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SAG

A dark cloud is looming over the glitz and glam of tonight's Oscars — and we're not just talking about rain.

On Saturday, the Screen Actors Guild rejected the "last, best and final offer" for a new contract with Hollywood producers, setting the stage for another possible strike in Tinseltown.

Nearly three-fourths of SAG's board of directors voted against the offer from the Alliance of Motion Picture and Television Producers, which is asking for a three year contract instead of two. 

SAG issued a statement saying, "The AMPTPs last-minute, surprise demand for a new term of agreement extending to 2012 is regressive and damaging and clearly signals the employers' unwillingness to agree to the deal they established with other entertainment unions."

Meanwhile, the AMPTP says, "We simply cannot offer SAG a better deal than the rest of the industry achieved under far better economic conditions than those now confronting our industry."

The old contract expired in June 2008. It's unknown at this time how or when negotiations will continue.