The writers’ strike that has brought Hollywood to a grinding halt could be nearing its end after top studio execs reportedly engaged in high-level talks with the union.
The warring factions began hammering out a deal Wednesday and are scheduled to continue negotiations to end the months-long strike Thursday, according to CNBC.
“The [Writers Guild of America] and [the Alliance of Motion Picture and Television Producers] met for bargaining today and will meet again tomorrow,” according to a joint statement released by the two sides.
The terse statement was a sign of significant thaw in relations between the two sides, who thus far have been locked in an acrimonious dispute over pay, working conditions, and job security that is threatened by the rapid advancement of artificial intelligence.
Union leaders met on Wednesday with top studio bosses including Disney CEO Robert Iger, Warner Bros. Discovery CEO David Zaslav, Netflix co-CEO Ted Sarandos, and NBCUniversal Studio Chair Donna Langley.
A source told Reuters news agency that the negotiating session was “encouraging” and that all four executives are expected to participate in Thursday’s meeting.
The WGA, the union which represents some 11,000 writers in film and television, went on strike in May.
The union demanded studio guarantees of increased pay, hiring, and limits to the use of AI, among other issues.
In July, the SAG-AFTRA actors union also went on strike — making it the first time in more than 60 years that Hollywood was hit with simultaneous work stoppages.
No talks are currently scheduled between the actors and the studios.
The labor strife coincided with sharply declining profits in the media and entertainment sectors as intense competition in the streaming space has studios desperately battling for dwindling audiences.
Warner Bros. Discovery told investors earlier this month that it expects to take a loss of between $300 million and $500 million off its adjusted earnings before interest, taxes, depreciation, and amortization.
“We need to do everything we can to get people back to work,” Zaslav told investors.
“We really have to focus as an industry, and we are, on trying to get this resolved in a way that’s really fair.”
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