Hollywood’s actors union reached a tentative deal with studios Wednesday to end its strike, bringing a close to months of labor strife that ground the entertainment industry to a historic halt, Billboard reports.
The three-year contract agreement must be approved by votes from the union’s board and its members in the coming days, but the leadership declared that the strike will end at 12:01 a.m. on Thursday.
At nearly four months, it was by far the longest strike ever for film and television actors.
More than 60,000 members of the Screen Actors Guild-American Federation of Television and Radio Performers went on strike July 14, joining screenwriters who had walked off the job more than two months earlier. It was the first time the two unions had been on strike together since 1960. Studios chose to negotiate with the writers first, striking a deal that their leadership marked as a major win and bringing their strike to an end on Sept. 26.
The terms of the agreement were not immediately released. SAG-AFTRA said details would be made public after a meeting on Friday where board members review the contract. Issues on the table included both short-term compensation and future royalty payments for film and TV performances, along with control over actors’ images and likenesses regenerated with artificial intelligence.
Disney’s shares rose based on its report, which said its net income jumped 63% to $264 million in the quarter that ended Sept. 30, up from $162 million a year earlier. Zaslav said on an earnings call that the studios’ last offer “ met virtually all of the union’s goals and includes the highest wage increase in 40 years.”
Warner Bros. Discovery reported losses and saw its shares fall 19% Wednesday.
