This strike came about because writers wanted fairer compensations, proper residuals, regulation of artificial intelligence (AI), better working standards, and anti-discrimination measures.

"Nothing is more important to this company than its relationships with the creative," Iger said on a call discussing Disney's quarterly results on Wednesday.

The world's oldest film festival, regarded as a launchpad for Oscar contenders as awards season approaches, features movies from 55 countries, including 23 titles running for the prestigious Golden Lion award.

Around April, a whopping 97% of WGA members voted to go on strike by May if AMPTP did not meet their agreements, which represents major film and TV industries in Hollywood.