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Media Stocks Get Initial Boost as Hollywood Celebrates Tentative Deal to End Writers Strike

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The potential end of the writers strike initially lifted the stocks of Netflix, Disney and other media companies.

’s shares improved roughly .90% in pre-market trading, while trading up .92% at over $383 during early trading.

Others getting an initial lift include Paramount Global. Its share price also climbed roughly 2% in pre-market trading, before trading up .25% at roughly $12.50. Comcast’s shares were down in pre-market trading and were down .20% at over $45 a share after the market opened. The company owns NBCUniversal.

In a sign of how important a resolution was to these companies, several CEOs and top executives, including Universal’s Donna Langley, Disney’s Bob Iger, Netflix’s Ted Sarandos and Warner Bros. Discovery’s David Zaslav were in the room last week, negotiating with representatives from the union. Apple and Amazon, both of which maintain their own streaming services and were involved in contract negotiations, aren’t as reliant on their entertainment operations as the more pure-play media companies. Shares of Apple were down in pre-market trading and opened flat at roughly $175. Amazon shares improved more than .60% in pre-market trading and were up 1% in the morning at more than $130 a share.

 

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