Sept 25 Reuters Big media companies gave up early share gains from hopes of an end to screenwriters39; strike on Monday as focus shifted to an ongoing strike by actors, whose resolution is crucial for a full return to work in Hollywood.

Warner Bros Discovery, Paramount Global, Walt Disney were down 0.3 to 2.1 in choppy trading, after rising as much as 4 before the markets opened.

The union representing roughly 11,500 film and television writers entered a tentative threeyear deal on Sunday, which now needs an approval from the guild leadership and union members.

But a strike by a larger guild of actors is still on.

Nearly 160,000 film and television actors, stunt performers and other media professionals walked off the job in July, demanding higher wages and protection against artificial intelligence use.

Investors of the media companies have been concerned about the financial fallout of the strikes that had initially boosted cash flows due to lower spending, but has now started eating into earnings.

The deal with writers will also mean the studios and streaming services will now focus fully on actors39; demands, said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Already it39;s likely that the big studios will face a significant hit in 1218 months time, with so little in the pipeline and bosses are now desperate for new content to attract eyes to big and small screens.

WBD, whose CEO David Zaslav played a key role in contract negotiations…