Studio and streaming company stocks rally after Hollywood’s actors union reaches tentative deal to end strike

The stocks of studios and streaming companies were mostly higher early Thursday, after Hollywood’s actors union reached a tentative deal with studios to end its strike, ending months of labor strife that ground the film and television industries to a historic halt, as the Associated Press reported. While union members have yet to vote on the three-year contract agreement, the leadership declared that the strike will end at 12:01 a.m. on Thursday. At nearly four months, it was by far the longest strike ever for film and television actors. Details were not immediately released. Warner Bros. Discovery Inc.’s stock
WBD,
-19.04%
rose 2.8%, a day after the stock tanked following a warning on the company’s third-quarter earnings call that it would not meet 2024 deleveraging targets without a recovery in the TV ad market. Analysts are not expecting that to materialize. Paramount Global
PARA,
-7.94%
rose 3%, after also falling on Wednesday. Netflix Inc.
NFLX,
+0.47%
was slightly higher and Walt Disney Co.
DIS,
-0.11%
was up 3.9%, also benefiting from earnings that beat estimates, a huge jump in streaming users and a vow to increase annual cost cuts to $7.5 billion, from $5.5 billion. Comcast Corp.
CMCSA,
-1.24%,
parent to Universal studio, was down slightly.