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Hollywood icon Paramount agrees $28bn merger deal

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One of Hollywood’s oldest companies, Paramount Global, has agreed to merge with independent film studio Skydance Media.

Under the deal, Paramount’s non-executive chair Shari Redstone will sell her family’s controlling stake in the company in a complex transaction that will result in a new firm worth around $28bn (£21.9bn).

It marks the end of an era for the Redstone family, whose late patriarch, Sumner Redstone, transformed a chain of drive-in cinemas into a vast media empire.

As well as Paramount, the group includes the television networks CBS, Comedy Central, Nickelodeon and MTV.

“Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment,” Ms Redstone said in a statement.

According to the company its TV channels have a global reach of over 4.3 billion subscribers across more than 180 countries.

The merger would combine Paramount, home of classic films such as Chinatown and Breakfast at Tiffany’s, with its financial partner on several recent big releases, including Top Gun: Maverick and Star Trek Into Darkness.

Under the agreement, Skydance will invest around $8bn in Paramount, including paying $2.4bn for National Amusements, which controls the group.

National Amusements owns just 10% of Paramount Group’s shares but accounts for almost 80% of its voting rights.

Paramount said it expected to close the deal by the summer of next year.

Paramount Global traces its origins back more than a century to the founding of Paramount Pictures Corporation in 1914.

The studio has made many hit films, including the Godfather, Star Trek, and Mission: Impossible series.

But the entertainment giant has struggled over the past decade. Paramount Global’s shares have fallen by more than 75% in the last five years.

Skydance is owned by David Ellison, the son of Larry Ellison, who founded US technology giant Oracle.

The announcement came after eight months of negotiations that saw Redstone holding talks with a number of potential partners including Sony and private equity firm Apollo.

In April, Paramount’s chief executive Bob Bakish left the company after clashing with Ms Redstone over the planned Skydance deal.

The deal comes as the global entertainment industry is being transformed by the video-streaming revolution.

(BBC News)

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Replica Harry Potter swords broke Japan weapons law

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Replicas of a sword featured in the Harry Potter film franchise have been recalled in Japan for violating the country’s strict weapons law.

The full-sized replicas of Godric Gryffindor’s sword – which measure 86cm (34 inches) and are affixed to a wooden display plaque – were sold by Warner Bros. Studio Japan LLC from May 2023 to late April of this year.

But it was only in November that authorities told the company those pieces were sharp enough for people to be categorised as an actual sword.

More than 350 replicas of Godric Gryffindor’s sword were sold, reports add, with each one going for 30,000 yen ($200; £158).

The sword was sold at the Warner Bros. Studio Tour Tokyo: The Making of Harry Potter, which opened in 2023 in Tokyo. It is billed as the first such studio tour in Asia and the largest indoor Harry Potter attraction in the world.

Warner Bros. Studios Japan LLC has published a recall notice for the sword on its site, citing “a distribution issue in Japan” and requesting people who bought it to get in contact for “necessary action including logistics and refund”.

The company did not respond immediately to the BBC’s request for comment.

Under Japan’s strict weapons law, carrying knives over 6cm (2 inches) is banned, with violators facing up to two years in prison. Replicas that are sharp enough to be classified as swords under the Firearms and Swords control law must be registered with authorities – unless the swords are meant for training or decoration and cannot be sharpened.

Japan has very low levels of violence, though crimes involving weapons do occasionally take place.

Last year, a 78-year-old man was arrested in Yokohama after attacking his neighbour with a ceremonial samurai sword during an dispute. In 2017, a samurai sword was found along with other knives in a Tokyo shrine after an attack that left three people dead.

(BBC News)

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Enchanting evening of traditional Japanese music held in Colombo

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The Embassy of Japan in Sri Lanka hosted a traditional Japanese musical concert at its premises on Nov. 26.

This special event celebrated traditional Japanese music, showcasing the incredible talents of two renowned Japanese musicians, Mr. Shogo Hiyoshi and Mr. Koga Michio.
Mr. Hiyoshi captivated the audience with his mastery of the koto and sangen, while Mr. Koga mesmerized everyone with the soulful melodies of the shakuhachi. The harmonious blend of these traditional instruments provided a rare and authentic experience of Japan’s rich musical heritage.

This event not only promoted cultural exchange between Japan and Sri Lanka but also strengthened the strong bilateral ties between the two nations, the embassy adds.

The musicians

Mr. Hiyoshi Shogo is a master of the Ikuta-ryu school of koto and sangen music. Today he plays both koto and sangen. In addition, he plays the kokyu, a Japanese 3-stringed bowed instrument, and the Heike-biwa, which is believed to be an ancestor of the sangen.

He has been a guest lecturer at Tokyo University of the Arts since 2023. He has performed overseas, with his international debut in Reykjavik, Iceland in 2009, followed by Italy, France, Switzerland, Poland and so on.

Mr. Koga Michio is the former chairman of Metatechno Inc., the parent company of LNBTI.

Koga Michio started learning shakuhachi almost 50 years ago at Kochiku-kai, a shakuhachi club at Waseda University. He received his stage name, Chikusuke, when he achieved the status of master of the Kinko-ryu shakuhachi school ten years ago.

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South Korean star’s baby scandal sparks national debate

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A South Korean actor’s revelation that he fathered a child with a woman to whom he is not married has triggered a national debate over celebrity conduct and non-traditional family structures.

Jung Woo-sung, a 51-year-old A-lister in South Korea’s film industry, confirmed via his agency on Sunday that he is the father of 35-year-old model Moon Ga-bi’s newborn son.

While Jung pledged to “fulfil his responsibilities” as the father, his silence on whether he plans to marry Moon drew fierce backlash in the conservative country where births outside marriage are seen as taboo.

But some progressive voices have defended Jung, noting a shift in South Korea’s attitudes towards diverse family structures.

Moon announced her child’s birth via Instagram on Friday, without mentioning the father, describing the pregnancy as “unexpected” and saying she had been “completely unprepared for the sudden news”.

Two days later, Jung’s agency Artist Company released a statement confirming that “the baby Moon revealed on her social media is Jung Woo-sung’s son”.

The statement further noted that Jung and Moon were “discussing the best way to raise the child”.

It triggered outrage that quickly spread across the country, triggering a slate of opinion pieces in tabloids, spurring online debate and eliciting comments from national politicians.

Online, the response was largely critical towards Jung, whose prolific film career has made him a household name in South Korea.

Many commentators seemed to believe the actor had tarnished an otherwise upstanding and squeaky clean image, with some expressing disappointment that the former United Nations High Commissioner for Refugees ambassador “can’t accept his own child”.

“Jung Woo-sung is pretending to be a good guy saying he will fulfil all his duty… A child does not grow on money alone,” wrote one commenter on Naver News, South Korea’s largest news aggregate website.

“It’s not a problem not marrying after having a child. It’s that he pretended to be such an ethical person so far,” wrote another.

Speaking to conservative news outlet JoongAng, an unnamed lawmaker from the right-wing People Power Party described Jung’s decision to have a child outside marriage as “something unthinkable in this country of social mores”.

“No matter how much the times are changing, Korea’s tradition and public sentiment must be kept (righteous),” the lawmaker said.

A recent social survey by South Korea’s statistics agency found that 37% of people believed it was acceptable to have a child outside marriage – an almost 15% increase since 2012.

Of those who said marriage was necessary, more than 72% were above the age of 60 – with younger respondents increasingly less likely to take that view.

Other lawmakers have defended Jung, with Lee So-young, a member of the Democratic Party of Korea, saying that “deciding to live with someone is a deeply personal and existential choice”.

“To assume that simply having a child obligates people to marry and take on the duties of cohabitation and mutual support feels suffocating,” Lee wrote on Facebook on Tuesday.

“Of course, there’s nothing wrong with being ‘normal’… [But] even if society appears to have a standard of ‘normal’, every life is unique in its own way.

“Perhaps a better society is one that accepts and respects such differences without judgment,” she added. “That’s what I believe.”

Kyunghyang, a progressive major newspaper, put out an editorial piece noting that while some voices have pushed for traditional values, “also rising is the voice that our society must think of the diverse shapes families take”.

“It makes one hope that celebrities having babies outside of marriage, like Jung and Moon, will help change the public view which today is against [such] births.”

South Korea has a notoriously high-pressure entertainment industry, with celebrities often held to inordinately high social standards and placed under extreme scrutiny.

(BBC News)

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