English Entertainment
Turner names Clement Schwebig CFO for APAC
MUMBAI: Turner Asia-Pacific has announced that Clement Schwebig has been promoted to chief financial officer, in addition to his current role as the SVP- business development licensing in China.
Shitiz Jain, SVP finance, has been leading Turner’s financial growth and planning, as well as assisting the regional management team to maximize financial results across the entire portfolio of Turner’s kids, news and general entertainment brands, and businesses in the region. Jain, who leaves the network on a high, will be pursuing a new opportunity at the end of June 2017.
Schwebig joined Turner Asia Pacific in 2013. Over the last three years, he has successfully led the company’s efforts to grow beyond its core business by creating new local and pan-regional channels, and in developing local content opportunities to further Turner’s presence in the market. He has also led Turner’s growth strategy across the region in the digital space, as well as Turner’s consumer products and location-based entertainment businesses.
Some of his recent notable achievements so far include Warner TV, Cartoon Network Amazone waterpark in Thailand, the acquisition and development of the Tuzki franchise and repositioning Cartoon Network’s consumer product business for growth.
“Clement is a seasoned media executive with substantial experience encompassing all aspects of business operations in TV broadcasting and production, including strategy, finance and sales. With his new responsibilities as CFO, Clément will play an even more active role in shaping the strategy and direction for Turner APAC as it transforms into a data informed, fan-centric media company,” commented Turner Asia Pacific president Ricky Ow.
“As a core member of my management team, Shitiz has provided invaluable strategic and financial counsel for the APAC and Turner International executive teams. We are very grateful for the significant contributions he has made, and his help in evolving the business rapidly in order to meet consumer demand and technological change. We wish him success in his next venture,” he added.
“I have truly enjoyed working with Ricky and the Turner team as we worked on transforming the network and developing new opportunities particularly in Kids and Asian entertainment. It has been a great experience,” said Jain.
“With his strong financial acumen and experience combined with his deep understanding our business in Asia Pacific, Clement is ideally suited to lead the finance operations of Turner APAC. I’m confident the financial management of our APAC business will continue to be very well managed in his capable hands and he will make even greater contributions in driving our APAC business forward,” added Trey Turner, Chief Financial Officer, Turner International. “I would also like to express our gratitude and appreciation for Shitiz’s strong leadership of Turner APAC finance operations over the last three years. He leaves us with very best wishes for his future endeavours.”
“I could not be more thrilled to be working with Ricky and Trey, and the rest of the Turner APAC team, as we chart new growth and opportunities during this exciting period for the industry,” said Schwebig, CFO and SVP Business Development, Licensing and China.
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.
