Strike To Cost Warner Bros. $500 Million This Year

Warner Bros. Discovery has revised its full-year earnings guidance for 2023, projecting a hit between $300 million and $500 million due to the continued strike by actors and writers, as reported by Chris Isidore for CNN.

Warner Bros. Discovery now states that it cannot predict when the strike will ultimately end, assuming its impact will persist throughout the rest of this year. I Photo: SAG-AFTRA Facebook

The corporate parent of CNN had previously informed investors that it expected the strike to conclude by early September.

However, Warner Bros. Discovery now states that it cannot predict when the strike will ultimately end, assuming its impact will persist throughout the rest of this year.

"Warner Bros. Discovery is hopeful that these strikes will be resolved soon," the company stated in a filing with the Securities and Exchange Commission accompanying its new guidance.

Despite the $300 million to $500 million impact on adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), the company still anticipates the key earnings measure to range between $10.5 billion and $11 billion for the year.

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