The Academy of Motion Picture Arts and Sciences announced that Jennifer Todd has won the runoff election for the open Producers Branch seat on the 2018–19 Board of Governors. Todd joins incumbents Albert Berger and Mark Johnson in representing the branch and will assume her post as of July 1.
Todd and Jason Blum tied for the seat in the Board election last week, and Producers Branch members were asked to vote in the runoff. This is the fourth time in Academy history that a tie occurred in the balloting. Runoff elections were held in 2009 in the Directors Branch, 2015 in the Writers Branch, and 2016 in the Film Editors Branch.
The Academy’s 17 branches are each represented by three governors, who may serve up to three consecutive three-year terms. The Board directs the Academy’s strategic vision, preserves the organization’s financial health, and assures the fulfillment of its mission.
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
