• Alec Baldwin jokingly tells PEOPLE that his children “want more money” if they’re going to continue filming their TLC reality series, The Baldwins
• The 30 Rock alum says the kids are “already renegotiating their contract, they want more money, they want a lot more money, so we’ll see what happens”
• “This representation is pretty authentic about how we live our lives,” Alec says of the show, which premiered on Feb. 23

Alec and Hilaria Baldwin’s kids apparently know how to negotiate a contract!

While speaking to PEOPLE at an event celebrating the grand opening of the new Planet Hollywood in Times Square on Tuesday, March 11, Alec, 66, joked about his children’s demands after the family filmed the first season of their TLC series, The Baldwins, which premiered on Feb. 23.

The 30 Rock alum, who attended alongside wife Hilaria, jokingly tells PEOPLE the kids are “already renegotiating their contract, they want more money, they want a lot more money, so we’ll see what happens” regarding a possible season 2.

Alec and Hilaria, 41 — who tied the knot in 2012 — are parents to Carmen, 11, Rafael, 9, Leonardo, 8, Romeo, 6, Eduardo and Marilu, 4, and Ilaria, 2. Alec is also dad to his daughter Ireland, 29, whom he shares with his ex-wife Kim Basinger.

At Tuesday’s event, Alec also discussed what it was like filming the reality show during his Rust shooting trial last July, following the deadly accidental shooting of cinematographer, Halyna Hutchins, in October 2021. Writer-director Joel Souza was also injured after a prop gun being held by Alec on the New Mexico set discharged. Souza has since recovered.

Cameras began rolling on The Baldwins the month before Alec headed to court, and the series shows how he and Hilaria juggled parenting and day-to-day life with their kids along with the stress of his legal drama. 

He tells PEOPLE, “When I think of the reality show, many things occur to me after the fact like when we were doing it, it was a bit of a unique time for us, but afterward when we did it, I realized that that’s who we are.”

“The kids have fun, the kids are happy. It’s not like we’re staging anything or faking,” the actor continues, insisting that the couple’s seven children “have friends and go to play dates and this and that, but they would rather stay home with each other.”

“They’re like a pack … they’re very close and they want to just be with each other, so this representation is pretty authentic about how we live our lives,” he adds.

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Alec’s comments come after he spoke out about family life after posing for photos for his recent PEOPLE cover shoot.

“I always joke with [Hilaria] and say, ‘You know where I should be right now, don’t you? We should be on Geffen’s yacht, drinking a cappuccino and reading a book, and having dinner with Spielberg or whatever,’ ” Alec said, as Hilaria interjected, “Instead we’re changing diapers!” 

“This is my reality,” he insisted, reflecting on their family dynamic, adding: “I wouldn’t change anything.”

Alec is grateful to be able to work with his loved ones. “We did the show because it’s in place of doing a movie or a play. Now I think to myself, ‘Am I going to be away from my kids five nights out of the week until 11 o’clock at night?’ ” he told PEOPLE.

“For me, work-related things really aren’t that critical anymore. I thought, ‘I get to spend time with my family,’ ” Alec said.

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The Baldwins airs Sundays at 10 p.m. ET on TLC. Episodes are available to stream on Max.