- The entertainment industry was brought to a standstill for months due to labor unrest.
- The leadership announced that the strike will end on Thursday at 12:01 a.m.
- Based on the company’s report, which showed that net income increased 63% to $264 million.
The entertainment industry was brought to a standstill for months due to labor unrestthat culminated in a tentative agreement between the Hollywood actor’s union and studios on Wednesday.
Although votes from the union’s board and members are still needed to approve the three-year contract agreement,the leadership announced that the strike will end on Thursday at 12:01 a.m.
Hollywood actors’ strike
Along with screenwriters who had resigned more than two months prior, the Screen Actors Guild-American Federation of Television and Radio Performers, which has over 60,000 members, went on strike for almost four months.
Together, the two unions were on strike for the first time since 1960. Studios opted to engage in negotiations with the writers initially, ultimately reaching a settlement that their leadership hailed as a significant victory and ending their walkout on September 26.
The agreement’s terms were withheld for a while. Details will be released, according to SAG-AFTRA, following a board member meeting on Friday to discuss the contract. Control over actors’ likenesses and images that were artificially intelligently regenerated, as well as future royalties for film and television performances, were among the issues discussed.
The Alliance of Motion Picture and Television Producers led the negotiations, which included executives from major entertainment companies such as Disney, Netflix, Warner Bros. Discovery, and Universal.
Hours after the release of the most recent financial statements by CEOs David Zaslav of Warner Bros. Discovery and Robert Iger of Disney, the strike was officially called off. It was expressed by both executives that they hoped the strike would end soon.
Based on the company’s report, which showed that net income increased 63% to $264 million in the quarter that ended on September 30 from $162 million in the same period last year, Disney’s shares increased. During a call with investors, Zaslav stated that the studios’ most recent offer included the largest pay increase in forty years and nearly all of the union’s demands.
