By Warner Bros Discovery is preparing for a significant blow to its annual profits as the ongoing strike involving Hollywood actors and writers shows no signs of abating. This marks the first instance of a dual work stoppage by writers and actors in Hollywood in 63 years, leading to a halt in productions across the industry and substantial economic losses for California.
The actors’ strike has forced movie studios to make adjustments to their film release schedules, given the absence of celebrities available to attend red carpet events or participate in talk shows to generate excitement.
As a consequence of the strike, Warner Bros movie studio announced last month that it would postpone the highly anticipated November release of the big-budget sequel to “Dune” until March. This decision was made because the film’s stars would not be able to promote it effectively during the ongoing strike.
“Dune” had been among the most eagerly awaited films on the late 2023 release calendar.
Additionally, Warner Bros revealed that CEO David Zaslav would be taking part in an investor conference on September 6. During this conference, he is expected to discuss various topics, including the impact of the ongoing strikes on the industry.
Despite these challenges, the studio is increasing its full-year free cash flow expectations to a minimum of $5 billion. The third quarter, in particular, is projected to surpass $1.7 billion in performance, thanks to the strong box office success of the film “Barbie” and other factors related to the strikes.
By Aarnik
