Hours after the Hollywood writers strike officially ended, the union representing film and television actors announced its plan to return to the negotiating table.
Resuming Talks for New TV and Theatrical Contract
SAG-AFTRA revealed on Wednesday night that it will resume talks with the Alliance of Motion Picture and Television Producers (AMPTP) for a new TV and theatrical contract. The union highlighted that several executives from the entertainment industry bargaining arm would attend the discussions. Previously, studio executives such as Bob Iger, CEO of Walt Disney, and Ted Sarandos, co-CEO of Netflix, met with the Writers Guild of America during the summer when talks stalled.
Tentative Deal Reached
The AMPTP and the Writers Guild of America reached a tentative deal on Sunday, resulting in the guild lifting the strike early on Wednesday morning. However, members still need to vote on the deal next week. It's important to note that the actors' strike had been ongoing since July.
Potential for a Quick Resolution
Industry expert Rich Greenfield, co-founder of LightShed Partners, expressed optimism about a swift resolution between actors and studios. Greenfield highlighted that the writers' deal, which granted access to streaming viewership data and payment through residuals for big shows, could serve as a foundation for a quick resolution with actors.
Concerns over Higher Production Costs and Future Impact
Once both deals are finalized, Greenfield acknowledges that higher production costs may lead to a decrease in content produced in 2024 and beyond. Additionally, he questions the level of disruption the strikes may have on the 2024 theatrical slate.
Potential Loss of Profits and Earnings Impact
While media firms have reported lower costs during the Hollywood production standstill, there is a risk of missing out on potential profits from producing new content. Warner Bros. Discovery recently disclosed an earnings hit related to the strikes.
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