Signs of Reconciliation: Hollywood Writers Strike May be Coming to an End

There are signs of reconciliation in Hollywood. Sources reveal that the writers strike may be coming to an end!

Ma Lan, Financial Association

2023-09-24 14:26:53

Financial Associated Press, September 24 (Editor Ma Lan) The fierce strike in Hollywood is expected to see an end. On Saturday, sources revealed that lawyers from both sides were negotiating contract details and a deal was likely to be reached soon.

The Hollywood Writers Guild and the studios said in a joint statement that they would continue to meet and negotiate on Sunday. Unresolved issues on Saturday included the use of artificial intelligence in script creation, sources said, with both sides hoping to finalize a deal on Sunday.

But this is not the end. Even if the Writers Guild reaches an agreement with Hollywood companies, entertainment industry executives will still have to deal with the 160,000-member performers union SAG-AFTRA.

More than four months have passed since the writers’ strike, and the actors joined the strike in July. The entire Hollywood is depressed because of the strike, and the production companies are desperate to deal with the anger of the union to get everything back on track.

The threat remains

By Saturday afternoon, the bosses of the four major studios had walked away from the negotiating table, a person familiar with the situation said, indicating that nearly all major issues had been resolved.

The studio has reportedly agreed to staff the TV show with a certain number of writers, which will increase with the number of episodes per season. Writers, meanwhile, will also be entitled to a share of bonuses from popular shows on the streaming service.

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The production company hopes to reach a deal by early October to save the 2024 film program as well as the 2023/24 TV season.

However, even if a tentative agreement is reached, it will still need to be approved by ordinary members before it can take effect. Furthermore, without the company reaching an agreement with SAG-AFTRA, the actors’ union, ending the writers’ strike itself wouldn’t do much to resume suspended production.

The Hollywood strike has cost the U.S. economy billions of dollars, especially in Los Angeles, affecting everyone from hairstylists and makeup artists to restaurants.

Due to its long duration and large number of people involved, the Hollywood strike is regarded as one of the main activities that promoted the escalation of the scale of strikes in the United States this year.

Warning from the financial community: The content, data and tools in this article do not constitute any investment advice and are for reference only and do not have any guiding role. The stock market is risky, so be cautious when investing!

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