The Broadway League and Buena Vista Theatrical d/b/a/ Disney Theatrical and the International Alliance of Theatrical Stage Employees made the announcement Thursday.
They said they reached a tentative agreement for the "Pink Contract," pending ratification by the bargaining unit.
Union members representing more than 1,000 theatre workers were set to vote on whether to authorize a strike that could have started as early as Friday.
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About 1,500 workers - stagehands, hair and makeup artists, and wardrobe personnel - are directly covered by the tentative agreement, currently working on 28 productions on Broadway and 17 on tour.
In a joint statement, the bargainers said: "The respective parties will inform their members of the details of this agreement in the coming days."
The agreement is unconnected to the strike action roiling Hollywood. Leaders of the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) voted unanimously last week to start striking, joining the Writers Guild of America, who walked out on May 2.
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(The Associated Press contributed to this post.)
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