LOS ANGELES — A leading Netflix executive spoke in support of President Donald Trump’s proposal for a federal tax credit aimed at rejuvenating American jobs in the entertainment sector. Netflix co-CEO Ted Sarandos commented on his interactions with Trump during a conversation reported by Bloomberg News’ Lucas Shaw. The discussion occurred as Netflix was involved in a competition with Paramount to acquire Warner Bros. Discovery.
“Despite various opinions, he is genuinely interested in the entertainment industry,” Sarandos remarked at Bloomberg’s annual Screentime summit. “He is keen on preserving jobs and advancing the entertainment sector within the United States.”
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In August, Trump advocated for a federal tax incentive to encourage film and television productions to remain in the U.S., opposing the trend of relocating overseas. Countries such as the United Kingdom, Australia, and Canada have successfully attracted major Hollywood projects with their tax credits, making foreign production cheaper than in traditional U.S. studios.
The newly proposed legislation, introduced last week, enjoys bipartisan support from Sen. Tim Scott, R-S.C., and Sen. Adam Schiff, D-Calif.
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Sarandos, when asked about the likelihood of the bill becoming law, showed some caution. He highlighted uncertainties, including results from the upcoming midterm elections. “It’s a bipartisan effort, which has substantial benefits. There’s a sound model that shows a return of six to nine dollars on every dollar invested in incentives,” Sarandos commented. He mentioned potential disruptions due to a possible change in congressional control and policy champions.
President Trump’s advocacy has found unexpected support from Democratic Sen. Adam Schiff in efforts to rejuvenate Hollywood’s film industry sector.
Sarandos criticized the Democrat-led administration in California for the loss of industry jobs from the state. He noted complacency regarding local talent and aging infrastructure, which complicates filming in Los Angeles. “Completion of productions like David Fincher’s ‘Animals’ and ‘Cliff Booth,’ as well as a new season of ‘Nobody Wants This,’ required over $400 million in Los Angeles — without the best tax incentives,” he pointed out.
Joseph A. Wulfsohn, a media reporter for Fox News Digital, contributed this report. Tips are welcome via email at [email protected] or on Twitter: @JosephWulfsohn.