Dual strikes by Hollywood actors and writers are taking their toll on major studios
The shutdowns "may have implications for the timing and performance of the remainder of the film slate as well as our ability to produce and deliver content," Warner Bros Discovery CFO Gunnar Wiedenfels said. "While we are hoping for a fast resolution, our modeling assumes a return-to-work date in early September."
"Although the company is riding a pink wave of success from Barbie's theatrical run, other features and the dramas Warner Bros Discovery is so well known for are on ice until negotiations pick back up," Third Bridge analyst Jamie Lumley said. Overall, second-quarter revenue came in at $10.36 billion, missing estimates of $10.44 billion, according to Refinitiv data.
Under CEO David Zaslav, Warner Bros Discovery has been seeking to run its direct-to-consumer business more efficiently. Zaslav said Thursday that the streaming business is "tracking well ahead of our financial projections," generating positive core earnings in the first half of 2023.
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