According to multiple media reports, writers in Hollywood are close to finalizing a deal with the major film and television studios that will end their months long strike.
Studios and the Writers Guild of America hope to finalize a new collective agreement today (September 21) that will end the strike and pave the way for film and television production to resume once again.
However, Hollywood actors also remain on strike and there have not been reports of a new deal being reached with their union, the Screen Actors Guild.
More than 11,000 writers have been on strike for longer than 100 days, with actors joining them on the picket lines in July, leading to a global shutdown of film and TV production.
The production halt has impacted popular TV shows such as Netflix’s (NFLX) “Stranger Things,” and delayed the release of highly anticipated movies such as the sequel to “Dune.”
The writers have been demanding a greater share of the revenues that are being generated from streaming services.
The Writers Guild of America has also been pushing for compensation throughout the process of preproduction, production, and postproduction. Currently, writers are expected to provide script revisions or come up with new material without being paid.
For their part, the studio chiefs have been saying that they are struggling to make streaming profitable and lure audiences back to movie theatres following the Covid-19 pandemic.
Warner Bros. Discovery (WBD) recently said that the strike by both Hollywood writers and actors could cost it as much as $500 million U.S. in lost revenue.
