Hollywood Studios Hoped to End the Strike. They Couldn’t Close the Deal.
After a brief moment of optimism, nobody has any idea when the Hollywood strikes will end.
Writers Guild of America and Screen Actors Guild members and supporters on a picket line outside Netflix Sunset Bronson Studios in Los Angeles, California, US, on Friday, Aug. 11, 2023.
Photographer: David Swanson/BloombergWhen I wrote about the challenging deal climate last week, I omitted two deals that could happen. Hollywood talent giant Creative Artists Agency is inching towards a sale. The company would like to sell for upwards of $7 billion, but it’s still not clear if it will get that sum. It was worth $5 billion just a year ago.
While talks continue, the firm is starting to think about how it will reward its top agents and incentivize them to stay. Agents will likely be able to sell some of their equity — less than 50% but enough to get paid. A small circle of agents will also need to agree to renew their contracts for another few years.