SAG-AFTRA has released a statement on the Warner Bros.-Netflix agreement to negotiate an $82.7 billion acquisition deal, promising a “complete and thorough analysis” of its details as it prepares a more thorough response.
Over the past three months as Warner Bros. Discovery has gone on the acquisition block, Hollywood’s unions have been largely silent. Insiders at the unions told TheWrap that labor officials were waiting to see which major Hollywood company would win WBD CEO David Zaslav’s bidding war before taking public action.
Now that WBD has settled on Netflix’s mostly cash $82.7 billion offer, all of Hollywood’s guilds have come out of the woodwork with statements ranging from the Directors Guild’s promise to meet with Netflix to discuss Warner’s future to full-throated condemnations by the Writers Guild and Teamsters, both of which have publicly opposed other media mergers in the past.
“A deal that is in the interest of SAG-AFTRA members and all other workers in the entertainment industry must result in more creation and more production, not less,” the actors’ union’s statement read. “It must do so in an environment of respect for the talent involved.”
The union also warned that the potential Netflix-Warner transaction raises “serious questions” about the impact on the entertainment industry and the creative talent “whose livelihoods and careers depend on it.”
The WGA said the impending merger is “what antitrust laws were designed to prevent.” They added that if ratified the merger would eliminate jobs, lessen wages and worsen conditions for its members. The DGA echoed these sentiments, saying the historic deal raises “significant concerns” for the organization. The guild stated it plans to meet with Netflix to express its concerns and understand the streaming giant’s vision post-merger.
The full statement from SAG-AFTRA can be read below:
“The potential Netflix/Warner Bros transaction is a consolidation that may serve the financial interests of shareholders of both companies, but which raises many serious questions about its impact on the future of the entertainment industry, and especially the human creative talent whose livelihoods and careers depend on it.
“This $82B transaction reaffirms the true value of legacy media companies and the long-term economic prosperity they create due in large part to the contribution of the creative talent who are at the core of their success.
“A deal that is in the interest of SAG-AFTRA members and all other workers in the entertainment industry must result in more creation and more production, not less. It must do so in an environment of respect for the talent involved.
“Any decision about SAG-AFTRA’s position on this transaction will be made with the best interests of SAG-AFTRA members as the standard and following a complete and thorough analysis of the details of the deal, with particular focus on jobs and production commitments.”
