The Hollywood writers' strike may be coming to an end. After more than 140 days of work stoppage, the Writers Guild of America (WGA) announced on Sunday night that it had reached a "tentative agreement" with major Hollywood studios on pay, working conditions and other issues. "We are extremely proud to say that this is an extraordinary agreement - one that provides meaningful benefits and protections for writers across industries," the WGA negotiating committee wrote in an email to members.
WGA leadership said it could not disclose details of the agreement until its wording is finalized; after that, writers will vote to ratify the deal. The union said its leaders could end the strike as soon as Tuesday once the contract is finalized and put to a vote by members. The Guild will suspend picketing activities immediately.
The agreement was reached after several nights of negotiations between the WGA and the Alliance of Motion Picture and Television Producers in the middle of last week and last weekend.
The WGA first called for a strike on May 2 after negotiations between writers and AMPTP failed. While the WGA asked for things like better streaming residuals, retention of a writers room, and protection of the use of artificial intelligence to be included in the contract, the AMPTP pushed back.
Screenwriters may be back at work soon, but without actors, Hollywood production will likely continue to grind to a halt. The SAG-AFTRA union, which represents about 160,000 members in the entertainment industry, has been on strike since July.
The strike has forced studios such as Netflix and Warner Bros. Discovery to adjust their financial forecasts. In July, Netflix expected its free cash flow to increase by $1.5 billion, while Warner Bros. Discovery lowered its 2023 profit forecast by about $300 million to $500 million.