SAG-AFTRA strikes billion-dollar deal with media giants
SAG AFTRA national board will consider the agreement on Friday, November, 10 and the union is said to release further details after the meeting
Hollywood actors and major studios mutually decided to put the SAG AFTRA strike to an end.
The contenders reached a tentative agreement on Wednesday, November 8 to resolve the second of two major strikes that caused quite a stir in the entertainment industry.
Fran Drescher, the SAG-AFTRA president shared his accomplishment on Instagram saying, “We did it!!!! The Biliion+ $ Deal!”
She added, “3X the last contract! New ground was broke everywhere!Ty sag aftra members for hanging in and holding out for this historic deal!”
The Nanny star continued to thank everyone who stood with the union, “Ty neg comm, strike captains, staff, Duncan & Ray, our lawyers, the IA team , family and friends. Our sister unions for their unrelenting support!”
“[thanks] the amptp for hearing us and meeting this moment! #sagaftrastrong” she concluded.
Notably, the strike was followed by workers demanding a higher pay in the streaming TV era.
The 118 days work deadlock officially came to an end after midnight when SAG-AFTRA union said in a statement, “We have arrived at a contract that will enable SAG-AFTRA members from every category to build sustainable careers”
After several negotiations the committee voted unanimously to support the deal. The new three year contract valued at more than $1billion includes increases in minimum salaries and new “streaming participation” bonus.
Moreover, it provides protections against unauthorized use of AI generated images, a major concern from artists, who feared their work would be replaced by “digital doubles.”
The Alliance of Motion Picture and Television Producers (AMPTP), negotiated on behalf of Walt Disney (DIS.N), Netflix (NFLX.O) and other media companies.
They shared their two cents saying, Wednesday's agreement channeled "a new paradigm" that gave the union its "biggest contract-on-contract gains" in its history.
The organization added, "We look forward to the industry resuming the work of telling great stories."
Now that the strike has ended, Hollywood can resume its full production in full swing for the first time since May.
