Movie theater shares pop after writers, studios reach tentative labor deal
Publishing timestamp: 2023-09-25 17:40:17
Summary
Shares of movie theater companies like AMC, Cinemark, and IMAX rose after news of a tentative labor deal between the Writers Guild of America and the Alliance of Motion Picture and Television Producers. However, studio owners' shares were largely down. While this represents positive momentum for Hollywood, the deal still needs to be ratified by union members. The Screen Actors Guild and American Federation of Television and Radio Artists are still on strike, and their eventual deal with the AMPTP is crucial for the well-being of movie theater companies. The strikes have caused delays in key films, and industry experts fear more films will be affected if contracts with the guilds are not solidified. Despite the turmoil, streaming companies like Netflix have benefited from the situation.
Sentiment: POSITIVE
Tickers: WBD, 6758.T-JP, CMCSA, CNK, DIS, NFLX, SONY, AMC, IMAX,
Keywords: walt disney co, entertainment, business news, netflix inc, amc entertainment holdings inc, strikes, internet, warner bros discovery inc, imax corp, business, cinemark holdings inc, sony group corp, television, movies, adam aron, comcast corp, stock markets,
Source: https://www.cnbc.com/2023/09/25/movie-theater-shares-pop-on-tentative-wga-labor-deal.html