Stock Groups

Hollywood crews to strike next week unless deal reached with producers By Reuters


3/3
© Reuters. FILE PHOTO – The car with Amy Thurlow as script coordinator is adorned in windows. This was taken after 91% of IATSE Local 871 members cast their ballots.

2/3

(Reuters) – If contract negotiations with producers fail, behind-the scenes workers at Hollywood movies and TV shows will strike across the country next week. This was announced by their union on Wednesday.

Matthew Loeb, President of IATSE, stated that if no agreement is made by Oct. 18 at 12:01 AM PDT, the International Alliance of Theatrical Stage Employees will call a strike. This includes camera operators, make-up artists and other off-screen workers.

Loeb stated that the union is continuing to bargain with the producers in the hope of reaching an agreement on new contracts before Monday’s strike deadline. This week, Loeb mentioned that the issues being discussed include reasonable rest periods and meal breaks as well as pay increases for workers at the lowest wage levels.

“However, the pace of bargaining doesn’t reflect any sense of urgency,” Loeb said in a statement. “Without an end date, we could keep talking forever. Our members deserve to have their basic needs addressed now.” 

The Alliance of Motion Picture and Television Producers said that studios had been working diligently to strike a deal in order to maintain the industry, which provided an escape from the COVID-19 pandemic.

Jarryd Gonzales of AMPTP stated that there are still five days to strike a deal and that the studios would continue to negotiate with good faith to try to get a contract. More than 90% of IATSE members cast votes last week and 98% of those ballots were for authorizing a strike.

As the demands for TV and film have increased for streaming services like Netflix, Disney+, Apple TV+, and Amazon Video (NASDAQ:), The Union wants to decrease working hours.

The agreement was signed in 2009 in early streaming media.

The most recent Hollywood strike, by television and film screenwriters over three months in late 2007, and early 2008 saw all scripted television shows shut down. Television networks ran reruns.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.