Entertainment

Explaining the PGA Tour and LIV Golf’s merger

The combination of the PGA Tour and rival LIV circuit is an intriguing merger, putting an end to a long-term rivalry between Saudi Arabia’s LIV and the nonprofit PGA Tour.

WHAT IS THE DEAL PRICE?

The two golf tournament organizers agreed to the merger without pinning down financial terms, in a bid to end a long-running legal dispute. LIV had filed an antitrust lawsuit in the United States seeking punitive damages against the PGA Tour for its “tortious interference” with contracts with golfers. PGA Tour had countersued, making similar claims.

PGA Tour and LIV have now signed a framework agreement that calls for investment banks M Klein & Co. and Allen & Co. to carry out a valuation analysis of the assets of LIV and PGA Tour, respectively. It is not clear how the two sides would proceed if disagreements arise over the valuations.

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WHO WILL OWN THE COMBINED COMPANY?

A new company will be created that will be majority-owned by the existing PGA Tour, which is a nonprofit. The new company, however, will operate for profit and Saudi Arabia's Public Investment Fund (PIF), which currently owns more than 90% of LIV, will take a large minority stake in the combined entity. The exact stake that PIF will assume in the new company will depend on how much it will invest — an amount expected to be in the billions of dollars. PGA Tour and PIF will negotiate how much money the new company should start off with.

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Entertainment

Accused of rape, British comedian Russell Brand speaks of ‘distressing’ week

British comedian and actor Russell Brand on Friday spoke of an “extraordinary and distressing week” in his first public comments since rape and assault allegations were aired against him, but did not address the claims.
“Obviously it’s been an extraordinary and distressing week and I thank you very much for your support and for questioning the information you are being presented with,” he said on a video posted to his YouTube channel, which has 6.64 million subscribers.
“I need your support now more than ever, more than I ever imagined I would,” he added.
But he did not comment on the joint investigation by The Times, Sunday Times and Channel 4 television in which four women made claims of rape, sexual assaults and emotional abuse against him.
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Then on Thursday, a woman accused Brand of exposing himself to her in 2008.
Brand criticized the British government for asking tech companies to take action against him.
Denouncing what he described as “deep state and corporate collusion” and “media corruption and censorship,” he said he would post a longer video on Monday.
In a video released last week, just before the story broke, Brand, 48, denied the allegations against him, which are said to have taken place between 2006 and 2013.
He said his relationships had always been “consensual,” even during a period when he admitted he was “very, very promiscuous.”
Prime Minister Rishi Sunak’s official spokesman called the allegations “very serious and concerning.”
Sunak “has been clear there should never be any space for harassment, regardless of where it is found,” he added.
Brand’s publisher Bluebird announced that “all future publishing” with the comedian had been put on hold.
Video-sharing platform YouTube has also demonetized his content.

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Entertainment

Talks between striking Hollywood writers, studios fail for second day

Negotiators for Hollywood's major studios and striking film and television writers failed to reach an agreement to end a months-long stalemate after meeting for a second straight day on Thursday, CNN reported.

Representatives of the Writers Guild of America (WGA) and the Alliance of Motion Picture and Television Producers (AMPTP) talked for more than 10 hours, CNN said. It is unclear when they will convene again.

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Spokespeople for the WGA and the AMPTP did not immediately respond to requests for comment.

To help spark a deal, sessions on Wednesday and Thursday were attended by Walt Disney CEO Bob Iger, Netflix co-CEO Ted Sarandos, Comcast's NBCUniversal Studio Group Chairman Donna Langley and Warner Bros Discovery CEO David Zaslav, according to a source close to the studios.

Roughly 11,500 WGA members walked off the job in May to protest pay and working conditions in the streaming TV era.

The SAG-AFTRA actors union went on strike in July, putting Hollywood in the midst of two simultaneous work stoppages for the first time in 63 years.

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Entertainment

Striking writers, Hollywood studios to meet again to resolve five-month standoff

Negotiators for the striking Writers Guild of America (WGA) and Hollywood studios will meet again on Thursday to try to resolve a nearly five-month standoff that has disrupted film and television production.

The WGA and the Alliance of Motion Picture and Television Producers (AMPTP), which represents Walt Disney, Netflix and other media companies, held talks for the first time in about a month on Wednesday.

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Early on Wednesday evening, the two sides issued a joint statement saying simply: “The WGA and AMPTP met for bargaining today and will meet again tomorrow.”

To help spark a deal, Wednesday’s meeting was attended by Disney CEO Bob Iger, Netflix Co-CEO Ted Sarandos, Comcast’s NBCUniversal Studio Group Chairman Donna Langley and Warner Bros Discovery CEO David Zaslav, according to a source close to the studios.

People in the room described the session as “encouraging,” the source said, and the four executives are expected to return to the talks on Thursday.

CNBC, citing people close to the negotiations, said writers and producers were near an agreement and hoped to reach a deal on Thursday. But if a deal is not reached the strike could last through the end of the year, CNBC reported.

The WGA went on strike in May after negotiations reached an impasse over compensation, minimum staffing of writers’ rooms and the role of artificial intelligence (AI), among other issues.

The SAG-AFTRA actors union called a work stoppage in July, putting Hollywood in the midst of two simultaneous strikes for the first time in 63 years. No talks are currently scheduled between the actors and the studios.

Hollywood studios release terms of new proposal to striking writers