LOS ANGELES, July 4 (Xinhua) -- An agreement on a new three-year contract was reached on Tuesday between television and film actors and producers to avoid a crisis in Hollywood.
"The Alliance of Motion Picture and Television Producers (AMPTP) and the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) have concluded negotiations and have reached a tentative agreement on terms for a new three-year collective bargaining agreement," said the AMPTP in a statement after a marathon overnight bargaining session.
AMPTP is a trade association based in Sherman Oaks, California that represents over 350 American television and film production companies in collective bargaining negotiations with entertainment industry trade unions.
SAG-AFTRA said on June 25 that it would seek a strike authorization from its membership if it could not reach a deal by June 30, which was the expiry date of prior contract.
According to the statement of SAG-AFTRA, the new deal valued at 256 million U.S. dollars, outpacing the prior contract's value of 200 million U.S. dollars.
Significant improvements were secured in the residuals rate paid to performers for exhibition of their performances on streaming platforms like Netflix and Amazon.
The agreement, starting from July 1, 2017 and expiring June 30, 2020, will be presented to the SAG-AFTRA National Board of Directors for their approval on July 15 to be followed by a member ratification vote.
