Today, TV and film production was saved from being shut down, after major last minute bargaining was done during a media black-out, according to Guidelive.com.
A tentative 3-year deal was made between screenwriters and producers, which requires ratification by Writers Guild of America members.
A memo from the Writers Guild of America explained to members what was accomplished:
- increased pay for series with fewer episodes per season and in residuals
- members will $130 million overall during the contract’s life than was expected
This new agreement saved late night shows from instant death, due to not having writers. Now, networks can move forward with scheduling the upcoming TV season.
The 2007-2008 strike cost writer $287 million in lost pay and according to Russ DeVol, chief research officer at Milken Institute, such a strike would cost California $2.5 BILLION!… today. That’s a LOT of drained pools!
Taking into consideration the number of outlets including broadcast, cable, plus streaming via Netflix and Amazon, there are currently 455 series, over double of just 6 years ago. Avoiding this strike helps avoid much of that going dark until an agreement could be reached.