The deal between Screen Actors Guild, American Federation of Television and Radio Artists and the Alliance of Motion Picture and Television Producers will boost actors' paychecks.
It still needs to be ratified by union members.
It gives actors a 6 percent pay hike over three years and a 10 percent increase in company health and pension contribution.
It will also expand union coverage over new media productions.
Industry analysts say there were no surprises in the contract, but it does raise some questions about the unions' futures.
"This is something that I think everybody kind of agrees is OK," said David Poland, editor of moviecitynews.com. "I don't think there were a lot of people angry about it, but it is another step towards SAG being consumed by AFTRA and becoming part of AFTRA. Whether that's actually good for actors is a big question mark."