Striking actors are reviewing Hollywood and TV studios’ ‘best and final offer’. The actors’ union, SAG-AFTRA, is seeking a better deal for its members, including higher wages and residuals. The strike has been ongoing for nearly 114 days and has already had a significant impact on the entertainment industry.
After 114 days of striking, SAG-AFTRA members are waiting anxiously as the actors’ union reviews the studios and streamers’ “last, best, and final offer”. The union has advised its members to steer clear of rumors and speculations from outside sources.
This weekend, the negotiating committee from SAG-AFTRA will gather to discuss the terms after conducting a thorough staff review. CEOs from major studios and streamers were also present at Saturday’s bargaining session.
According to insiders, the studios are offering a deal that surpasses the combined value of three previous agreements, which they believe is very favorable for the actors. If no agreement is reached soon, negotiations might be put on hold until next year.
Industry In Trouble
The studios have given a deadline of next week or the second week of November. If there’s no progress, it could mean trouble for the 2024 summer movie and TV season.
The studios and streamers have offered significant concessions in this final proposal. Including stronger protection for AI-related work compared to what was provided in the recent Writers Guild of America deal.
After joining forces with screenwriters from the WGA in July. This joint strike marks the first of its kind for SAG-AFTRA. They’ve been in continuous talks with studios and streaming services since October 24. After failing to agree to a new contract with the Alliance of Motion Picture and Television Producers.
The pause in work, along with a recent strike by the Writers Guild of America that wrapped up in September, has taken a toll on California’s economy. A rough estimate from the Milken Institute suggests it’s cost the state at least a whopping $6 billion! Right now, a lot of the planned film and TV shows are still on hold. It’s a big deal for the entertainment industry and the economy!