Writers and producers are on the verge of ending the Writers Guild of America strike following a face-to-face meeting on Wednesday, according to sources close to the negotiations.
The two sides plan to finalize a deal on Thursday, with hopes of resolving the strike. However, if an agreement is not reached, the strike could continue until the end of the year.
On Wednesday evening, the WGA and the Alliance of Motion Picture and Television Producers issued a joint statement confirming their negotiations and announcing further talks on Thursday. They are scheduled to reconvene at 9 a.m. PT. Representatives for the organizations declined to comment further.
The strike, which has already lasted over 100 days, has seen actors joining writers on picket lines since July. As a result, production of TV shows and movies in Hollywood has come to a halt. Popular shows and films such as “Stranger Things” on Netflix, Disney’s projects, and Paramount’s “Evil” have been affected.
Earlier this week, the writers’ union expressed its intention to resume negotiations with the studios.
This development marks the closest the two sides have come to a resolution since the strike began on May 2. Writers have been demanding fair compensation that matches the revenue generated during the streaming era.
Additionally, the WGA is advocating for new regulations that would require studios to employ a certain number of writers for specific periods during the production of TV shows. They are also seeking compensation throughout the preproduction, production, and postproduction processes. Currently, writers are often expected to provide revisions or new material without pay.
In late August, the AMPTP publicly presented its latest proposal to the WGA, but tensions between the two groups have remained high.
Discussions between the studios and writers have involved meetings with top media executives, including Warner Bros. Discovery CEO David Zaslav, Disney’s Bob Iger, Netflix co-CEO Ted Sarandos, and NBCUniversal film head Donna Langley.
The strikes have had significant impacts on these media companies as they struggle to make streaming profitable and drive audiences back to theaters.
Warner Bros. Discovery, which owns a TV and film studio along with a large portfolio of pay TV networks, recently adjusted its earnings expectations due to the strikes. The company anticipates a hit of $300 million to $500 million in adjusted earnings before interest, taxes, depreciation, and amortization, with a full-year range of $10.5 billion to $11 billion.
Zaslav called for an end to the strikes at a conference, emphasizing the need to get people back to work and resolving the situation fairly.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is a member of the Alliance of Motion Picture and Television Producers.
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