When will studios actually negotiate?
Summary SCREENRANT VIDEO OF THE DAY SCROLL TO CONTINUE WITH CONTENT Warner Bros Discovery. is projecting a major financial hit amidst ongoing strikes. The Writers Guild of America has now been striking for fair compensation for over four months. The WGA was joined by the actors union SAG-AFTRA on July 14, with both groups still picketing together as studios continue to shut down negotiations.
Warner Bros. Discovery will face up to $500 million in strike-related losses, according to The Hollywood Reporter. The studio recently adjusted their projected 2023 earnings before interest, taxes, depreciation, and amortization from $11 billion-$11.5 billion to $10.5 billion-$11.0 billion. This means that the studio’s “EBITDA will be negatively impacted by approximately $300 million-$500 million, predominantly due to the impact of the strikes.
“While WBD 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 WBD of these strikes will persist through the end of 2023” Will Strike-Related Financial Losses Put Enough Pressure on Studios to Settle Strike? As “hopeful” as Warner Bros. may be about the WGA and SAG-AFTRA strikes resolving, there has been little demonstrated they are willing to resolve the strike. A recent statement from SAG-AFTRA chief negotiator Duncan Crabtree-Ireland revealed that studios have stagnated the strike, and continually refused negotiations. Crabtree-Ireland even accused studios of making a “deliberate effort to prolong the strike.
With these numbers comes an inherent irony regarding the studio's role in the strike. Warner Bros. Discovery and other studios maintain that the writers and actors demands are too financially hefty, and yet the studios have accumulated more of a financial loss. Even with their own projected loss, the financial pressure has not been enough for Warner Bros. Discovery to settle the strike and their rhetoric does not seem to suggest a willingness to negotiate.
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