NYC Comptroller Lander & Pension Fund Trustees Warn Entertainment Giants that They Risk Losing Investor Confidence over Prolonged Strikes

New York, NY – The trustees of the five New York City pension funds, led by New York City Comptroller Brad Lander, sent letters to the Chief Executive Officers of Disney, Paramount, and Chairman and Chief Executive Officer of Comcast, urging them to address the ongoing strikes by the Writers Guild of America (WGA) and Screen Actors Guild–American Federation of Television and Radio Artists (SAG-AFTRA) today. The ongoing WGA and SAG-AFTRA strikes have paralyzed major television and film productions in New York City and across the country for nearly three months, posing significant risks to the media industry’s financial stability.

The letters underscore the Comptroller’s vital role as custodian, investment advisor, and trustee to the New York City retirement systems (NYCRS), which holds significant stake in the financial, legal, and reputational health of these entertainment companies amidst the labor disputes. NYCRS collectively manages over $250 billion in assets for New York’s nearly 800,000 current and retired public sector workers.

• 2.7 million shares valued at $229.2 million in The Walt Disney Company
• 6.3 million shares valued at $272.7 million in Comcast NBCUniversal
• A combined value of more than $10 million in Paramount Pictures.

“My fellow NYCRS trustees and I have a fiduciary duty to safeguard the financial stability of our members’ assets and address issues that may present risks to NYCRS’ investments,” Comptroller Brad Lander states in the letters. “I am … concerned that the underlying business practices which led to this conflict, if not resolved, may threaten the long-term stability of NYCRS’ investments.”

Thousands of professional writers as part of WGA joined the picket lines since May 2, demanding fair compensation and improved working conditions. This critical labor dispute since escalated as SAG-AFTRA, representing 160,000 actors and performers, initiated their strike on July 14.

Growing production delays and cancellations due to the strikes have far-reaching implications for Comcast, Disney, and Paramount from production delays, canceled seasons, to postponed theatrical releases. Comptroller Lander’s letters highlight the potential for financial and reputational damage to these media companies if they fail to address the writers’ and actors’ concerns.

In the letters, Comptroller Lander urges these media giants to engage in constructive negotiations with the unions as the media landscape shifts to accommodate streaming services and artificial intelligence.

“As long-term investors, NYCRS has long considered constructive labor management relations to be fundamental to effective human capital management and the creation of sustainable shareholder value,” Comptroller Lander writes in the letters. “Your company … risks financial and reputational harm the longer you refuse to negotiate on core issues facing writers and actors, who enjoy broad support from the public and elected officials. With such visibility and public support, your company risks backlash from consumers, investors, or other stakeholders.”

Read the New York City pension funds’ letters to Disney, Paramount, and Comcast.

In addition to Comptroller Lander, the trustees of the five New York City pension funds are as follows:

New York City Employees’ Retirement System (NYCERS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Public Advocate Jumaane Williams; Borough Presidents: Mark Levine (Manhattan), Donovan Richards Jr. (Queens), Vito Fossella (Staten Island), and Vanessa L. Gibson (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Richard Davis, President Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

Teachers’ Retirement System (TRS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; Chancellor’s Representative, Dr. Angela Green, New York City Department of Education Panel for Educational Policy; and Thomas Brown (Chair), Victoria Lee, and David Kazansky, all of the United Federation of Teachers.

New York City Fire Pension Fund (Fire): Mayor Eric Adams’ Representative Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Fire Commissioner Laura Kavanagh (Chair); New York City Finance Commissioner Preston Niblack; Andrew Ansbro, President, Robert Eustace, Vice President, Edward Brown, Treasurer, and Eric Bischoff, Staten Island Representative and Chair, Uniformed Firefighters Association of Greater New York; James Brosi, Chiefs’ Rep., and Christopher Jensen, Lieutenants’ Rep., Uniformed Fire Officers Association; and Peter Devita, Marine Engineers Association.

New York City Police Pension Fund (Police): Mayor Eric Adams’ Representative Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Finance Commissioner Preston Niblack; New York City Police Commissioner Edward Caban (Chair); Chris Monahan, Captains Endowment Association; Louis Turco, Lieutenants Benevolent Association; Vincent Vallelong, Sergeants Benevolent Association; Paul DiGiacomo, Detectives Endowment Association; and Patrick Hendry, Daniel Terrelli, Albert Alcierno and Arthur Egner all of the NYC Police Benevolent Association.

Board of Education Retirement System (BERS): Schools Chancellor David C. Banks, Represented by Karine Apollon; Mayoral appointees Lilly Chan, Marjorie Dienstag, Gregory Faulkner, Anita Garcia, Anthony Giordano, Dr. Angela Green, Alan Ong, Phoebe Sade-Arnold, Maisha Sapp, Venus Sze-Tsang, Gladys Ward; CEC appointees Naveed Hasan, Jessamyn Lee, Thomas Sheppard, and Ephraim Zakry; Borough President Appointees Geneal Chacon (Bronx); Tazin Azad (Brooklyn); Kaliris Salas-Ramirez (Manhattan); Sheree Gibson (Queens); Aaron Bogad (Staten Island); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.

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