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That’s not how David Zaslav and Bob Iger wanted to run today.
Just 36 hours ago, the head of Warner Bros. Discovery and the CEO of Disney, along with other studio bosses, believed that the nearly five-month SAG-AFTRA strike might now be over. Yesterday, as the Guild and AMPTP closed the gap in AI protection, a wave of good cheer swept across the city. As the day progressed, however, it became clear late at night that there would be no agreement on Tuesday.
Now, 118 days after the start of the SAG-AFTRA strike that shut down Hollywood production, the actors’ guild continues to discuss the details of the AMPTP’s sweeping latest proposals.
As the Guild Negotiating Committee notes, the current intention is to contact AMPTP later today, we have learned. There are currently no plans for the CEO Gang of Four – Disney’s Iger, WBD’s Zaslav, Netflix’s Ted Sarandos and NBCUniversal’s Donna Langley – to directly engage in further discussions
“We’re reviewing the offer and building on the movement, but rushing through it ultimately doesn’t benefit anyone,” a guild source tells us about their approach. “We know people want to see a deal, it has to be a fair deal, a deal that is worth all the sacrifices made.”
“Everyone is working hard to get ready,” an industry insider tells Deadline. “It’s a groundbreaking deal,” he added of the studios’ self-described “best, last and final offer” with increased minimum rates, significant increases in performance compensation bonuses, “full” AI protections and more.
On a related note, Zaslav saw a double-digit decline in WBD shares on Wednesday after the company’s third-quarter results revealed sluggish advertising revenue and hard EBITDA hits due to the now-decided WGA strike and SAG-AFTRA industrial action. Disney would have welcomed the good news and the distraction of an impending strike resolution if it were to buy out Comcast’s remaining stake in Hulu for at least $9 billion, a less-than-great start for The Marvels this weekend and another Nelson Peltz Investor Revolt reports third quarter results today after the market closes at 1:00 p.m. PT.
“We thought this was in the can, it feels like they’re keeping us waiting to prove a point,” a studio insider involved in the talks told Deadline this morning. A talent representative complained that they too are feeling the pain of “no one being able to make money for the rest of the year” as global productions remain suspended and it is impossible to book talent before 2024.
In total, the six-month strikes by the WGA and SAG-AFTRA have cost the California economy more than $6.5 billion and 45,000 lost entertainment jobs.
Speaking about the deal presented to the guild, Zaslav said this morning: “We have made a final and final offer that meets virtually all of the union’s objectives and includes the highest wage increase in 40 years, and I believe that it is a positive outcome for everyone those involved. We recognize that we need our creative partners to feel valued and rewarded, and we look forward to both parties getting back to the task of telling great stories.”
With SAG-AFTRA members on the picket lines in NYC and LA today, neither the guild nor the AMPTP responded to Deadline’s requests for comment on the current state of affairs. If this is the case, we will update this post.