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Ladies and gentlemen, we have a deal!

A month after the Writers Guild of America formally reached a deal with the Alliance of Motion Picture and Television Producers, SAG-AFTRA has now reached its own tentative agreement with the studios, signaling an end to the 118-day actors’ strike.

The union’s negotiating committee unanimously approved the three-year agreement on Wednesday, according to The Hollywood Reporter, and the work stoppage will end Thursday at 12:01 am PT. The agreement will have to be formally ratified by the union’s members, though, to seal the deal.

“In a contract valued at over one billion dollars, we have achieved a deal of extraordinary scope that includes ‘above-pattern’ minimum compensation increases, unprecedented provisions for consent and compensation that will protect members from the threat of AI, and for the first time establishes a streaming participation bonus,” SAG-AFTRA said in a statement to its members. “Our Pension & Health caps have been substantially raised, which will bring much needed value to our plans. In addition, the deal includes numerous improvements for multiple categories including outsize compensation increases for background performers, and critical contract provisions protecting diverse communities.”

The statement added: “We have arrived at a contract that will enable SAG-AFTRA members from every category to build sustainable careers. Many thousands of performers now and into the future will benefit from this work.”

The AMPTP chimed in with their own statement as well: “Today’s tentative agreement represents a new paradigm. It gives SAG-AFTRA the biggest contract-on-contract gains in the history of the union, including the largest increase in minimum wages in the last forty years; a brand new residual for streaming programs; extensive consent and compensation protections in the use of artificial intelligence; and sizable contract increases on items across the board. The AMPTP is pleased to have reached a tentative agreement and looks forward to the industry resuming the work of telling great stories.”

The news comes four days after SAG-AFTRA notified its members Saturday that the AMPTP presented the guild with what it described as their “last, best and final offer.”

Members of SAG-AFTRA — the labor union representing more than 160,000 performers — have been on strike since July 13, after more than a month of contract negotiations between the guild and the AMPTP ended without agreement on a new deal. Among the key issues on the table were streaming residuals, artificial intelligence and pension and health contributions.

In early October, SAG-AFTRA and the AMPTP resumed negotiations, only for talks to break down on Oct. 12 after the studios cited a gap “too great” between the two sides and walked away from the bargaining table. At the time, SAG-AFTRA said in a statement that the AMPTP used “bully tactics” during negotiations and was “putting out misleading information in an attempt to fool our members into abandoning our solidarity and putting pressure on our negotiators.”

SAG-AFTRA’s desire for a share of streaming revenue for all union-covered shows was an especially thorny topic, with the AMPTP alleging that the guild’s proposal would cost more than $800 million a year and create “an untenable economic burden.” SAG-AFTRA later countered that its revenue share proposal “would cost the companies less than 57 cents per subscriber each year,” adding that the studios have “intentionally misrepresented to the press the cost of the above proposal – overstating it by 60%.”

Negotiations then picked back up on Oct. 24 and have continued until Wednesday’s tentative agreement was reached.

The writers’ strike, meanwhile, unofficially ended on Sept. 27 after WGA leadership voted the previous day to end the strike and send its members back to work. The strike’s formal conclusion followed on Oct. 9, when 99% of WGA members voted in favor of ratifying a new contract with the AMPTP. The new deal will remain in place through May 1, 2026.

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