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☆ Two Warner Bros. Discovery directors resign after antitrust probe
▼ + stars: | 2024-04-01 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

The exterior of the Warner Bros. Two Warner Bros. Discovery directors, Steven Miron and Steven Newhouse, are resigning following a U.S. Department of Justice investigation into a potential antitrust violation, according to a company release Monday. Both of their terms on the Warner Bros. board were set to expire in 2025. Rather than contesting the DOJ matter, the company said both Miron and Newhouse voluntarily elected to resign from their positions, effective immediately.

Persons: Steven Miron, Steven Newhouse, Miron, Newhouse, Rather Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, Warner Bros, Discovery, U.S . Department of Justice, Clayton Antitrust, Advance, Newhouse, DOJ Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, Clayton

☆ Warner Bros. Discovery misses estimates for revenue and profit but boosts free cash flow
▼ + stars: | 2024-02-23 | by ( Alex Sherman | ) www.cnbc.com time to read: +1 min

Discovery missed analyst targets for both profit and revenue in the fourth quarter but boosted free cash flow as its streaming service Max ended 2023 profitable for the first time. Discovery generated $3.31 billion in free cash flow in the fourth quarter and ended 2023 with $6.16 billion in free cash flow, up 86% from a year prior. Chief Executive Officer David Zaslav has prioritized boosting free cash flow and shrinking the company's debt. Discovery paid down $1.2 billion of debt in the quarter and $5.4 billion in debt in 2023. Here's what the company reported for the quarter ended Dec. 31, versus analysts' estimates, according to LSEG, formerly known as Refinitiv:

Persons: Max, David Zaslav, Zaslav Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, Warner Bros, Discovery, Max, Disney, Comcast, Paramount Global Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S

☆ Big media rallies as tentative actors' deal paves way for restarting productions
▼ + stars: | 2023-11-09 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

Warner Bros Discovery (WBD.O) and Paramount Global (PARA.O) gained 3% each, Netflix (NFLX.O) rose marginally, while Walt Disney (DIS.N) jumped 4%, as it also benefited from strong earnings and a plan to cut more costs. The writers, who had gone on strike before the actors in spring, returned to work in late September, but most productions remained halted as the actors were on picket lines. "Its certainly a very encouraging sign the chasm that opened up between actors, writers and studios can finally be closed and work begin in earnest on re-starting productions," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Streeter warned that "it's going to take considerable time before new movies, in particular, will appear on screens given the lengthy post-production process." Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Alyssa Pointer, Walt Disney, Susannah Streeter, Hargreaves Lansdown, Streeter, Samrhitha, Shinjini Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, REUTERS, Warner Bros Discovery, Paramount Global, Netflix, SAG, Hargreaves, Thomson Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, Hollywood, Bengaluru

☆ Warner Bros Discovery beats quarterly profit estimates amid strike, sluggish ad market
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Discovery Atlanta campus is pictured after the Writers Guild of America began their strike against the Alliance of Motion Pictures and Television Producers, in Atlanta, Georgia, U.S. May 2, 2023. The media company forged by the union of WarnerMedia and Discovery posted adjusted core earnings of $2.97 billion, above estimates of $2.92 billion, as per LSEG data. The company had 95.1 million global direct-to-consumer customers at the end of the quarter, down from 95.8 million in the previous quarter. In May, it launched its Max streaming service - combining HBO Max's scripted entertainment with Discovery's reality shows. Reporting by Samrhitha Arunasalam in Bengaluru and Helen Coster in New York; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Alyssa Pointer, David Zaslav, Samrhitha, Helen Coster, Saumyadeb Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, REUTERS, Warner Bros Discovery, SAG, HBO, Thomson Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, Bengaluru, New York

☆ Hollywood strikes to hit Warner Bros revenue for rest of the year
▼ + stars: | 2023-09-05 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

The exterior of the Warner Bros. REUTERS/Alyssa Pointer/File photo Acquire Licensing RightsSept 5 (Reuters) - Warner Bros Discovery (WBD.O) is bracing for a hit to its full-year profit as the ongoing strike by Hollywood actors and writers shows no signs of let-up. The actors' strike has prompted movie studios to adjust film schedules in the absence of celebrities to hit red carpets or talk shows to help build buzz. Warner Bros Discovery had previously provided financial guidance for 2023 assuming the strikes would be resolved by early September. Warner Bros also said CEO David Zaslav would be participating in an investor conference on Sept. 6, and expects to discuss, among other topics, the impact of the ongoing strikes.

Persons: Alyssa Pointer, it's, Max Willens, Warner Bros, David Zaslav, Samrhitha, Jaspreet Singh, Krishna Chandra Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, REUTERS, Warner Bros Discovery, Hollywood, Warner Bros, Intelligence, AMC Entertainment, Warner, Thomson Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, California, Bengaluru

☆ Stocks making the biggest moves midday: Discover, D.R. Horton, Nvidia, Cleveland-Cliffs, and more
▼ + stars: | 2023-08-15 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading. Banks — Major Wall Street banks slid during midday trading after CNBC reported Tuesday that Fitch Ratings may once again downgrade the health of the banking sector. Shares of Bank of America and JPMorgan Chase slid 2%, while Citigroup and Morgan Stanley each fell more than 1%. Paramount Global — Paramount Global shares climbed 2% in midday trading. Turnstone Biologics — The biotechnology stock added 1.96% in midday trading.

Persons: Banks, Fitch, JPMorgan Chase, Morgan Stanley, Roger Hochschild, John Owen, Hannon Armstrong, Hannon Armstrong Sustainable Infrastructure Capital — Hannon Armstrong, Homebuilders, Warren Buffett's Berkshire, D.R, Horton, Lennar, Wells Fargo, Baird, Turnstone, Piper Sandler, —, Alex Harring, Jesse Pound, Tanaya Macheel, Pia Singh, Samantha Subin Organizations: CNBC, Bank of America, JPMorgan, Citigroup, Citizens Financial Group, U.S . Steel, Esmark, U.S, Steel, Discover Financial, Hannon Armstrong Sustainable Infrastructure Capital, Hannon Armstrong Sustainable Infrastructure Capital — Hannon Armstrong Sustainable Infrastructure Capital, Paramount Global, The Alliance, Motion Pictures, Television Producers, Bloomberg, Warren Buffett's Berkshire Hathaway, Nvidia, UBS, Investment Locations: Cleveland, Warren Buffett's

Aug 3 (Reuters) - Warner Bros Discovery (WBD.O) warned Thursday that uncertainty over the dual strikes by Hollywood writers and actors could impact the timing of its film slate and its ability to produce and deliver content. The Alliance of Motion Picture and Television Producers, which represents Warner Bros Discovery and the other major studios in negotiations, asked to meet on Friday with the writers' guild to discuss the possibility of resuming talks. Warner Bros Discovery's revenue took a hit in the second quarter due to soft box office results, including the underperformance of the DC Comics-inspired film, "The Flash." The exterior of the Warner Bros. Under Zaslav, Warner Bros Discovery has been seeking to run its direct-to-consumer business more efficiently.

Persons: David Zaslav, Fran Drescher, Alyssa Pointer, Jamie Lumley, Samrhitha, Helen Coster, Mark Porter, Jonathan Oatis, Shounak Dasgupta, Marguerita Choy Organizations: Warner Bros Discovery, Hollywood, Writers Guild of America, Screen, SAG, Hasbro, Alliance, Television Producers, Paramount, Times, Variety, Warner Bros, DC Comics, Warner Bros . Discovery, Alliance of Motion Pictures, REUTERS, Discovery Inc, Total, HBO, Max, Thomson Locations: New York, Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, Bengaluru

The exterior of the Warner Bros. REUTERS/Alyssa Pointer/File photoAug 3 (Reuters) - Warner Bros Discovery (WBD.O) warned Thursday that the dual Hollywood strikes by writers and actors could hit its flagging studio business already bruised by high-profile box office flops including "The Flash." The shutdowns "may have implications for the timing and performance of the remainder of the film slate as well as our ability to produce and deliver content," Warner Bros Discovery CFO Gunnar Wiedenfels said. Total global subscribers for its HBO, Max and Discovery+ services stood at 95.8 million at the end of the quarter. Under CEO David Zaslav, Warner Bros Discovery has been seeking to run its direct-to-consumer business more efficiently.

Persons: Alyssa Pointer, Gunnar Wiedenfels, Jamie Lumley, David Zaslav, Zaslav, Samrhitha, Helen Coster, Mark Porter, Jonathan Oatis, Shounak Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, REUTERS, Warner Bros Discovery, Hasbro, Warner Bros, Discovery Inc, Total, HBO, Max, Thomson Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, Bengaluru, New York

The exterior of the Warner Bros. REUTERS/Alyssa Pointer/File photoAug 3 (Reuters) - Warner Bros Discovery (WBD.O) posted a smaller loss for the second quarter on Thursday as the media conglomerate benefited from cost cuts, sending its shares up nearly 4% in premarket trading. Under Chief Executive Officer David Zaslav, Warner Bros Discovery has been seeking to run its direct-to-consumer business, which includes the Max streaming service, more efficiently. Net loss for the quarter came in at $1.24 billion, compared with a loss of $3.42 billion a year earlier. It lost 1.8 million subscribers, more than analysts' estimates of 1.1 million, reporting 95.8 million total global subscribers for its HBO, Max and Discovery+ services.

Persons: Alyssa Pointer, David Zaslav, Max, Zaslav, Samrhitha, Helen Coster, Shounak Dasgupta, Mark Porter Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, REUTERS, Warner Bros Discovery, Media, Warner Bros, Consumer, HBO, Discovery Inc, Max, HBO Max, Thomson Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, United States, Bengaluru, New York

☆ AI is a concern for writers. But actors could have even more to fear
▼ + stars: | 2023-07-18 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —How many actors does it take to make the movies and shows produced by studios and streaming services? SAG-AFTRA, the actors union that has had 160,000 members on strike since last week, is afraid that artificial intelligence will lead to far fewer employed actors in the future. And winning limits on AI is an issue for the Writers Guild of America, which has been on strike against the same studios and streaming services since May 2. The fight over virtual actors and performancesComputer-generated imagery, or CGI, to create virtual actors and extras is somewhat old hat in Hollywood. “The actors and writers, they’re kind of a canary in the coal mine,” said David Gunkel, a communications professor at Northern Illinois University who tracks AI in media and entertainment.

Persons: ”, Fran Drescher, AFTRA, Tom, “, Duncan Crabtree, AMPTP, don’t, Anthony Palomba, wasn’t, Nancy Marchand, Tony Soprano’s, HBO’s, Rowan Curran, Forrester, Joshua Glick, Bard, University of Virginia’s Palomba, “ I’m, Andrea Schneider, Goldman Sachs, David Gunkel Organizations: New, New York CNN, SAG, Writers Guild of America, Alliance, Motion Pictures, Television Producers, University of Virginia’s Darden School of Business, University of Virginia’s, Cardozo Law School, Northern Illinois University, UPS Locations: New York, Hollywood, Ireland

“We will not be distracted from negotiating in good faith to secure a fair and just deal by the expiration of our agreement,” said the statement from SAG-AFTRA, the actors union. If they go on strike, they will be joining more than 11,000 members of the Writers Guild of America on picket lines against major studios and streaming services. The writers have been on strike for more than two months. SAG-AFTRA said that news reports were published about management’s desire for mediation even before the request was made of union negotiators at the bargaining table. “The AMPTP has abused our trust and damaged the respect we have for them in this process,” said the union’s statement.

Persons: ”, AFTRA Organizations: New, New York CNN, SAG, Writers Guild of America, Alliance of Motion Pictures, Television Producers, Apple, CBS, Disney, NBC Universal, Netflix, Paramount Global, Sony, CNN, Warner Bros . Discovery Locations: New York

☆ Actors are poised to go on strike against studios and streaming services
▼ + stars: | 2023-07-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

The actors could be on strike themselves without a last-minute deal with studios and streaming services on Wednesday. Production of many movies and television shows have already been shut down by the current writers strike. An actors strike would bring most remaining productions to a halt, other than on some independent films not associated with studios. This would be the first actors strike against television shows and movie productions since 1980. Just before the last deadline, it seemed as if an actors strike could be avoided.

Persons: haven’t, ”, Robyn Beck, It’s, Tom Nunan, Jonathan Handel, Handel, “, it’s, Blockbuster hadn’t, David Mumpower, Fran Drescher, —, Meryl Streep, Glenn Close, Jennifer Lawrence, Bob Odenkirk, Mark Ruffalo, Quinta Brunson, Rami Malek, you’ve, Theron, Joaquin Phoenix, Jamie Lee Curtis, Cobie Smulders, Pedro Pascal, Drescher, –, Vanessa Yurkevich Organizations: New, New York CNN, Screen, American Federation of Television, Radio Artists, Alliance, Motion Pictures, Television Producers, Apple, CBS, Disney, NBC Universal, Netflix, Paramount Global, Sony, CNN, Warner Bros ., Federal Mediation, Conciliation Service, SAG, UCLA School of Theater, Film, Television, Writers Guild of America, Blockbuster, AMPTP, Gabbana’s Locations: New York, AFP, Moda, Southern Italy

☆ SAG actors union President Fran Drescher criticized for Italy trip on eve of possible strike
▼ + stars: | 2023-07-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Fran Drescher, the president of the SAG-AFTRA union, is facing criticism for traveling to Italy to attend Dolce & Gabbana’s Alta Moda festivities this past weekend as her 160,000-member actors union faces a Thursday deadline to go on strike. And we are concerned by the idea that SAG-AFTRA members may be ready to make sacrifices that leadership is not. An actors strike would bring most remaining productions to a halt, other than on some independent films not associated with studios. There has been no visible progress in ending the writers strike since it started on May 2. This could be the first actors strike against television shows and movie productions since 1980.

Persons: New York CNN — Fran Drescher, Kim Kardashian, ”, Lenny Jacobson, Briana, Taffy Brodesser, AFTRA, Drescher, you’ve, Blockbuster hadn’t Organizations: New, New York CNN, SAG, Gabbana’s, Moda, Guild of America, “, WGA, Dolce, Blockbuster, Alliance, Motion Pictures, Television Producers, Apple, CBS, Disney, NBC Universal, Netflix, Paramount Global, Sony, CNN, Warner Bros, Discovery Locations: New York, Italy, LA

☆ Actors delay potential strike against studios and streaming services, extending contract negotiations
▼ + stars: | 2023-06-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —A union representing about 160,000 actors has put plans to go on strike against major studios and streaming services on hold. But that doesn’t mean that a strike will now be avoided, said Jonathan Handel, an entertainment lawyer and writer and author of a book on the 2007-08 writers strike, “Hollywood on Strike! Production of many movies and television shows have already been shut down by the current writers strike. An actors strike would bring most remaining productions to a halt, other than on some independent films not associated with studios. The actors union has not been on strike against television shows and movie productions since 1980.

Persons: “, ”, Fran Drescher, Drescher, Jonathan Handel, Blockbuster hadn’t, David Mumpower, Meryl Streep, Glenn Close, Jennifer Lawrence, Bob Odenkirk, Mark Ruffalo, Quinta Brunson, Rami Malek, you’ve, Charlize Theron, Joaquin Phoenix, Jamie Lee Curtis, Cobie Smulders, Pedro Pascal, Tom Nunan Organizations: New, New York CNN, American Federation of Television, Radio Artists, SAG, ”, Writers Guild of America, WGA, Hollywood, Guild of America, Blockbuster, Disney, Alliance, Motion Pictures, Television Producers, Apple, CBS, NBC Universal, Netflix, Paramount Global, Sony, CNN, Warner Bros ., AMPTP, UCLA School of Theater, Film, Television Locations: New York

☆ Actors poised to join writers on strike against studios and picket lines
▼ + stars: | 2023-06-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

Industry experts like Jonathan Handel, an entertainment lawyer and writer and author of a book on the 2007-08 writers strike, “Hollywood on Strike! Production of many movies and television shows have already been shutdown by the current writers strike. An actors strike would bring most remaining productions to a halt, other than on some independent films not associated with studios. There has been no visible progress in ending the writers strike since it started. This would be the first actors strike against television shows and movie productions since 1980.

Persons: Jonathan Handel, ”, Handel, Blockbuster hadn’t, David Mumpower, Fran Drescher, Meryl Streep, Glenn Close, Jennifer Lawrence, Bob Odenkirk, Mark Ruffalo, Quinta Brunson, Rami Malek, you’ve, Charlize Theron, Joaquin Phoenix, Jamie Lee Curtis, Cobie Smulders, Pedro Pascal, Interestingl, Drescher, “, “ It’s, Tom Nunan Organizations: New, New York CNN, Screen, American Federation of Television, Radio Artists, Writers Guild of America, Blockbuster, Disney, Alliance, Motion Pictures, Television Producers, Apple, CBS, NBC Universal, Netflix, Paramount Global, Sony, CNN, Warner Bros ., SAG, UCLA School of Theater, Film, Television Locations: New York

☆ Warner Bros Discovery's surprise loss clouds strong streaming unit show
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] The exterior of the Warner Bros. Warner Bros Discovery reported a per-share loss of 44 cents, while analysts had expected a profit of 1 cent, according to Refinitiv data. Warner Bros Discovery's new streaming service, christened "Max," is set to launch on May 23, combining HBO Max's scripted entertainment with Discovery's reality shows. Warner Bros Discovery reported revenue of $10.70 billion for the first three months of 2023, compared with analysts' estimates of $10.78 billion, according to Refinitiv data. The Warner Bros studio segment missed on its revenue forecasts, as its big March release "Shazam!

☆ Movie theaters are most at risk if the writers’ strike drags on, Moody’s says
▼ + stars: | 2023-05-04 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

New York CNN —Already strained movie theater companies could be hurt most from the Writers Guild of America strike, according to an analysis released Thursday. “New big-budget tent-pole releases tend to fill theaters,” said Moody’s in its new analysis. But in terms of the volume of content produced, television (networks and streamers) has more exposure,” said Moody’s. “Television will bear the brunt of a long strike as the implications of the writers’ strike will play out more noticeably for TV networks, stations, cable channels, and streamers. TV networks, particularly broadcast networks, consistently schedule new prime-time shows to begin in the fall,” the Moody’s analysis said.

The rise of streaming services changed the way audiences consume both television shows and movies, and studios adjusted their business models in an attempt to respond. But they’re unlikely to get meaningful residuals, if any at all, when they create original content for streaming services as contracts stand today. With streaming services poised to become the future of television entertainment, the Guild was fighting in these negotiations for some kind of ongoing compensation from streaming services. The hunger for content by those streaming service also means that it might not take as long for the strike to start to impact production schedules. Streaming services also have a massive stockpile of older content that could keep their customers satisfied, at least temporarily, while they await new shows.

REUTERS/Alyssa PointerLOS ANGELES, May 1 (Reuters) - Negotiators for Hollywood writers and film and television studios engaged in 11th-hour contract talks on Monday to try and avert a strike that would disrupt TV production across an industry grappling with seismic changes. The Writers Guild of America could call a work stoppage as early as Tuesday if it cannot reach a deal with companies such as Walt Disney Co (DIS.N) and Netflix Inc (NFLX.O). Writers say they have suffered financially during the streaming TV boom, in part due to shorter seasons and smaller residual payments. Half of TV series writers now work at minimum salary levels, compared with one-third in the 2013-14 season, according to Guild statistics. The WGA wants safeguards to prevent studios from using AI to generate new scripts from writers' previous work.

☆ Hollywood braces for writers strike with two sides are apart
▼ + stars: | 2023-05-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —The clock is ticking toward a costly strike that could shut down production on most television shows, pushing back the return of many programs now set for the fall. With less than a day left before the deadline, the two sides appear far apart. Many of the media and tech companies producing shows that use the writers have seen drops in their stock price, prompting deep cost cutting, including layoffs. Handel is one of those who thinks a strike, quite possibly a months-long strike, is likely. “The tune today is profits.”The union represents 11,500 writers for television shows, both for networks and streaming services, as well as many motion pictures.

☆ Hollywood writers hold strike vote Tuesday
▼ + stars: | 2023-04-11 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

New York CNN —The Writers Guild of America is set to hold a strike authorization vote on Tuesday. “The studios need to respond to the crisis writers face,” WGA leadership said in a message to members ahead of the vote. The last writers’ strike was in 2007 and lasted 100 days, bringing Hollywood production to a screeching halt. The WGA-AMPTP negotiation is the first of three contract negotiations with entertainment unions. The Screen Actors Guild contract also expires June 30.

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