NEW YORK (MarketWatch) -- Much to the relief of his employer, David Letterman is returning Wednesday to the late-night television airwaves on CBS -- but the Hollywood writers' strike drags on and on.

Worldwide Pants, Letterman's production company, struck an agreement with the Writers Guild of America last week over contentious issues that resulted in the union going out on strike.

The deal will permit his talk show, plus "The Late Late Show with Craig Ferguson," also aired on CBS CBS, -4.76% CBS, to use staff writers, but the union plans to picket other late-night shows that are going back on the air without writers. See full story.

Moreover, the Screen Actors Guild won't prevent its members from appearing as guests on the CBS shows.

The talk shows have been forced off the air during the early part of the strike -- now nearly two months old -- because the hosts haven't wanted to go on without the help of their writing staffs. The monologues are often key to wooing viewers who might like to flip between network stars Jay Leno and Letterman as well as Jimmy Kimmel on ABC DIS, -0.46% .

In something of a coup, Letterman will feature the popular actor and comedian Robin Williams as his first guest.

Meanwhile, Leno will mark his return to NBC GE, -1.29% with presidential candidate Mike Huckabee, fresh from his stumping at the Iowa caucus, as his opening guest.

CBS and host Letterman would appear to have an edge in using A-list Hollywood talent and seasoned writers in the first show back.

If Letterman can benefit from this turn in the strike, it would mark a remarkable moment in his ratings-driven rivalry with Leno. Leno has held a steady advantage since the two began competing head to head more than a decade ago.

Ever since Leno was fortunate enough to have scheduled Hugh Grant on his show, after the British movie star experienced an embarrassing misstep with a woman in Hollywood in 1995, Leno has maintained a ratings lead over Letterman. Now, perhaps, Letterman can make up ground.

-- Jon Friedman