After 118 days of strikeScreen Actors Guild (SAG-AFTRA) reached this Wednesday principle of agreement with major Hollywood studios and platforms streaming to sign a new collective agreement.

“Our strike is officially over and all pickets have been suspended (…) We have reached an agreement that will allow SAG-AFTRA members of all categories to build sustainable careers,” the union said in a statement.

The SAG-AFTRA negotiating committee unanimously approved the agreement Wednesday, and the strike will end at 12:01 p.m. local time Thursday.

The agreement must still be ratified by the board of directors and union members, and once that happens, details of the contract that will govern the next three years of cooperation between SAG-AFTRA and the studios represented by the company will be announced. Film and Television Producers (AMPTP).

However, the union announced that it had reached an agreement of “extraordinary scope” that included a minimum wage increase, “unprecedented provisions” that would protect translators from the threat of artificial intelligence (AI), and “the establishment of a participation bonus.” For streaming“.

The studios, for their part, also celebrated the agreement, calling it a “new paradigm” and indicating that they are ready for the “industry to get back to telling great stories,” AMPTP said in a statement.

In the last few hours, AMPTP has been pushing for the actors’ union to make a decision as soon as possible so it can try to salvage the TV season or speed up the 2024 film schedule.

CEOs of entertainment companies such as Disney, Amazon, Warner Bros. Discovery and Netflix.

Actors joined a strike called by the Writers Guild of America (WGA) on July 14, seeking better working conditions, increased financial compensation actors receive when broadcasting their content on streaming services, and regulation in the use of artificial intelligence (AI).

These last points were among the issues that divided the parties.

Last Monday, SAG-AFTRA assured that they still disagreed on several “significant points” of what the studies called their “last, best and final” proposal, and in response, AMPTP agreed to make changes on issues such as AI.

The strike by both unions, the first joint strike in 60 years, affected such high-profile productions as the premiere of Denis Villeneuve’s Dune: Part Two, delayed awards such as the Emmys, and paralyzed production on films such as Gladiator 2. or Deadpool 3, and stopped promoting various games.

“We are pleased to see SAG-AFTRA members win an agreement that creates new protections for performers and provides greater participation in the tremendous value they create. When workers unite, they win,” the WGA wrote on its X (formerly Twitter) account.

In turn, actor Jeremy Allen White, star of the series “Bear,” said that after being on the red carpet of “Iron Claw,” even without knowing the terms of the agreement reached, he was “very happy.” and is confident that SAG-AFTRA has achieved what its members wanted.

Negotiations between studios and Hollywood performers intensified more than two weeks ago. They had previously moved closer together in late September when the WGA ended its strike, but then another unexpected stalemate arose that further chilled relations.

After the strike ends, actors will be able to resume work on Thursday and also participate in the promotion of films and television series.

The historic strike led by SAG-AFTRA and the Writers Guild of America (WGA), which reached an agreement with the AMPTP in late September, resulted in losses $6.5 billion for California’s economy and layoffs 45,000 workersAccording to the Bureau of Labor Statistics (US Department of Labor).