Communications services companies rose amid deal activity.
Walt Disney shares rose after activist investor Dan Loeb's Third Point firm bought a significant stake in the entertainment conglomerate, calling on Disney to buy the rest of Hulu, explore spinning off ESPN and refresh its board. Mr. Loeb's firm liquidated a large Disney stake earlier this year.
Paramount Global rose after the production giant's streaming arm Paramount+ struck a deal with Walmart, which will offer the service as a perk to participants in its membership program.
HBO is set to cut about 70 staffers, or 14% of its workforce, mostly at streaming service HBO Max, as parent Warner Bros Discovery looks to trim costs.
Nexstar Media Group agreed to buy majority control of the CW Network and said it would overhaul the programming of the youth-centric broadcast network to cater to an older audience.
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(END) Dow Jones Newswires