Dear New Yorkers,

For over three months now, actors and writers have courageously been on strike. Major television and film productions are at a stand-still in New York City and across the country. Everyone is affected — from hardworking laborers and crew members, to struggling actors and writers living paycheck to paycheck.

On the picket line with WGA

These entertainment workers are standing up to the media giants as streaming services and artificial intelligence are rapidly disrupting the industry. The media giant executives are refusing to do right by these workers and negotiate a fair and dignified contract in good faith. 

But executives must also be aware of how the ongoing WGA and SAG-AFTRA strikes pose big risks to their companies’ financial stability. 

The longer executives refuse to negotiate on core issues facing writers and actors, the more they risk serious financial and reputational harm. The striking actors and writers enjoy broad support from the public and elected officials. With such visibility and public enthusiasm, entertainment companies stand vulnerable to severe backlash from the public and investors alike. 

As a trustee to New York City’s pension funds, I’ve been really concerned about how the underlying business practices that led to the entertainment industry strikes threaten the long-term financial stability of some of the largest entertainment companies. 

After all, New York City's five pension funds hold a significant stake in the financial, legal, and reputational health of entertainment companies. And collectively, we own over $250 billion in assets for New York’s nearly 800,000 current and retired public sector workers. 

That’s why I sent letters urging the executives of Disney, Comcast, and Paramount to engage in constructive, good faith negotiations with WGA and SAG-AFTRA to promptly end the strikes. Ending the strikes as soon as possible will help maximize the long-term value of these investments, which currently total over $500 million.

I’ll continue watching the ongoing strikes as I’m sure you are, too. As Comptroller, it is my fiduciary duty to safeguard the value of our pension funds. 

And by the way, I want to note that the ongoing strikes do not impact pension payments in any way, since they are guaranteed by the state constitution. Strong investment returns make it possible to pay the hard-earned pensions to retirees while ensuring the long-term fiscal health of our city and state. 

You can learn more about the 8% returns we just announced for the five NYC pension funds for fiscal year 2023 here. And if reading this has sparked your interest in city pensions and asset management, you can read more about that here.  

Thanks for reading,  

Brad