It’s happening: America’s $134 billion movie and TV industry has ground to a halt after the Hollywood actors union voted to strike, joining screenwriters and shutting down virtually all productions. The economic stakes in the Hollywood shutdown:
Striking Screen Actors Guild and Writers Guild of America members picket outside Netflix’s offices in Los Angeles on Friday, July 14, 2023.
including higher payouts from streaming titles and clear limits on the use of artificial intelligence. “How they plead poverty, that they’re losing money left and right when giving hundreds of millions of dollars to their CEOs,” Fran Drescher, the TV actor who now leads the SAG-AFTRA union, said Thursday. “It is disgusting. Shame on them!”given the challenges the entertainment industry faces, from streaming to fallout from the pandemic.
The remarks indicate that Iger, who oversaw some of Disney’s biggest acquisitions, may yet do more deals — albeit as a seller. The big question is: Whom will he do them with?after laying off thousands and slashing costs. Although he has headed off a challenge by activist investor Nelson Peltz, shareholders can’t be happy with Disney’s stagnating stock price.
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