Sag-Aftra and Writers Guild of America members rally during the strike in Los Angeles, California. Reuters
Sag-Aftra and Writers Guild of America members rally during the strike in Los Angeles, California. Reuters
Sag-Aftra and Writers Guild of America members rally during the strike in Los Angeles, California. Reuters
Sag-Aftra and Writers Guild of America members rally during the strike in Los Angeles, California. Reuters

Hollywood writers' strike to end after deal reached with studios


  • English
  • Arabic

Union leaders and Hollywood studios have reached a tentative agreement to end the screenwriters' strike after nearly five months, representatives confirmed.

The Writers Guild of America announced the deal on Sunday in a joint statement with the Alliance of Motion Picture and Television Producers, which represents the studios, streaming services and production companies in the negotiations.

“WGA has reached a tentative agreement with the AMPTP,” the guild said in an email to members.

“This was made possible by the enduring solidarity of WGA members and extraordinary support of our union siblings who joined us on the picket lines for over 146 days.”

The agreement came after five days of renewed talks between the two sides. It was approved by more than 90 per cent of union members.

The terms of the agreement have not yet been made public, but in a statement, President Joe Biden said it included assurances related to artificial intelligence.

The agreement “did not come easily”, he said in a statement.

“There simply is no substitute for employers and employees coming together to negotiate in good faith towards an agreement that makes a business stronger and secures the pay, benefits and dignity that workers deserve,” the President said.

The primary driver behind the strike is how writers' pay is affected by streaming services. Writers also went on strike over the size of writing staff, as well as the use of AI in scriptwriting.

Hollywood writers went on strike on May 2 for the first time since 2007, and were later joined by actors fighting for higher pay in the era of streaming services.

It was the first time the writers' and actors' unions had gone on strike together since 1960.

The strikes, which have meant many top names in Hollywood have been unable to promote new shows and films, have also affected box office revenue.

The release of Dune: Part Two has been delayed, and Drew Barrymore has postponed the return of her talk show until the end of the writers' strike.

The Emmy Awards were also postponed from September to January.

But the agreement means that nightly programmes such as NBC's The Tonight Show Starring Jimmy Fallon could return to air soon. Fallon and other late-night hosts expressed solidarity with writers when the strike was first announced.

In a longer message from the guild shared by members on social media, the writers were told the strike is not over and no one was to return to work until hearing otherwise, but picketing is to be suspended immediately.

It said more details would be released after “contract language” has been finalised.

Stand-up comic and creator of Netflix's The G Word Adam Conover celebrated the announcement.

“Over the coming days, we'll discuss and vote on it, together, as a democratic union,” he said.

“But today, I want to thank every single WGA member, and every fellow worker who stood with us in solidarity.”

Actor Mark Ruffalo also celebrated, writing on X, formerly Twitter: “Bravo! WGA proves when we fight we win.”

But with the actor's guild still on strike, the agreement that writers had reached with AMPTP does not mean Hollywood will return to business as usual just yet.

The Screen Actors Guild-American Federation of Television and Radio Artists congratulated its “fellow union siblings” on reaching a tentative agreement with production companies.

“We applaud your dedication, diligence and unwavering solidarity over the last 5 months, and are proud to stand shoulder to shoulder with you as creative partners in the entertainment industry,” Sag-Aftra said in a statement.

The union's negotiating committee said it remains ready to resume its own negotiations when production companies “are prepared to engage on our proposals in a meaningful way”.

“Until then, we continue to stand strong and unified,” it said.

Los Angeles Mayor Karen Bass issued a statement congratulating the two sides on the deal and said she is hopeful the same can happen soon with actors.

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Look%20Both%20Ways
%3Cp%3EDirector%3A%20Wanuri%20Kahiu%3Cbr%3EStars%3A%20Lili%20Reinhart%2C%20Danny%20Ramirez%2C%20David%20Corenswet%2C%20Luke%20Wilson%2C%20Nia%20Long%3Cbr%3ERating%3A%203%2F5%3Cbr%3E%3C%2Fp%3E%0A
UAE%20SQUAD
%3Cp%3E%0D%3Cstrong%3EMen%3A%3C%2Fstrong%3E%20Saif%20Al%20Zaabi%2C%20Salem%20Al%20Marzooqi%2C%20Zayed%20Al%20Ansaari%2C%20Saud%20Abdulaziz%20Rahmatalla%2C%20Adel%20Shanbih%2C%20Ahmed%20Khamis%20Al%20Blooshi%2C%20Abdalla%20Al%20Naqbi%2C%20Khaled%20Al%20Hammadi%2C%20Mohammed%20Khamis%20Khalaf%2C%20Mohammad%20Fahad%2C%20Abdulla%20Al%20Arimi.%0D%3Cbr%3E%3Cstrong%3EWomen%3A%3C%2Fstrong%3E%20Mozah%20Al%20Zeyoudi%2C%20Haifa%20Al%20Naqbi%2C%20Ayesha%20Al%20Mutaiwei.%3C%2Fp%3E%0A
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

The%20Mother%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Niki%20Caro%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Jennifer%20Lopez%2C%20Joseph%20Fiennes%2C%20Gael%20Garcia%20Bernal%2C%20Omari%20Hardwick%20and%20Lucy%20Paez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

Updated: September 25, 2023, 3:44 PM