New York State Comptroller Thomas DiNapoli has penned letters to the major studios calling for them to “work towards an expeditious settlement” with SAG-AFTRA and the Writers Guild of America amid the unions’ historic double strike.
The letters, which are addressed to Apple, Amazon, Paramount Global, Netflix, Disney, Comcast, Sony and Warner Bros. Discovery, warn that the SAG-AFTRA strike has the “potential to delay or cancel productions, resulting in reduced revenue or other operational difficulties for your company” and that the WGA strike “further compounds these potential risks.”
They also state that the negative publicity the studios have received could “have a detrimental impact on consumer sentiment, potentially damaging the company’s reputation and financial performance.”
DiNapoli’s letters note that the 1980 SAG-AFTRA strike halted production on several popular television series and feature films, costing the industry $40 million per week, citing public reports.
DiNapoli serves as trustee of the New York State Common Retirement Fund, one of the largest public pension funds in the United States, which holds and invests the assets of the New York State and Local Retirement System on behalf of its 1.1 million members, retirees and beneficiaries.
As of March, the fund held positions in Apple, Amazon, Netflix, Disney, Comcast Warner Bros. Discovery, Paramount Global and Sony, according to its latest 13F filing with the U.S. Securities and Exchange Commission.
“Based upon the Fund’s experience as a long-term investor, we believe that the ability to establish and maintain constructive relationships with workers is a hallmark of a company with a sound, sustainable and profitable long-term strategy,” he added. “Conversely, labor disputes can pose financial, legal and reputational risks for companies.”
He noted that the settlement needs to be made on “terms that are fair to both labor and management and will allow the company to move forward in a productive relationship with its employees, its communities and its customers.”
A spokesperson for the Alliance of Motion Picture and Television Producers told TheWrap that the studios “remain committed to finding a path to mutually beneficial deals for both unions.”
