PAUL VERCAMMEN, CNN ENTERTAINMENT CORRESPONDENT: With potentially billions of dollars at stake for Los Angeles and its economy, contract talks are continuing today between Hollywood writers and producers. For the latest, let's go to Sherri Sylvester, who is at Writers Guild headquarters -- Sherri.</s>SHERRI SYLVESTER, CNN ENTERTAINMENT CORRESPONDENT: Hi, Paul. Well, if you were writing the story of Hollywood's labor pains, what we had here was both an epilogue and a prologue. Talks between Hollywood writers and producers may be coming to an end, that according to L.A. Mayor Richard Riordan. We understand that he did receive a phone call from those close to the talks saying that they do believe that a contract is close at hand. Of course, any contract would have to be ratified by the voting membership here, 11,000 writers members of the guild. I say prologue because this is just the beginning for Hollywood producers. They're set to go in to talks with the actors. Now the actors have set a preliminary date for May 10, just six days from now. They've drawn up their list of demands. We understand that they have streamlined their demands, and they have a very specific agenda to follow. Everyone hoping here to avoid a labor strike that would cost Hollywood a lot of money. I'm Sherri Sylvester reporting from the Writers Guild. Paul, back to you.</s>VERCAMMEN: And Sherri, how about a footnote? We thank you for keeping your vigil over there.
Hollywood Producers and Writers May Be Close to an Agreement