Will the US Hollywood Writers and Actors Strike End Tomorrow? "Negotiations Scheduled for the 21st"

"Almost Agreed at the Meeting on the 20th"
Strike Ongoing for 5 Months Since Last May
Heads of Major Studios Engage in Direct Negotiations

In Hollywood, the "home of movies" in the United States, there are expectations that the striking writers' and actors' unions may soon reach an agreement with major studios and end the strike. For the first time since the strike began, heads of major studios including Netflix, Warner Bros., Universal, and Disney have appeared directly at the negotiation table, raising hopes for a settlement.

[Image source=AP Yonhap News]

On the 20th (local time), CNBC reported, citing multiple sources, that the union and studio sides held an in-person meeting and came close to an agreement. Another meeting is scheduled for the following day, the 21st, where a final agreement could be reached, according to sources. Insiders familiar with the negotiations expressed optimism about the current situation.

The Writers Guild of America (WGA) and the Screen Actors Guild?American Federation of Television and Radio Artists (SAG-AFTRA) declared a breakdown in negotiations with the Alliance of Motion Picture and Television Producers (AMPTP) and have been on strike since May 2 and July 14, respectively. The strike began amid conflicts over the redistribution of profits and rights between major studios and unions in the streaming and artificial intelligence (AI) era. It was the first time in 63 years that Hollywood writers and actors went on strike simultaneously. Due to the strike, production of Hollywood TV shows and movies, including Netflix's "Stranger Things," has been halted.

Negotiations between the two sides had been at a standstill for about a month since last month but suddenly resumed this week. CNBC reported that "since more than 11,000 writers went on strike on May 2, this is the closest both sides have come to a settlement." However, sources indicated that if a final agreement is not reached at the negotiation table on the 21st, the strike could continue until the end of the year.

The sudden breakthrough in negotiations appears to be due to the attendance of major studio heads at the negotiation table that day. Netflix CEO Ted Sarandos, Warner Bros. CEO David Zaslav, Universal Studios CEO Donna Langley, and Disney CEO Robert Iger reportedly attended in person. The New York Times (NYT) noted that while CEOs like Zaslav and Iger had met with union representatives last month, this was the first time they officially appeared at the negotiation table.

It is interpreted that the major studio representatives stepped in directly due to increasing pressure from worsening profits caused by the prolonged strike. Warner Bros. announced earlier this month that it expects the strike to impact its earnings. California Governor Gavin Newsom also stated in a recent interview with CNN that "the California economy has suffered losses exceeding $5 billion."