Writers Guild of America (WGA) and Hollywood studios are close to a major breakthrough deal by the middle of this week. The tentative agreement comes after a direct meeting between representatives of both sides.
WGA and top entertainment executives met to send out hopes of a deal by Thursday. While there is an undercurrent of hope, representatives on both sides noted that if they cannot arrive at a deal at this meeting, the WGA strike could drag on through the year. The Alliance of Motion Picture and Television Producers and the Association jointly released a statement that there would be another meeting on Thursday. There is hope of a deal by then. The Hollywood executives and the WGA will resume talks at 9 A.M. PT in the morning.
Representatives Of The WGA And The AMPTP Did Not Release Any Additional Statements
WGA has been striking for over a hundred days. Actors too joined the striking writers in July. Hollywood’s television production has ground to a halt and among the studios affected are Disney, Paramount, and Netflix.
WGA earlier this week said that talks with the Hollywood studios would resume. This is the closest that the two warring sides have appeared close to a negotiation. OVER 11,000 writers in the TV and film industry have been on strike since May 2. The Association’s representatives have argued that their wages do not match the revenues generated by the industry in the streaming service era. WGA members have also demanded a share throughout the production process of movies and series.
At present, writers are not paid for revisions and new materials. The AMPTP gave an open proposal to the Association. But relations between the warring sides remain tense and the standoff continues. Studios have warned investors that there would be a drop in earnings this year. Warner Bros. Discovery warned investors that gross earnings could take a hit anywhere between $300M to $500M.