The three-year contract still must be approved by leadership of the Writers Guild of America (WGA,) as well as union members, before it can take effect.
The WGA, which represents 11,500 film and television writers, described the deal as "exceptional" with "meaningful gains and protections for writers."
"This was made possible by the enduring solidarity of WGA members and extraordinary support of our union siblings who joined us on the picket lines for over 146 days," the negotiating committee said in a statement Sunday.
The WGA settlement, while a milestone, will not return Hollywood to business as usual even if it is ratified. While writing may resume, the SAG-AFTRA actors' union remains on strike.