Investing.com -- The union representing Hollywood writers, as well as major studios and streaming services announced on Sunday that they hashed out a tentative deal to end a monthslong strike.
According to unnamed sources cited by the Wall Street Journal, the three-year agreement will include increased royalties for writers and protections regarding the use of artificial intelligence.
Although the details of the accord have yet to be divulged, the Writers Guild of America has said the preliminary deal was "exceptional" and delivered "meaningful gains" for its members. The WGA's membership must still ratify the agreement before the strike is formally concluded.
The almost five-month long labor actions have halted production on a number of the entertainment industry's most popular television shows, including The Last of Us, Billions and Stranger Things. Estimates from a Milken Institute economist have also placed the cost of the walkouts on the U.S. economy at $5 billion.
Elsewhere, the WGA encouraged its members to stand with the actors' union, SAG-AFTRA, which has seen talks with studios and streaming companies stall. Hollywood executives, however, are optimistic that the breakthrough in the WGA negotiations may help forge a path ahead for a potential deal with SAG-AFTRA.