The Hollywood strikes could potentially be coming to an end after representatives from the Writer’s Guild of America (WGA) met with the Alliance of Motion Picture and Television Producers (AMPTP) yesterday.
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Aiming to reach a deal, the two sides are expected to sit across the table again today. If talks fail, the strike could extend through the rest of 2023. This could mean continued production halts for fan favorites such as Netflix’s (NASDAQ:NFLX) Stranger Things and Paramount’s (NASDAQ:PARA) Evil.
The AMPTP includes major names, including Amazon (NASDAQ:AMZN), Disney (NYSE:DIS), Netflix, Apple (NASDAQ:AAPL), Sony (NYSE:SONY), and Warner Bros. Discovery (NASDAQ:WBD). Furthermore, with the Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA) joining the picket lines, the pressure on studios has increased.
The standoff over wages, minimum staffing, and the role of AI has been going on for nearly five months now, and yesterday’s talks between the two sides were described as “encouraging” by a source to The Guardian. Talks between the striking actors and studios, though, are yet to materialize.
Despite these strikes, Amazon, Netflix, and Apple shares have surged by double-digits over the past six months. While WBD and Paramount shares have dropped the most during this period, analysts also see hefty potential upside of 80% and 41%, respectively, in these stocks.
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