Studios take a hit from the dual strikes by Hollywood actors and writers
The Alliance of Motion Picture and Television Producers, which represents Warner Bros Discovery and the other major studios in negotiations, asked to meet on Friday with the writers' guild to discuss the possibility of resuming talks. The writers have been on strike since May 2.
Warner Bros Discovery's revenue took a hit in the second quarter due to soft box office results, including the underperformance of the DC Comics-inspired film, "The Flash." Studio revenue came in at $2.58 billion, far below estimates of $3.21 billion, according to Visible Alpha. "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.
The direct-to-consumer unit posted revenue of $2.73 billion, beating estimates of $2.48 billion. It lost 1.8 million subscribers, more than Visible Alpha estimates of 1.1 million. Company executives said on a post-earnings call that they were confident the company will achieve $4 billion in total synergies much sooner than previously thought.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warner Bros Discovery warns Hollywood strikes may hit performanceWarner Bros Discovery warned Thursday that the dual Hollywood strikes by writers and actors could hit its flagging studio business already bruised by high-profile box office flops including 'The Flash.'
Read more »
Warner Bros. Discovery warns Hollywood strikes could hurt businessWarner Bros Discovery warned Thursday that the ongoing writers' and actors' strikes in Hollywood could hurt business further after taking a second-quarter hit.
Read more »
Warner Bros. Discovery Sheds 1.8 Million Streaming Subscribers During Max Launch QuarterWarner Bros. Discovery lost 1.8 million subscribers across streamers Max and Discovery+ as well as HBO, from April 1-June 30, the quarter during which it launched Max. Streaming subscribers across …
Read more »
Warner Bros. Discovery stock gains after earnings as free cash flow positively surprisesWarner Bros. Discovery topped free cash flow expectations in its latest quarter and grew per-user revenue in streaming on a sequential basis. Its shares were...
Read more »
Warner Bros. Discovery loses subscribers after Max launch, but shares rise on debt paydownWarner Bros. Discovery reported second-quarter results that fell below Wall Street expectations and revealed decreasing subscriber totals.
Read more »
Warner Bros. Discovery CEO David Zaslav On Strikes: “We’re in Uncharted Waters”During the latest financial quarter 'Barbie' marketing costs and the weaker performance of 'The Flash' compared with the year-ago hit 'The Batman' dragged down the studios, while networks advertising revenue fell 13 percent.
Read more »