After 118 days of strike, the Screen Actors Guild (SAG-AFTRA) has reached a tentative agreement to restart Hollywood.
On Wednesday evening, the SAG-AFTRA Television/Theatre Committee agreed on a new agreement that would end the long-running strike.
The official deadline is 12.01am on Thursday, with the union’s national board giving final approval on Friday.
If the agreement is not fulfilled, the negotiators will have to return to the table.
The agreement follows a series of negotiations with the Alliance of Motion Picture and Television Producers (AMPTP) – a group representing over 350 major studios and networks including Netflix, Prime Video, HBO, Paramount and 20th Century Fox.
The deal is valued at $1 billion, but the full details of the deal, and what it means for its members, have yet to be confirmed.
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The SAG strike first took effect in July, and negotiations began three months later on October 2.
Among the major terms negotiated, AMPTP and SAG-AFTRA opposed the proposal for payments over streaming subscribers, similar to residual deals made on network television.
At the time, Netflix’s Ted Serandos declared that the move was ‘a bridge too far’.
Other features that caused the staff to strike were the prospect of using artificial intelligence, where a company could use the likeness of the actors ‘permanently’ without additional pay.
The pay package was also up for negotiation.
On Saturday (November 4), the AMPTP delivered what it called its “last, best and final deal”, which was then reviewed by the SAG-AFTRA board.
Most of Hollywood joined the strike, and a joint push by the Writers Guild of America (WGA) also went on strike, shutting down the entire industry.
According to a strategy from the Milken Institute (via The Hollywood Reporter), California’s economy took a $6 billion dent as a result.
Hundreds of working actors – including Hollywood stars including Breaking Bad’s Bryan Cranston, Dylan O’Brien, William Baldwin, the cast of Star Trek, Sarah Jessica Parker and Susan Sarandon – can be seen on the picket lines outside studio offices major in Los Angeles and New York.
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