shares moved firmly higher Monday, leading solid gains for rival media stocks, after Hollywood writers reached a tentative agreement on pay and profit sharing that could end their months-long strike on studios in the entertainment capital.
The Screen Actors Guild, however, as well as the American Federation of Television and Radio Artists, collectively known as SAG-AFTRA, remain on strike after joining the Writers' picket line in early July. Warner Bros trimmed its full year earnings forecast earlier this month, and now sees adjusted earnings of between $10.5 billion and $11 billion, as a result of the strikes, which which it had forecast to end in September, would likely rise to between $300 million and $500 million by the end of the year.
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