Hollywood actors reach ‘tentative agreement’ to resolve major strike valued at over £1 billion

Hollywood is back in business as the nearly four-month SAG-AFTRA strike that brought it to a standstill is finally coming to an end.

Actors will now leave the picket lines and head back to work after 118 days of protesting for higher pay and better working conditions.

The SAG-AFTRA union and the Alliance of Motion Picture and TV Producers (AMPTP) announced that it had reached a tentative agreement with the world's biggest studios on Wednesday (8 November).

They claimed the deal - with the likes of Disney and other streaming giants on board - is worth more than $1billion.

The union said it has bagged a deal of 'extraordinary scope' - with the three-year contract including increases in minimum salaries for stars as well as a new 'participation' bonus paid by streaming services.

SAG-AFTRA said in a statement that the agreement also stipulates protection from artificial intelligence and 'unprecedented provisions for consent and compensation'.

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It had been a major concern for many in the industry who feared they could be replace by digital doubles.

The union said: "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."

Adding: "As of 12:01am PT on Nov. 9, our strike is officially suspended and all picket locations are closed.

"We will be in touch in the coming days with information about celebration gatherings around the country."

The AMPTP said in their own statement that the agreement 'represents a new paradigm'.

They said: "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 40 years; a brand new residual for streaming programmes; extensive consent and compensation protections in the use of artificial intelligence; and sizeable contract increases on items across the board.

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"The AMPTP is pleased to have reached a tentative agreement and looks forward to the industry resuming the work of telling great stories."

However, the full details of the deal will not be announced until the tentative agreement is reviewed by the SAG-AFTRA national board on Friday, Deadline reports.

Due to the strikes across the industry, the production of various TV and film were grinded to a halt.

And some celebrities staged walk-outs in solidarity with those protesting - like the cast of Oppenheimer at their UK premiere.