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    Director Zhang Yimou sues ex-production partner for $2.5M

    By SHOOTUpdated:No Comments816 Views
    In this July 2, 2015 photo, movie director Zhang Yimou speaks at a press conference of his latest movie “The Great Wall” at a hotel in Beijing. (AP Photo/Andy Wong)
    BEIJING (AP) --

    Chinese director Zhang Yimou has sued a production company that he has worked with for more than a decade, seeking 15 million yuan ($2.5 million) he says he is owed as his share of the distribution money of one of his movies.

    His lawyers argued Tuesday at Beijing Chaoyang District Court that Zhang hadn't received his share of money for his 2009 film "A Woman, a Gun and a Noodle Shop," a dark comedy about a noodle shop owner scheming to murder his wife and her lover.

    In its defense, Beijing New Picture Film Co. argued that Zhang started his lawsuit in 2014, after a deadline expired, the court said on its microblog.

    Zhang and the production company have worked together on many films, including two of Zhang's best-known: "House of Flying Daggers" and "Hero."

    Zhang wasn't in court for the hearing, and the court didn't say when the judgment would be announced.

    Zhang is making his first English-language film, a $150 million Chinese-Hollywood fantasy movie "The Great Wall" starring Matt Damon. It's due to be released late next year.

    Tags:Beijing New Picture Film Co.Zhang Yimou



    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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