Hollywood strike stings Warner Bros., profit outlook for the year trimmed by as much as $500 million

ByAssociated Press

September 5, 2023, 9:49 AM

Actor Hill Harper, a democrat running for Michigan’s open U.S. Senate seat, walks with SAG-AFTRA members in the Labor Day parade in Detroit, Monday, Sept. 4, 2023. (AP Photo/Paul Sancya)

The Associated Press

Warner Bros. Discovery is cutting its profit expectations for the year, saying it will likely incur costs as high as $500 million tied to the ongoing Hollywood writers’ and actors’ strike.

The U.S. film and television industries remain paralyzed by the dual strikes. The writers strike began in May and the actors joined them on July 14.

Warner Bros. Discovery owns HBO and Max, CNN, TNT and a host of other entertainment outlets, including DC Comics.

The company said in a regulatory filing that it now expects 2023 adjusted earnings before interest, taxes, depreciation and amortization to be between $10.5 billion to $11 billion, down from $11 billion to $11.5 billion.

“While (Warner Bros. Discovery) is hopeful that these strikes will be resolved soon, it cannot predict when the strikes will ultimately end. With both guilds still on strike today, the company now assumes the financial impact to (Warner Bros. Discovery) of these strikes will persist through the end of 2023,” the company stated.

Shares of Warner Bros.. based in New York City, rose about 2% Tuesday.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Todays Chronic is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – todayschronic.com. The content will be deleted within 24 hours.

Leave a Comment