2023-10-12 04:37:56 ET
Negotiations between Hollywood studios and actors have been suspended as the two sides failed to agree on the terms that SAG-AFTRA, the largest union representing actors, presented in its most recent proposal on Wednesday.
"After meaningful conversations, it is clear that the gap between the AMPTP and SAG-AFTRA is too great, and conversations are no longer moving us in a productive direction," the Alliance of Motion Picture and Television Producers said in a statement .
The group said the union's offer included a viewership bonus that the AMPTP said "would cost more than $800M per year – which would create an untenable economic burden."
SAG-AFTRA clapped back, accusing the studios of resorting to "bully tactics." "They intentionally misrepresented to the press the cost of the proposal – overstating it by 60%," it claimed .
Both the AMPTP and SAG-AFTRA have asserted that they are willing to return to the negotiating table
AMPTP represents major studios including Amazon ( AMZN ), Apple ( AAPL ), Disney ( DIS ), NBCUniversal ( CMCSA ), Netflix ( NFLX ), Paramount ( PARA ), Sony ( SONY ) and Warner Bros. Discovery ( WBD ).
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Hollywood strike: Talks between studios, actors break down