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Hollywood crisis averted: Writers reach deal with studios

LOS ANGELES (CNNMoney) -- It was a cliffhanger ending, but the Writers Guild of America and the studios have reached a new deal that will keep the scripts coming and Hollywood at work.

The threat of the first strike in a decade was averted after a marathon negotiating session that went past the midnight deadline, leaving much of Hollywood staying up late and checking social media, looking for hints as to whether there would be picket lines on Tuesday.

The parties issued a joint stat

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