Shares of media companies jumped in pre-market trading on Monday before giving back those gains, after Hollywood writers reached a tentative agreement with major studios over the weekend.

The Writers Guild of America (WGA), representing 11,500 writers of film, serials, and other entertainment forms, has been striking over better pay and benefits and the use of artificial intelligence (AI) in TV and movies since May. Actors had 澳洲幸运5官方开奖结果体彩网:joined to strike in July.

After on-and-off talks for several months as strikes disrupted work at major studios including Disney (DIS), Paramount (PARA), Universal, Sony, and Warner Bros. Discovery (WBD), the WGA and Alliance of Motion Picture and Television Producers resumed negotiations last week leading to the current deal.

Calling the deal "exceptional," the WGA said it will not share additional details until the three-year contract agreement is approved by the guild's board and members through a vote, which is scheduled on Tuesday. Until then, the WGA said writers will still be on strike.

The deal did not extend to actors, who said they will continue protesting for better compensation, informed consent, and better support for retirement funds, along with other issues, until an agreement is reached. The Screen Actors Guild and the American Federation of Television and Radio Artists (SAG-AFTRA) congratulated the WGA on Sunday and said it would "continue to urge the studio and streamer CEOs and the AMPTP to return to the table."

Warner Bros. shares gained more than 3% ahead of the opening bell but were down 0.8% about half an hour into the regular trading session. Paramount shares were up 0.2% at 10:00 a.m. ET after rising more than 3% in pre-market trading. Disney shares, which had also gained in pre-market trading, were flat early in regular trading. Netflix (NFLX) was up 0.8%.