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Media Stocks Pop As SAG-AFTRA Strike Settles; WBD, Disney, Paramount Gain

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Media stocks popped Thursday, well outperforming the broader market, after news that the months longs SAG-AFTRA strike has been settled, with the actors’ guild and the AMPTP announcing a agreement last night.

Halted productions can soon look to restart, the theatrical release calendar can stop shifting and the industry begin to get back to normal after a tough summer and fall.

There were gains across entertainment shares with Warner Bros. Discovery up more than 3% at $9.70 after a major selloff yesterday — when it fell 19% — on a soft advertising outlook delivered its third quarter earnings.

Disney is up nearly 6% at about $8.90 just after the open. It closed down slightly (off 0.11%) Wednesday ahead of earnings that were generally well received by Wall Street.

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