LOS ANGELES — In a notable development, Netflix co-CEO Ted Sarandos commended President Donald Trump for his dedication to revitalizing the American entertainment industry. Sarandos praised Trump’s advocacy for a federal tax credit intended to bolster job creation in the sector.

During the Bloomberg Screentime summit, Sarandos addressed his interactions with Trump, highlighting Trump’s genuine interest in the entertainment business. Sarandos noted, “He’s a guy who really cares about the entertainment business and creating jobs in America.”

In August, Trump had shown support for maintaining film and television production within the United States through tax incentives. Such incentives contrast with strategies in nations like the United Kingdom, Australia, and Canada, which have attracted Hollywood projects by offering similar benefits.

The proposed bill, already presented, has found bipartisan backing; Republican Sen. Tim Scott and Democratic Sen. Adam Schiff are co-sponsoring the legislation.

When asked about the bill’s prospects, Sarandos was cautiously optimistic, acknowledging the potential impact of upcoming midterm elections. He emphasized the bill’s bipartisan nature and its proven financial model, where every dollar invested could yield six to nine dollars if well-implemented.

The win for America is if we got it. That would be a win for the country.

Sarandos criticized California’s management of its entertainment industry, citing the loss of jobs due to the state’s outdated infrastructure and challenging shooting conditions in Los Angeles. He highlighted significant production expenses incurred locally, such as David Fincher’s latest movie, “Animals,” and other major projects, with over $400 million spent in Los Angeles alone.