LOS ANGELES — In an unexpected endorsement, Ted Sarandos, Netflix co-CEO, praised President Donald Trump for supporting a federal tax credit designed to revive American jobs in the entertainment sector. During Bloomberg Screentime summit, Sarandos highlighted Trump’s dedication to the entertainment industry and job creation in the U.S.
President Trump has vocalized backing for incentives aimed at retaining film and television productions within the country. This move counters the trend of international filming fueled by overseas tax credits, notably in the U.K., Australia, and Canada, which often make foreign shoots more economical.
The newly introduced bill, garnering bipartisan interest, is co-sponsored by Sen. Tim Scott (R-S.C.) and Sen. Adam Schiff (D-Calif.). Both support the legislation intending to bring back lost production jobs.
Sarandos, when questioned about the potential of the bill becoming law, expressed cautious optimism. He referenced the impact of the upcoming midterm elections and the possibility of a change in congressional control as variables in its passage.
It’s a bipartisan approach, which helps a lot. I think it’s completely sound and has a working model that’s proven to be effective.
The Netflix co-CEO also critiqued California’s role in job losses, arguing that the state has grown complacent over its talent base and has struggled with maintaining infrastructure and ease of filming in Los Angeles. Despite challenges, Sarandos noted that Netflix has recently spent over $400 million on productions in the city.