Barry Diller Warns Hollywood Faces ‘Absolute Collapse,’ Says Top Actors and Execs Should Take 25% Pay Cut
thewrap.com“Face the Nation,” issuing a bleak warning to Hollywood that the entertainment industry faces an “absolute collapse” if the double strike by the Writers Guild of America and SAG-AFTRA is not resolved soon. “What will happen is, if in fact, it doesn’t get settled until Christmas or so, then next year, there’s not going to be many programs for anybody to watch.
So, you’re gonna see subscriptions get pulled, which is going to reduce the revenue of all these movie companies, television companies, the result of which is that there will be no programs,” Diller told host Margaret Brennan. “And at just the time, strike is settled that you want to get back up, there won’t be enough money.”Diller, who currently serves as chairman of holding company IAC and Expedia Group, says that the unions and studios, through their labor representatives Alliance of Motion Picture and Television Producers, should agree to reach a settlement by September 1. “The truth is, this is a huge business both domestically and for world export,” he said. “It sounds like I’m crying to the skies.
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