Hollywood’s studios and writers have reached a deal ending the threat of a strike that would have paralyzed the film and television business, according to multiple reports.

The Writers Guild of America (WGA) and the Alliance of Motion Picture and Television Producers (AMPTP) struck the agreement early Tuesday, Variety said.

Variety said the two sides ended the standoff just after midnight, when the previous contract expiration deadline passed.

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“Your Negotiating Committee is pleased to report that we have reached a tentative agreement with the AMPTP that we can recommend for ratification,” the WGA told members in an early Tuesday memo.

“Did we get everything we wanted? No,” it continued. “Everything we deserve? Certainly not.”

“But because we had the near unanimous backing of you and your fellow writers, we were able to achieve a deal that will net this Guild’s members $130 million more, over the life of the contract, than the pattern we were expected to accept.”

BuzzFeed said that the WGA would reveal the contract’s new details Thursday at its headquarters in Los Angeles.

The WGA was seeking higher pay for its writers, it said, and greater AMPTP contributions to the union’s health insurance fund.

The guild also pressed for writers to receive pay for their time rather than per episode due to the prevalence of shorter television series.

Variety said negotiations between the two sides began March 13 and stalled twice before Tuesday’s agreement.

The last WGA strike began in November 2007 and put thousands of people out of work over the course of 100 days.