Communications Services Up on Rotation Out of '24 Winners -- Communications Services Roundup

Dow Jones11-26

Communications services companies rose, but not by as much as the broad market, as traders rotated out of some of the big 2024 winners into laggards.

Shares of Netflix fell 3.6%, but remain up by roughly 80% for the year to date.

NBC, which has had the broadcast rights to the Macy's Thanksgiving Day parade in the U.S. since 1953, is trying to hammer down a new deal with the department store to keep the event on the network and its Peacock streaming service for the next decade.

Under the terms being discussed, a new deal would kick in next year with an average annual fee of more than $60 million, up from around $20 million in the current contract, reflecting the premium value of live events capable of drawing the kinds of audience that were once standard on network television.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

November 25, 2024 17:11 ET (22:11 GMT)

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