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After weeks of negotiations, the producers' group and the Screen Actors Guild were unable to hammer out a new deal. The current contract expires at 12:01 a.m. Tuesday.

"Our industry is now in a de facto strike with film production virtually shut down and television production now seriously threatened", the alliance said in a statement Monday.

"In an effort to put everyone back to work, the AMPTP today presented SAG our final offer -- a comprehensive proposal worth more than $250 million in additional compensation to SAG members, with significant economic gains and groundbreaking new media rights for all performers", the statement said.

The producers said their offer was consistent with the four other entertainment industry labor agreements reached this year. They said the offer also addresses other areas of concern expressed by SAG members.

The alliance estimated that if the industry shuts down, SAG members will lose $2.5 million a day in wages, while the other guilds and unions would lose $13.5 million each day and the California economy would lose $23 million each day.

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