The Writers Guild of America (WGA) called off its nearly five-month strike on Tuesday night.

Hollywood's writers' union said it reached a preliminary labor agreement with major studios on Sunday, a deal expected to end one of two strikes that have halted most film and television production and cost the California economy billions.

While workers across the entertainment industry waited for word of the outcome, no agreement was announced as the strike reached its 144th day.

"This wasn't a meeting to make a deal. This was a meeting to get us to cave," the committee said in a statement.

"They're talking again when they weren't a couple of weeks ago," said WGA liaison and "Physical" writer K.C. Scott.

The strikes are costing the entertainment industry and the California economy, several million dollars per day.

The world's oldest film festival, regarded as a launchpad for Oscar contenders as awards season approaches, features movies from 55 countries, including 23 titles running for the prestigious Golden Lion award.

British actors' union Equity organised the rally in Leicester Square, where movie theatres hosted UK premieres including "Barbie" and "Oppenheimer" last week.

Around April, a whopping 97% of WGA members voted to go on strike by May if AMPTP did not meet their agreements, which represents major film and TV industries in Hollywood.

The Writers Guild of America is seeking to restrict the use of artificial intelligence in writing film and television scripts. Hollywood studios, battling to make streaming services profitable and dealing with shrinking ad revenues, have rejected that idea, saying they would be open to discussing new technologies once a year, according to the guild.