Hollywood actors and studios reached a tentative deal Wednesday to end a months-long strike that has crippled the entertainment industry, delayed hundreds of popular shows and films, and cost billions to the US economy.
SAG-AFTRA members and supporters picket outside Disney Studios on day 95 of their strike against the Hollywood studios in Burbank, California on October 16, 2023.
The Alliance of Motion Picture and Television Producers, which represents the studios, said it was “pleased” to have reached a deal, and trumpeted a “brand new residual for streaming programs.” Residuals are long-term payments for shows after their initial release. “Incredible! I’m so happy we were all able to come to an agreement. Let’s get back to work! Let’s go! I’m so stoked,” Zac Efron told reporters at a premiere for “The Iron Claw.”SAG-AFTRA represents some 160,000 performers.
Economists estimate the overall cost of the industry-wide Hollywood standstill at at least $6 billion, mainly from lost wages.