Magazine giant Condé Nast has reached a contractual agreement with staff at the New Yorker to avert a strike after months of tense negotiations nearly led the publication’s unionized employees to walk off the job. Earlier this year, New Yorker staff—along with those at music site Pitchfork, and technology and culture site Ars Technica—threatened to strike if their parent company did not make concessions during bargaining negotiations over issues including pay, company culture, and overtime compensation. Staff picketed outside the company’s headquarters at One World Trade and the West Village apartment of Anna Wintour, Condé Nast’s global chief content officer.

In a statement shared with Guild members on Wednesday, NewsGuild president Susan DeCarava said that the company had agreed to guaranteed annual wage increases of around 2 percent, as well as wage increases that would result in a 10 percent pay bump for half of the unionized staff, and established a salary floor of $60,000 a year by 2023. The magazine giant also agreed to a company-wide commitment confirming that 50 percent of candidates interviewed for open positions will be from underrepresented groups.“Our work is not over yet—we still have to work with the company to make adjustments to language and finalize the agreement, which the units will then vote to ratify in July—but today marks a giant step toward finishing these contracts,” she said.

A Condé Nast spokesperson said in a statement that they were pleased to reach an agreement. “Over the last year, Condé Nast’s new executive leadership team has implemented equitable compensation and inclusive benefits standards across our workforce. These standards are now reflected in our agreement with union employees,” the statement said. Condé Nast’s commitment to diversity and inclusion was made last year in their diversity and inclusion report, according to a person familiar with the matter.