The Hollywood writers strike is edging closer to a conclusion after union leaders formally endorsed a new contract to settle the bitter three-month-long dispute. The strike is considered the most damaging of its kind to U.S. entertainment industry in decades.

Under the proposed three-year contract, the writers' share of movies and televisions shows sold online would double.

Michael Winship is President of Writers Guild of America East.

I believe it's a deal. I'm going to recommend this deal to our membership; I think it covers a lot we are asking for. We are asking for jurisdiction in the new media, we are asking for part of the distributors' growth, and we have achieved those goals.

The Writers Guild of America is set to hold a vote on Tuesday. It will see the strike declared over, allowing writers to return to work on Wednesday.

A second vote on the contract itself will be held within two weeks.

Writers cast their pens down early in November, in a move that sent shockwaves through the industry. It has forced the postponement or cancellation of several television shows and movies, causing hundreds of millions of dollars in losses.