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.
Warner Bros. Discovery owns HBO and Max, CNN, TNT and a host of other entertainment outlets, including DC Comics.
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, down from $11 billion to $11.5 billion.
“While (Warner Bros. Discovery) is hopeful that these strikes will be resolved soon, it cannot predict when the strikes will ultimately end. With both guilds still on strike today, the company now assumes the financial impact to (Warner Bros. Discovery) of these strikes will persist through the end of 2023,” the company stated.
Artificial intelligence is revolutionizing how people work, including in creative industries. The famous Tribeca Film Festival featured some projects recently that used A.I. that some filmmakers say make it more creative. Cheddar News took a peek at some of those films.
No one likes to have to take their clothes to the laundromat. But a new bar in Brooklyn, called Pearl Lee’s Washtub, is spicing up the chore by creating a laundromat that's also a full bar.
President Joe Biden highlighted progress in chipping away at so-called junk fees as a “win for consumers” Thursday, as he met at the White House with executives from Live Nation, Airbnb and other companies that have taken steps to embrace more transparent pricing.
