Hollywood strike stings Warner Bros., profit outlook for the year trimmed by as much as $500 million

Associated Press

Warner Bros. Discovery is cutting its profit expectations for the year, saying it will likely incur costs as high as $500 million tied to the ongoing Hollywood writers’ and actors’ strike. The company said in a regulatory filing that it now expects 2023 adjusted earnings before interest, taxes, depreciation and amortization to be between $10.5 billion to $11 billion, due to the anticipated strike-related costs. It previously predicted its adjusted EBITDA would be at the low end of a range of $11 billion to $11.5 billion.