The past four months have been a pretty bleak time for Hollywood, but better days are finally on the horizon. The SAG-AFTRA union managed to reach a tentative deal with Hollywood studios, putting an end to the actors’ strike after 118 long days.
After four months of grueling negotiations, SAG-AFTRA sent a note to its 160,000 members, ranging from A-list stars to background extras, announcing that the strike officially came to an end on November 9:
“We are thrilled and proud to tell you that today your TV/Theatrical Negotiating Committee voted unanimously to approve a tentative agreement with the AMPTP. Our strike is officially suspended and all picket locations are closed.”
According to SAG-AFTRA’s official release, this deal of “extraordinary scope” is valued at over one billion dollars over three years. Minimum compensation increases, streaming participation bonuses, protections from the threat of AI, higher pension and health caps, and compensation increases for background performers are part of the new contract.
The deal will only go into effect once it’s reviewed by the SAG-AFTRA National Board. Actors will be able to go back to work and resume all paused productions once the ratification vote is completed.
The SAG-AFTRA strike, along with the WGA strike, has been a huge blow for the entertainment industry, and it’s believed they cost the California economy more than $6.5 billion over the course of six months.