Hollywood's twin strikes translated into a 'lost year' of production for much of the industry with productions idle since last spring. SAG-AFTRA's strike against major media companies stretched 118 days.
Six months after picket lines first formed outside iconic studio gates, Hollywood can finally return to work. Wednesday's hard-fought tentative agreement on a new contract between SAG-AFTRA and studios sparked jubilation, with performers flocking to local watering holes, including a brewery near the guild's Wilshire Boulevard headquarters. Sound stages mothballed since last spring are poised to reopen, welcoming back thousands of actors and film crew members.
Discovery, Paramount Global and others have tried to rein in spending and pare down debt from acquisitions. Executives say they must reassess their slates and priorities. Some are waiting to see if next year brings a stronger TV advertising market with more revenue. 'Did the strike just add more cost pressure to a business that was already challenged?' Rich Greenfield, a partner and media analyst with research firm LightShed Partners, asked in an interview.
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