If discussions hold together, the two sides hope to finalize a deal Thursday. That said, if the tentative deal unravels, the strike could last through the end of the year - keeping more than 11,000 film and TV writers in limbo. The writers and producers have argued that t hey aren't being paid enough relative to the income generated during the streaming era.

In a Wednesday night joint statement, the WGA and the Alliance of Motion Picture and Television Producers released a joint statement to announce that the two groups had met at the bargaining table, and would meet again on Thursday.

The writers strike has been in effect for more than 100 days, with actors joining in July, causing Hollywood production to grind to a halt. Several high profile shows such as Netflix's "Stranger Things," as well as various Marvel/Disney productions (and of course, Dune: Part Two featuring Christopher Walken) are among the high-profile projects to hit the pause button.

Earlier in the week, the writers' union said it would resume negotiations with the studios.

This appears to be the closest the two sides have come to a resolution since the more than 11,000 film and TV writers went on strike beginning May 2. They have argued their compensation doesn't match the revenue that's been generated during the streaming era. -CNBC