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The strike started May 2.
Getty Images
Striking writers and Hollywood studios were meeting on Thursday, raising hopes of a breakthrough.
The Writers Guild of America and the Alliance of Motion Picture and Television Producers met Wednesday and planned a second day of talks, the groups said in a joint statement. The sides are close to reaching an agreement, CNBC reported, citing people familiar with the negotiations.
The strike has lasted more than three months. Writers are pushing for higher pay, arguing their compensation is too low for the revenue generated by streaming. Film and television actors has been on strike since July. They too want higher pay, and are asking for tighter regulation of artificial intelligence.
The dual strikes have effectively brought Hollywood productions to a halt. Studios have been saving money since the WGA strike began on May 2, but executives have warned earnings would be hit eventually by having less content.
In trading Thursday, shares of
Netflix
(NFLX) were down 0.2% and
Amazon
(AMZN) was off 3.3%.
Disney
(DIS) Paramount (PARA), and Concast (CMCSA) were all up—0.6%, 1.6%, and 0.4%, respectively.
Both sides said they want to get to a deal as soon as possible. If no deal is reached, the dispute could last until the end of the year, CNBC said.
Write to Brian Swint at [email protected]
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