Warner Bros. Discovery Expects Hollywood Strikes to Impact Earnings
Introduction
Warner Bros. Discovery expects the ongoing Hollywood strikes to have a $300-$500 negative impact on the company’s 2023 earnings.
SEC Filing
In an SEC filing Wednesday, the David Zaslav-led media giant stated it was expecting lower adjusted earnings for the full year between $10.5-$11 billion, based on the projection that the continuing WGA and SAG-AFTRA work stoppages will mean a hit of $300 to $500 million for the company.
Financial Impact
“While WBD is hopeful that these strikes will be resolved soon, it cannot predict when the strikes will ultimately end,” Warner Bros. Discovery wrote. “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.”
Conclusion
More to come…
