English Entertainment
Whit Richardson named Turner Latin America president
MUMBAI: Joel Whitten “Whit” Richardson III has been promoted to President, Turner Latin America. The announcement was made by Turner International president Gerhard Zeiler. A 23-year veteran of the company, Richardson most recently held the position of executive vice president of distribution, Turner Latin America.
In his new position, he will report to Zeiler.
Richardson has executive oversight of Turner’s regional portfolio of general entertainment, kids, sports and free-to-air brands; distribution and ad sales of those brands; the distribution of CNN’s services; and licensing and merchandising activity in Latin America.
Turner Latin America is Turner’s largest international division. Turner Latin America’s portfolio was once again the highest rated (#1) pay TV offering in Latin America in 2016* and includes an unmatched array of demographics and genres.
“Whit is a highly respected executive inside and outside Turner. I am delighted that he accepted the offer to become the next President of Turner Latin America. The company will benefit from his leadership skills and wealth of experience, especially as we navigate through a dramatically evolving media-business future demanding dynamic change,” said Zeiler.
He added: “His enduring successes in affiliate sales and marketing, in establishing our Argentina hub as a nationally-respected employer, his sharp mind, strategic approach and process-orientated management, make him the ideal choice to lead our business in Latin America; he has a clear vision of how we adapt the organization to truly become a next generation media provider.”
“I am excited for the opportunity to lead Turner Latin America, and grateful for the confidence of Gerhard and Turner’s executive management,” said Richardson. “The industry is in a time of rapid change, and Turner is uniquely qualified to lead the transformation of the media business in Latin America. We will prioritize collaboration, innovation and change as we move aggressively to position for continued growth and success.”
As executive VP of distribution, Richardson oversaw Turner Latin America’s pan-regional affiliate sales team, which is responsible for the company’s largest portfolio of networks in any region in the world. He relocated to Atlanta in 2014 from Buenos Aires, Argentina, where he served as General Manager of Turner Argentina in addition to his distribution responsibilities. As Argentina GM, Richardson was at the forefront of the company’s local expansion from 15 employees in 1998 to approximately 750 today.
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.
