Media mogul Barry Diller has doomed Hollywood by warning that the entertainment industry is facing “absolute collapse” amid the multiple union strikes. During an interview with CBS, Diller stated that, if the writers’ and actors’ strikes are not resolved soon, Hollywood may never recover.
Diller, who previously served as CEO for Paramount and 20th Century Fox, issued the warning amid the SAG-AFTRA and Writers Guild of America strikes.
According to Diller, the multiple strikes have emerged during a “perfect storm” that could spell doom for Hollywood.
“You had Covid, which sent people home to watch streaming television and killed theaters,” Diller explained.
“You’ve had the results of huge investments in streaming which have produced all these losses for all these companies that are now kind of retrenching.
“So at this moment, it’s kind of a perfect storm.
“Who cares about Hollywood?”
“Who cares about it?
“But the truth is, this is a huge business,” he noted.
“Both domestically and for world exporters.
“But these conditions will potentially produce an absolute collapse of an entire industry.
“Everybody’s probably overpaid at the top end.
“The one idea I had is to say, as a good faith measure, both the executives and the most-paid actors should take a 25 percent pay cut to try and narrow the difference between those who get highly paid and those that don’t.”
Diller added that there is “no trust between the parties” so he fears the worst.
WATCH:
IAC Chair Barry Diller: "The Top 10 actors get paid more than the Top 10 executives … As a good faith measure, both the executives and most-paid actors should take a 25% pay cut to try and narrow the difference between those who get highly paid and those that don't." pic.twitter.com/aR8uvDZeVp
— The Recount (@therecount) July 17, 2023