By Ben Glickman
Shares of AMC Entertainment traded higher Monday after Hollywood writers and studios agreed to a tentative deal to end a monthslong strike.
The stock was up 11% to $8.43 in midday trading. Shares have fallen 86% this year.
The Writers Guild of America and the Alliance of Motion Picture and Television Producers, which represents Hollywood studios, said late Sunday they had reached a tentative agreement to end the strike which has been in effect since May 2.
Once the agreement is finalized, studios will be able to begin working on scripts for upcoming film and TV projects.
AMC Chief Executive Adam Aron said in a post on X, the platform formerly known as Twitter, that “the world’s movie theatres can celebrate” now that a deal has been reached.
The resumption of film production will give theater chains like AMC more visibility into next year’s movie slate.
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