The Hollywood writers’ strike appears to be almost over. After a work stoppage of more than 140 days, the Writers Guild of America (WGA) announced Sunday evening that it had reached a “tentative agreement” with major Hollywood studios on pay, working conditions and more.
“We can say with great pride that this is an exceptional deal – with meaningful benefits and protections for writers in every sector of its membership,” the WGA negotiating committee wrote in an e-mail to members.
WGA leadership said details of the agreement could not be shared until its language was finalized; after that, writers will have to vote to approve the deal. The guild said its leaders could end the strike as soon as Tuesday, once the contract is finalized and sent to members for a vote. The guild immediately suspends picketing.
The deal was finalized in the middle and end of last week during several nights of negotiations between the WGA and the Alliance of Motion Picture and Television Producers.
Writers will soon be allowed to return to work, but without actors, Hollywood productions will likely grind to a halt. The Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA), the union representing approximately 160,000 members of the entertainment industry, has been on strike since July.
The strikes have hit studios like Netflix and Warner Bros. Discovery forced to adjust their financial projections. In July, Netflix estimated it would have additional free cash flow of $1.5 billion, while Warner Bros. Discovery cut its 2023 earnings guidance by about $300 to $500 million.
(Revelation: The Verges The editorial staff is also affiliated with the Writers Guild of America, East.)