We are down to the two-minute warning in order to salvage the 2023-2024 TV season. Hollywood studios and major streaming platforms have made what they describe as their “last, best, and final offer” to SAG-AFTRA leadership as the actors’ strike reaches its 114th day. The latest proposal is seen as a significant step in the ongoing negotiations.
“Dear SAG-AFTRA Members,
We received an offer today from the AMPTP, which they characterized as their “Last, Best, and Final Offer.” We are reviewing it and considering our response within the context of the critical issues addressed in our proposals.
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As always, unless it comes from your union, please do not believe any outside sources or rumors.
With gratitude and in solidarity,
Your TV/Theatrical Negotiating Committee”
Studio heads, including Bob Iger from Disney, Donna Langley from NBCUniversal, Ted Sarandos from Netflix, and David Zaslav from Warner Bros. Discovery, have been in talks with SAG-AFTRA this year. However, this session included an expanded group of CEOs from major studios and streaming platforms, making it a noteworthy development in the negotiations.
REELated:
Top executives emphasized that the proposed deal represents a substantial offer, containing major concessions, and it’s a deal “worth more than three of the last deals put together.” While there’s optimism, there’s also a sense of urgency to reach an agreement in the coming days. If a resolution isn’t achieved by the first week of November, it could potentially disrupt the 2024 summer movie slates and the upcoming TV season.
While details of the deal were not released, an insider told TheWrap, the proposal included:
- They are likely to address concerns related to the use of AI in the entertainment industry.
- Compensation Increase: The offer proposes a significant compensation increase of 100% for high-budget streaming productions. This increase would apply to both episodic television and feature films. It’s a substantial boost in compensation rates for actors working on streaming platforms.
- Largest Compensation Hike Since 1983: The proposed deal is being described as the biggest hike in overall compensation since 1983. This suggests that it includes substantial improvements in various aspects of compensation, which is a significant development in the negotiations.
The parties are currently reviewing the proposal, and the SAG-AFTRA negotiating committee is preparing for further discussions. The negotiations have been ongoing since October 24, with studio leaders and union representatives engaging in discussions on various topics, including AI protection and other key issues.
For Reel 360 News’ full strike coverage, click here.
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