Warner Bros. Discovery, Paramount Global, and Walt Disney stocks climbed Thursday after the 118-day Hollywood actors’ strike finally came to an end.
Details of the deal have yet to be revealed but the union said it was worth more than $1 billion. It said the deal of “extraordinary scope” includes minimum pay increases, provisions for consent and compensation that will protect actors from the threat of artificial intelligence, and a streaming participation bonus.
Warner Bros. stock pointed 2.8% higher in premarket trading after plunging 19% Wednesday. It was the stock’s worst day in more than two years, after the company reported a wider-than-expected loss in the third quarter. The company cited the Hollywood strikes as a reason for a significant decline in TV revenue. Subscriber numbers and advertising revenue also fell.