The Writers Guild of America began its strike in early May.
The Writers Guild of America’s negotiating committee told members shortly after midnight ET that it met with the Alliance of Motion Picture and Television Producers for bargaining on Thursday, adding that talks would continue on Friday. CNBC reported late Wednesday night that both sides were nearing an agreement.
A WGA spokesman didn’t comment beyond the update that the negotiating committee sent members. A spokesman for the AMPTP, which is the entertainment industry’s collective bargaining representative, didn’t immediately return a request for comment. After initially opening higher, Paramount Global shares were down 0.6% shortly after the market opened on Friday. Netflix stock was down 0.3%. Walt Disney shares were flat. Amazon stock was up 1.5%. Warner Bros. Discovery stock was down 1.6%, while Comcast stock was down 0.4%.
The WGA began its strike in early May. Though some filming could take place without writers, Hollywood was brought to a halt in July when the union representing Hollywood screen actors began its own strike. A Screen Actors Guild representative didn’t return a request seeking comment on reports of progress between the writers and studios.
Hollywood studios have reported lower costs amid the strike, though the stoppage is starting to weigh on earnings expectations—especially for firms that make money from TV production, like Warner Bros. Discovery. Studios have begun adjusting their film slates due to strike-related delays.
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