Neither side has released details of terms agreed, but it is expected that a contract could be signed at the end of this week.
An agreement could allow the Oscar ceremony to go ahead as normal on February 24, which is good news for British stars who are nominated in a number of categories, with hopes riding on Daniel Day-Lewis for his performance in 'There Will Be Blood', and reinstate production on hit TV shows such as 'Desperate Housewives' and 'Grey's Anatomy'.
The three-month-long strike has hit the viewing figures of US TV networks and forced the cancellation of the Golden Globes awards ceremony last month, which was reduced to a press conference.
With shows such 'Prison Break' having to be cut short by nine episodes in its current season, Sky One and other UK broadcasters have also been affected by the disruption. The 'Bionic Woman', the series starring former 'EastEnders' actress Michelle Ryan that was acquired by ITV, has also been affected with filming currently suspended in Vancouver.