The daily business briefing: November 9, 2023

1. Actors, Hollywood studios reach deal to end strike

SAG-AFTRA, the union representing striking actors, reached a tentative agreement with Hollywood studios on Wednesday to end the 118-day actors strike. A SAG-AFTRA committee approved the proposed three-year contract deal unanimously, ending the strike at 12:01 a.m. Thursday. The union's national board will sign off on Friday. The agreement cleared the way "for the $134 billion American movie and television business to swing back into motion," The New York Times reported. The proposed contract includes pay increases, a "streaming participation bonus" and regulations on the use of artificial intelligence. Concerns about potential use of AI to create digital replicas of actors' images without pay or consent was a key issue in the walkout. The Hollywood Reporter, The New York Times

2. Disney profits beat expectations

Walt Disney Co. announced stronger-than-expected quarterly profits on Wednesday and said it added five million subscribers to its Disney+ streaming service. CEO Robert Iger said the entertainment giant still had "work to do" but had made strides in reorganizing itself. "These efforts have allowed us to move beyond this period of fixing and begin building our businesses again," Iger said. Disney said profits increased to $694 million in the third quarter, compared to $254 million in the same period last year. Disney's parks and cruises division increased its operating profit by 30% from the same period in 2022. The New York Times, NPR

3. FDA approves Eli Lilly weight loss drug

The Food and Drug Administration approved pharmaceutical company Eli Lilly's new weight loss drug, Zepbound, on Wednesday. The drug helped people lose up to 52 pounds over 16 months in clinical trials. Zepbound is the latest in a wave of new drugs like Novo Nordisk's Ozempic and Wegovy and Lilly's Mounjaro that offer new options for fighting obesity. Lilly said Zepbound would be available in the United States by the end of 2023 at $1,060 for a monthly supply. The treatment could be out of reach for many people, though, because lots of insurers hesitate to cover weight loss drugs and Medicare can't, by law. NBC News

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4. S&P 500 futures inch up after index extends winning streak

S&P 500 futures edged higher early Thursday after the broad-market index extended its longest winning streak since November 2021. Futures tied to the S&P 500 and the Dow Jones Industrial Average were up 0.1% at 7 a.m. ET. Nasdaq futures were down 0.1%. Disney shares rose 2% after the entertainment powerhouse reported better-than-expected quarterly profits, while Lyft shares fell nearly 2% after the rideshare platform reported disappointing bookings. The S&P 500 gained 0.1% on Wednesday, extending its winning streak to eight days. The tech-heavy Nasdaq made similar gains to post its ninth straight positive day, its longest streak in two years. The Dow edged down 0.1% on Wednesday, snapping a seven-day winning streak. CNBC

5. Amazon to offer Prime subscribers low-cost One Medical membership

Amazon on Wednesday announced a plan to offer Amazon Prime subscribers a low-cost membership to its One Medical health care business. Amazon bought One Medical, a primary-care business, for $3.9 billion earlier this year. The online retail giant charges $199 annually for One Medical memberships, but said it would offer the service to Prime subscribers for $9 a month, or $99 per year. The effort to tap into the company's millions of Prime subscribers to boost One Medical marked Amazon's latest push to grow its health care business, which also includes pharmacy services. Amazon has made several efforts to break into health care, which CEO Andy Jassy and other Amazon executives have said could one day become a key business for the company. The Wall Street Journal