The company said in a regulatory filing that it expects 2023 adjusted earnings before interest, taxes, depreciation and amortization to be lower.
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' strikes.
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.Trending stories at Scrippsnews.com
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Warner Bros. warns of profit hit of up to $500M over Hollywood strikesWarner Bros Discovery is bracing for a hit to its full-year profit as the ongoing Hollywood actors and writers strike shows no signs of let-up.
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Warner Bros. Discovery says Hollywood strikes could cost company up to $500M this yearWarner Bros. Discovery cut its earnings outlook for the year by hundreds of millions of dollars, blaming the ongoing Hollywood actors and writers strikes.
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Warner Bros. Discovery Says Ongoing Strikes Will Mean $300M-$500M Hit to 2023 Earnings'The company now expects to exceed $1.7 billion in free cash flow for the third quarter of 2023, in part due to the strong performance of 'Barbie' as well as incremental impact from strike-related factors,' the entertainment giant says in a regulatory filing.
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Warner Bros. Discovery: $300M-$500M Hit from SAG-AFTRA/WGA StrikesCEO David Zaslav's Warner Bros. Discovery is expecting an earnings hit of $300M-$500M this year for not doing right by SAG-AFTRA & the WGA.
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Warner Bros. Discovery says actors and writers strikes will cost it up to $500M this yearWarner 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.
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Warner Bros. Cuts Profit Outlook as Hollywood Strikes Drag OnIt is now targeting full-year adjusted earnings, before interest, taxes, depreciation and amortization, of $10.5 billion to $11 billion, down by $500 million.
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