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No Deal Yet as Hollywood Writers, Studios Talk for Third Straight Day

SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, US, July 25, 2023. REUTERS/Mike Blake/File Photo
SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, US, July 25, 2023. REUTERS/Mike Blake/File Photo
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No Deal Yet as Hollywood Writers, Studios Talk for Third Straight Day

SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, US, July 25, 2023. REUTERS/Mike Blake/File Photo
SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, US, July 25, 2023. REUTERS/Mike Blake/File Photo

Striking Hollywood writers and top studio executives met for a third straight day on Friday, ending with a decision to continue talks on Saturday as they try to end a work stoppage that has shut down film and TV production for months.
While workers across the entertainment industry waited for word of the outcome, no agreement was announced as the strike reached its 144th day.
The WGA said in a statement early on Saturday that the two sides would meet again on Saturday, Reuters reported.
Walt Disney CEO Bob Iger, Netflix Co-CEO Ted Sarandos, Warner Bros Discovery CEO David Zaslav and Donna Langley, chairman of Comcast's NBCUniversal Studio Group, took part in the talks with the Writers Guild of America (WGA) for a third day.
Representatives for the Alliance of Motion Picture and Television Producers, which represents the studios, had no comment.
While the two sides met, union members turned out in large numbers in response to an appeal from WGA negotiators on Thursday to flood picket lines outside the studios.
In the crowd outside Netflix on Friday was "Mad Men" creator and writer Matthew Weiner, who like others voiced optimism that the recent talks signaled progress was being made.
"I'm hopeful," Weiner said of the possibility that the strike could be coming to an end. "I would like to go back to work and I would like to start mending these relationships."
Roughly 11,500 WGA members walked off the job in May, demanding higher pay and residuals in the streaming TV era plus limits around the use of artificial intelligence.
Producer and WGA member Al Septien, also picketing outside Netflix on Friday, said he wanted to get back to work, but only under the right terms.
"We've been out here a long time. We don't want to fold for a less-than-fair and good contract for the writers,” he said.
The SAG-AFTRA actors union also is on strike after walking off the job in July.

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Netflix Shares Rise as Rosy Outlook Calms Investors’ Nerves amid Tariff Fears

In this Nov. 4, 2017, file photo, the logo of entertainment company Netflix is pictured in Paris. (AP)
In this Nov. 4, 2017, file photo, the logo of entertainment company Netflix is pictured in Paris. (AP)
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Netflix Shares Rise as Rosy Outlook Calms Investors’ Nerves amid Tariff Fears

In this Nov. 4, 2017, file photo, the logo of entertainment company Netflix is pictured in Paris. (AP)
In this Nov. 4, 2017, file photo, the logo of entertainment company Netflix is pictured in Paris. (AP)

Netflix shares rose about 3% in premarket trading on Monday as the streaming giant's upbeat annual revenue outlook reassured investors that it could withstand any economic downturn amid a tariff laden economic climate.

The company's co-CEO Greg Peters noted that the entertainment sector, and Netflix specifically, had proven resilient during previous downturns.

Peters said they had not seen any significant shifts in customer behavior, after the company reported first-quarter earnings above analysts' expectations on Thursday.

Netflix also reaffirmed its 2025 revenue forecast of between $43.5 billion and $44.5 billion.

These remarks offered some respite to investors who were worried that President Donald Trump's tariff policies could likely lead to a recession, forcing consumers to rein in spending on streaming services.

"Even in a global recession scenario, Netflix is likely to be highly resilient given the price-to-value of the service remains very attractive," said Jeffrey Wlodarczak, an analyst at Pivotal Research Group, who is five-star rated for both estimate accuracy and recommendation performance, as per LSEG data.

"Their advertising business should demonstrate strong growth in any scenario given its nascent state," Wlodarczak said.

The lower-priced, ad-supported tier accounted for 55% of new sign-ups in countries where it is available, Netflix said.

"While advertising is a small portion of the business today, the longer-term prospects are notably robust...while investments in ad-tech capabilities should drive healthy growth for years to come," BofA Global Research analysts said.

Earlier this month, the Wall Street Journal reported that Netflix aims to double revenue from $39 billion in 2024 and earn about $9 billion in global ad sales by 2030.

The company has upped the ante on delivering steady revenue growth as it ceased reporting subscriber data from this year, leaving Wall Street with fewer metrics to gauge its health.

Peers Walt Disney and Warner Bros Discovery shares were down under 1% each in premarket trading.

At least seven brokerages raised price target for Netflix following its results, bringing the median target to $1,147.50, according to data compiled by LSEG.