Since July, Hollywood has ground to a halt. Numerous projects have been put on hold thanks to a historic strike in which actors and writers decided to walk off the lot after new contract talks with the studios failed. The Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) strike was felt immediately. Actors for the anticipated summer film Oppenheimer opted to decline further promotional campaigns in solidarity. For nearly a century, if there was a labor dispute, it was either actors or writers’ unions dueling the studio executives, not all at once.
Hollywood studios and WGA are reportedly nearing an agreement to end the strike, they hope to finalize the deal tomorrow.
— Pop Crave (@PopCrave) September 21, 2023
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Hollywood writers reportedly near deal with studios to end strike https://t.co/IrMV2qGwUR
— MarketWatch (@MarketWatch) September 21, 2023
After weeks of work stoppage, there appears to be a glimpse of hope that a new agreement between the writers’ union and the executives is at hand. Negotiations are ongoing, but word on the street is that the latest round was productive. We could see to the end of the strike, where both writers' and actors’ unions took to the picket lines. The hope is to get the new contract finalized Thursday (via CNBC):
Writers and producers are near an agreement to end the Writers Guild of America strike after meeting face to face on Wednesday, people close to the negotiations told CNBC.
The two sides met and hope to finalize a deal Thursday, the sources said. While optimistic, the people noted, however, that if a deal is not reached the strike could last through the end of the year.
On Wednesday evening, the WGA and the Alliance of Motion Picture and Television Producers released a joint statement that the two groups met for bargaining and would meet again on Thursday.
WGA members have been on strike for more than 100 days — with actors joining the picket line in July — leaving Hollywood production of TV shows and movies at a standstill. Production has been halted for several high profile shows and films, including Netflix’s “Stranger Things,” Disney, and Marvel’s “Blade” and Paramount’s “Evil.”
Earlier in the week, the writers’ union said it would resume negotiations with the studios.
This appears to be the closest the two sides have come to a resolution since the more than 11,000 film and TV writers went on strike beginning May 2. They have argued their compensation doesn’t match the revenue that’s been generated during the streaming era.
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Discussions between the studios and writers have included sit-down conversations with top media brass, including Warner Bros. Discovery CEO David Zaslav, Disney’s Bob Iger, Netflix co-CEO Ted Sarandos and NBCUniversal film head Donna Langley.
The strikes have weighed on these media companies as they grapple with making streaming profitable and getting people back in theaters.
Warner Bros. Discovery — the owner of a TV and film studio, as well as the largest portfolio of pay-TV networks — warned investors of the effects of the strikes earlier this month when it adjusted its earnings expectations. The company said it now expects its adjusted earnings before interest, taxes, depreciation and amortization will take a hit of $300 million to $500 million, putting it in the full-year range of $10.5 billion to $11 billion.
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As for the actors’ union, will they get a new agreement to get Hollywood back up and running?
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