Big Media Stocks Backtrack In Jittery Market; Theater Chains Soar On Tentative WGA Deal
deadline.comBig media shares, which rose in pre-market trading Monday, opened lower at the bell and are still trending down midday after the Writers Guild reached a tentative deal with studios to end their prolonged strike.
Renewed market jitters over inflation, interest rates and a potential government shutdown appeared to have offset relief that Hollywood is back in business – or much closer to it.
On the other hand, Netflix is up. And exhibitors, which can avoid clear and present danger if Hollywood strikes end, are seeing strong gains across the board.
As it pertains to big media groups, Wall Street has been mixed on the dual strikes by actors and writers. Shuttered production led to significantly lower costs at companies in dire need of cash to pay down debt given ongoing losses in streaming.
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