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    Director Ermanno Olmi, winner of ’78 Palme d’Or, dies at 86

    By SHOOTUpdated:No Comments1487 Views
    In this Tuesday, Sept. 6, 2011 file photo director Ermanno Olmi poses for the photo call of the movie 'Il Villaggio di Cartone' at the 68th edition of the Venice Film Festival in Venice, Italy. (AP Photo/Andrew Medichini, File )
    ROME (AP) --

    Ermanno Olmi, one of the giants of Italian cinema who won the top award at Cannes for "The Tree of Wooden Clogs," has died at age 86.

    Olmi died Monday in the northern Italian city of Asiago, where a day of mourning is planned for his funeral, Mayor Roberto Rigoni Stern told the ANSA news agency.

    Condolences poured in from Italian Premier Paolo Gentiloni and Culture Minister Dario Franceschini, who praised Olmi's "poetry," that explored the relation between man and nature, work and spirituality.

    Olmi's "L'Albero degli Zoccoli" (The Tree of Wooden Clogs), about life on a Lombardy farm at the end of the 19th century, won the 1978 Palme d'Or at the Cannes Film Festival. In 2008, he was honored with a Career Golden Lion at the Venice Film Festival.

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    DirecTV calls off acquisition of rival Dish, possibly ending a yearslong pursuit

    Friday, November 22, 2024
    Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. (AP Photo/Paul Sakuma, File)

    DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.

    The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively.

    The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September.

    DirecTV was looking to acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8 billion in debt. The deal was contingent on several factors, including regulatory approvals and bondholders writing off debt related to Dish.

    "While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," DirecTV CEO Bill Morrow said in a statement.

    The prospect of a DirecTV-Dish combo has long been rumored, and reported talks resurfaced over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked the deal valued at the time at $18.5 billion deal, citing antitrust concerns.

    The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.

    DirecTV says that it will continue to invest in next-generation streaming platforms and offer new packaging options while integrating content from live TV alongside direct-to-consumer... Read More

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