Hollywood
Steven Spielberg’s ‘Ready Player One’ to release in December 2017
MUMBAI: The game is on in 2017. Warner Bros. Pictures, Village Roadshow Pictures and DreamWorks Pictures’ Ready Player One – the sci-fi action adventure to be directed by Steven Spielberg – has been slated for release on 15 December, 2017.
A three-time Academy Award winner, Spielberg is directing Ready Player One, based on Ernest Cline’s bestseller of the same name, which has become a worldwide phenomenon. The film is being produced by Spielberg; Donald De Line, under his De Line Pictures banner; Dan Farah; and Spielberg’s longtime colleague Kristie Macosko Krieger; with Bruce Berman serving as executive producer. De Line and Farah originally brought the project to Warner Bros.
Ready Player One marks a return to Warner Bros. for Spielberg, who previously directed the studio’s Empire of the Sun, The Color Purple and A.I. Artificial Intelligence, in addition to producing the hits Gremlins and The Goonies.
Warner Bros president, domestic distribution Dan Fellman said, “Any film from Steven Spielberg is an event film, so it felt right to date this thrilling new project from one of our greatest filmmakers for the holiday season.”
Warner Bros president, worldwide marketing and distribution Sue Kroll added, “From the success of the book, Ready Player One already has a devoted following, and we’re excited for its fans and moviegoers everywhere to see this fantastically innovative story come to life. We know it couldn’t be in better hands, and look forward to working with Steven and the producers to bring it to the big screen.”
Warner Bros. Pictures president, worldwide distribution Veronika Kwan Vandenberg said, “There are few directors with the global stature of Steven Spielberg, so we are thrilled to be delivering his latest adventure to audiences worldwide.”
Hollywood
Paramount seeks FCC nod for foreign-backed $110 billion WBD deal
Gulf funds back merger as foreign stake nears 50 per cent, control stays with Ellison
NEW YORK: Paramount Global has approached the Federal Communications Commission seeking approval for foreign investments tied to its proposed $110 billion acquisition of Warner Bros. Discovery, marking another key step in one of the biggest media deals in recent years.
According to regulatory filings made public this week, the investment backing the deal includes major Gulf sovereign funds such as the Public Investment Fund, the Qatar Investment Authority and L’imad Holding Company. Together, foreign investors are expected to hold just under 50 per cent of Paramount’s equity once the transaction is complete.
Despite the sizeable international backing, Paramount has made it clear that voting control will remain with the family of chief executive David Ellison, ensuring the company stays firmly under US control as required by broadcasting rules.
A company spokesperson described the FCC filing as routine for transactions involving foreign capital and stressed that it does not impact the closing of the deal. Under US law, any significant foreign ownership in broadcast licence holders must undergo regulatory review.
The merger itself has already cleared a major hurdle, with Warner Bros. Discovery shareholders approving the deal on 23 April. The transaction values the company at $31 per share, a 147 per cent premium to its earlier trading price, reflecting strong strategic intent behind the tie-up.
If completed, the combined entity will bring together a vast portfolio including Warner Bros. film studios, HBO Max, and networks such as CNN, TNT and Discovery Channel. The deal is currently expected to close in the third quarter of 2026.
However, scrutiny is intensifying. The US Department of Justice has issued subpoenas seeking details on the merger’s potential impact on cinema competition, streaming services and content licensing. Reviews are also anticipated in international markets, including the United Kingdom.
There is also a financial safety net built into the agreement. If regulators ultimately block the deal, Paramount would face a $7 billion break-up fee. Additionally, the company has taken on $2.8 billion in obligations previously owed by Warner Bros. Discovery to Netflix following an earlier terminated arrangement.
Paramount maintains that easing foreign ownership barriers will unlock fresh capital and strengthen its ability to compete in a rapidly evolving media landscape. For now, the spotlight remains on regulators, whose decision will determine whether this global media consolidation moves from script to screen.
