Striking Hollywood writers set deal meeting

NEW YORK (CNNMoney.com) -- The presidents of the Writers Guild of America have expressed hope that terms of a tentative agreement with movie and television producers would be finalized into a new deal by the end of the week, which would end a 3-month-long strike.

In a letter to WGA members, Writers Guild presidents Patric M. Verrone and Michael Winship said they would discuss the terms of any agreement with current active members Saturday in New York and Los Angeles.

Verrone and Winship said that they would not sign a contract with the Alliance of Motion Picture and Television Producers (AMPTP) until they have met with the WGA members and reviewed the terms.

While specifics of the tentative deal were not revealed, insiders believe the agreement includes increases in the residuals that writers receive for online movies and television shows.

"We have gotten to this point in our negotiation as the direct result of the power of this strike, which each of you has generated," said the presidents in the letter.

The strike started Nov. 5, and has halted production of most scripted television shows and blockbuster movies. The Golden Globes ceremony was cancelled last month, and the strike could affect the Academy Awards presentation later this month if the strike is not resolved.