The movie and television writers who are striking may return to a workplace that will never be the same again, thus affecting Wall street and exchange traded funds (ETFs).

Michael Cieply for The New York Times reports that over the weekend, Hollywood was overcome with the hope that the writers strike may end soon after a grueling four months. The strike brought most television production to a standstill, postponed studio blockbusters, and put tens of thousands of people out of work.

It appears the major obstacles over compensation for digital media were eliminated over informal talks. Although there are no contracts, the rumor is that both sides are closer to reconciliation. But the result of all this is that the workplace for the writers could be more complicated, less lucrative, involve more imports from foreign television and even more reality programming.

PowerShares Dynamic Leisure and Entertainment (PEJ) may feel the pain as CBS Corp. (CLB) has 4.59% of assets, along with Walt Disney Co. (DIS) at 5.21%. PowerShares Dynamic Media (PBS) might also feel a pinch, as several of its top holdings are affected by the strike: CBS is 5.1%, Disney is 5% and Time Warner (TWX) is 4.9%.

Since the strike began on Nov. 5, PBS is down 11.9% and PEJ has fallen 10%.

Tags: Leisure & Entertainment, Media