Netflix CEO Praises Trump's Support for Hollywood Tax Credits

Netflix co-CEO Ted Sarandos has expressed a positive view of former President Donald Trump's engagement with the entertainment industry, particularly his support for a federal tax credit aimed at bolstering Hollywood jobs.

During the Bloomberg Screentime summit, Sarandos stated that Trump "really cares about protecting the industry and creating jobs" in America. This sentiment comes as a bipartisan bill proposing federal tax incentives for film and television production has gained traction. Senators Tim Scott, R-S.C., and Adam Schiff, D-Calif., are co-sponsoring the legislation.

The proposed tax credit seeks to counter the trend of productions moving overseas to countries like the United Kingdom, Australia, and Canada, which offer their own tax incentives. These international incentives have made it more economically viable for major Hollywood projects to film abroad rather than domestically.

Sarandos voiced some uncertainty about the bill's passage, citing potential political shifts following upcoming elections. "I think it's a bipartisan approach, which helps a lot," he said, noting the model's proven ability to generate significant economic returns. "The problem is, is you have, depending on what's going to happen in a couple of weeks, you've got a lame duck session, and if you have a change in control and who wants to champion what, who wants to give you a win. The win for America is if that — if we got it. That would be a win for the country."

The Netflix executive also critiqued California's state policies, suggesting complacency had led to infrastructure aging and making it difficult to film within the state. Sarandos cited Netflix productions such as David Fincher's "Animals," "Cliff Booth," and the new season of "Nobody Wants This," which together involved over $400 million in production spending in Los Angeles, all completed without the benefit of robust state incentives.

Trump himself has previously called Hollywood a "total disaster" and advocated for federal tax incentives to encourage domestic production. In August, he publicly supported the idea of keeping film and television projects within the U.S.