Deal Has Been Reached to End Writers' Strike: Eisner

A deal has been struck between the major media companies and the Writers Guild of America to end the writers' strike, former Walt Disney chief executive Michael Eisner revealed on CNBC.

AP Michael Eisner

"It's over," Eisner said. "They made the deal, they shook hands on the deal. It's going on Saturday to the writers in general."

Eisner, speaking live on CNBC's "Fast Money," seemed to hesitate initially about whether it was possible that the writers could still reject the agreement, but finally suggested the deal's acceptance was inevitable.

"A deal has been made, and they'll be back to work very soon," Eisner said, adding, "I know a deal's been made. I know it's over."

Eisner did not elaborate on terms of the agreement. He said he expects most of the media companies affected by the strike to have "small" write-downs as a result of the deal. Eisner said the deal was struck last Friday.

As a result of studio cutbacks, however, many of the writers who went on strike are unlikely to return to the same big-money contracts they'd had as individuals with the studios, Eisner said.

Shares of Walt Disney and CBS were both up in extended electronic trading Thursday.

© 2008 CNBC.com