English Entertainment
US-based International Channel targets Asians
MUMBAI: As the next step in US broadcaster International Channel’s strategic evolution to focus entirely on the burgeoning Asian audience in the US, the broadcaster will undergo a
complete channel re-branding and reprogramming excercise.
One of its aims will be to include increasing its English-accessible Asian programming, to better reflect this audience. These changes will debut early in the second quarter of the year. Since the last quarter of 2004, the amount of European and Middle Eastern language programming on International Channel has been decreasing and will completely disappear in the second quarter of this year. However, International Channel Networks will continue to feature programming for these audiences, as well as more in-language Asian product, through its premium networks and On Demand services. ln December 2004 International Channel had signed licensing agreements with Mirovision a major distributor for nine Korean films and Central Park Media for seven anime titles.
International Channel Networks MD Steve Smith said, “Our goal is to create a destination network for and about Asian Americans by continuing to build on the existing channel and the success of the two-year old Asia Street programming block. International Channel Networks is uniquely positioned to relaunch and market this channel, given its expertise in the cable industry coupled with 10 plus years working locally in the Asian communities around the country.”
International Channel had first targetted the English-speaking Asian American audience when it launched its Asia Street block of primetime programming three years ago. Asia Street has consisted of films, anime, music videos and new originals aimed at a younger audience. While this type of programming will expand, Smith noted that the schedule would still offer programmes such as news and dramas that have historically aired on the channel in various Asian languages to serve the first-generation older immigrants.
The broadcaster will be helped with the re-branding process by Woo Art International a New York-based communications design and production company which was recently retained by International Channel Networks’ marketing department.
The channel’s new focus also is intended to attract new advertisers. International Channel Networks VP ad sales Bill Georges said, “With Asians being the fastest growing, most affluent and youngest ethnic group in the US, this is a highly desirable audience for advertisers and the new format for International Channel will be much simpler to understand and make it easier for advertisers to reach the entire Asian audience.”
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.
