New York, New York - The union representing Broadway musicians announced a tentative agreement with theater owners on Thursday that would avert a strike.

The American Federation of Musicians Local 802, which had threatened to strike if there was no agreement by Thursday, said it reached an accord with the Broadway League that includes "meaningful" wage and health benefit increases.

"United in solidarity, Local 802 Broadway musicians are thrilled to announce that we reached a tentative agreement at 4:30 AM with the Broadway League that will avert a strike scheduled to begin later today," said Local 802 President Bob Suttmann.

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Worries about a possible strike have loomed over New York's storied theater district in recent weeks after the Broadway League struggled over negotiations with the musicians' union and its sister labor group, Actors' Equity.

In both sets of negotiations, workers were clamoring for higher pay and for theaters to assume a greater share of the cost of health care premiums, which are on the rise in the US.

Actors' Equity, which had reached a preliminary agreement with the Broadway League over the weekend, had endorsed the demands of the musicians' union in recent days.

An Actors' Equity spokesman said the organization's board had voted to recommend approval of the deal.

Members are being briefed on the provisions and will be provided later this week with details on how to vote. The vote outcome is expected to be announced next week, the Actors' Equity spokesman said.

The Broadway League did not immediately respond to a request for comment.