Hollywood harmony: Actors and studios end 118-day strike with a deal

After an arduous 118-day strike, SAG-AFTRA has successfully achieved a tentative three-year contract agreement with studios, marking a significant step towards concluding the 2023 actors strike. The SAG-AFTRA TV/Theatrical Committee unanimously approved this agreement, as announced by SAG-AFTRA. The strike is set to conclude at 12:01 a.m. on Thursday, with the deal awaiting approval from the union's national board on Friday.

Key Highlights of the Agreement

While the union has disclosed some initial aspects of the agreement, additional details are expected to surface in the coming days before the union's ratification vote. In a message to its members on Wednesday night, the union revealed that the agreement's total worth exceeds $1 billion.

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 It encompasses substantial pay raises, surpassing those granted to other unions this year, as well as a streaming participation bonus and provisions related to artificial intelligence (AI). The tentative deal also incorporates higher limits on health and pension funds, increased compensation for background performers, and essential contract provisions dedicated to safeguarding diverse communities.

Should the agreement receive ratification, it could promptly come into effect. If not, members would effectively return their labor negotiators to the bargaining table with the AMPTP.

Economic Impact of the Dual Strikes

SAG-AFTRA's strike, coinciding with an ongoing writers strike in July, provided the union with an uncommon level of early leverage in negotiations with the AMPTP. Almost immediately, most of the remaining unionized U.S. productions that were proceeding without writers came to a halt, including notable titles such as Deadpool 3 and Venom 3. 

As the work stoppage extended over months, a strategist at the Milken Institute approximated that these strikes have inflicted economic losses of at least $6 billion on the California economy alone.

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As the strike approached and surpassed its 100th day, mounting pressure prompted action. A-list actors initiated conversations with both their union and the studios, aiming to accelerate negotiations. Simultaneously, a group of actors began drafting a letter voicing their reservations about the union's leadership but refrained from making it public, fearing its potential repercussions on the ongoing negotiations.

 Then, on October 26, a separate letter emerged, bearing the signatures of seemingly thousands of actors, urging negotiators with a resolute message: "We've come too far to back down now."

The 2023 strike involving SAG-AFTRA and its actors, marked by its 118-day duration, has not only reshaped the entertainment industry but also served as a testament to the resilience and determination of its members.