Hollywood
Two classic martial arts titles to be remade
MUMBAI: Celestial Pictures and The Weinsten Company announced that they will be joining hands to recreate The Avenging Eagle and Come Drink with Me. These movies are owned by the Shaw Brothers Library, the largest Chinese feature film in the world.
Harvey Weinstein and David Thwaites will be the producers while Jon Fusco will be making the screenplay. This will be Celestial Pictures’ first English language adaptation of the martial arts movies from Shaw Brothers’ films.
In The Avenging Eagle, orphans are raised by a cabal master called as King Eagle who grow up to be a part of his gang of thugs called The Thirteen Eagles. But one of them starts to rebel and avenge the King Eagle. The original movie released in Hong Kong in 1978 won many accolades.
A group of thugs kidnap an official in Come Drink With Me, in exchanged for their captured leader. The official’s sister, a martial artist is sent to free him but is hit by a poisonous dart. She is then helped by a beggar, who is a Kung-Fu master in disguise. The original is a 1966 movie from Hong Kong.
The deal for The Avenging Eagle and Come Drink With Me was negotiated by Kristen Tong for Celestial Pictures with David Glasser for TWC.
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.
