SAG-AFTRA and Studios Seal Historic Three-Year Agreement, Ending 118-Day Strike
It has been a historical moment for Hollywood after an insane strike of 118 days. The studios and SAG-AFTRA have officially agreed on a three-year contract with each other leading to the end of the actor’s strike in 2023.
The agreement was approved by the SAG-AFTRA TV/Theatrical Committee in a unanimous vote on Wednesday. The deal for approval will go to the union’s national board.
After about 2 weeks of negotiations, the performers union announced the provisional agreement on Wednesday. the Alliance of Motion Picture and Television Producers had set a deadline of 5 PM for the union to address the issue and give a concrete answer on whether the deal was on.
Record $1B Agreement Ends Prolonged SAG-AFTRA Studios Strike
The agreement details are being provided by the union, however, the intricacies of it will be known in a few days. The pact of the agreement is valued at a landmark about of $1 Billion and will also include an increase in the payments higher than other unions received in 2023. There also will be a “streaming participation bonus” and there will be proper AI regulations too.
There shall also be higher caps on health and pension funds and some kind of compensation funds for the dancers in the background and diverse communities will be protected with critical contract provisions.
AMPTP and SAG-AFTRA Announce Tentative Agreement
If this deal is approved officially, it will soon be in effect, and for some reason, if it doesn’t, the labor negotiators will be sent back to the table to bargain with the AMPTP.
The AMPTP on Wednesday said that the tentative agreement represents a new paradigm. It has given SAG-AFTRA contract-on-contract gains which is the biggest of sorts in the history of the union. It has also made the largest increase in minimum wages in the last forty years.
Also, there is a new residual structure for streaming content, comprehensive safeguards and compensation provisions for the use of artificial intelligence, and substantial contract enhancements in various areas. The AMPTP expresses satisfaction in achieving a provisional agreement and anticipates the industry’s return to crafting compelling narratives.
SAG-AFTRA’s 118-day Strike Concludes with Unprecedented Agreement
On 2nd October 2023, the negotiations had restarted for the first time since actors decided to stop work in July. With this action, the Hollywood industry had high hopes that the largest union in Hollywood would come to terms with some major companies.
During the concluding stages of the writers’ negotiations, key figures including Netflix co-CEO Ted Sarandos, Warner Bros. Discovery CEO David Zaslav, Disney CEO Bob Iger, and NBCUniversal Studio Group Chairman and Chief Content Officer Donna Langley participated in discussions held at the union’s national headquarters in Los Angeles.
But, the studio walked out on 11th Oct 2023 and didn’t agree to SAG-AFTRA’s proposal to charge a fee per every streaming subscriber on major platforms.
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