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 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.
