The prolonged Hollywood strike that has disrupted the entertainment industry may soon come to an end, according to reports from CNBC. On Wednesday, the Writers Guild of America (WGA) and producers held in-person meetings, raising hopes of finalizing a deal on Thursday. However, the outlet also warned that if an agreement is not reached, the strike could persist until the end of the year.
The WGA and the Alliance of Motion Picture and Television Producers issued a joint statement on Wednesday night, confirming their bargaining sessions and scheduling further meetings for Thursday.
The WGA strike, which commenced on May 2, has impacted over 11,000 film and TV writers who are advocating for higher compensation and improved working conditions in the era of streaming. They argue that their pay does not reflect the revenue generated by studios through streaming platforms.
Additionally, the writers are pushing for new regulations that would mandate studios to hire a specific number of writers for defined durations in TV show production. They are also seeking compensation throughout preproduction, production, and postproduction stages, as many writers are currently expected to work on revisions or new content without payment.
The strike has caused production delays for several prominent shows and movies, including Netflix’s ‘Stranger Things,’ Disney and Marvel’s ‘Blade,’ and Paramount’s ‘Evil.’ In a show of solidarity, numerous actors joined the picket lines in July.
Earlier this week, the writers’ union announced its intention to resume talks with the studios. This marks the closest the two sides have come to a resolution since the strike’s inception. High-level media executives, including Warner Bros. Discovery CEO David Zaslav, Disney’s Bob Iger, Netflix co-CEO Ted Sarandos, and NBCUniversal film head Donna Langley, have been involved in the negotiations.
The strikes have also placed a strain on media companies as they grapple with making streaming services profitable while luring audiences back to theaters.