Investor Jeff Sagansky took Hollywood to task for decisions that have led to a massive destruction of value and are causing an “unbelievable cataclysm in the business,” speaking in a keynote interview at TheWrap’s Grill conference on Tuesday.
“You’re seeing the traditional business collapse,” he said in a conversation with entertainment entrepreneur Peter Guber and TheWrap’s editor in chief Sharon Waxman. “And at the same time, you’re seeing all this predatory behavior from the streamers and the two of them together are causing unbelievable cataclysm in the business that we both love.”
Sagansky accused Hollywood’s traditional studios of accelerating the decline of linear television by choosing to abandon programming in favor of streaming platforms, which led to what he called “predatory” behavior from streamers.