Major Hollywood studios are close to a deal with the Writers Guild of America that would end a lengthy strike, CNBC reported Wednesday night, citing sources. The two sides hope to reach an agreement on Thursday.
A writers deal would be good news for Walt Disney, Netflix, Paramount Global, Warner Bros Discovery and NBCUniversal parent Comcast, as well as streaming platform Roku and movie theater giant AMC Entertainment.
But it wouldn't mean the start of production. Hollywood would still need to reach a deal with the SAG-AFTRA actors union.
Wednesday marked day 142 of the writers' strike and day 69 of the SAG-AFTRA strike.
Comcast stock is the only one of these media giants that's still above its 50-day line, within a consolidation, helped by its broadband and wireless assets. Netflix stock and Roku have recently broken sharply below their 50-day moving averages. DIS stock, Paramount Global and Warner Bros Discovery are all near 2023 or 52-week lows.
AMC stock, which was one of the original meme stocks in early 2021, has crashed to a record low.
PARA stock and Warner Bros Discovery rose modestly Thursday, along with AMC. The other stocks noted here either weren't open yet or barely moving in light trade.
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