
Shares in Chinese online video giants Youku and Tudou took a dive this week as the Beijing government cracks down on online video with stricter regulations. The new laws will require Internet video providers to pre-screen all programming before making it available.
- Share this article on Facebook
- Share this article on Twitter
- Share this article on Email
- Show additional share options
- Share this article on Print
- Share this article on Comment
- Share this article on Whatsapp
- Share this article on Linkedin
- Share this article on Reddit
- Share this article on Pinit
- Share this article on Tumblr
Big entertainment stocks opened virtually unchanged on Wednesday as U.S. stock markets resumed operations after being closed for two days due to Hurricane Sandy.
The broader markets opened higher, with the Dow Jones industrial average gaining 0.6 percent, and the broad-based Standard & Poor’s 500 index up 0.4 percent,
At around 9:45am ET, Time Warner’s stock was unchanged, while News Corp.’s stock was up 0.9 percent at $24.01, and Sony was up 0.7 percent at $11.93. Shares of CBS Corp. were down 0.2 percent at $32.81 at the open, but a few minutes later were in slightly positive territory. Viacom’s stock was down 0.4 percent at $52.33.
The stock of Walt Disney at the same time was up a minimal 0.1 percent at $50.13 after a slew of analysts had commented on the entertainment giant’s $4.05 billion acquisition of Lucasfilm and its Star Wars franchise. Many said the price tag was high, which would be a drag on earnings in 2013 and 2014, but they predicted the deal would work out well for Disney longer-term.
The two-day closure was the New York Stock Exchange’s first weather-related closure in 27 years.
Netflix’s stock took more of a hit in early Wednesday trading after the company disclosed in a regulatory filing that its content costs for international service launches were up more than originally reported in a filing due to a typo that repeated a figure of 14 percent instead of 348 percent. Netflix’s stock was down 3.7 percent at $67.01 as of 9:40am ET.
Email: Georg.Szalai@thr.com
Twitter: @georgszalai
Related Stories
THR Newsletters
Sign up for THR news straight to your inbox every day