By Rob Curran
Shares of Hollywood-studio and streaming-services owners fell after President Trump's proposal to impose hefty tariffs on movies made overseas.
On Sunday, President Trump said he had authorized a 100% tariff on films produced overseas, saying he was responding to tax incentives that have lured some productions abroad.
Movie executives were blindsided, and scrambled to determine the potential impact, The Wall Street Journal reported.
Shares of Warner Bros Discovery, which operates the Max streaming service and HBO cable channel in addition to a major Hollywood studio, fell 2.7% to $8.31 premarket. Many major Warner Brothers releases, including recent hits such as "Mickey 17" and "A Minecraft Movie," are produced overseas, reflecting decades-long trends in Hollywood.
Shares of Netflix, which produced its recent hit series "Adolescence" in the U.K. and has a strong international presence, fell 5% to $1,098.50 premarket.
Shares of Paramount Global, owner of the Paramount studio, fell 2% to $11.20. Comcast, the owner of NBC Universal, slipped 0.8% to $34.18. Apple, which is already under pressure because of trade-war fallout for costs and sales, fell 1% to $203.28. Walt Disney declined 2.3% to $90.40. Amazon fell 1.6% to $186.88.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 05, 2025 06:51 ET (10:51 GMT)
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