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 writersโ and actorsโ 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.
โYou had Covid, which sent people home to watch streaming television and killed theaters,” Diller explained.
“Youโve had the results of huge investments in streaming which have produced all these losses for all these companies that are now kind of retrenching.
โSo at this moment, itโs kind of a perfect storm.
โWho cares about Hollywood?โ
โWho cares about it?
โBut the truth is, this is a huge business,” he noted.
โBoth domestically and for world exporters.
โBut these conditions will potentially produce an absolute collapse of an entire industry.
โEverybodyโs probably overpaid at the top end.
โThe 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 donโt.โ
Diller added that there is โno trust between the partiesโ so he fears the worst.
WATCH:
IAC Chair Barry Diller: “The Top 10 actors get paid more than the Top 10 executives โฆ As aย good faith measure, both theย executives and most-paid actorsย should take a 25% pay cut toย try and narrow theย difference between those who getย highly paid and those thatย don’t.” pic.twitter.com/aR8uvDZeVp
โ The Recount (@therecount) July 17, 2023
READ MORE – Media Mogul: Hollywood Elites Could Quickly End Strikes by Taking a ’25 Percent Pay Cut’