California Treasurer Fiona Ma has penned letters to the CEOs of major Hollywood studios, urging them to engage in negotiations with the Writers Guild of America and Screen Actors Guild to put an end to the ongoing strikes that have paralyzed the entertainment industry. The announcement was made on Thursday.
In her capacity as treasurer and a board member of state pension funds for public workers and teachers, Ma reached out to seven companies, including Netflix, Walt Disney Co., Comcast, Warner Bros. Discovery, Apple, Paramount Global, and Amazon. She highlighted the studios’ lack of meaningful negotiations and the financial damage caused by the impasse, which has put retiree investments at risk. Ma emphasized the need for resolution to protect the sustainability of careers in writing, acting, and other positions in California.
The impact of the strikes is not limited to Hollywood but extends throughout the state, affecting various businesses, pension fund beneficiaries, and millions of Californians. The Writers Guild of America strike that began in May has been joined by actors represented by SAG-AFTRA since July.
Although the studios met with the Writers Guild of America on August 22, the negotiations proved fruitless, with the union criticizing the Alliance of Motion Picture and Television Producers’ offer as inadequate. No known contract talks have taken place between AMPTP and SAG-AFTRA yet.
Ma emphasized the potential economic losses for California, which could amount to billions. The previous shutdown between studios and writers from 2007 to 2008 was estimated to have cost the state over $2 billion. It is crucial to resolve the current stalemate to prevent similar consequences.
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