Negotiations between writers and producers are near a resolution in the ongoing Writers Guild of America strike, according to sources closely monitoring the discussions.

These insiders disclosed that both sides met face-to-face on Wednesday and aim to finalize a deal by Thursday. While there is optimism, it's essential to note that if no agreement is reached, the strike might persist through the year-end.

On Wednesday evening, a joint statement from the Writers Guild of America (WGA) and the Alliance of Motion Picture and Television Producers (AMPTP) confirmed their bargaining session and announced another meeting on Thursday.

The strike, which has seen actors joining picket lines since July, has now extended beyond 100 days, halting TV and film production in Hollywood. High-profile projects like Netflix's "Stranger Things," Disney and Marvel's "Blade," and Paramount's "Evil" have been affected.

Earlier this week, the writers' union expressed its intent to resume negotiations with the studios.

This development seems to be the closest both sides have come to a resolution since the strike commenced on May 2. The primary issue for the 11,000 film and TV writers participating in the strike is the discrepancy between their compensation and the revenue generated in the streaming era.

In addition to demanding higher compensation, the WGA has advocated for new regulations mandating studios to hire a specific number of writers for a defined duration in TV shows. Moreover, writers seek compensation throughout all production stages, including pre production, production, and postproduction, unlike the current practice where writers often provide revisions or new material without additional pay.

In late August, the AMPTP publicly presented its latest proposal to the WGA, but tensions persisted.

Negotiations have involved meetings with top media executives, including Warner Bros. Discovery CEO David Zaslav, Disney's Bob Iger,NBCUniversal film head Donna Langley and Netflix co-CEO Ted Sarandos.

The strikes have weighed heavily on media companies as they seek to make streaming profitable and lure audiences back to theaters.

Warner Bros. Discovery recently adjusted its earnings outlook, citing the strikes' impact. The company anticipates a hit of $300 million to $500 million in adjusted earnings before interest, taxes, depreciation, and amortization, bringing it to a full-year range of $10.5 billion to $11 billion.

David Zaslav, speaking at an investor conference this month, emphasized the need to resolve the strikes and restore work opportunities in the industry.