US Markets
Monday, October 9th, 2023 10:48 pm EDT
Key Points
- Writers Guild of America Ratifies New Contract: The Writers Guild of America (WGA) has officially ratified a new three-year contract with Hollywood studios. A resounding 99% of the guild’s members voted in favor of the agreement, with 8,435 votes supporting it and only 90 opposing it. The contract is effective from September 25, 2023, through May 1, 2026.
- Key Provisions of the New Contract: The ratified contract includes several significant provisions. It secures pay increases for writers over the next three years, establishes restrictions on the use of artificial intelligence, introduces a new residual payment system for streaming platforms based on viewership, negotiates higher contribution rates for health benefits and pensions, and guarantees a minimum number of writers in writers’ rooms for television shows.
- Solidarity and Upcoming Negotiations: Following the resolution of the writers’ strike, late-night TV shows such as Jimmy Fallon, Jimmy Kimmel, Seth Meyers, Stephen Colbert, and John Oliver were among the first productions to return. Now, the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) is preparing for negotiations with major studios. SAG-AFTRA aims to address issues related to wages, working conditions, health and pension benefits, the use of AI in productions, transparency in streaming viewership data, and the standardization of the self-tape process. WGA members have expressed solidarity with SAG-AFTRA, indicating their willingness to support them if their needs are not met in negotiations.
The Writers Guild of America has officially ratified a new three-year contract with Hollywood studios. The vote saw 99% of the guild’s membership in favor of the agreement, with 8,435 votes in favor and only 90 against. The contract will be in effect from September 25, 2023, through May 1, 2026.
The new contract includes pay increases for writers over the next three years, restrictions on artificial intelligence usage, and a revised residual system for streaming services based on viewership. It also includes higher contribution rates for health benefits and pensions, as well as guarantees for the number of writers in writers’ rooms for television shows.
Following the end of the strike, late-night TV shows like Jimmy Fallon, Jimmy Kimmel, Seth Meyers, and Stephen Colbert were among the first productions to return. Now, the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) is entering negotiations with major studios like Disney, Paramount, Netflix, Universal, and Warner Bros. Discovery.
SAG-AFTRA’s goals include improving wages, working conditions, health and pension benefits, addressing the use of artificial intelligence in productions, demanding transparency from streaming services regarding viewership, and standardizing the self-tape process. Writers Guild of America East President Lisa Takeuchi Cullen expressed solidarity between the two unions, indicating that WGA members would support SAG-AFTRA members if their needs are not addressed in the negotiations.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/09/hollywood-writers-ratify-new-contract-with-studios-.html
