The Writers Guild of America and studios are meeting to discuss how to end the Hollywood strike on Thursday, raising hopes of a breakthrough.
The WGA and the Alliance of Motion Picture and Television Producers met yesterday and will meet again Thursday, they said in a joint statement. The two sides are close to reaching an agreement, CNBC reported, citing people familiar with the discussions.
The strike has lasted more than three months, shutting down production of television shows and movies. Writers are pushing for higher pay, arguing their compensation is too low for the amount of revenue that has been generated from streaming.
Studios have been saving money since the strike began on May 2, but executives have warned earnings will be hit eventually by having less content. Work has come to a halt on
Netflix’s
(ticker: NFLX) Stranger Things,
Disney
‘s (DIS) Blade, and
Paramount’s
(PARA) Evil.
Both sides say they want to get to a deal as soon as possible. However, if no agreement is reached, the dispute could last until the end of the year, CNBC said.
Write to Brian Swint at [email protected]
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