{"id":35703,"date":"2023-07-14T13:24:51","date_gmt":"2023-07-14T17:24:51","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/actors-vote-to-strike-it-could-mean-a-complete-hollywood-shutdown\/"},"modified":"2023-07-14T13:24:53","modified_gmt":"2023-07-14T17:24:53","slug":"actors-vote-to-strike-it-could-mean-a-complete-hollywood-shutdown","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35703","title":{"rendered":"Actors Vote to Strike. It Could Mean a Complete Hollywood Shutdown."},"content":{"rendered":"
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The Screen Actors Guild\u2019s National Board voted unanimously to go on strike at 12:01 a.m. Pacific Time on Friday, saying the Alliance of Motion Picture and Television Producers had failed to offer a fair deal on longstanding issues. <\/p>\n

The decision could lead to a complete shutdown of Hollywood.<\/p>\n

\n

\u201cI cannot believe it, quite frankly, how far apart we are on so many things,\u201d SAG-AFTRA national president and negotiator Fran Drescher said. \u201cHow they plead poverty, that they\u2019re losing money left and right, when giving hundreds of millions of dollars to their CEOs. It is disgusting. Shame on them. They stand on the wrong side of history.\u201d<\/p>\n

SAG-AFTRA said members wouldn\u2019t be performing on-camera or off-camera work under the TV\/theatrical contracts, or promoting the studios\u2019 work at film festivals, public appearances, interviews or on social media, as often happens after Emmy nomination announcements, for example.<\/p>\n

SAG-AFTRA is the world\u2019s largest labor union representing performers and broadcasters, with 160,000 members. <\/p>\n

The union said Thursday that despite more than four weeks of negotiations with the AMPTP, which represents large studios and streamers like Walt Disney (ticker: DIS), NBCUniversal, Netflix (NFLX), and Warner Bros. Discovery (WBD), it had not been able to reach agreement on key issues, including how much performers should receive in residuals from the streaming platforms, and the use of their likenesses via artificial intelligence.<\/p>\n

AMPTP said in a statement sent to Barron\u2019s <\/em>that it offered \u201chistoric pay and residual increases, substantially higher caps on pension and health contributions, audition protections, shortened series option periods, and a groundbreaking AI proposal that protects actors\u2019 digital likenesses for SAG-AFTRA members.\u201d <\/p>\n

SAG-AFTRA\u2019s negotiators disputed those assertions on Thursday afternoon, saying the studios had not bargained in good faith and could well afford the pay increases and other protections they had sought.\u00a0<\/p>\n

Drescher said she and others entered contract talks optimistic about a positive outcome, but that \u201cat some point, we have to say, \u2018We\u2019re not going to take it any more.\u2019\u201d<\/p>\n

Disney Chief Executive Bob Iger called the strike \u201cdisturbing\u201d in an interview with CNBC.<\/p>\n

\u201cThere\u2019s a level of expectation that they have that is just not realistic, and they are adding to a set of challenges that this business is already facing, that is, quite frankly, very disruptive,\u201d Iger said.<\/p>\n

Hollywood writers went on strike in May, which has disrupted the creation of many late-night and live-action television programs. An actors strike raises the pressure on studios to try to come to a deal with the unions. The strikes are certain to cause even more shutdowns to productions of shows and award ceremonies. This could weigh on stocks of streaming and television companies that will have their shows put on hold.<\/p>\n

Warner Bros. Discovery stock fell 0.5% on Thursday, while
\n Paramount Global
\n (PARA) shares rose 1.7%.<\/p>\n

However, Benchmark analyst Matthew Harrigan says that
\n Comcast
\n (CMCSA), the parent of NBCUniversal and Peacock, is better positioned to weather this storm.<\/p>\n

\u201cThe movie business in particular has a significant queue of releases already in the pipeline, and NBCUniversal overall has a high reality show programming component that is unaffected by the strike,\u201d Harrigan said. He rates Comcast stock, which was little changed Wednesday, a Buy with a $49 price target.<\/p>\n

Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Screen Actors Guild\u2019s National Board voted unanimously to go on strike at 12:01 a.m. Pacific Time on Friday, saying the Alliance of Motion Picture and Television Producers had failed to offer a fair deal on longstanding issues. The decision could lead to a complete shutdown of Hollywood. \u201cI cannot believe it, quite frankly, how […]<\/p>\n","protected":false},"author":1,"featured_media":35704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-35703","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nActors Vote to Strike. 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