Warner Bros. Discovery estimates cost of strikes at $500 million

Due to the ongoing actors' and screenwriters' strike, which has halted production on most shows and movies, Warner Bros. Discovery last week lowered its full-year 2023 earnings forecast by $300 million to $500 million.

No end in sight?

Further, WBD now said it cannot predict when the strike will finally end, and that the effects should be expected to last until the end of the 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.

Big companies being affected by the strike 

Since May 2, the Writers Guild of America, which represents more than 11,000 writers, has been on strike, working on films and series for the country's most popular movie studios and streaming services. On July 14, SAG-AFTRA, which represents about 160,000 actors, joined the writers' strike. There has been little rapprochement between the two conflicting parties since the strikes began.

Other companies being affected by the strike include Apple, Amazon, CBS, Disney, NBC Universal, Netflix, Paramount Global and Sony.

Source: www.edition.cnn.com