The Movies1 Blog

The new “peace” contract with the US film producers’ body AMFTP following the long Hollywood strike has been officially ratified by the actors’ union SAG-AFTRA, with the following key details: A 78% majority voted in favour. The voter turnout was 38%. The agreement is valid until June 2026. Fran Drescher, the president of the union, said: "This agreement stands as a significant triumph for working performers, signifying the beginning of a new era in the industry. Achieving this milestone was undeniably a collective endeavour." The AMFTP added, "With this decisive vote, the industry and the jobs it sustains are poised to make a full-fledged return."

  Paramount is grappling with significant financial difficulties, closely monitored by S&P Global as they scrutinize the company's credit rating. Naveen Sarma, the Managing Director and Sector Lead for the U.S. Media and Telecom Sectors at S&P, has expressed concerns about Paramount's diminished cash flows resulting from the transition from linear TV to streaming. The company's ad revenue has experienced a substantial 6.6% decline, significantly falling short of quarterly estimates. Consequently, Paramount+ has raised its prices. Adding to the financial pressure is the impending $2 billion payment to the NFL for media rights. Paramount's predicament mirrors the broader uncertainty surrounding the profitability of streaming services. On a positive note for Paramount, they have recently entered the Japanese market.