Entertainment TV Fran Drescher Says Actors Are 'Being Victimized' by 'Greedy Entity' in Fiery Speech About Hollywood Strike "I am shocked by the way that the people we have been in business with are treating us,” the SAG-AFTRA president said while announcing the union’s strike By Eric Andersson Eric Andersson Eric Andersson joined PEOPLE as a senior writer in 2022. His work has appeared in TV Guide Magazine, The Wall Street Journal and Us Weekly. People Editorial Guidelines and Jen Juneau Jen Juneau Jen Juneau is a News and Movies Staff Writer at PEOPLE. She started at the brand in 2016 and has more than 15 years' professional writing experience. People Editorial Guidelines Updated on July 14, 2023 11:44AM EDT Fran Drescher excoriated Hollywood executives in a speech Thursday announcing the union’s intention to strike after failed contract negotiations with the Alliance of Motion Picture and Television Producers. “We are the victims here. We are being victimized by a very greedy entity. I am shocked by the way that the people we have been in business with are treating us,” said Drescher, the SAG-AFTRA president who heads the union that comprises the Screen Actors Guild and the American Federation of Television and Radio Artists. She appeared at the Los Angeles press conference with SAG-AFRTRA's national executive director and chief negotiator, Duncan Crabtree-Ireland. CHRIS DELMAS/AFP via Getty “I cannot believe it, quite frankly, how far apart we are on so many things,” continued Drescher. In negotiations with the AMPTP, SAG-AFTRA has been seeking pay and residual increases, higher caps on pension and health contributions, and regulating the use of artificial intelligence, among other things. “They plead poverty that they're losing money left and right while giving hundreds of millions of dollars to their CEOs. It is disgusting. Shame on them. They stand on the wrong side of history at this very moment. We stand in solidarity in unprecedented unity,” Drescher said. Everything to Know About the SAG Strike and How It Will Affect TV and Movies The former star of The Nanny pleaded the union’s case that the time had come for new terms under their contract. “The entire business model has been changed by streaming, digital, A.I. This is a moment of history that is a moment of truth. If we don't stand tall right now, we are all going to be in trouble,” she said. She continued, “We are all going to be in jeopardy of being replaced by machines and big business, who cares more about Wall Street than you and your family. Most Americans don't have more than $500 in an emergency. This is a very big deal, and it weighed heavy on us. But at some point, you have to say, 'No, we're not going to take this anymore. You people are crazy! What are you doing? Why are you doing this?” Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. Fran Drescher and Duncan Crabtree-Ireland speak at a SAG-AFTRA press conference. CHRIS DELMAS/AFP via Getty Hollywood execs privately consider actors “the center of the wheel” Drescher alleged. “But actions speak louder than words, and there was nothing there [in a contract offer]. It was insulting. So we came together in strength and solidarity and unity with the largest strike-authorization vote in our union's history. And we made the hard decision that we tell you, as we stand before you today, this is major.” Said Drescher, "The jig is up, AMPTP. We stand tall. You have to wake up and smell the coffee. We are labor, and we stand tall, and we demand respect and to be honored for our contribution. You share the wealth because you cannot exist without us." In a statement Thursday, the AMPTP said, according to ABC News, "We are deeply disappointed that SAG-AFTRA has decided to walk away from negotiations. This is the Union’s choice, not ours. In doing so, it has dismissed our offer of historic pay and residual increases, substantially higher caps on pension and health contributions, audition protections, shortened series option periods, a groundbreaking AI proposal that protects actors’ digital likenesses, and more." WGA strikes on July 11. Mario Tama/Getty "Rather than continuing to negotiate, SAG-AFTRA has put us on a course that will deepen the financial hardship for thousands who depend on the industry for their livelihoods. There are 160,000 members of SAG-AFTRA and over 11,000 members of the Writers Guild of America." Drescher said in a Q&A with members of the press following the speech that she was open to talk with the AMPTP again as soon as that night. This is SAG-AFTRA’s first strike in more than 40 years. They join the Writer’s Guild of America, whose members have been on strike since May.