The strike of Hollywood actors against the studio will end on Thursday. The strike is expected to end after negotiators from SAG-AFTRA, the umbrella organization of Hollywood film and television actors, approve a tentative agreement.
The 118-day strike will end at midnight on Thursday, according to Variety magazine. This strike is said to be the longest and financially devastating in Hollywood history.
The union’s negotiating committee on Wednesday unanimously approved an agreement to end the strike. This agreement will be sent to the National Board of Sag-Aftra for approval next Friday.
Both sides were trying to finalize the agreement for the last few days. The agreement will go from protecting artists from artificial intelligence (AI) to historically increasing wages. After the agreement, the artist’s salary will increase by seven percent.
The deal will also include a ‘streaming participation bonus’, according to an email sent to members of the organization. In addition, there will be an increase in pension and health contributions. According to the union, the total amount of this contract is more than one billion.
“We have reached an agreement that will enable our members to build sustainable careers,” the union said in an email. “Thousands of artists will benefit now and in the future.”
Committee member Kevin E. West said there were “tears of joy and happiness” after the agreement was approved.
The final vote was unanimous. That’s a difficult thing to accomplish,” West said, speaking outside the union headquarters. “It took us two long weeks to come to an honest agreement.” He said that the agreement was not complete either. The final agreement is not complete yet. But reaching this result is an extraordinary achievement,” he said.
Another member of the committee, Ben Whitehair, said the agreement was a big win for the union. “It’s unbelievable and emotional, we made history,” he said.
The details of the agreement prepared to end the strike are expected to arrive by Friday. Earlier in 1980, the strike of actors against TV and film companies lasted for 95 days.