Hollywood Strike Impact - Warner Bros. Discovery Revises Annual Outlook
Portfolio Pulse from Anusuya Lahiri
Warner Bros. Discovery, Inc (NASDAQ:WBD) has revised its 2023 guidance due to the ongoing WGA and SAG-AFTRA strikes. The company now expects FY23 adjusted EBITDA of $10.5 billion - $11 billion, implying an impact of $300 million - $500 million due to the strikes. It has also increased its FY23 free cash flow expectations to at least $5 billion and expects to exceed $1.7 billion in free cash flow for Q3, partly due to the strong performance of Barbie. The strikes have led to the postponement of several film releases.
September 05, 2023 | 1:30 pm
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Warner Bros. Discovery has revised its 2023 guidance due to the ongoing WGA and SAG-AFTRA strikes, which is expected to impact its adjusted EBITDA and free cash flow. The strikes have also led to the postponement of several film releases.
The ongoing WGA and SAG-AFTRA strikes are expected to have a significant impact on Warner Bros. Discovery's financials, leading to a revision in its 2023 guidance. The strikes have also led to the postponement of several film releases, which could potentially impact the company's revenues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100