EXCLUSIVE: Independent films that found it impossible to get bonded or financed this spring and summer with a potential SAG-AFTRA strike looming — as well as new projects that were looking to…
As per the SAG-AFTRA website, productions must agree to terms that reflect increases in the union’s latest negotiating position and the terms it’s seeking. Waivers will require signatories to agree to whatever terms SAG-AFTRA and the AMPTP eventually agree on. Many actors earn more than the minimum, and those who don’t could cost a production an additional 1% to 2%. Payments for health and other benefits would also be higher — by perhaps another 5%.
Not all productions may be able to afford the higher costs . But in most cases, “Producers will agree to anything to get their movie made. An independent film will say, ‘Yeah, sure, where do I sign?'” — and then figure it out later, said the insurance broker.There doesn’t appear to be a budget cap. “If there is some equity financier who wants to write a $50 million check, they can do so,” said an executive an one completion bond firm.
“The sooner the better for the unions and the indies in starting the process, because no harm, no foul. If they don’t go on strike, it would just fall by the wayside. It would give more certainty for producers, financiers, distributors,” said Steve Mangel, president of completion bond firm UniFi. So a number of film productions have dissolved in the current climate, either disbanding completely or hoping to start later in the year or early in 2024. Pawel Pawlikowski’s Joaquin Phoenix and Rooney Mara-starrer The WGA officially began its strike on May 2 and its picket lines have already delayed and postponed a number of film and TV shoots.
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