Hollywood studios, writers near agreement to end strike, hope to finalize deal Thursday, sources say

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Writers and producers are near an agreement to end the Writers Guild of America strike after meeting face-to-face on Wednesday, people close to the negotiations told CNBC’s David Faber on Wednesday.

The two sides met and hope to finalize a deal Thursday, the sources said. Faber was told that, while optimistic, if no deal is reached, the strike may last until the end of the calendar year. Representatives did not respond to further requests for comment. Production has been halted for several high-profile shows and films, including

Netflix’s

“Stranger Things,” Disney and Marvel’s “Blade,” and Paramount’s “Evil. The writers’ union announced earlier in the week that it would resume negotiations. This appears to be as close to a solution as the two sides have gotten since more than 11,000 TV and film writers began their strike on May 2. The writers have claimed that their compensation does not match the revenue generated by streaming. Writers are often expected to provide revisions or come up with new material without being paid. As of now, writers are often expected to provide revisions or come up with new material without being paid.In late August, the AMPTP went public with its latest proposal to the WGA at the time and tensions between the two groups appeared to remain high.Discussions between the studios and writers have included sit-down conversations with top media brass, including

Warner Bros. Discovery

CEO David Zaslav, Disney’s Bob Iger, Netflix co-CEO Ted Sarandos and

NBCUniversal

film head Donna Langley.

How A.I. took center stage in the Hollywood writers' strike

The strikes have weighed on these media companies as they grapple with making streaming profitable and getting people back in theaters.Warner Bros. Discovery, which owns a TV and movie studio as well as the biggest portfolio of pay-TV networks, warned investors about the strike’s effects earlier this month. Zaslav, at a conference held earlier this month, called for the end of the writer and actor strikes. Zaslav said at the investors’ conference that “we need to do everything we can to get people back to work.” Comcast owns NBCUniversal, CNBC and the Alliance of Motion Picture and Television Producers. NBCUniversal belongs to the Alliance of Motion Picture and Television Producers.