Actors and major Hollywood studios reached an agreement on Wednesday to end a strike that has paralyzed film and TV production in the United States for months and cost the American economy billions, the actors’ union SAG-AFTRA announced, AFP reported.

“The strike will officially end on Thursday, November 9 at 12:01 a.m. Los Angeles time,” the organization said in a statement. The “agreement in principle” was reached after 118 days of strike action by actors demanding better pay in an industry disrupted by streaming platforms, as well as safeguards to regulate the use of artificial intelligence.

SAG-AFTRA represents 160,000 actors, dancers, stuntmen and other professionals on the big and small screen.

Pressure on Hollywood to find a way to end the strike increased as union action cost California industry and the economy billions of dollars.

The CEOs of Disney, Netflix, Warner Bros, and Universal all stepped in to negotiate a way out of the impasse.

Hollywood hasn’t seen a simultaneous writers’ and actors’ strike since 1960. (Agerpres)