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ICYMI: Even Wall St. Isn't Feeling It
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Barbenheimer might have given the town a badly-needed boost, but as the high fades, it’s back to the reality of an industry shut down.
And people are asking, is the plan here really to just wait it out until everyone is exhausted and broke?
You know things are truly upside-down when Wall Street analysts are sounding… pro union! From contributing editor Claire Atkinson’s big news-making piece this week:
Despite criticisms from Hollywood leaders about poor timing of the strikes, some Wall Street analysts see the wisdom of a fast settlement.
Michael Pachter, research analyst at Wedbush Securities, is more pointed: “The market thinks all of the corporate bosses are idiots, and generally sides with the unions.”
He adds: “Higher pay might be difficult to endorse, but protections for residual uses of content and against AI make perfect sense to most people, and the media companies are intransigent and unapologetic.”
Read her interviews with more analysts here:
In further sign that the writers strike seems nowhere near resolution, Elaine Low broke news this week of an extraordinary measure: One Day at a Time co-showrunner Mike Royce and Handmaid’s Tale co-showrunner Yahlin Chang delivered an in-person warning about entertainment stocks to CalSTRS, which, with $315.6 billion under management, calls itself the “largest teachers’ retirement system and second largest public pension fund in the nation.”
Mike Royce and WGA negotiating committee member Yahlin Chang spoke to the California State Teachers’ Retirement System (CalSTRS) today to tell its board that “the strike exposes your investments to financial risk” and that the AMPTP has been absent from the negotiating table because it wants “to keep their labor costs at rock bottom, while their CEOs hold a race to see who can build the biggest yacht.”
Video of their testimony and the story can be found exclusively at Strikegeist.
Our anonymous Business Affairs Exec made waves when he shared his inside confessions a few weeks back. This week, he returned to offer thoughts on writers’ rooms and mini-rooms, miscalculations along the way, and suggestions of how to break the impasse:
Meanwhile, streaming got us into this mess, and Barbenheimer is a reminder of how to get out of it. In his latest, Richard called on an industry to smash the firehose and remember what show people can achieve!
And find Elaine out on the pickets as she writes her daily coverage, or drop her a line at Elaine@theankler.com.
☀️ 5 Days of The Wakeup
Sean McNulty told the continuing story of the business through earnings calls this week: Peacock continued its staggering losses (but is yet a speck in the Comcast universe); and even Spotify can’t find a way to make money. This week, more biggies are up… Warner Bros. Discovery, Amazon, Apple, AMC Networks and Cinemark. Check in with Sean for the best breakdowns in the business (btw, you can read the Comcast newsletter below for FREE).
🎧 This Week in Podcasts
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🔎 The Optionist
IP Picks: A #Girlboss Under the Microscope Plus, a lighthearted supernatural whodunit and a survivalist experiment gone wrong