A $1 billion contract: Hollywood actors agree on terms of work with movie studios

The negotiating committee of the actors’ guild SAG-AFTRA has approved a tentative agreement on working conditions with the largest film studios. This will put an end to the strike that has affected a large part of the Los Angeles entertainment industry, writes Los Angeles Times.

The vote took place on November 8 after a tense week of negotiations. SAG-AFTRA leaders have been working to improve the terms of the labor contract for the studios represented by the Alliance of Motion Picture and Television Producers (AMPTP).

“We have arrived at a contract that will enable SAG-AFTRA members from every category to build sustainable careers,” the guild’s television and theatrical negotiation committee said. “Many thousands of performers now and into the future will benefit from this work.”

SAG-AFTRA has not yet disclosed the terms of the agreement, but the committee said that the three-year contract is “valued at more than $1 billion.” The agreement has yet to be ratified by the union’s members.

As a reminder, Hollywood actors went on strike in July. The main reason is that the studios want to get AI copies of actors to use them for free and without time limits. The strike lasted 118 days and ends today, November 9.