SAG-AFTRA unveils further details on groundbreaking deal with studios, including wage increases

Following a Friday vote by the majority of SAG-AFTRA's National Board approving the tentative agreement with studio CEOs and the AMPTP, more deal details have been released. The guild emphasizes that "the total package" is valued at over one billion dollars in new wages and benefit plan funding. This comes after an 86% approval vote by the SAG-AFTRA National Board, concluding the 118-day strike.

Landmark Achievement for the Union:

The comprehensive 80-page summary of the undisclosed agreement will be distributed to eligible guild members on November 13. Ratification voting begins on November 14 and extends until the first week of December for the guild's 160,000 members. SAG-AFTRA, labeling the tentative agreement a "landmark achievement," reiterated the emphasis on "meaningful protections" and consent rights related to AI. 

Notably, the statement did not provide specific figures for the anticipated "creation of a new compensation stream for performers working in streaming," unlike today's press conference.

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SAG-AFTRA has achieved a deal of extraordinary scope for our members! More information on the TV/Theatrical/Streaming Contracts tentative agreement coming soon at https://t.co/qtezCsrzzs pic.twitter.com/3A6nVqbauH

— SAG-AFTRA (@sagaftra) November 11, 2023

Streaming Bonus Fund Alignment:

Mirroring the WGA's agreement, SAG-AFTRA's streaming bonus fund is activated for series and films "viewed by 20% or more of the service's domestic subscribers in the first 90 days." While acknowledging the need to stress test projections, Crabtree-Ireland confirmed a total payout of approximately $120 million over the contract's duration, averaging $40 million annually.

In today's press conference, both Fran Drescher and Crabtree-Ireland commended the deal, describing it as groundbreaking and disrupting pattern bargaining—an assertion echoed in the materials released by SAG-AFTRA. Whether this holds true or if the deal aligns with the DGA and WGA achievements from June and September is yet to be determined upon reviewing the full summary and fine print.

To wrap it up, SAG-AFTRA's new deal, hailed as a game-changer in the presser, is still up for debate until members get the full scoop. We'll see if it truly shakes things up in the industry and how it stacks against the DGA and WGA deals once we dive into the details.

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