After 118 grueling days, the standoff between Hollywood's actors and studios is poised to conclude, with SAG-AFTRA reaching a tentative deal for a new three-year contract.
The resolution, announced on Wednesday, arrives after a protracted actors strike rattling the industry, threatening the immediate TV season and the following summer's film slate, as per Mail Online.
SAG-AFTRA Strike Ends with Historic Actor-Studio Deal
The breakthrough came after two weeks of intensive talks between the actors' union and the Alliance of Motion Picture and Television Producers (AMPTP). The negotiating committee's unanimous vote in favor of the tentative agreement heralds the longest strike's end in Hollywood's storied history, marking an industry milestone.
This new agreement, pending approval by SAG-AFTRA's national board, promises historic gains for actors. Notably, it addresses the contentious issue of artificial intelligence, ensuring unprecedented protections in this realm. Furthermore, the deal secures a significant 7% pay hike for most minimum wages, overtaking the increments set for writers and directors.
Additionally, the contract features an innovative "streaming participation bonus," an email to union members disclosed, alongside boosts in pension and health contributions. The financial worth of this contract exceeds $1 billion, signifying a considerable investment into the future of acting talent.
The end of the strike is expected to unleash a wave of celebrations nationwide, with actors like Kevin E. West expressing a mix of exhilaration and relief at the outcome. Despite acknowledgements that the deal is not flawless, it represents an extraordinary step forward, especially in the domain of streaming compensation.
The contract details will be unveiled following the national board's verdict on Friday, but already Sean Astin shared the emotional victory with strike captains, emphasizing the actual toll of the strike. The industry had been eagerly anticipating the end of this dispute, with Disney CEO Bob Iger vocalizing the urgency due to the financial implications on Wednesday, according to Variety.
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Hollywood Strikes Deal for Industry Resurgence
The stakes of the negotiation became evident when the AMPTP presented its final offer last Friday, which included bonuses for actors in top streaming shows but lacked a share of streaming revenue-a critical union demand. Lengthy discussions ensued, culminating in the committee's affirmative vote.
As Hollywood breathes a sigh of relief, production on movies and shows is set to resume, albeit with some delays until January. The actors' agreement follows the Writers Guild of America's deal in September, ending their strike and setting the stage for a resurgence in industry activity.
The path to this agreement was tense, marked by earlier breakdowns in talks and the studios' staunch rejection of a proposed subscriber fee. Despite calls from figures like Tyler Perry to recognize the wins already secured, the prolonged strike underscored the industry's vulnerability, still reeling from the pandemic's impacts.
The AMPTP's involvement of high-profile CEOs in negotiations underscored the seriousness of the impasse, with the likes of Sarandos and Iger actively engaging in discussions. The result-a deal that could reshape the landscape of acting contracts-was hard-fought but represents a paradigm shift, as acknowledged by the AMPTP.
With this tentative agreement, SAG-AFTRA members are expected to ratify the new contract, marking the end of an epochal chapter in Hollywood labor relations. The long-lasting effects of this strike will ripple through the industry, potentially setting new precedents for how talent is compensated in the era of streaming and beyond, Business Insider reported
