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    Illinois extends tax credits for producers lensing in state

    By SHOOTUpdated:No Comments1235 Views
    In this Wednesday, Jan. 11, 2017, file photo, producer Dick Wolf attends TV Guide Magazine's "Law & Order: Special Victims Unit" 400th episode celebration, in New York. (Photo by Evan Agostini/Invision/AP, File)
    CHICAGO (AP) --

    Illinois Gov. J.B. Pritzker has signed legislation extending tax credits for film production through 2026, a move he says will attract more industry jobs to the state.

    The incentives, which give companies 30% tax credits on production costs and on salaries up to $100,000, were set to expire in 2021.

    Dick Wolf, the producer of three television shows filmed in Chicago, was at Thursday's bill signing and said he was "vastly relieved."

    Wolf said he wants "Chicago Fire," ''Chicago P.D." and "Chicago Med" to be on the air as long as his earlier creations. "Law & Order" ran for 20 seasons, and "Law & Order: Special Victims Unit" is entering its 21st season.

    Wolf said he previously told Pritzker that "if the tax credit goes, we have to go."

    Tags:Chicago FireChicago P.D.Dick Wolffilming incentivesGov. J.B. Pritzker



    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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