DIS - No end in sight? New attempt by Hollywood CEOs to resolve strikes

2023-08-31 05:10:52 ET

Things are getting rocky over in Hollywood.

Reports suggest that a high-profile meeting between Amazon Studios ( NASDAQ: AMZN ), Disney ( NYSE: DIS ), Netflix ( NASDAQ: NFLX ), Universal ( NASDAQ: CMCSA ) and Warner Bros Discovery ( NASDAQ: WBD ) will take place today amid divisions over how to proceed to end strikes by writers and actors, which are now in Day 122 and 49, respectively.

Failing to resolve the issues could lead to "devastating effects if it is not settled soon," according to Barry Diller, former CEO of Paramount Pictures and founder of the Fox Broadcasting Company.

A programming drought will lead to canceled subscriptions and reduced capital, while triggering conditions that can potentially "produce an absolute collapse of an entire industry."

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