The Writers Guild of America (WGA) strike has taken a positive turn as negotiators are reportedly set to end the demonstration. Both sides are willing to compromise and are optimistic about how things will turn out. The strike may continue until the end of the year if no agreement is reached.
Warner Bros revealed earlier that the four-month strike could cost the company up to $500 million. Guild has rejected Hollywood Studios’ past offer and demanded they “protect” their rights.
WGA Strike May End Soon
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Hollywood Studios and the Writers Guild of America (WGA) reached an agreement on the writers’ strike. The strike began in May following the studio’s indifference to meeting writers’ demands for increased pay and protection from AI.
Despite several past attempts to reach a compromise, this is the closest the opposing sides have come to agreeing a way forward after an “encouraging” face-to-face meeting.
On Wednesday, several prominent CEOs, including Bob Iger of Disney and Ted Sarandos of Netflix, and representatives of the Writers Guild met to discuss the issue. The party issued a statement, according to Daily Mailstating that they will meet on Wednesday and Thursday to reach a possible end to the strike.
Although CEOs are not usually present at bargaining sessions, the crisis, which has affected the industry financially and economically, forces leaders to engage in negotiations. A Studio representative stated to Hollywood Reporter“CEOs have cleared their calendars and want to sit down and have a real conversation.”
They added before the meeting, “This is too long in coming; everyone feels pain. Let’s get in there and get it over with.” Although Wednesday’s talks ended without a clear outcome, the two sides set another meeting on Thursday to reach an agreement.
Writer Rejects Last Offer From Hollywood Studios
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Hollywood studios tried to negotiate with the writer in August with their “best offer”. However, they were rejected for failing to meet their expectations and “adequately protect them,” as stated in their request.
follow Hollywood Reporter, offer by the Alliance of Motion Picture and Television Producers (AMPTP) includes a pay rise, the biggest in 35 years. It also consists of an offer to protect writers from AI and an increase in salary balances, as the group notes.
The package is committed to not using AI-generated content as literary material. The studio also proposed a 5 percent increase in the salary rate for the first contract year, then four percent in the next year, and 3.5 in the third year.
The strike may continue until the end of the year
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Although there is hope that the parties will reach a responsible agreement, CNBC reported that the strike could be extended until the end of the year if things don’t go well.
follow THR, The Writers Guild of America said in a statement to its members that the negotiations may keep them out of profile for “the coming days.”
However, they ask them to trust the process. “Know that our focus is getting a fair deal for writers as quickly as possible.”
One commenter wrote of the Guild’s message, that “they expect real negotiations. Not to talk for a while. They didn’t say that the last time they spoke to AMPTP. They at least hope/expect something real.”
Warner Bros. Discovery Could Lose Half A Billion Due To WGA & SAG Strikes
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The four-month strike, which began in May, has had some negative effects on the Hollywood economy. The American film industry is currently experiencing its first layoffs in more than six decades.
Warner Bros. Discovery revealed that the strike could cost up to $500 million in just one year. follow Daily Mailthe company previously provided financial guidance for 2023, assuming the strike would not extend beyond September.
But, with the strike continuing, the company is now expecting a sharp decline in earnings. It expected the success of the recent movie “Barbie” to make up for the loss after earning $1.38 billion at the box office, but it couldn’t.
The company recorded savings of up to $100 million due to strikes and layoffs but expects more losses. According to the financial update, it plans to “continue to adjust its expectations based on when and how objections are ultimately resolved” while hoping for a positive outcome.
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Source: thtrangdai.edu.vn/en/
