A settlement has been reached in the contract dispute with the International Alliance of Theatrical Stage Employees that threatened to shut down the June 2 Tony Awards and professional theatres across the U.S.

No further details of the contract settlement were available as of 2 PM May 31.

"The strike has been averted and the show will go on -- in the great show business tradition," said Tony spokesman Jim Byk.

Neither IATSE nor the League of American Theatres and Producers (the producers' bargaining group) had comment, though sources in both organizations, who asked for anonymity, confirmed that a settlement has been reached.

The International Alliance of Theatrical Stage Employees (stagehands, carpenters, electricians and certain other backstage workers) had threatened to picket the June 2 Tony Awards if a new contract was not negotiated by the midnight between June 1 and 2 . The dispute actually involved a contract for union members who handle national touring companies. But the New York local had said it would strike in sympathy, affecting all Broadway theatres, including the Majestic, where the Tony ceremony is scheduled to be held 9-11 PM (ET) June 2.

-- By Robert Viagas