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Pinewood Shepperton was looking forward today to more Hollywood studios being able to commit themselves to shooting blockbusters at its UK facilities.
The UK studio company chaired by Michael Grade was reacting to the decision this morning by the Screen Actors Guild to agree to a new pay deal. Pinewood Shepperton was badly hit two years ago when several major films, including Angels & Demons, were forced to halt production costing it around £3 million in delayed revenues.
The SAG is the last of the big trade unions to sign a long-term contract with the major Hollywood studios. Its members overwhelmingly voted in favour of a new two-year deal last night almost 12 months after their previous contract ran out. The Hollywood-based guild has about 110,000 members who accepted a 3% pay rise this year with a 3.5% rise next year. The deal also includes a better pension and new internet rights.
The actors' contract began at midnight and runs until 30 June 2011 — the same time as the existing contracts with the directors' and writers' guilds, allowing the potential threat of joint strike action by the three guilds when it comes to renegotiating contracts.
But the SAG has failed to negotiate better terms, particularly on internet rights, than the other major Hollywood unions who settled a year ago. That means that its members have lost out on extra payments totalling $80 million (£48.7 million) over the past year according to studio insiders. Last week Pinewood Shepperton said it was optimistic the union would settle “which will further enable US film producers to plan for production with more certainty”.
