended with Sex is Zero (2002); E has been a regular guest since An Affair (1998) at the event’s first edition; Lee has attended the event with both his films.
With an average score of 4.15/5.00, Sotho Kulikar’s The Last Reel won the Black Dragon Award, chosen by the festival’s die-hard supporters who purchase premium passes. It is the first Cambodian film to have screened at the event.
The festival also handed awards to Joe Hisaishi, Jackie Chan and Nansun Shi at this year’s edition.
Hisaishi conducted a concert of his music on the eve of the festival. Shi attended last night’s closing film and held an on-stage talk with Marco Muller.
Hollywood
Paramount eyes $24bn Gulf support to fund Warner Bros Discovery merger: Reports
Sovereign funds line up funding as media giants chase streaming scale
NEW YORK: Paramount Skydance is in talks to secure nearly $24 billion in equity commitments from Gulf sovereign wealth funds to support its planned takeover of Warner Bros. Discovery, according to a WSJ report.
The funding push comes as Paramount Skydance advances its proposed $110 billion deal for Warner Bros. Discovery, which carries an equity valuation of $81 billion and is expected to close in the third quarter of 2026.
At the heart of the financing plan are three major Gulf investors. Saudi Arabia’s Public Investment Fund is expected to contribute roughly $10 billion, while the Qatar Investment Authority and Abu Dhabi-based L’imad Holding are likely to make up the remainder.
Crucially, the proposed investments are structured as non-voting stakes. This means the Gulf backers would not have direct control in the combined entity, a move designed to ease regulatory concerns in the United States. Paramount executives reportedly do not expect the deal to trigger scrutiny from bodies such as the Committee on Foreign Investment in the United States or the Federal Communications Commission.
If completed, the merger would bring together a formidable portfolio of entertainment and news assets, including CNN and CBS. The combined entity aims to better compete in a fast-evolving media landscape where streaming platforms are steadily pulling audiences away from traditional television.
The deal reflects a broader shift in global media, where scale is increasingly seen as essential to survive the streaming wars. By pooling content libraries, technology and distribution, Paramount Skydance and Warner Bros. Discovery are betting on size and synergy to drive future growth.
The involvement of deep-pocketed Gulf investors also underscores the growing role of sovereign wealth in shaping global media consolidation, particularly at a time when high-value deals demand equally large financial backing.
With shareholder votes and regulatory milestones still ahead, the proposed tie-up remains one of the most closely watched media deals of the year. If it clears the final hurdles, it could redraw the competitive map of the global entertainment industry.
