Media stocks appearing immune to Writers Guild of America strike
UPI News Service, 12/27/2007
The Writers Guild of America strike reportedly has had little impact on the share prices of major entertainment conglomerates.
Variety.com said stock prices have hardly moved since the WGA went on strike against the Alliance of Motion Picture and Television Producers Nov. 5.
As of Wednesday, Viacom and Sony were up slightly and News Corp., CBS Corp., Time Warner and Walt Disney Co. pretty much stayed the same, the trade paper said.
General Electric, which owns NBC Universal, is down about $2 a share, but because of its many divisions, interests and products, it is unclear if the dip is related to the strike.
"These are big companies. Warner Bros. itself is a big company," one industry executive told Variety.com, adding the corporations are "not going out of business."
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