Hollywood writers' strike may end soon, Studios and writers close to strike settlement
WGA strike in Hollywood may end soon as writers and producers are hopeful to finalize a deal by Thursday.
The Writers Guild of America (WGA) strike, which has paralyzed Hollywood production for more than 100 days, may soon be over.
According to a recent CNBC report the writers and producers met in person on Wednesday and are hopeful to finalize a deal on Thursday. However, the outlet report also cautioned that if a deal is not reached, the strike could continue until the end of the year.
The WGA and the Alliance of Motion Picture and Television Producers issued a joint statement on Wednesday night that they had bargaining sessions and would meet again on Thursday.
The WGA strike, which began on May 2, has affected more than 11,000 film and TV writers who are demanding higher pay and better working conditions in the streaming era. They have argued that their compensation does not reflect the revenue that the studios have generated from streaming platforms.
The writers also want new rules that would require studios to hire a certain number of writers for a certain duration for TV shows. They also want to be paid throughout the stages of preproduction, production, and postproduction.
Currently, most of the writers are often expected to work on revisions or new material without compensation.
The strike has halted production for several high-profile shows and movies, such as Netflix’s ‘Stranger Things,’ Disney and Marvel’s ‘Blade’ and Paramount’s ‘Evil.’
Several actors also joined the picket line in July in solidarity with the writers.
Earlier this week, the writers’ union said it would resume talks with the studios.
This seems to be the closest the two sides have been to a resolution since the strike started. The negotiations have involved 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 also hurt the media companies as they struggle to make streaming profitable and attract people back to theaters.
Warner Bros. Discovery which owns a massive TV and film studio, as well as the largest portfolio of pay-TV networks warned investors earlier this month that the strikes would impact its earnings.
The company said it now expects its adjusted earnings before interest, taxes, depreciation, and amortization to drop by $300 million to $500 million, putting it in the full-year range of $10.5 billion to $11 billion.
Zaslav called for an end to the writers and actors strikes at an investors’ conference earlier this month.
“We need to do everything we can to get people back to work,” Zaslav said.
“We really have to focus as an industry, and we are, trying to get this resolved in a way that’s really fair.”