- CEO Jon Feltheimer worries about potential strike
- Both parties set to begin negotiations next month
- IATSE emphasizes readiness to strike if talks fail
- Last year’s strikes had a significant impact on Lionsgate’s revenue and profit
In the midst of the entertainment industry’s recovery from last year’s strikes, Lionsgate CEO Jon Feltheimer has expressed concern about the upcoming strike deadline set by the International Alliance of Theatrical Stage Employees (IATSE) on July 31. However, he remains hopeful that a work stoppage can be avoided. The negotiations between IATSE and the Alliance of Motion Picture and Television Producers (AMPTP) are scheduled to begin next month, and the industry is now anxiously waiting to see if both parties can reach a satisfactory agreement.
IATSE’s Stance on the Strike
IATSE has made it clear that they are not interested in extending the current agreement with the AMPTP. In a recent update on their website, the guild stated that their Negotiating Committee is determined to fight for their members’ rights and is prepared to strike if necessary. IATSE President Matthew Loeb affirmed the union’s willingness to strike, stating that “nothing’s off the table” and that they will not settle for anything less than what they deserve.
Potential Impact on the Industry
A strike by IATSE would have far-reaching consequences for the entertainment industry. Last year’s strikes by the Writers Guild of America (WGA) and the Screen Actors Guild/American Federation of Television and Radio Artists (SAG/AFTRA) had a significant impact on Lionsgate’s Television Production division. The company’s revenue in this division plummeted from $605.4 million to $248.4 million, and profit dropped from $71.5 million to $8.1 million. The strikes not only affected episodic deliveries but also squeezed Lionsgate’s talent management subsidiary, 3 Arts.
As the entertainment industry braces itself for another potential strike, Lionsgate CEO Jon Feltheimer remains hopeful that a resolution can be reached without a work stoppage. However, the stakes are high for both IATSE and the AMPTP, as a strike would have significant consequences for the industry and its workforce. The negotiations set to begin next month will determine the future of labor relations in the entertainment business. All eyes are now on the negotiating table as industry professionals hope for a fair and satisfactory agreement to avoid further disruptions.