The guild announced that a deal worth over $1 billion had been reached with the Hollywood studios. While the new three-year contract still needs to be ratified by SAG-AFTRA membership, the union officially declared their strike over at 12:01AM on November 9. While the exact details aren’t known, the new contract is being viewed as a massive win for the actors. It reportedly includes compensation increases, protections from AI, and streaming residuals.
“It’s an agreement that our members can be proud of. I’m certainly very proud of it. We said we would only accept a fair, equitable and respectful deal, and that’s precisely what this deal is. So I think our members, as we are able to release more of the details of it, will look at them and say, now this is something that was worth being on strike for,” SAG-AFTRA executive director Duncan Crabtree-Ireland told The Associated Press.
— SAG-AFTRA (@sagaftra) November 9, 2023
With SAG-AFTRA suspending its picket, thus ends a historic year of labor action in Hollywood. SAG-AFTRA had been on strike since July 14. They joined the WGA on the picket two months after the writers had begun their strike. It was the first time that both unions had picketed together since 1960. As a result, the film & TV production industry was brought to a complete standstill. The writers reached an agreement with the studios on September 26.