Warner Bros. warns of losing nearly £400million from the ongoing strikes in Hollywood
Warner Bros. Discovery has warned the company could face a loss of almost £400million as a result of the ongoing strikes in Hollywood.
The US media giant, whose upcoming films include ‘Wonka’ starring Timothee Chalamet and who has just landed a hit with the Barbie film, said it expects to see profits fall between £239m and £397m this year.
The industrial action is organized by the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA).
Chocbuster: Warner Bros. Discovery — whose upcoming films include Wonka, starring Timothee Chalamet (pictured) — said it expects profits to fall this year
More than 160,000 members are demanding higher wages and better protection from the rise of artificial intelligence.
The dispute brought hundreds of productions to a standstill.
Warner Bros. now forecasts profits of between £8.3 billion and £8.7 billion in 2023, even after producing the major blockbuster hit Barbie.
The film has grossed over £1.1 billion at the box office worldwide, making it the highest-grossing Warner Bros. film of all time.
But in a filing with the Securities and Exchange Commission yesterday, the company said, “While Warner Bros. Discovery hopes these strikes will be resolved soon, it cannot predict when the strikes will ultimately end.”