A Los Angeles County Department of Economic Opportunity report, ordered by the Board of Supervisors and delivered earlier this year, projects that roughly 4,500 people working directly in film and television would lose their jobs as a direct result of the merger, with the total economic impact climbing to 10,360 jobs once support industries, prop houses, transportation companies, printers, and the broader ripple effect of reduced local spending are factored in.
The county estimates that completing the merger would put $4.06 billion in overall business activity at risk, along with $1.26 billion in workers’ wages, $2.78 billion in broader economic value, and $547 million in tax revenue, $78.6 million of which would otherwise have gone to local governments.
“This report confirms what we feared: 4,500 direct film and television jobs, more than 10,000 total job-years, and $4.06 billion in business output are at risk,” said Supervisor Lindsey P. Horvath. “Los Angeles has already lost too many jobs, too much production, and too many people who make this industry possible. We cannot afford to lose another generation of Hollywood workers. We will fight for their livelihoods and the future of our signature industry.”
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Isn't this a huge blow to the economy when productions generally don't happen in LA anyway nowadays? According to the decree, Paramount has pledged to spend an additional $300 million annually ($1.5 billion total over five years) on domestic U.S. film and television productions. But aren't they saving up far more by laying off thousands of employees as well. This whole ordeal is quite dejecting.
submitted by /u/no_longer_huhman[link] [comments]