SONY - Hollywood shutdown averted as crews union reaches deal with studios

A strike that would have disrupted TV and movie production nationwide has been avoided at the eleventh hour. Over the weekend, a three-year deal was struck between the International Alliance of Theatrical Stage Employees, which includes film crews across the country, and the Alliance of Motion Picture and Television Producers, which represents major Hollywood studios. The developments could have severely impacted the operations of streamers like Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX), as well as major and "mini-major" film studio stocks like Disney (NYSE:DIS), Universal (NASDAQ:CMCSA), Warner Bros. (NYSE:T), Sony (NYSE:SONY), Paramount (NASDAQ:VIAC), Lions Gate (NYSE:LGF.A), Eros STX Global (NYSE:ESGC) and MGM Holdings (OTC:MGMB). What's in the contract? A 10-hour turnaround between shifts, 54 hours of rest over the weekend, increased health and pension plans, a 3% rate increase every year for the duration of the contract, and higher penalties for companies that don't provide meal breaks. Included in the

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Hollywood shutdown averted as crews union reaches deal with studios