English Entertainment
NBC orders ‘Allegiance’ to series
MUMBAI: NBC has ordered to series the spy drama Allegiance from writer George Nolfi (THE ADJUSTMENT BUREAU, THE BOURNE ULTIMATUM, OCEAN’S TWELVE), who also directed the pilot episode. The show is adapted from the original award-winning Israeli series MICE (Gordin Cell), which is produced by Tedy Productions for Israeli satcaster YES and Keshet Broadcasting, and distributed internationally by Keshet International.
Allegiance is executive produced by Nolfi and Keshet Media Group CEO Avi Nir (Homeland) along with Yona Wisenthal from Yes and creators of the original Israeli show Ron Leshem, Amit Cohen and Giyora Yahalom. The series is a production of Universal Television, Keshet Media Group and YES.
In Allegiance, Alex O’Connor, a young idealistic CIA analyst specializing in Russian affairs, learns a shocking secret and his close-knit, affluent family is about to be split apart when its revealed that his parents, Mark (Scott Cohen, Necessary Roughness) and Katya (Hope Davis, The Newsroom, In Treatment) are covert Russian spies deactivated decades ago. But today the Kremlin has re-enlisted them into service as they plan a terrorist operation inside the U.S. border that will bring America to its knees. Years ago, Russian-born Katya was tasked by the KGB to recruit American businessman Mark O’Connor as a spy and the two fell in love. A deal was struck: as long as Katya remained an asset for Russia, and it was agreed that her services could be called on in the future, she would be allowed to marry Mark and move to America. After years in America building a happy life and without word from Moscow, they thought they had escaped. Now it seems that the new Mother Russia has one more mission — turning Alex into a spy. For these anguished parents, the choice is clear: Betray their country or risk their family.
Allegiance is the latest show from Keshet to be ordered to series in the US, following Tim Kring and Gideon Raff’s international thriller series Dig starring Jason Isaacs and Anne Heche for USA Networks; Tyrant, from Fox 21 of which Keshet is an executive producer, the David Yates-directed drama from Homeland executive producers Howard Gordon and Gideon Raff and Six Feet Under alum Craig Wright, for FX; and a fourth-season greenlight of the Emmy and Golden Globe® award-winning spy drama Homeland for Showtime.
The Israeli original was created by Ron Leshem, Amit Cohen, Giora Yaalom and Danni Sirkin and produced by Tedy productions headed by Tmira Yardeni.
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.
