Striking Hollywood Writers Reach Tentative Deal With Studios
WSJ What’s News
The Wall Street Journal
4.1 • 4.2K Ratings
🗓️ 25 September 2023
⏱️ 15 minutes
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| 0:00.0 | People are living longer, so the career you expected to cap off at 40 years could last 60. |
| 0:06.5 | There are very few people who can work 40 years and save enough money to not work for another 30. |
| 0:13.0 | Get ready for a 60-year career with a special series on your money briefing from the Wall Street Journal, Wednesdays in September. |
| 0:21.0 | Hollywood studios and striking writers make a deal, while work for U.S. lawmakers is only getting started as a government shutdown nearest. |
| 0:34.0 | What's new to me is this shutdown is not simply about one thing. It's about over-else spending levels. It's about trust in Kevin McCarthy's leadership. |
| 0:42.0 | And of course, it's about the fact that he is operating with one of the smallest margins for Republicans in recent history. |
| 0:49.0 | Plus Amazon and Metta double down on AI. It's Monday, September 25. I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News. |
| 1:00.0 | The top headlines and business stories moving your world today. |
| 1:09.0 | We begin in Hollywood, where writers, studios and streamers have reached a tentative agreement to end a months-long strike. |
| 1:16.0 | It's paralyzed production of everything from blockbusters to your favorite comedy series. |
| 1:21.0 | Our media and entertainment reporter Joe Flint spoke to us from Los Angeles in the early hours of the morning, shortly after the deal was announced. |
| 1:29.0 | Joe, how did this agreement come about? |
| 1:32.0 | Well, first, just to be sure, it's a tentative deal, and it has to go through a few more hurdles. |
| 1:37.0 | But when they announce something, you can pretty much 99% be sure that it'll go to the guild's membership for a vote. |
| 1:44.0 | The deal came about after five days of very intense negotiations that actually involved several CEOs from the major media companies. |
| 1:54.0 | I mean, there seemed to be a recognition from the studios and the streamers that we need to get this done if we're going to salvage any sort of TV season, any sort of summer movie season. |
| 2:06.0 | Take us into what is in this tentative deal, and specifically how it addresses the demands of writers which around things like residuals, around the use of artificial intelligence had seemed pretty profound. |
| 2:16.0 | There are several issues in this contract that made it a huge challenge. There were a lot of areas that the studios just did not want to give ground on. |
| 2:26.0 | So, well, all the details of what the writers have achieved won't be known for several days until they tell their membership what they're actually voting on. |
| 2:35.0 | I can tell you from some early reporting that the writers made significant gains, not only in residual rates going up, but also an increase in how residuals are determined to change in the formula that could also lead to significant increases. |
| 2:53.0 | Kind of a success-based metric that the writers were pushing for. |
| 2:57.0 | And what about around artificial intelligence? There's been so much written about how all sorts of professions are being challenged or even potentially replaced by AI. How did that shake out within this deal? |
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