Negotiators representing Hollywood actors are considering a new proposal that major studios described as their "last, best and final offer" to end a four-month-long strike, the SAG-AFTRA union said on Saturday.

SAG-AFTRA members walked off the job in July to demand higher compensation in the streaming TV era plus protections around the use of artificial intelligence (AI) and other gains.

The Alliance of Motion Picture and Television Producers (AMPTP), which represents Walt Disney, Netflix and other companies, presented its latest offer on Saturday, SAG-AFTRA leadership said in an update to members.

"We are reviewing it and considering our response within the context of the critical issues addressed in our proposals," the union said.

A representative for AMPTP did not immediately respond to a request for comment.

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Earlier this week, union leaders expressed "cautious optimism" that a deal could be reached soon but also said there were gaps between the two sides on various issues including the use of AI. Actors are seeking assurances that their digital likenesses will not be used without their permission.

The work stoppage, along with a Writers Guild of America strike that ended in September, has cost the California economy at least $6 billion, according to a Milken Institute estimate. Most scripted film and television production remains on hold.