Hollywood
Steven Spielberg to direct first film for Disney
MUMBAI: The Walt Disney Studios has joined the production of Steven Spielberg’s film adaptation of Roald Dahl‘s The BFG (Big Friendly Giant).
While the filmmaker has produced movies for the studio in the past, this will mark the first time that Spielberg will direct a Disney-branded movie.
“In more than 40 years of making movies, I have been on the producing end of a number of films for The Walt Disney Company, but never as a director. It is a special joy to be in the director’s chair as we start The BFG, alongside my long-time friends and film collaborators Kathy Kennedy, who introduced me to this project, Frank Marshall and Melissa Mathison. Together with them and Disney, there are many reasons why I am so excited about this joint venture,” said Spielberg.
Previously announced cast of the movie include three-time Tony Award winner Mark Rylance, who will play the titular “Big Friendly Giant” and newcomer Ruby Barnhill as Sophie. They are now joined by Bill Hader, Jemaine Clement, Michael David Adamthwaite, Daniel Bacon, Chris Gibbs, Adam Godley, Jonathan Holmes, Paul Moniz de Sa and Olafur Olaffson, all cast as giants. Buckingham Palace has also found its residents with Penelope Wilton being cast as The Queen and Rebecca Hall as Mary, the Queen’s maid.
Production for The BFG is currently underway in Vancouver.
“With Steven Spielberg at the helm, The BFG will undoubtedly capture the minds of children and adults alike – as Roald Dahl’s original stories and many of Steven’s own films have done for decades. The team at Disney has tremendous respect for the filmmakers, and we’re thrilled to join with them to make what will be a spectacular picture,” said The Walt Disney Studios chairman Alan Horn.
“This partnership speaks to the spirit of storytelling and the kinds of movies that we make here. Over the years, we have enjoyed a fruitful collaboration, and we couldn’t be more excited to be working with Disney in this expanded capacity on The BFG,” added DreamWorks Studios CEO Michael Wright.
The BFG is the exciting tale of a young London girl and the mysterious Giant who introduces her to the wonders and perils of Giant Country. Based on the novel by Dahl, The BFG was published in 1982 and has been enchanting readers of all ages ever since. Dahl’s books, which also include Charlie and the Chocolate Factory,James and the Giant Peach, Matilda and Fantastic Mr. Fox, are currently available in 58 languages and have sold over 200 million copies worldwide.
Spielberg will direct the film adaptation based on a script by Melissa Mathison, who last teamed with Spielberg on E.T. The Extra-Terrestrial.
Spielberg, Frank Marshall and Sam Mercer will produce while Kathleen Kennedy, John Madden, Michael Siegel and Kristie Macosko Krieger are on board as executive producers. Adam Somner is a co-producer.
The Disney/Amblin/Reliance production in association with Walden Media will open in US theaters on 1 July, 2016, the year that coincides with the 100th anniversary of Dahl’s birth.
The Walt Disney Studios will distribute the film in the US and several international territories while Mister Smith Entertainment will oversee distribution in Europe, Africa and the Middle East. Reliance will distribute the film in India.
Hollywood
Paramount Skydance secures financing for Warner Bros Discovery deal
Debt syndication and new loans push $111 billion merger closer to close
WASHINGTON: Paramount Skydance has taken a major step towards its planned acquisition of Warner Bros Discovery, securing fresh financing and completing the syndication of its bridge loan facility.
In a filing with the Securities and Exchange Commission, the company confirmed that the bridge facility has now been distributed among a group of 18 banks, reducing total commitments to $49 billion from an earlier $54 billion. The move spreads risk across lenders and signals growing confidence in one of the year’s largest media deals.
Alongside this, the company has finalised permanent financing arrangements, including $5 billion in senior term loans and a $5 billion revolving credit facility. A previously planned $3.5 billion credit line has been dropped as part of the restructuring.
The loans are secured against key assets, including Paramount Global, Skydance Media and Warner Bros post-merger, underlining the scale and complexity of the transaction.
The financing push follows a competitive bidding process earlier this year, which saw interest from players such as Netflix before Paramount Skydance emerged as the frontrunner. The deal, valued at $111 billion, is expected to close in the third quarter, subject to regulatory approvals.
Adding to the momentum, the company has also secured significant equity backing, including investments from Middle Eastern funds, with support from billionaire Larry Ellison, who has guaranteed the equity portion of the transaction.
Commenting on the development, Paramount Skydance chief strategy officer Andy Gordon said, “Our successful debt syndication and new debt facilities represent another important milestone towards the completion of our acquisition of Warner Bros Discovery.”
Once completed, the combined entity is expected to carry net debt of just under $80 billion, reflecting the sheer scale of the merger.
As Hollywood continues to consolidate in the streaming era, this deal could reshape the competitive landscape, with Paramount Skydance betting big on scale, content and financial muscle to take on global rivals.
