Trustees of the New York City retirement systems urge Disney, Comcast & Paramount to effectively address concerns of striking workers & actors
The trustees of the five New York City pension funds, led by New York City Comptroller Brad Lander, sent letters to the Chief Executive Officers of Disney, Paramount, and Chairman and Chief Executive Officer of Comcast, urging them to address the ongoing strikes by the Writers Guild of America (WGA) and Screen Actors Guild–American Federation of Television and Radio Artists (SAG-AFTRA) today. The ongoing WGA and SAG-AFTRA strikes have paralyzed major television and film productions in New York City and across the country for nearly three months, posing significant risks to the media industry’s financial stability.
The letters underscore the Comptroller’s vital role as custodian, investment advisor, and trustee to the New York City retirement systems (NYCRS), which holds significant stake in the financial, legal, and reputational health of these entertainment companies amidst the labor disputes. NYCRS collectively manages over $250 billion in assets for New York’s nearly 800,000 current and retired public sector workers.
- 2.7 million shares valued at $229.2 million in The Walt Disney Company
- 6.3 million shares valued at $272.7 million in Comcast NBCUniversal
- A combined value of more than $10 million in Paramount Pictures.
“My fellow NYCRS trustees and I have a fiduciary duty to safeguard the financial stability of our members’ assets and address issues that may present risks to NYCRS’ investments,” Comptroller Brad Lander states in the letters. “I am … concerned that the underlying business practices which led to this conflict, if not resolved, may threaten the long-term stability of NYCRS’ investments.”
Thousands of professional writers as part of WGA joined the picket lines since May 2, demanding fair compensation and improved working conditions. This critical labor dispute since escalated as SAG-AFTRA, representing 160,000 actors and performers, initiated their strike on July 14.
Growing production delays and cancellations due to the strikes have far-reaching implications for Comcast, Disney, and Paramount from production delays, canceled seasons, to postponed theatrical releases. Comptroller Lander’s letters highlight the potential for financial and reputational damage to these media companies if they fail to address the writers’ and actors’ concerns.
In the letters, Comptroller Lander urges these media giants to engage in constructive negotiations with the unions as the media landscape shifts to accommodate streaming services and artificial intelligence.
“As long-term investors, NYCRS has long considered constructive labor management relations to be fundamental to effective human capital management and the creation of sustainable shareholder value,” Comptroller Lander writes in the letters. “Your company … risks financial and reputational harm the longer you refuse to negotiate on core issues facing writers and actors, who enjoy broad support from the public and elected officials. With such visibility and public support, your company risks backlash from consumers, investors, or other stakeholders.”
Read the New York City pension funds’ letters to Disney, Paramount, and Comcast.
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