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Striking WGA (Writers Guild of America) members picket with striking SAG-AFTRA members outside Paramount Studios on September 18, 2023 in Los Angeles, California. Hollywood writers and studios have finalized the language of a tentative contract that will lead to the end to a nearly 150-day labor strike. Union leaders "voted unanimously to lift the restraining order and end the strike as of 12:01 am PT/3:01 am ET on Wednesday, September 27th," the WGA said in a statement. Talks between the Writers Guild of America and the Alliance of Motion Picture and Television Producers, which includes top studios like Disney, Paramount, Universal and Warner Bros. The agreement also improved screenwriter compensation, writers' room minimums and renewed a $250,000 showrunner training program, among other items.
Organizations: WGA, Guild of America, SAG, Paramount Studios, Writers Guild of America, Alliance, Television Producers, Disney, Paramount, Universal, Warner Bros, Discovery, Writers Locations: Los Angeles , California
SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, U.S., July 25, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 25 (Reuters) - Big media companies gave up early share gains from hopes of an end to screenwriters' strike on Monday as focus shifted to an ongoing strike by actors, whose resolution is crucial for a full return to work in Hollywood. But a strike by a larger guild of actors is still on. Nearly 160,000 film and television actors, stunt performers and other media professionals walked off the job in July, demanding higher wages and protection against artificial intelligence use. Its shares have dropped nearly 14% since the writers' strike started on May 2, while Paramount, Disney and Netflix have lost between 20% and 45%.
Persons: Mike Blake, Walt Disney, Susannah Streeter, Hargreaves Lansdown, WBD, David Zaslav, Rosenblatt, Barton Crockett, Yuvraj Malik, Zaheer Kachwala, Arun Koyyur Organizations: Writers Guild of America, Disney Studios, REUTERS, Big, Warner Bros Discovery, Paramount Global, Hargreaves, Paramount, Disney, Netflix, Media, Thomson Locations: Burbank , California, U.S, Hollywood, Bengaluru
SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, U.S., July 25, 2023. The union representing roughly 11,500 film and television writers and the group that represents the studios and streaming companies announced the preliminary agreement on Sunday. The three-year deal, whose details were not disclosed, needs to be approved by the leadership of the Writers Guild of America and union members to officially end the strike. But even after the approval, it will take longer for productions to resume as Hollywood actors are still on strike. Its shares have dropped nearly 14% since the writers' strike started on May 2, while Paramount, Disney and Netflix have lost between 20% and 45%.
Persons: Mike Blake, Walt Disney, Susannah Streeter, Hargreaves Lansdown, WBD, David Zaslav, Craig Huber, Yuvraj Malik, Zaheer Kachwala, Arun Koyyur Organizations: Writers Guild of America, Disney Studios, REUTERS, Warner Bros Discovery, Paramount Global, Netflix, SAG, Hargreaves, Paramount, Disney, Media, Huber Research Partners, Thomson Locations: Burbank , California, U.S, Bengaluru
The very rich are often bad investors. Here’s why
  + stars: | 2023-09-25 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
But there are only about 730 billionaires in the country, according to Forbes, and almost none of them inherited longstanding generational wealth. In fact, less than 10% of the current list of billionaires are descended from anyone on the first Forbes’ rich list, published in 1982. If you get the “What?” decision wrong and the sizing decision right, it’s still unfortunate and you’re going to lose money. Every year there’s going to be volatility — one year you’re going to be up 35% and the next year you’re going to be down 25%, but in the long term it will even out to 5%. The current walkout came close to beating the longest strike in WGA history, a 1988 strike that lasted 154 days.
Persons: New York CNN —, Forbes, Victor Haghani, , James White, Haghani, LTCM, CNN’s, it’s, you’re, Cornelius Vanderbilt, Chris Isidore, Oliver Darcy, Laura He Organizations: CNN Business, Bell, New York CNN, Forbes, Elm Partners, Term Capital Management, Federal Reserve, Vanderbilt, Writers Guild, Writers Guild of America, WGA Locations: New York, United States, Russia, Hollywood, China, Beijing
What the Hollywood Writers’ Deal Means
  + stars: | 2023-09-25 | by ( Whet Moser | ) www.nytimes.com   time to read: +1 min
Hollywood writers reached a deal to end their strikeThe Writers Guild of America, which represents more than 11,000 screenwriters, could begin finalizing a deal on a new contract with entertainment companies as soon as tomorrow. The 146-day strike all but ended after the two sides reached a tentative deal on Sunday night. SAG-AFTRA and the studios have not spoken in more than two months, and no talks are scheduled. But the prospective writers’ deal should provide a blueprint for the actors, since many of their demands are similar. The tentative deal came after several senior company leaders joined the talks directly — among them Robert Iger, Disney’s chief executive; Ted Sarandos, Netflix’s co-chief executive; and David Zaslav, who runs Warner Bros.
Persons: Robert Iger, Ted Sarandos, Netflix’s, David Zaslav Organizations: Guild of America, SAG, Warner Bros .
The work stoppage isn’t officially over yet, and actors remain on strike. attained suggest that as organized labor enjoys a surge in popularity across a variety of industries, its muscle-flexing is achieving results. “We can say, with great pride, that this deal is exceptional,” the W.G.A. News reports suggest the deal includes provisions for residual payments from streaming, minimum staffing of shows and limits on the use of artificial intelligence. Until then, writers are still on strike, though they’re not actively picketing.
Persons: isn’t, they’re Organizations: Guild of America, Hollywood
Hollywood’s bitter, monthslong labor dispute has taken a big first step toward a resolution. The Writers Guild of America, which represents more than 11,000 screenwriters, reached a tentative deal on a new contract with entertainment companies on Sunday night, all but ending a 146-day strike that has contributed to a shutdown of television and film production. Conspicuously not doing a victory lap was the Alliance of Motion Picture and Television Producers, which bargains on behalf of studios. “The W.G.A. have reached a tentative agreement” was its only comment.
Persons: Hollywood’s, Guild’s Organizations: Guild of America, Alliance, Television Producers
The Hollywood Strike Deal Is a Mixed Blessing For Studios
  + stars: | 2023-09-25 | by ( ) www.wsj.com   time to read: 1 min
A tentative deal between the Writers Guild of America and the Alliance of Motion Picture and Television Producers was announced Sunday night. The deal is still being finalized and will need to be ratified by union members, and a separate deal still needs to be reached with the Screen Actors Guild before production on most TV shows and movies can resume. But the agreement was still a notable breakthrough following five months of acrimony—and long stretches of the two sides not even talking.
Organizations: Writers Guild of America, Alliance, Television Producers, Screen
AstraZeneca — Shares rose 1.4% after Jefferies upgraded the stock to buy from hold. Dow — Shares of the petrochemicals company rose 1.6% Monday during premarket trading. Chinese e-commerce stocks — U.S.-traded shares of JD.com and PDD Holdings lost 3.1% and 2.3%, respectively, as sentiment around China's economy worsened. HP — Shares of the computer company fell about 3% after Berkshire Hathaway sold 4.8 million shares, or approximately $130 million, of HP. Sealed Air — The food packaging company jumped 2.7% after Citi upgraded shares to buy from neutral.
Persons: Jefferies, Locker, Berkshire Hathaway, Anthony Pettinari, Nio, , Alex Harring, Jesse Pound Organizations: WGA, Guild of America, SAG, Paramount Studios, AstraZeneca —, Urban Outfitters, Dow —, JPMorgan, Nike, Jefferies, Citi, U.S, PDD Holdings, Media, — Media, Paramount, Warner Bros, Disney, HP —, Berkshire, HP Locations: Los Angeles , California, China, JD.com, U.S
As for today's edition, we're looking at how AI could upend the job of the junior banker, and the effect that'll have on Wall Street's traditional career path. AdvertisementAdvertisementAspiring financiers need to look no further than investment banks' analyst programs to get a foot in the door. But this crucial piece of Wall Street's ecosystem could be upended by the rise of artificial intelligence. AdvertisementAdvertisementBuy-side firms have largely held off on going after college graduates, instead pointing them toward banks' analyst programs. Regardless of what direction things go, what's clear is the type of work AI excels at falls directly in junior bankers' wheelhouse.
Persons: Insider's Bianca Chan, Emmalyse Brownstein, Alyssa Powell, Steve Cohen's, Cohen, millennials, Elon Musk, Mark Zuckerberg, Jeff Bezos, ChatGPT, Xavier Lalanne, It's, Saint, Givenchy, Donald Glover, Childish Gambino, Will Smith, Catherine Zeta, Jones, krisanapong detraphiphat, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Guild of America, Hollywood, Tech, LinkedIn, Meta, National, Costco, Lowe's, Tractor Supply, Brands, Getty Images Finance Locations: Wall, Silicon, Paris, New York City, San Diego, London, New York
A Deal in Hollywood
  + stars: | 2023-09-25 | by ( German Lopez | Lauren Jackson | More About German Lopez | ) www.nytimes.com   time to read: 1 min
A writers’ strike has frozen Hollywood for months. Writers and studios have reached a tentative deal, the Writers Guild of America announced yesterday. The tentative deal includes most of what the writers sought. In the coming days, union members will vote on whether to approve the agreement. “We can say, with great pride, that this deal is exceptional — with meaningful gains and protections for writers in every sector of the membership,” the W.G.A.
Organizations: Studios, Writers Guild of America
The Writers Guild of America reached a tentative deal with top entertainment companies on a new contract, ending one of Hollywood’s longest labor disputes and moving the industry closer to restarting. The Writers Guild was able to secure concessions on most of their demands from the studios, including increases in royalty payments for streaming content and guarantees that artificial intelligence will not encroach on writers’ credits and compensation. After 146 days on strike, the deal was reached after five consecutive days of negotiations. The use of A.I., one of the main drivers for writers to call a strike, was the last sticking point. Over the weekend, the studios proposed a few paragraphs to be inserted into the new contract that addressed a guild concern about A.I.
Persons: there’s Organizations: Guild of America, Hollywood, Guild
Writers Guild of America members walk the picket line on the first day of their strike in front of Amazon studios on Tuesday, May 2, 2023, in Culver City, CA. Talks between the Writers Guild of America and the Alliance of Motion Picture and Television Producers resumed last week after months of starts and stops, ultimately leading to a tentative deal that would end the ongoing writers strike. Television and film writers sought protections against the use of artificial intelligence, in addition to increases in compensation for streamed content. Then, the board and council will vote on whether to authorize a contract ratification vote by membership. SAG-AFTRA members have been on strike since mid-July and are seeking contract updates similar to those requested by the writers.
Persons: Television Producers, AMPTP, AFTRA Organizations: Guild of America, Amazon, Writers Guild of America, Alliance, Television, WGA, Disney, Paramount, Universal, Warner Bros . Discovery . Television, WGAW, WGAE, SAG, Screen, American Federation of Television, Radio Artists, Comcast, CNBC, Television Producers Locations: Culver City , CA, NBCUniversal
Movie theater shares popped Monday following news of a tentative labor deal between the Writers Guild of America and the Alliance of Motion Picture and Television Producers. Extremely good news that progress is being made," AMC CEO Adam Aron said Sunday in a post on X, the site formerly known as Twitter. Shares of AMC were up roughly 7% Monday. The Screen Actors Guild – American Federation of Television and Radio Artists is still on strike after failure to reach a labor agreement with AMPTP. The summer season saw a 19% year-over-year increase, due in large part to the success of "Barbie" and "Oppenheimer."
Persons: Adam Aron, it's, Kraven, Hunter, Oppenheimer, Eric Wold, AFTRA, — CNBC's Sarah Whitten Organizations: AMC, Regal Cinemas, Writers Guild of America, Alliance, Television Producers, Twitter, Disney, Comcast, Warner Bros, Discovery, Hollywood, – American Federation of Television, Radio Artists, AMPTP, SAG, Riley Securities, WGA, Netflix, CNBC Locations: Square , New York, NBCUniversal
But when will your favorite shows return? Late-night talk shows were the first to be affected when the strike began, and they may be among the first to return to air now. The actors strike limits promotional appearances that are the lifeblood of late-night shows. “Real Time with Bill Maher.” The host plotted a return without writers but ended up postponing once last week’s negotiations were set. Director Quentin Tarantino's 10th film, “The Movie Critic,” is among the scripts that are written whose makers are awaiting actors' return to sets.
Persons: , Quentin Tarantino, JIMMY KIMMEL, Jimmy Fallon, ” ABC’s, Jimmy Kimmel, Stephen Colbert ”, Drew Barrymore, Bill Maher, ” “ Severance, “ Abbott, Quentin Tarantino's, BARRYMORE, Jennifer Hudson, Barrymore Organizations: ANGELES, Hollywood, CBS, Apple, ABC, Writers Guild of America
Hollywood’s brief thaw belies a long winter
  + stars: | 2023-09-25 | by ( Jennifer Saba | ) www.reuters.com   time to read: +4 min
The union representing movie and TV writers tentatively agreed to a new contract on Sunday, setting the stage to end a five-month impasse. Content production is back on the budget line for streaming services. They too want to share in the spoils of a successful movie or TV series on streaming services. Charter now doesn’t have to carry eight Disney networks including FXX and Disney Junior, while Disney also is giving Charter’s customers access to its ad-supported streaming services for no additional charge. The brief thaw belies a long winter.
Persons: Fran Drescher, Duncan Crabtree, Walt Disney, Bob Iger, Ted Sarandos, David Zaslav, Donna Langley, , Lauren Silva Laughlin, Aditya Sriwatsav Organizations: SAG, Writers Guild of America, Hollywood, Netflix, Reuters, Guild of America, Walt, Warner Bros Discovery, NBC Universal, Charter Communications, Disney, Disney Junior, WWE, Paramount Global, Paramount, Alliance, Producers, WGA, Thomson Locations: Los Angeles , California, U.S
In what lasted for almost five months, the writer's strike has seemingly reached an end. In the last writers strike, in 2008, board members voted two days after a deal was reached, and members voted two days after that. AdvertisementAdvertisementWhen will writers return to work and shows return? The studios that make up the AMPTP opted to finish a deal with writers — who went on strike two months earlier — before even beginning to deal with actors. It was three months into the writers strike before the AMPTP reached out to begin negotiations, and the initial talks sputtered after a just a few days.
Persons: , Jimmy Fallon, Jimmy Kimmel, Stephen Colbert, Drew Barrymore Organizations: Guild of America, Hollywood, Service, Alliance, Television Producers, WGA, SAG, WGA —, Guild
The Writers Guild of America (WGA), which represents roughly 11,500 film and television writers, reached a preliminary three-year deal with major studios on Sunday. While actors remain on strike, late-night and daytime talk shows may resume production once their writers receive the Guild's greenlight to return to work in the coming days or weeks. Film and television producer Todd Garner said he expects that once actors reach a deal, scores of productions will race to restart at once. Major television shows and movies are contractually in first position with actors, Garner said. Its shares have dropped nearly 14% since the writers' strike started on May 2, while Paramount, Disney and Netflix have lost between 20% and 45%.
Persons: David Swanson, Drew Barrymore, Barrymore, Jimmy Fallon, Todd Garner, Garner, " Garner, Walt Disney, Susannah Streeter, Hargreaves Lansdown, Rosenblatt, Barton Crockett, Lisa Richwine, Dawn Chmielewski, Yuvraj Malik, Zaheer Kachwala, Arun Koyyur, Sandra Maler Organizations: Netflix, Writers Guild of America, REUTERS, Hollywood, Guild of America, SAG, Long, Warner Bros Discovery, Comcast, Hargreaves, Paramount, Disney, Thomson Locations: Los Angeles , California, U.S, California, Los Angeles, Bengaluru
The tentative WGA deal increases pressure on SAG-AFTRA to reach an agreement along the same lines, although the actors union still has enough leverage to keep productions shut down. The studio’s resolution with WGA will likely pave the way for a deal with SAG-AFTRA within the next few weeks. The writers guild was going to fight the big fight, and the actors will use the gains writers made and customize them for their needs.”SAG-AFTRA has been on strike since July 14, joining the fray a little more than two months after the writers strike began. A major issue for the actors union is a wage increase of 11% in the first year of the proposed contract term, while the studios have only agreed to a 5% pay raise. According to Nunan, talks with the WGA will likely make studios more amenable to collaborative talks with SAG-AFTRA.
Persons: , Tom Nunan, AFTRA, Nunan, , we’ve, , ’ ”, “ It’s, It’s Organizations: CNN, Writers Guild of America, Alliance, Television Producers, Hollywood, SAG, WGA
The actors’ union offered congratulations to the Writers Guild of America, which represents more than 11,000 screenwriters, in a statement on Sunday night, adding that it was eager to review the tentative agreement with the studios. Neither SAG-AFTRA nor the studio alliance immediately responded to requests for comment on Monday. “The deal that the Writers Guild and the studios struck economically could have been worked out in May, June. Discovery said this month that the impact from the labor disputes would reduce its adjusted earnings for the year by $300 million to $500 million. Additionally, share prices for other major media companies like Disney and Paramount have taken a hit in recent months.
Persons: , , Bobby Schwartz, Quinn Emanuel, we’ve, , Gavin Newsom Organizations: Writers Guild of America, Alliance, Television Producers, Hollywood, Writers Guild, SAG, Gov, Warner Bros, Discovery, Disney, Paramount
The Writers Guild of America reached a tentative agreement with Hollywood studios on Sunday. AdvertisementAdvertisement"The WGA and AMPTPT have reached a tentative agreement," the AMPTP email said; the WGA's version was typo-free. The tentative agreement comes after the guild and the AMPTP — which represents major studios and streaming services, including Warner Bros. They were joined on the picket lines by over 160,000 union members of SAG-AFTRA, the actors' union, on July 14. Broadcast networks' fall TV schedules were loaded with reality series, whose writers aren't subject to the WGA agreement.
Persons: Bob Hopkinson, Netflix —, they've, Alex O'Keefe, O'Keefe, Keefe, Drew Barrymore, Barrymore, Insider's Reed Alexander, Alison Brower, TUSC Organizations: Guild of America, Hollywood, WGA, Service, Alliance, Television Producers, Warner Bros, Disney, Netflix, SAG, Guild, Union Solidarity Coalition Locations: Wall, Silicon
Explainer: Is the Hollywood writers' strike over?
  + stars: | 2023-09-25 | by ( ) www.reuters.com   time to read: +2 min
Sept 25 (Reuters) - The Hollywood writers' strike is nearing its end after a preliminary agreement with studios and streaming companies on Sunday after five months of disruption. Writers will also no longer be on the picket lines as the union has asked them to stop protesting. SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, U.S., July 25, 2023. But for everything else, it could take longer as the actors and performers' union is still on strike. The Screen Actors' Guild (SAG) is considerably larger than the WGA with 160,000 film and television actors, stunt performers and other media professionals.
Persons: Analysts, Mike Blake, Jimmy Kimmel, Jimmy Fallon, Yuvraj Malik, Arun Koyyur Organizations: Hollywood, Writers ' Guild of America, Writers, SAG, Writers Guild of America, Disney Studios, REUTERS, Media, Guild, WGA, Abbott, Thomson Locations: Burbank , California, U.S, Bengaluru
In the week ahead , Club name Costco (COST) reports its quarter after the closing bell Tuesday. The analysts also remove their price target, saying the generative AI narrative is "too positive a force to contend with." Club name Oracle (ORCL) gets a price target cut to $130 per share from $132 at BMO Capital, which keeps market perform (hold) rating. Jefferies downgrades Club name Foot Locker (FL) to hold from buy and cuts price target to $18 per share from $28. Citi lowers price target on Club name Starbucks (SBUX) to $104 per share from $112.
Persons: Jim Cramer, Guggenheim, Morgan Stanley, , Max, CloudWorld, Jefferies, Jim Cramer's, Jim Organizations: Dow, Nasdaq, Costco, Hollywood, Disney, Paramount, Comcast, Universal, Warner Bros Discovery, Writers Guild of America, Alliance, Television Producers, United Auto Workers, General Motors, Chrysler, Ford, UAW, Ford ., Club, Microsoft, OpenAI, Guggenheim, Apple, Pro, Oracle, BMO Capital, Jefferies, Nike, Citi, Starbucks, Jim Cramer's Charitable, CNBC Locations: Canada
Strike signs await striking SAG-AFTRA actors and Writers Guild of America (WGA) outside Disney Studios in Burbank, California, U.S., July 25, 2023. The WGA, which represents 11,500 film and television writers, described the deal as "exceptional" with "meaningful gains and protections for writers." While writing may resume, the SAG-AFTRA actors' union remains on strike. Efforts to restart daytime talk shows without writers, such as "The Drew Barrymore Show," collapsed this month, in the face of criticism from striking writers and actors. Even as studio executives celebrated the end of the longest-running writers' strike since 1988, it is only half the labor battle.
Persons: Mike Blake, Caroline Renard, Hollywood's, Drew Barrymore, Bob Iger, Iger, It's, Brandon K, Hines, Kevin Klowden, David Zaslav, Ted Sarandos, Donna Langley, AFTRA, Dawn Chmielewski, Lisa Richwine, Danielle Broadway, Christopher Cushing Organizations: Writers Guild of America, Disney Studios, REUTERS, WGA, Hollywood, SAG, Alliance, Television Producers, Walt Disney, Netflix, Warner Bros Discovery, Disney, Milken Institute, Reuters, Thomson Locations: Burbank , California, U.S, California, New Mexico, Georgia, New York, Los Angeles
Demonstrators carry signs during the WGA strike in New York City in May. Leonardo Munoz/AFP via Getty ImagesWhatever the outcome of this battle, though, there are signs Hollywood overall is losing the war. Now with streaming gains slowing, the revenues from those new subscribers aren’t fully offsetting what’s being lost. That’s bad for the creative class.”So, were there “winners” and “losers” in the writers’ strike? To the extent the strike left their fall TV lineups looking relatively bare, this was a loss for them and gift to the streaming services.
Persons: , Frederic J . Brown, Leonardo Munoz, they’re, “ Barbie ”, “ Oppenheimer, Indiana Jones, , CHRIS DELMAS, , Bloomberg’s Lucas Shaw, Strong ”, Oscar, Drew Barrymore, Bill Maher, Barrymore Organizations: CNN, Guild of America, WGA, Netflix, , Getty, Hollywood, Disney, Charter Communications, ESPN, SAG, Warner Bros, of America Locations: AFP, New York City
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