Hollywood workers reach deal on fresh contract, avert strike

An 11th-hour deal was reached on Saturday, averting a strike of film and television crews that would have seen some 60,000 behind-the-scenes workers walk off their jobs and would have frozen productions in Hollywood and across the US.
 

After days of marathon negotiations, representatives from the International Alliance of Theatrical Stage Employees and from the studios and entertainment companies who employ them reached the three-year contract agreement before a Monday strike deadline, avoiding a serious setback for an industry that had just gotten back to work after long pandemic shutdowns.
 

Jarryd Gonzales, spokesman for the Alliance of Motion Picture and Television Producers, whose members include major studios including Disney, Netflix and Amazon.com Inc, confirmed the agreement to The .

The Fine Print

• Higher wages for the lowest-paid earners, and those in streaming
• Retroactive wage hike of 3% yearly
• Daily rest periods of 10 hours
• Weekend rest periods of 54 hours
• Adoption of diversity, equity and inclusion initiatives

Netflix estimates Squid Game will be worth almost $900 mn 
 

Netflix estimates that its latest megahit, Squid Game, will create almost $900 million in value underscoring the windfall that one megahit can generate in the streaming era.  (Bloomberg)