The actors union is slated to see its contract with the studios expire at 11:59 p.m. Wednesday, possibly triggering a strike on Thursday.
The SAG-AFTRA union announced it had agreed to the "last-minute request" of federal mediation, but it refused to again extend its existing contract past the negotiating deadline -- after which a strike could be called.
"We will not be distracted from negotiating in good faith to secure a fair and just deal by the expiration of our agreement,'' according to the union statement. "We are committed to the negotiating process and will explore and exhaust every possible opportunity to make a deal, however we are not confident that the employers have any intention of bargaining toward an agreement.''
This comes after members of the Writers Guild of America have been striking for more than two months with no signs of progress.
Industry experts say the possibility of two major Hollywood strikes at the same time would put the studios in relatively uncharted territory.
"The last time we saw two major unions on strike, both SAG and WGA, was in 1960, so that's a lifetime ago," said Michael Schneider, the TV Editor for Variety. "We may be looking at a dual strike throughout the rest of the summer into September, and that is when you may see the real urgency to sit down and really hammer out new deals."
Outside Warner Bros. studio in Burbank, WGA picketers were treated to an HBCU homecoming picket and rally, complete with a live DJ, step team performances and several hundred picketers supporting the writers.
But as the writers' strike drags on and the actors inch closer to one, businesses surrounding the studios continue to brace for even more tough times.
Family-owned Tools to Go caters to the studios and is now struggling to stay afloat.
"We have almost no business right now," said owner Andrew Kopulsky. "We just have to weather the storm. "It's like sitting in a cave, waiting for it to end."
Meantime, SAG-AFTRA president Fran Drescher is catching heat from some members after spending the weekend in Italy at a ritzy high-fashion event, even with the union just days away from a possible strike.
"Probably not the best optics and I think everyone can agree it's sort of an unprecedented time," Schneider said.