High hopes for an end to the actors' strike following marathon discussions

There is optimism and hope that a deal is about to be reached between the actors' union and studios after a 10-hour day of negotiations on Tuesday.

A critical meeting takes place Wednesday, and actors intend to be back out on the picket lines as they wait to get the official update from SAG-AFTRA, hoping for an end to the 118-day strike. The sides have now been in continuous negotiations for about two weeks.

Late Tuesday evening, the union issued the fooling statement. "Dear SAG-AFTRA members, following a meeting Monday night with the AMPTP, the TV/Theatrical Negotiating Committee spent 10 hours deliberating today. We will continue Wednesday. We appreciate your patience and support while we finish our work."

Some believe this statement means a deal is on the horizon, ending the strike that has been going on since mid-July.

Variety reported that the union has agreed to around an 8% raise in minimum rates, which is less than the 11% they originally asked for, but it would be the largest bump in pay in 40 years.

Insiders say an agreement has also been made on streaming residuals, with artificial intelligence being the issue of contention.  One of the technical aspects of AI being argued is the consent of use for AI scans after actors pass away.

Entertainment reporter Gene Maddaus says he thinks the two sides are getting close. "For a while it was sort of like, I don't know how far apart they are, now it feels like they are on the one-yard line -- but that doesn't mean they necessarily get the touchdown," Maddaus said.