Hollywood actors reached a tentative agreement with major studios on Wednesday to resolve the second of two strikes that rocked the entertainment industry this year as workers demanded higher pay in the streaming TV era.

The 118-day work stoppage will end officially just after midnight, the SAG-AFTRA union said in a statement after its negotiating committee voted unanimously to support the deal.

Valued at more than $1 billion, the new three-year contract includes increases in minimum salaries and a new "streaming participation" bonus, the union said.