Good afternoon from New York. We’re entering week three of the Hollywood writers strike and there’s been no progress. The studios have moved on to the directors, while the writers are pinning most of the blame on Netflix.

The strike has already had a material impact on the business. One of the largest owners of production stages has slashed its dividend, and the televised broadcast of the Tony Awards has been canceled. (Chris Palmeri and Gerry Smith just published a piece on how the strike is looming over this week’s upfront presentations.)

“I don’t think anyone expected it to be huge out of the gate,” said Stacey Stewart, a senior executive at advertising fir, UM Worldwide.

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