Hollywood studios heaved a sigh of relief on Monday as a tentative deal with striking screenwriters raised hopes of business returning to normal after five months of disruption.
The union representing roughly 11,500 film and television writers and the group that represents the studios and streaming companies announcedThe 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.
"Hopes are high that it will also mean the studios and streaming services will now focus fully on actors' demands," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. WBD, whose CEO David Zaslav played a key role in contract negotiations with the writers, had earlier warned that the company's full-year adjusted core profit would take a hit of up to $500 million due to projects delays from disruptions.
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