Hollywood
World Film Premiere Festival to coincide with International Film Expo in Manila
NEW DELHI: A World Premiere Film Festival is to be launched by the Film Development Council of the Philippines (FDCP) in June next year to coincide with the annual International Film Expo (IFX)
The inaugural edition will host 25 to 30 feature films including a 12-film competition and a programme of films from ASEAN countries. Organisers expect that the competition films will be world premieres or, at least, Asian premieres.
The festival has already struck a partnership with the Shanghai International Film Festival, which will next year screen a programme of films from the Philippines. The Manila event will be hosted either before or after SIFF.
WPFF will be hosted at SM Mall of Asia and at the new SM Aura in Metro Manila’s Taguig City, which includes a 449-seat IMAX screen.
The festival also hopes to introduce a distribution component so that films have a life after the festival.
According to FDCP Head Briccio G. Santos, he is already in talks with various embassies in Manila – including those of Italy and Spain – to secure films to broaden the range of foreign films reaching local cinemas.
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.
