‘Idiots’: Wall Street Analysts Unload on Hollywood
Sympathy is in short supply for the town’s CEOs as earnings season kicks off.
Via The Ankler:
Despite criticisms from Hollywood leaders about poor timing of the strikes, some Wall Street analysts see the wisdom of a fast settlement.
Michael Pachter, research analyst at Wedbush Securities, is more pointed: “The market thinks all of the corporate bosses are idiots, and generally sides with the unions.”
He adds: “Higher pay might be difficult to endorse, but protections for residual uses of content and against AI make perfect sense to most people, and the media companies are intransigent and unapologetic.”
Indeed, it’s hard to find anyone on the analyst side feeling warm and fuzzy toward Hollywood right now.
“Investors were down on the media sector before the strikes and this hasn’t helped,” says James Dix, a former Wedbush analyst now covering the TMT sector with CryptoOracle, a New York-based investment advisory.
The market thinks all of the corporate bosses are idiots. Here are just a few people who agree with that sentiment.
They say they don’t want a strike … then refuse to negotiate because their plan is to “break the WGA.”
They say union members are being “unrealistic” … while collecting salary and income in the tens of millions of dollars.
They say they grew up in a union household … then piss on current union members.
Their public comments are tone deaf. Their fiscal analysis is wrong. Their strategy of holding out is stupid.
I suppose it’s one thing for the president of SAG-AFTRA to call an AMPTP company president an “ignoramus.” You sorta expect that type of rhetoric coming from union members.
But when Wall Street analysts start tossing around the word “idiot” about “corporate bosses” …
Maybe those “idiots” will actually start listening to reason.
For the rest of The Ankler article, go here.
For the latest updates on the strike and news resources, go here.
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