English Entertainment
Prisoners of War sells into Asia
MUMBAI: Keshet International, the global distribution arm of Keshet Media Group, has sold its successful drama Prisoners of War, on which Emmy® Award winner Homeland is based, to Korea’s Star J Entertainment, marking its entry to a fourth continent worldwide.
The local adaptation of the show will be produced in partnership by Youngbeom Jeong, Sebastian Lee and Teddy Zee, Nam-gil Kim is also attached to star. He is best known for his role of Bidam in the hit Korean drama Queen Seondeokand stars in the film Pirates: The Bandit goes to the Seathat will be released later this year.
Prisoners of Warscooped the top prize at the Seoul International Drama Awards in September 2013 beating its US adaptation Homeland, the eighth season of US series House and several other high profile international dramas for the Grand Jury Prize.
Keshet Internationalhas enjoyed unprecedented international success with Prisoners of War having brokered deals for local adaptations in territories like Russia (WeitMedia), Turkey (Medyapim) and the US (Fox21 and Showtime – Homeland). The finished show has sold to more than 20 territories including the UK (Sky Arts), Australia (SBS), Brazil (Globosat), Arte (German and French-speaking Europe) and Norway (NRK). Prisoners of War is also available on several streaming and VOD platforms such as Hulu, Netflix Scandinavia, Universal Pictures German-speaking Europe and iTunes Canada as well as through a range of physical DVD partners worldwide.
In 2012 author Stephen King included Hatufim (season one) at number 8 in his top 10 TV shows of the year.* In 2013 The New York Times placed Hatufim (season two) at number 2 in its top 12 TV shows of the year.**
Teddy Zee, Hollywood-based producer and former studio executive, said “We believe that the ongoing conflict between South Korea and North Korea makes the adaptation of Prisoners of Warespecially compelling and timely.”
Sebastian Lee, producer, co-founder of EnterMedia Contents and international consultant for ABC Networks added, “With this cooperation with Keshet, we hope to expand the influence of the so-called Korean Wave in Asia and beyond.”
Alon Shtruzman, CEO Keshet International, said, “We are very excited about the first Asian adaptation of Prisoners of War, I look forward to seeing how the Koreans interpret this incrediblestory. It’s a gem in our portfolio which is continuously evolving and extending its lifecycle internationally.”
Youngbeom Jeong, CEO of Star J Entertainment shared, “This production represents a dream come true for my partner and client Nam-gil Kim.”
Prisoners of War follows two soldiers as they attempt to re-adjust to their lives after returning home from captivity for 17 years. In addition to their personal struggles, it becomes clear that there is a profound secret that the two are keeping from everyone. The first season was the highest-rated drama of the year in Israel in 2011, achieving a 37% share (HH). Season two launched on Keshet Channel 2 in 2012, and scored a 40% average share, making it the most viewed drama of the year and peaking with an incredible 47.9% audience share during the season two finale.
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.
