Negotiators from the high-profile Writers Guild of America (WGA) and Hollywood studios are nearing an agreement to end the WGA strike after an “encouraging” face-to-face meeting on Wednesday.
The two sides released a joint statement after their meeting early Wednesday evening, saying: “The WGA and AMPTP met today to negotiate and will meet again tomorrow.”
Sources said CNBC that the two parties hope to be able to reach a deal and that an agreement between the two could be reached as early as Thursday.
This is the closest the two sides have come to an agreement since the strike began earlier this year. Although sources say they are optimistic, the strike could last for the rest of the year if the deal is not reached.
The meeting included Disney CEO Bob Iger, Netflix co-CEO Ted Sarandos, Comcast’s NBCUniversal Studio Group Chairman Donna Langley and Warner Bros Discovery CEO David Zaslav, according to Reuters.
The Writer’s Guild has been on strike since May and was later joined by the Screen Actors Guild. Meredith Stiehm, left, president of Writers Guild of America West, and Fran Drescher, president of SAG-AFTRA, participate in a meeting
Negotiators for the high-profile Writers Guild of America (WGA) and Hollywood studios are nearing an agreement to end the WGA strike after an ‘encouraging’ face-to-face meeting on Wednesday
Present at the meeting were Disney CEO Bob Iger, Netflix co-CEO Ted Sarandos, Comcast NBCUniversal Studio Group Chairman Donna Langley and Warner Bros Discovery CEO David Zaslav.
CNBC entertainment reporter David Faber reported that both sides hope to reach an agreement on Thursday.
“After meeting in person today, writers and producers have almost reached an agreement to end the WGA strike,” he tweeted Wednesday evening.
“Meeting today and hoping to finalize a deal tomorrow, according to people close to the negotiations, who, while optimistic, warn that the strike without a deal tomorrow is likely to continue until the end of the year.”
If no agreement is reached, Faber is convinced the strike will last until the end of the year.
A source told the newspaper Hollywood reporterthat “CEOs have cleared their calendars and want to have a real conversation.”
The source said WGA submitted a list of issues in the hierarchy of importance ahead of the meeting.
‘This has been taking so long; everyone feels pain. Let’s go in and sort things out,” the source told the Hollywood Reporter.
Another source told the newspaper that company executives had “prepared the negotiations” in a Zoom ahead of Wednesday’s negotiating session.
The two sides released a joint statement after their meeting early Wednesday evening, saying: “The WGA and AMPTP met today to negotiate and will meet again tomorrow.”
This is the closest the two sides have come to an agreement since the strike began earlier this year
Although sources say they are optimistic, the strike could last for the rest of the year if the deal is not reached
“They feel like the smaller the group, the more meaningful it will be. They want to go into a room and figure everything out,” the source told the Hollywood Reporter.
Earlier this month, Warner Bros. unveiled Discovery that the ongoing actors and writers strike will result in a loss of $500 million this year.
Hollywood is experiencing its first double work stoppage in 63 years, halting productions across the industry and costing the economy billions of dollars.
In July, the Screen Actors Guild-American Federation of Radio and Television Artists (SAG-AFTRA) decided to stand in solidarity with the Writers’ Guild of America (WGA) – which has been high profile since May – after negotiations with studios collapsed.
In August, Hollywood studios made what they claimed was their ‘best offer’ to end the writers’ strike, but the Writers Guild of America (WGA) denounced it for ‘failing to adequately protect them’ , while the union vowed to continue protesting.
The Writer’s Guild has been on strike since May – the first in 16 years – and was later joined by the Screen Actors Guild, bringing their entertainment industry to a virtual standstill.
SAG-AFTRA members are joined by the PSA union outside the Netflix and HBO offices in Hudson Yrds, NYC
(L-R) Alexandra Shipp and Anya Taylor-Joy join the picket line outside Paramount Studios on September 19, 2023 in Los Angeles, California
Pictured: Bob Iger, executive chairman of the Walt Disney Company
In July, the Screen Actors Guild-American Federation of Radio and Television Artists (SAG-AFTRA) decided to stand in solidarity with the Writers’ Guild of America (WGA) – which has been high profile since May – after negotiations with studios collapsed.
The package presented at the time by the Alliance of Motion Picture and Television Producers (AMPTP) included the highest pay increase in 35 years, as well as artificial intelligence protections and a residual pay increase, the group said in a statement.
The AMPTP offer, which was presented to the guild on August 11, also included a pledge not to use AI-created content as literary material and to share the date on streaming viewing hours.
The studios proposed a 5 percent pay increase in the first year of a contract, four percent in the second year and 3.5 percent in the third year – lower than the 6-5-5 formula supported by the WGA, as reported by The Hollywood Reporter.
