The SAG-AFTRA actors' union reached a tentative agreement with studios Wednesday night.He also said that a resolution sooner rather than later would help preserve next year's summer box office calendar – so the tentative agreement does just that.
"There has been and will be much collateral damage from these lengthy work stoppages," said the company, which reported earnings after the bell. AMC shares fell more than 10% Thursday morning after earnings and the company announced its plan to sell more shares through a secondary offering. For the fourth quarter, the saving graces for AMC, though, could be Taylor Swift and Beyoncé. Swift's concert film has
CFO Gunnar Wiedenfels said on the earnings call that the Hollywood strikes weighed on its studios' performance – particularly on the TV front. He noted the strikes hurt"production and delivery of TV content as TV revenues declined significantly, offsetting strong films and games performance."