First-time terms of trade negotiations between Canadian broadcasters and indie producers went down to the wire, and have ended in a deal.

The Canadian Media Production Association, representing major indie producers, inked an agreement in principle on valuing Canadian program rights, including new media product, with major private broadcast groups just in time for CRTC conventional license renewal hearings.

“While it took a lot of give and take at the bargaining table by both sides to reach a deal, the end result is something that all parties should be proud of,” CMPA president and CEO Norm Bolen said Monday in a statement.

The CRTC threatened to impose a terms of trade framework on the producers and broadcasters if they could not agree on a deal before the group license renewal hearings got underway Monday.

The breakthrough in the crunch talks on an equitable terms of trade agreement came in February when the producers made key concessions to bring the broadcasters back to the table.