WGA inks an ‘exceptional’ deal with the studios

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on Sep 25, 2023
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  • WGA and AMPTP reached a tentative agreement over the weekend.
  • Matt Belloni of Puck discussed the development on CNBC today.
  • Media stocks are celebrating this morning after the deal news.

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Media stocks are celebrating this morning after the Hollywood writers and studios announced to have reached a preliminary agreement.

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Hollywood writers are not returning to work just yet

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The Alliance of Motion Picture and Television Partners (AMPTP) and the Writers Guild of America (WGA) are still working on the final contract.

Details of the tentative deal inked today remain unknown but the WGA did tell the union members on Monday:

This deal is exceptional – with meaningful gains and protections for writers in every sector of the membership.

Note that members of the Writer’s Guild are not returning to work just yet – but today’s preliminary agreement is sure a big step towards finally putting an end to the strike that has gone on since early May.

How long will it take for Hollywood to resume production?

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Once an agreement is finalised, the AMPTP will then focus on settling with SAG-AFTRA.

All in all, Matt Belloni – the Founding Partner of Puck now expects the Hollywood to resume production around late November in the best-case scenario. On CNBC’s “Squawk Box”, he also said today:

From what I’m told, writers are getting a success metric in streaming which was a big point of contention … they wanted some of their residuals as a bonus if their shows do well.

Belloni also revealed that studios have agreed to offer significant protections to writers against the use of AI – and all of that is on top of wage increases, of course.

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