SAG-AFTRA and Hollywood producers reached a tentative deal for a new three-year agreement that will cover prime-time TV and movies, reports TheWrap.com.
The new agreement still must be approved by the union’s national board and ratified by its members, the story notes. The two sides had been negotiating since early May.
“The new pact unifies the separate SAG and AFTRA prime-time TV contracts, and includes the first industry-wide agreement in basic cable live-action production. Members will receive wage increases of 8.5 percent, compounding to 8.7 percent over the three-year term. Producers will further contribute an additional 0.5 percent to the Pension, Health and Retirement plans,” TheWrap reports in a separate story on the agreement.
The report adds: “The new contract also includes raises in network prime-time residuals ceilings and increases in the streaming residual rate for ad-supported video on demand.”