Commissioner David Stern's deadline has passed while the NBA and its players continue negotiating in an attempt to end the lockout.

The two sides met for more than four hours Wednesday to try to hash out a deal to end the 132-day lockout. The meeting got under way at 1 p.m. ET in New York, sources told ESPN The Magazine's Chris Broussard.

Stern had issued an ultimatum to players: Accept the league's latest proposal by 5 p.m. ET Wednesday or it will be replaced with a much harsher one that would drive the sides even farther apart.

The current offer calls for players to receive between 49 percent and 51 percent of basketball-related income, though union officials said it would be impossible to get above 50.2 percent.

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