Hollywood strikes to Reduced Warner Bros Revenue by around $300 Million

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Hollywood strikes to Reduced Warner Bros Revenue by around $300 Million

The Hollywood strikes, which began on July 1, 2023, are expected to hit Warner Bros' revenue for the rest of the year. The company has said that it expects adjusted earnings to be reduced by around $300 million to $500 million for the full year.

The strikes involve the Screen Actors Guild (SAG) and the Writers Guild of America (WGA). The SAG represents over 160,000 actors in the United States, while the WGA represents over 200,000 writers.

The two unions are negotiating new contracts with the major Hollywood studios. The main sticking points in the negotiations are wages, health care, and residuals.

The strikes have already had a significant impact on production in Hollywood. Many movies and TV shows have been delayed or canceled, and some studios have had to lay off workers.

It is unclear when the strikes will end. The SAG and WGA have said that they are willing to continue negotiating, but the studios have not yet made a counteroffer.

The strikes are a major setback for the Hollywood industry. The industry is already facing challenges from streaming services, and the strikes are only making things worse.

If the strikes drag on, they could have a lasting impact on the industry. Studios could lose money, and jobs could be lost. The strikes could also make it more difficult for Hollywood to compete with streaming services.

Only time will tell how the strikes will ultimately play out. However, it is clear that they are having a significant impact on Warner Bros and the rest of the Hollywood industry.

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