Negotiations to prevent a strike that could bring the film and television production business to its knees are going down to the wire.

Matthew Loeb, president of the International Alliance of Theatrical Stage Employees, said early Wednesday that unless an agreement is reached, 60,000 union members will begin a nationwide strike against the major studios on Oct. 18 at 12:01 a.m. Such a work stoppage would be catastrophic, halting production across the U.S.