Warner Bros. Discovery: Strikes to Hit Full-Year Profit

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.

More In Business

Federal Reserve Announces Its Decision on Interest Rates

Powell announced that the Fed will keep the interest rate at their current level of 5.25-5.5 percent, their highest for nearly 20 years.

Worried About Summer Gas Prices? Buy Energy Stocks

You could turn pain at the pump into a financial bump if you buy the dip on energy stocks, one analyst says.

With High Mortgage Rates, Is It Time to Consider a Tiny Home?

For most, buying a home is a far-reaching goal. With high mortgage rates and low inventory, it may be time to get creative and consider a tiny home.

Florida’s 6-Week Abortion Ban Takes Effect

The rules are affecting not just women who want therapeutic abortions, but also nonviable pregnancies for women who want to have babies.

Tom Brady’s Company, Autograph, Wants You To Engage With Your Favorite Athlete...Including the GOAT

Autograph revolutionizes fandom, allowing fans to engage with their favorite celebrities through digital collectibles, experiences, and rewards.

The Breakthrough Skin Cancer Vaccine That’s Changing the Game

A “cure for cancer” might be too ambitious, but recent results in skin cancer vaccine trials are injecting hope into the battle against it.

Sure, it's Not Exactly Fun, But Here's Why Financial Planning is So Important

Cetera Holdings CEO Mike Durbin sits down with Cheddar to discuss the important of financial planning, investment strategy and the state of today's market.

US GDP Growth (Or Lack Thereof): Why Were the Figures So Low?

The U.S. GDP dropped in 2024. Here's what that means for you.

Inside the Surge of Sports Team Valuations and Emerging Investments

Wealthy individuals and industry leaders are driving soaring sports team valuations, fueled by private equity and growing interest in leagues like the WNBA.

The Shift Towards Seamless Cross-Screen Interactions And Taylor Swift's Impact On Brand Engagement

Digitas leads in shaping consumer behavior with seamless, cross-screen interactions, featuring insights on Taylor Swift's impact

Load More