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Warner Bros. Discovery says actors and writers strikes will cost it up to $500 million this year
By Chris Isidore, CNN
Warner Bros. Discovery says actors and writers strikes will cost it up to $500 million this year
SARAH JESSICA WE’RE ACTUALLY AT DOWNTOWN CROSSING AT THE DOWNTOWN CROSSING PLAZA. YOU CAN SEE BEHIND ME THIS RALLY IS WELL UNDERWAY. IF YOU CAN HEAR THAT IS SENATOR ED MARKEY SPEAKING RIGHT NOW. WE ALSO HEARD FROM SENATOR WARREN, SEVERAL ELECTED LEADERS ARE HERE. AND ALSO, AS YOU CAN SEE, A HUGE SHOWING OF SUPPORT FOR LABOR ON THIS LABOR DAY. MANY MEMBERS OF SAG-AFTRA, AS WELL AS OTHER UNIONS HERE SHOWING SUPPORT FOR THE STRIKING ACTORS UNION. THEY ARE NOW IN THE EIGHTH WEEK OF THE STRIKE. ITS IMPACTING ALL ASPECTS OF THE INDUSTRY. SAG-AFTRA SAYING IT IS FIGHTING FOR RIGHTS, FAIR WAGES AND THIS CHANGING BUSINESS AND PROTECTIONS AS AI TECHNOLOGY IS BEING USED MORE AND MORE. SOME OF THE ACTORS WE’VE BEEN TALKING TO HERE THIS MORNING SAY THEY’RE LIVELY. HOODS DEPEND ON A FAIR CONTRACT THAT WE HAVE TO HAVE WAGES US THAT CAN SUPPORT, SUPPORT US BECAUSE WE DON’T WORK, MOST OF US, MANY OF US DON’T WORK 52 WEEKS A YEAR. YOU KNOW, WE GET GIGS AND THOSE GIGS KEEP US GOING ALONG WITH OTHER THINGS THAT WE MAY DO UNTIL THE NEXT GIG. AURITAE IS AN ACTOR AND A WRITER. SHE’S ORIGINALLY FROM MASSACHUSETTS BUT LIVES IN NEW YORK CITY. SHE SAYS MANY LIKE HER ARE STRUGGLING TO MAKE ENDS MEET, PARTICULARLY WITH HOUSING COSTS, ESPECIALLY LIVING IN MAJOR MARKETS WHERE THOSE GIGS AND JOBS CAN BE FOUND. ANOTHER LOCAL ACTOR TELLING ME HE’S MOST CONCERNED ABOUT RESIDUALS, THE SOURCE OF INCOME THAT’S BEEN IMPACTED BY STREAMING SERVICES IS, AGAIN, MANY OF THE ELECTED LEADERS ARE HERE. THEY SAY THIS FIGHT, THIS FIGHT FOR SAG-AFTRA, REPRESENTS A FIGHT FOR ALL WORKERS IN THIS
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Warner Bros. Discovery says actors and writers strikes will cost it up to $500 million this year
By Chris Isidore, CNN
Warner Bros. Discovery trimmed its full-year earnings guidance for 2023 on Tuesday by $300 million to $500 million because of the continued strike by actors and writers, which has stopped production of most shows and movies.Video above: Rally marches through Boston to support SAG-AFTRAThe company had previously told investors that it expected the strike to be over by early September. But WBD now says it cannot predict when the strike will ultimately end, and it assumes the impact will continue through the rest of this year.“WBD is hopeful that these strikes will be resolved soon,” said a filing the company made with the Securities and Exchange Commission with its new guidance early Tuesday.The company said even with the $300 million to $500 million hit to adjusted earnings before interest, taxes, depreciation and amortization, (EBITDA) it expects that key earnings measure to come in at $10.5 billion to $11 billion for the year.Shares of WBD were up more than 1% in early trading following the filing.Cash flow is expected to be somewhat higher than previously expected due to a combination of money saved from the lack of film and show production and continued strong box office from its hit movie “Barbie.” The film has reported global ticket sales of $1.4 billion, through this past weekend, according to Comscore, making it the biggest box office movie of the year.Video below: Fran Drescher says actors strike she's leading is an 'inflection point' that goes beyond HollywoodThe Writers Guild of America, which represents more than 11,000 writers working on movies and shows for the nation’s leading studios and streaming services, has been on strike since May 2. SAG-AFTRA, which represents about 160,000 actors, joined the writers on strike on July 14. There has been little signs of progress between the two sides since the strikes started.Other companies that are being struck include Apple, Amazon, CBS, Disney, NBC Universal, Netflix, Paramount Global and Sony.
NEW YORK —

Warner Bros. Discovery trimmed its full-year earnings guidance for 2023 on Tuesday by $300 million to $500 million because of the continued strike by actors and writers, which has stopped production of most shows and movies.

Video above: Rally marches through Boston to support SAG-AFTRA

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The company had previously told investors that it expected the strike to be over by early September. But WBD now says it cannot predict when the strike will ultimately end, and it assumes the impact will continue through the rest of this year.

“WBD is hopeful that these strikes will be resolved soon,” said a filing the company made with the Securities and Exchange Commission with its new guidance early Tuesday.

The company said even with the $300 million to $500 million hit to adjusted earnings before interest, taxes, depreciation and amortization, (EBITDA) it expects that key earnings measure to come in at $10.5 billion to $11 billion for the year.

Shares of WBD were up more than 1% in early trading following the filing.

Cash flow is expected to be somewhat higher than previously expected due to a combination of money saved from the lack of film and show production and continued strong box office from its hit movie “Barbie.” The film has reported global ticket sales of $1.4 billion, through this past weekend, according to , making it the biggest box office movie of the year.

Video below: Fran Drescher says actors strike she's leading is an 'inflection point' that goes beyond Hollywood

The Writers Guild of America, which represents more than 11,000 writers working on movies and shows for the nation’s leading studios and streaming services, has been on strike since May 2. SAG-AFTRA, which represents about 160,000 actors, joined the writers on strike on July 14. There has been little signs of progress between the two sides since the strikes started.

Other companies that are being struck include Apple, Amazon, CBS, Disney, NBC Universal, Netflix, Paramount Global and Sony.

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