LOS ANGELES - The Screen Actors Guild told its 122,000 members to stay on the job even as the union failed to reach a deal with film and television studios before their contract expired early Tuesday.

The Alliance of Motion Picture and Television Producers took a different take on the continuing negotiations, saying the industry was in a "de facto strike."

SAG President Alan Rosenberg said no strike vote has been planned, and the union's negotiators are "coming to the bargaining table every day in good faith."

"Any talk about a strike or a management lockout at this point is simply a distraction," he said.

Actors have a "final offer" worth $250 million in additional compensation. according to the AMPTP.

The offer has comparable terms to deals already inked with other entertainment industry unions, including the American Federation of Television and Radio Artists (AFTRA), the studios said.

"Our industry is now in a de facto strike, with film production virtually shut down and television production now seriously threatened," according to a statement from AMPTP.

The parties are scheduled to meet Wednesday at 2:00 p.m. Pacific time (5 p.m. ET).

Hollywood is leery about getting caught in another crippling strike.

A writer's strike in November shut down the industry for three months, gutting much of the 2007-2008 television season and shutting down script development for movies.

The talks have been complicated by a split between SAG and the smaller AFTRA, which has reached its own agreement with the studios. About 44,000 of AFTRA's 70,000 members belong to both unions, and SAG leaders have urged those members to vote against the deal.

But AFTRA President Roberta Reardon told CNN that her union's agreement is "a solid deal" that should be ratified -- and she blasted SAG for trying to influence her members.

"The trust between these two unions is really broken," she said. "We did not want to be in a situation where we were spending all our time negotiating with our partner rather than negotiating across the table with our employers."

SAG argues that the agreement between AFTRA and the studios provides no increase for DVD residual payments and would weaken both unions by allowing for non-union new media production.

"This would set up AFTRA as the cheaper, more producer-friendly alternative in new media," SAG argued in a written statement. "When unions compete with different contract terms, actors lose. It starts a race to the bottom that SAG doesn't want to win."

Reardon said the fight "has caused a great deal of confusion in the membership."

"My dues money as a SAG member is being used against me, and I didn't have a vote in it," she said.

CNN's Jennifer Wolfe contributed to this report.

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Courtesy of CNN