Sony Pictures CEO Warns Union Deals Drive Productions Overseas

Tony Vinciquerra cites increased production costs and tax incentives abroad as reasons for the shift.

Outgoing CEO Tony Vinciquerra claims new union contract terms have led to a significant increase in production costs in the U.S.
Vinciquerra highlights that approximately 15,000 non-union jobs have been lost over the past three years due to industry contraction.
California has been particularly affected, with high production costs and insufficient tax incentives compared to other regions.
He predicts a chaotic period of mergers and layoffs in the industry over the next 18 to 24 months, followed by stabilization.
Vinciquerra plans to step down as CEO at the end of the year, potentially returning to a private equity role.