The SAG-AFTRA strike is officially over, and new details have been revealed about the union’s new contract with the TV and movie studio!
SAG-AFTRA, which has been on strike for 118 days, confirmed on Wednesday evening (8 November) that it had reached a provisional agreement with AMPTP on a new three-year contract.
More details about the deal emerged Thursday (Nov. 9), when Variety reported that the new SAG-AFTRA contract is worth more than $1 billion over three years. But the union has failed to secure a share of each streaming platform’s revenue, one of its top priorities.
SAG-AFTRA President Fran Drescher has made contract changes a top priority to keep up with the changing industry. It targeted 2 percent of streaming revenue, but has since dropped to 1 percent, or about $500 million a year.
SAG-AFTRA chief negotiator Duncan Crabtree-Ireland said the new deal includes a “stream participation bonus” worth about $40 million a year. Similar to terms recently approved by the Writers Guild of America, the SAG-AFTRA contract calls for actors to receive bonuses equal to 100 percent of their salary. Part of the funds will be used for programming that reaches 20% of the streaming platform’s subscribers in the first 90 days. The remaining bonuses go into funds controlled by unions and employers and are distributed to the actors through a series of streaming shows.
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