UPDATE: Here’s what the moguls have to say:

This is a day of relief and optimism for everyone in the entertainment industry. We can now all get back to work, with the assurance that we have concluded two groundbreaking labor agreements – with our directors and our writers — that establish a partnership through which our business can grow and prosper in the new digital age. The strike has been extraordinarily difficult for all of us, but the hardest hit of all have been the many thousands of businesses, workers and families that are economically dependent on our industry. We hope now to focus our collective efforts on what this industry does best – writers, directors, actors, production crews, and entertainment companies working together to deliver great content to our worldwide audiences. Peter Chernin, Chairman and CEO, the Fox Group Brad Grey, Chairman & CEO, Paramount Pictures Corp. Robert A. Iger, President & CEO, The Walt Disney Company Michael Lynton, Chairman & CEO, Sony Pictures Entertainment Barry M. Meyer, Chairman & CEO, Warner Bros. Leslie Moonves, President & CEO, CBS Corp. Harry Sloan, Chairman & CEO, MGM Jeff Zucker, President & CEO, NBC Universal

Here’s the official WGA announcement to striking writers:

On Tuesday, members of the Writers Guilds East and West voted by a 92.5% margin to lift the restraining order that was invoked on November 5th. The strike is over.

Writing can resume immediately. If you were employed when the strike began, you should plan to report to work on Wednesday. If you’re not employed at an office or other work site, call or e-mail your employer that you are resuming work. If you have been told not to report to work or resume your services, we recommend that you still notify your employer in writing of your availability to do so. Questions concerning return-to-work issues should be directed to the WGAW legal department or the WGAE’s assistant executive director.

The decision to begin this strike was not taken lightly and was only made after no other reasonable alternative was possible. We are profoundly aware of the economic loss these fourteen weeks have created not only for our members but so many other colleagues who work in the television and motion picture industries. Nonetheless, with the establishment of the WGA jurisdiction over new media and residual formulas based on distributor’s gross revenue (among other gains) we are confident that the results are a significant achievement not only for ourselves but the entire creative community, now and in the future.

We hope to build upon the extraordinary energy, ingenuity, and solidarity that were generated by your hard work during the strike.

Over the next weeks and months, we will be in touch with you to discuss and develop ways we can use our unprecedented unity to make our two guilds stronger and more effective than ever.

Now that the strike has ended, there remains the vote to ratify the new contract. Ballots and information on the new deal, both pro and con, will be mailed to you shortly. You will be able to return those ballots via mail or at a membership meeting to be held Monday, February 25th, 2008, at times and locations to be determined.

Thank you for making it possible. As ever, we are all in this together.

Best,

Patric M. Verrone

President, WGAW

Michael Winship

President, WGAE