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UPDATED: The AMPTP has released its own statement:

“Ratification of the IATSE Hollywood Basic Agreement will put the Motion Picture Industry Health Plan on track to overcome its funding crisis as well as provide those working under that Agreement the same two percent (2%) annual wage increases as negotiated in all recent industry deals. The new contract is a critical step in keeping feature film and television production in Southern California as a vital part of the regional economy.”

Los Angeles, July 3 – The 14 Hollywood-based locals representing over 38,000 members of the IATSE working in motion picture and television production have ratified the new Hollywood Basic Agreement with the AMPTP. The three-year contract, which will go into effect August 1, 2012, is the result of negotiations that began March 7 and concluded April 12.

IA President Matthew D. Loeb stated, “The AMPTP knew we were going to stand fast on several important points in the negotiations and this agreement represents a fair and equitable contract for our members.”

Loeb added, “This is a strong contract at a time when unions in both the public and private sectors are under fire nationwide. We have protected our members in all the areas we cover and look forward to keeping our members working.

“We exceeded standards significantly, especially in health contributions.”