Netflix Co-CEO Ted Sarandos Expresses Support for Striking Writers and Actors
In a recent earnings call, Ted Sarandos, the co-CEO of Netflix, expressed his allegiance to unions and showed empathy for the striking writers and actors. However, he also mentioned that Netflix and other studios and streamers have no immediate plans to restart negotiations with either the Writers Guild of America (WGA) or the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA).
Sarandos, who grew up in a union household, shared how his father, an electrician and member of IBW Local 640, went on strike multiple times. He emphasized that strikes can have a significant impact on families, both financially and emotionally. “Nobody within AMPTP (Alliance of Motion Picture and Television Producers), SAG, or WGA took any of this lightly,” Sarandos stated during the earnings call.
Despite the ongoing strike, Sarandos assured the union members that Netflix is committed to reaching a fair and agreeable resolution as soon as possible. He emphasized the importance of reaching a deal that benefits the entire industry and allows everyone involved to move forward into the future.
While other companies such as Tesla and United Airlines reported positive earnings, Wednesday saw the Dow Jones surging. However, Netflix experienced a nearly 4% drop in stock value during early after-hours trading due to the correction of expectations and missed revenue targets, as mentioned in the earnings letter.
The statement from Sarandos exhibits Netflix’s understanding of the concerns raised by the striking writers and actors. As the strike continues, it remains to be seen when negotiations between the industry and the unions will resume and ultimately lead to a resolution that satisfies all parties involved.