SAG's ad talks stretch out
Negotiations may be headed into overtime
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With both sides observing a news blackout, Tuesday's talks stretched into the evening at the Crowne Plaza Hotel in New York.
The contract is set to expire at midnight Eastern time. One person close to the situation it was possible that negotiators could opt to stay at the table past the deadline.
Douglas Wood, the ad industry's chief negotiator, said Monday that progress was being achieved and that he was "cautiously optimistic." He also asserted that there would be no immediate disruption in commercial production even if a deal were not achieved by the deadline.
Key issues are the industry's proposal for a compensation formula based on the ratings garnered by commercials, rather than the traditional pay-per-play method and a reduction of more than $20 million annually to their contributions to SAG and AFTRA's pension and health plans. The unions are asking for retention of the current formulas plus 6% annual pay hikes.
