The drama in Hollywood continues. Striking writers rejected the studios' latest offer. What's the trade as your favorite late-night talk show airs reruns?

Curb Your Enthusiasm Producer (and Tinseltown insider) Gavin Polone joins the panel for this conversation. Following are excerpts.

Any advice for the WGA?

The WGA strike is a travesty. And the strike isn’t going well, says Palone. Support is starting to wane. The writers guild should take the new offer from the studios, declare victory and close the deal, he adds.

Who’s been hurt by the strike?

Nobody, replies Palone. The WGA doesn’t have that much leverage. They should have assessed the studio position – and asked themselves when will the studios start hurting? That’s probably not for 6 months.

He adds, If they have the resolve to last 6 months they would gain leverage because the film pipeline would start to dry up, and there would be too many re-runs on TV Then, maybe, they could score with their demands.

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Want to find out what happened that brought Palone's romance with Fast Money's Karen Finerman to an end? Watch the Web Extra and find out!!

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If the writer’s strike persists who benefits most?

The broadcast networks will feel the pinch. Viacom (VIA) doesn’t own a TV network so they might do well.

And if the strike ends quickly?

I’d buy CBS (CBS) because I think there’s a discount baked into this stock and it could rise on a quick resolution.

Hollywood Strike Update

VIA

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CBS

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Trader disclosure: On Nov. 30, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (ETFC), (COP), (NAT); Najarian Owns (BIDU) Options, (CFC) Options, (GOOG) Options, (XMSR) Options, (YHOO) Options; Seymour Owns (ETFC), (INTC), (MSFT), (TWX), (AAPL),(DELL); Seygem Asset Management Owns (CFC), (EEM), (X), (YHOO), (ITU); Finerman's Firm And Finerman Own (GS), (HD); Finerman's Firm Owns (TSO), (WMT), (YHOO), (PLCE), (LTD); Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns Fortis; Finerman's Firm Is Short (SPY), (IWM), (IYR), (IJR), (BIG), (HOV), (LEN); Finerman's Firm Is Short (MDY) And Owns (MDY) Puts; Finerman's Firm Is Short (LEH) And Owns (LEH) Puts

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