China to cut U.S. film imports, Hollywood stocks tumble

On April 10 local time, shares of several major U.S. film and media companies fell sharply. The Walt Disney Company and Warner Bros. Discovery, Inc. saw their stock prices drop by 6.79 and 12.53 percent, respectively.

As of the market close on April 10, stock performances of major U.S. media and entertainment companies were as follows:

The Walt Disney Company: closed at $85.23, down $6.21 (–6.79 percent);

Comcast Corporation: closed at $33.68, down $1.50 (–4.26 percent);

Netflix, Inc.: closed at $921.17, down $24.30 (–2.57 percent);

Paramount Global: closed at $10.92, down $0.22 (–1.97 percent);

Sony Group Corporation: closed at $22.92, down $0.05 (–0.22 percent).

China on Thursday announced the plan to moderately reduce the number of U.S. films imported.

A spokesperson for the China Film Administration said that the adjustment follows market principles and reflects audience preferences, as the United States' recent hikes in tariffs on Chinese imports are bound to impact Chinese audiences' interest in U.S. movies.

As the second-largest film market in the world, China has always pursued a high level of opening-up, and will introduce more excellent films from other countries to meet market demand, said the spokesperson.

(Cover: VCG)