According to sources, writers and producers are on the brink of ending the Writers Guild of America strike. On Wednesday, the two sides met face-to-face and are hopeful to finalize a deal on Thursday. However, if an agreement is not reached, it is possible that the strike could continue until the end of the year.
The WGA and the Alliance of Motion Picture and Television Producers released a joint statement confirming the bargaining meeting and stating that further negotiations will take place on Thursday. No additional comments were made by representatives.
The strike has already lasted for over 100 days, with actors joining the picket line in July. Consequently, the production of TV shows and movies in Hollywood has come to a halt. Notable shows and films affected include “Stranger Things,” “Blade,” and “Evil.”
Earlier this week, the writers’ union announced its intention to resume negotiations with the studios.
This recent development represents the closest the two sides have come to resolving the strike since it began on May 2. The writers argue that their compensation does not align with the revenue generated during the streaming era.
In addition to higher compensation, the WGA is also advocating for new rules that would mandate studios to employ a certain number of writers for a specific period when producing TV shows. The writers are also seeking compensation throughout the entire production process, including preproduction, production, and postproduction. Currently, writers often have to provide revisions or create new content without receiving payment.
In late August, the AMPTP publicly presented its latest proposal to the WGA, but tensions remained high between the two groups.
Discussions between the studios and writers have included meetings with top media executives, such as Warner Bros. Discovery CEO David Zaslav, Disney’s Bob Iger, Netflix co-CEO Ted Sarandos, and NBCUniversal film head Donna Langley.
The strikes have had a significant impact on media companies as they try to make streaming profitable and bring audiences back to theaters.
Warner Bros. Discovery recently adjusted its earnings expectations due to the strikes, warning that its adjusted earnings before interest, taxes, depreciation, and amortization could be negatively affected by $300 million to $500 million. The company now anticipates a full-year range of $10.5 billion to $11 billion.
During an investors’ conference, Zaslav called for an end to the strikes, emphasizing the need to get people back to work and resolve the situation fairly.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is a member of the Alliance of Motion Picture and Television Producers.
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