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In an apparent attempt to break a labor stalemate that has helped bring nearly all of Hollywood production to a standstill, the major entertainment studios took the unusual step on Tuesday night of publicly releasing details of their most recent proposal to the union that represents 11,500 striking television and movie writers. Shortly before the public release of the proposal, several chief executives at the major Hollywood companies, including David Zaslav, who leads Warner Bros. Discovery, and Robert A. Iger, the Disney kingpin, met with officials at the Writers Guild of America, the writers’ union, to discuss the latest proposal, according to three people briefed on the meeting who spoke on the condition of anonymity to discuss the private session. By releasing the proposal, the companies are essentially going around the guild’s negotiating committee and appealing to rank-and-file members — betting that their proposal will look good enough for members to pressure their leaders to make a deal. Some writers immediately pushed back, including David Slack, whose credits include “The Dark Crystal: Age of Resistance” and “Person of Interest.”

Persons: David Zaslav, Robert A, David Slack, ” Organizations: Hollywood, Warner Bros, Disney, Writers Guild of America

☆ Even actor Dax Shepard feels ‘out-of-hand financial insecurity.’ Here’s how one advisor says you should handle that kind of stress
▼ + stars: | 2023-08-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Dax Shepard at the grand opening of a Hello Bello distribution and manufacturing center on Oct. 26, 2021 in Waco, Texas. Not even Hollywood's A-list is immune from financial anxiety. Dax Shepard is a successful actor with countless credits under his belt, and he's married to TV and film staple Kristen Bell, of "Frozen" fame. But despite living in what many would consider the abundant two-income household that such success affords, Shepard admits he, too, experiences extreme financial stress. "It's not related to reality; it's from growing up poor," Shepard said.

Persons: Dax Shepard, Bello, he's, Kristen Bell, Shepard, there's, I'm Organizations: Finance, Alliance, Television Producers, Screen, American Federation of Television, Radio Artists, Writers Guild of America Locations: Waco , Texas

☆ Writers strike: AMPTP publicly shares latest package proposed to WGA
▼ + stars: | 2023-08-23 | by ( Taylor Romine | ) edition.cnn.com time to read: +1 min

CNN —The Alliance of Motion Picture and Television Producers (AMPTP) shared in a news release their latest package of terms proposed to the Writers Guild of America (WGA) as part of strike negotiations. The proposed package from AMPTP includes an increase in wages, which the studios say is the highest wage increase for WGA in 35 years. AMPTP included a four-page document that the organization says was given to the WGA as part of negotiations. We are deeply committed to ending the strike and are hopeful that the WGA will work toward the same resolution.”Earlier this month, the WGA and AMPTP agreed to resume negotiations for the first time since the writers went on strike. The longest writers’ strike on record stretched for 154 days in 1988.

Persons: AMPTP, ”, Carol Lombardini, ’, Jon Passantino, Ramishah Maruf Organizations: CNN, Alliance, Television Producers, Writers Guild of America, WGA Locations: Hollywood

☆ How a TikToker with 861,000 followers who got paid to promote TV and movies is pivoting to earn money as the Hollywood strikes continue
▼ + stars: | 2023-08-21 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +6 min

As actors and writers continue to strike, some influencers are standing in solidarity. Creators who were paid to attend TV and movie premieres are trying to make money in other ways. He also said he wouldn't attend any other premieres or post TV or movie-related content until the strike was resolved. "It was at that point I decided it might just be better to completely shift away from that kind of content," Arujo said. Snap stories, TikTok challenges, and music festivals have been his new go-tosThe 19-year-old has shifted his content focus from TV and film to music amid the strikes.

Persons: Joseph Arujo, didn't, Arujo, he's, DMing, Omar Apollo, I've, it's, He's, Hollywood, I'm Organizations: Hollywood, SAG, Writers Guild of America, influencers, Disney, Netflix, Recording Academy, Creative Locations: Los Angeles

☆ Disney heiress says 'money and power have hijacked' CEO Bob Iger's sensibilities
▼ + stars: | 2023-08-18 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +5 min

Disney heiress Abigail Disney has some criticisms of Bob Iger's handling of her family's business. She told Fortune he's "a basically decent person" but "money and power have hijacked his sensibilities." Abigail Disney has some thoughts on Bob Iger's leadership of her family's company. The 63-year-old film producer, who is the grand-niece of Walt Disney, addressed Disney CEO Iger's controversial remarks about the ongoing strikes in Hollywood in a Fortune interview published Tuesday. "I think Bob is a basically decent person, but I think money and power have hijacked his sensibilities," Abigail Disney told Fortune.

Persons: Abigail Disney, Bob Iger's, Fortune he's, Walt Disney, Iger's, Fortune, Iger, we've, We've, we're, it's, Fran Drescher, Drescher, Variety, Bob, Bob Chapek, he'd, Kara Swisher, I'm Organizations: Disney, Writers Guild of America, SAG, CNBC, Sun Valley Conference, Walt Disney Company Locations: Hollywood

☆ An influencer who got paid to promote TV and movies is pivoting to music content and more UGC on TikTok and Snapchat to earn money as the Hollywood strikes continue
▼ + stars: | 2023-08-18 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +6 min

Creators who were paid to attend TV and movie premieres are trying to make money in other ways. One influencer is now posting sponsored content for music artists and festivals instead. He also said he wouldn't attend any other premieres or post TV or movie-related content until the strike was resolved. "It was at that point I decided it might just be better to completely shift away from that kind of content," Arujo said. Snap stories, TikTok challenges, and music festivals have been his new go-tosThe 19-year-old has shifted his content focus from TV and film to music amid the strikes.

☆ 'Dune: Part Two' is supposed to come out this year. The strikes could change that
▼ + stars: | 2023-08-17 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

As two Hollywood strikes rage on, movie writers and stars aren't permitted to hype their projects, due to strike rules. The longer the work stoppages keep going, the more likely it is studios will delay releases as production shutdowns choke the movie release pipeline. "Dune: Part Two," a science fiction epic based on Frank Herbert's seminal novel, could end up the biggest title to move. Warner Bros. didn't immediately respond to CNBC's request for comment. While the Writers Guild of America has returned to the bargaining table with producers, negotiations are moving slowly.

Persons: aren't, Ethan Coen's, Emma Stone, Frank Herbert's, Barbie, HBO Max, Paul Dergarabedian, didn't, haven't, AFTRA, Steven Schiffman Organizations: ANGELES, Warner Bros, American Federation of Television, Radio Artists, HBO, Comscore, Writers Guild of America, SAG, WGA, Georgetown University, National Geographic Locations: U.S

[1/2] Striking Writers Guild of America (WGA) members walk the picket line in front of Netflix offices in Los Angeles, California, U.S., July 12, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsLOS ANGELES, Aug 16 (Reuters) - After three months of walking the picket lines, striking Hollywood writers expressed optimism on Wednesday about the reopening of contract talks with major studios and the possibility they could be back at work in weeks. Still, members of the Writers Guild of America see reason for hope. Writers went on strike on May 2 over an impasse on compensation, minimum staffing in writers' rooms, residual payments and curbs on artificial intelligence. While "Law and Order" writer and WGA liaison Terri Kopp is also upbeat about talks with studios continuing, she is concerned about information leaking from their confidential negotiating sessions.

Persons: Mike Blake, Pam Davis, we're, it's, AMPTP, They're, K.C, Scott, Terri Kopp, Kopp, Lucy, Danielle Broadway, Dawn Chmielewski, Sandra Maler Organizations: Guild of America, Netflix, REUTERS, Alliance, Television Producers, Walt Disney, Writers Guild of America, Reuters, Amazon Studios, Screen Actors Guild, WGA, Thomson Locations: Los Angeles , California, U.S, Culver City

☆ Hollywood writers to evaluate counterproposal from studios
▼ + stars: | 2023-08-12 | by ( ) www.reuters.com time to read: +1 min

SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line during their ongoing strike outside Sunset Bronson studios and Netflix offices in Los Angeles, California, U.S., August 11, 2023. REUTERS/Mario AnzuoniCompanies Comcast Corp FollowNetflix Inc FollowParamount Global Follow Show more companiesAug 11 (Reuters) - The union representing striking Hollywood writers said on Friday it had received a counterproposal from the studios that it would consider, an apparent sign of progress in the more than 100-day-old strike. Both sides met on Aug. 4 to discuss resuming talks and the issues each intended to bring to the bargaining table, but the WGA afterwards criticized the studios in a sign the talks were strained. The strike by Hollywood writers began on May 2 after talks between the WGA and the major studios reached an impasse over compensation, minimum staffing of writers' rooms and residual payments in the streaming era, among other issues. Reporting by Chandni Shah in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Mario, Walt Disney, Chandni Shah, William Mallard Organizations: Writers Guild of America, Netflix, REUTERS, Mario Anzuoni Companies Comcast Corp, Paramount, Hollywood, Guild of America, Alliance, Television Producers, Walt, WGA, Screen Actors, Thomson Locations: Sunset Bronson, Los Angeles , California, U.S, Bengaluru

☆ Striking Hollywood writers, studios to return to bargaining table
▼ + stars: | 2023-08-11 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

LOS ANGELES, Aug 10 (Reuters) - Negotiators for striking Hollywood writers and the major studios will return to the bargaining table on Friday, the Writers Guild of America (WGA) said as the strike marked more than 100 days. Both sides met on Aug. 4 to discuss resuming talks and the issues each intended to bring to the bargaining table. But the WGA put out a statement afterwards critical of the studios, a sign that talks were strained. Disney Chief Executive Bob Iger on Wednesday extended an olive branch to Hollywood writers and actors, citing his “deep respect” for creative professionals. Iger, who has a reputation as talent-friendly, angered striking Hollywood workers last month when he said that their demands were "not realistic."

Persons: Bob Iger, Iger, Dawn Chmielewski, Mary Milliken, Cynthia Osterman Organizations: Writers Guild of America, Alliance, Television Producers, Walt Disney, Netflix, Warner Bros Discovery, WGA, Disney, Actors Guild, SAG, Thomson Locations: Los Angeles

☆ The US economy seems to be getting a boost from Hollywood - but Hollywood is missing out
▼ + stars: | 2023-08-11 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Hollywood seems to be boosting the US economy, but its home state of California is being left out. But Hollywood strikes over the last 100 days have likely dealt a $3 billion blow to California. The rush of moviegoers has helped boost the US economy, with consumers showing they're willing to spend. A 100-day strike among writers and actors in Hollywood has likely dealt a $3 billion blow to California's economy so far, experts say. A dream for the US but a nightmare for California: Hollywood is having a double-edged effect on the nation.

Persons: Oppenheimer, Greta Gerwing's, Barbie, Todd Holmes, CNBC's Organizations: Hollywood, Service, AMC Theatres, Guild of America, SAG Locations: California, Wall, Silicon, Hollywood

☆ Hollywood's 100 days of strikes have likely dealt a $3 billion blow to California's economy, a university professor says
▼ + stars: | 2023-08-10 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Hollywood strikes have likely dealt a $3 billion blow to California's economy over the last 100 days. That's according to entertainment industry expert and academic Todd Holmes, per CNBC. Todd Holmes, an entertainment industry professor at Cal State Northridge, based his estimate on economic analysis from the last time writers went on strike in 2007. "A lot of different people are impacted surrounding the industry," Holmes told CNBC, saying the strikes are "causing them a lot of hardship." Holmes expects the strikes could cost California between $4 to $5 billion if they roll on till October.

Persons: Todd Holmes, AFTRA, Holmes, Barbie, Oppenheimer Organizations: Hollywood, CNBC, Service, Writers Guild of America, SAG, Cal State Northridge, Milken Institute Locations: Wall, Silicon, Los Angeles, Local, California, Hollywood

New York CNN —The Writers Guild of America and Hollywood studios have agreed to meet on Friday to resume negotiations for the first time since the writers went on strike in a landmark labor action that has crippled the entertainment industry for more than 100 days. “We expect the AMPTP to provide responses to WGA proposals,” the WGA wrote in a statement to its members. The strike will push back fall television premieres and late night television shows haven’t aired new episodes since May. The longest writers’ strike on record stretched for 154 days in 1988. In an August 4 statement, the WGA claimed AMPTP leaked parts of their confidential meeting to the press.

Persons: Carol Lombardini, “, haven’t, ’, AMPTP, ”, Bob Iger, ” Iger, Chris Isidore Organizations: New, New York CNN, Guild of America, Hollywood, WGA, Alliance, Television Producers, CNN, Disney Locations: New York, Hollywood, ”

☆ Disney posts mixed results for quarter plagued by streaming woes, restructuring costs
▼ + stars: | 2023-08-09 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Disney posted mixed results for the fiscal third-quarter despite ongoing streaming woes and massive restructuring costs from pulling content from its platforms. Subscriber losses continued over the last three months, with the company reporting 146.1 million Disney+ subscribers during the most recent quarter, a 7.4% decrease from the previous quarter. Wall Street had expected Disney would report a smaller loss of 151.1 million subscribers, according to estimates from StreetAccount. The company recorded $2.65 billion in one-time charges and impairments, dragging the company to a rare quarterly loss. Correction: Disney recorded $2.65 billion in one-time charges and impairments for its fiscal third quarter.

Persons: StreetAccount Disney Organizations: Writers Guild of America, Screen, Disney Studios, Disney, Indian Premier League, Comcast, CNBC Locations: Burbank , California, StreetAccount, NBCUniversal

[1/3] Workers and supporters of the Writers Guild of America protest outside Universal Studios Hollywood in the Universal City area of Los Angeles, California, U.S., May 3, 2023. REUTERS/Mario Anzuoni//File PhotoLOS ANGELES, Aug 9 (Reuters) - The Hollywood writers' strike marks 100 days on Wednesday with contract talks stalled and people on the picket lines protesting what they describe as a disregard for their demands. Writers also sought to regulate the use of artificial intelligence, which they fear could replace their creative input. Reuters reported that Disney has created a task force to study artificial intelligence and how it can be applied across the entertainment conglomerate, signaling its importance. "When it comes to artificial intelligence, it is an existential crisis.

Persons: Mario Anzuoni, David Zaslav, Dawn Prestwich, Prestwich, assailing, Bob Iger, we're, Jamey Perry, Steven J, Ross, Dawn Chmielewski, Danielle Broadway, Mary Milliken, Sandra Maler Organizations: Workers, Writers Guild of America, Universal Studios Hollywood, REUTERS, Hollywood, Entertainment, Warner Bros Discovery, Screen Actors Guild, SAG, WGA, Alliance, Television Producers, Hope, Walt Disney, Reuters, Disney, University of Southern, Thomson Locations: Universal City, Los Angeles , California, U.S, Hollywood, University of Southern California, Los Angeles

☆ Hollywood strikes have already had a $3 billion impact on California's economy, experts say: It's causing 'a lot of hardship'
▼ + stars: | 2023-08-09 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +5 min

People take selfies beneath the Hollywood sign as the WGA (Writers Guild of America) strike continues on July 12, 2023 in Los Angeles, California. "A lot of different people are impacted surrounding the industry," Holmes says, "and it's causing them a lot of hardship." How long could the strike lastSome experts say the current strike could set the record for the longest writers' strike in Hollywood history. If strikes last until October, Holmes estimates the economic cost will total closer to $4 billion to $5 billion. The WGA represents 11,500 members, while SAG-AFTRA represents roughly 160,000 members.

Persons: Todd Holmes, Holmes, Lee Ohanian, Billy Porter, Kevin Klowden, Milken, Ohanian, it's Organizations: WGA, Guild of America, Writers Guild of America, Alliance, Television Producers, Cal State Northridge, Milken Institute, Screen, American Federation of Television, Radio Artists, University of California, CNBC, LA Times, Hollywood, Variety, SAG, Disney, Warner Bros Locations: Los Angeles , California, California, LA, Los Angeles

☆ 'Survival jobs,' ex-careers and side hustles: How Hollywood writers are making ends meet 100 days into the strike
▼ + stars: | 2023-08-09 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +6 min

Members of the Writers Guild of America have been on strike for 100 days, and writers are getting creative to keep striking even longer. The last WGA strike, which started in 2007, lasted for 100 days and led to 37,700 lost jobs and a $2.1 billion blow to the California economy, according to the Milken Institute, an economic think tank. Many writers, including Kyra Jones, a TV writer in Los Angeles, saw the piece as an intimidation tactic. 'Survival jobs' and new pathsEarning a living during the strike isn't as easy as applying to any job. Brandi Nicole is a TV writer in LA and Memphis.

Persons: Kyra Jones, we're, " Jones, Jones, they're, she's, Chisa Hutchinson, she'll, Gili, I've, Brandi Nicole, Nicole, Brown, She's Organizations: Writers Guild of America, WGA, Alliance, Television Producers, Milken Institute, CNBC, Hulu, ABC, Northwestern University, University of Delaware, Showtime, Humanitas Locations: California, Los Angeles, Northwestern, New York City, LA, Memphis

☆ Marvel's VFX artists become the first in their industry to unionize after months of speaking out about reported bullying and grueling work hours
▼ + stars: | 2023-08-09 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +4 min

Marvel Studios' VFX artists became the first in their industry to file to unionize on August 7. "Turnaround times don't apply to us, protected hours don't apply to us, and pay equity doesn't apply to us," one artist wrote. "Turnaround times don't apply to us, protected hours don't apply to us, and pay equity doesn't apply to us," VFX artist Bella Huffman wrote in the press release. Rumors of Marvel Studios VFX artists' discontent and desire to unionize have been swirling for months. "She is known in the industry as a kingmaker," a former Marvel Studios VFX tech told Vulture.

Persons: —, Bella Huffman, who's, Matthew D, Loeb, Vulture, Govil, Marvel, Victoria Alonso, Alonso Organizations: Marvel Studios, International Alliance, Technicians, Artists, Allied Crafts, Marvel, Guild of America, SAG, Entertainment Locations: Hollywood

SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line during their ongoing strike outside Walt Disney Studios in Burbank, California, U.S., July 31, 2023. As evidence of its interest, Disney has 11 current job openings seeking candidates with expertise in artificial intelligence or machine learning. AI has become a powder keg in Hollywood, where writers and actors view it as an existential threat to jobs. In Switzerland, Disney Research has been exploring AI, machine learning and visual computing, according to its website. This technology is used to augment digital effects, not replace human actors, according to a source familiar with the matter.

Persons: Mario Anzuoni, Walt Disney, Walt Disney Imagineering, Indiana Jones, Disney Imagineer, Groot, Imagineer, Harrison Ford, STEAMBOAT WILLIE, Willie, Bob Iger, Marvel, Hao Li, Li, Scott Trowbridge, Dawn Chmielewski, Krystal Hu, Kenneth Li, Matthew Lewis Organizations: Writers Guild of America, Walt Disney Studios, REUTERS, Hollywood, Reuters, Disney, Guardians, Screen Actors Guild, STEAMBOAT, U.S . Patent, Swiss Federal Institute of Technology, Carnegie Mellon University, Disney Research, Star, Galactic, Thomson Locations: Burbank , California, U.S, Hollywood, Zurich, Pittsburgh , Pennsylvania, Pittsburgh, Disney's, Switzerland, Los Angeles, New York

☆ Disney reportedly creates task force to explore A.I. and cut costs
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: +3 min

Members of the Writers Guild of America and the Screen Actors Guild walk the picket line outside of Disney Studios in Burbank, California, on July 18, 2023. Walt Disney has created a task force to study artificial intelligence and how it can be applied across the entertainment conglomerate, even as Hollywood writers and actors battle to limit the industry's exploitation of the technology. Launched earlier this year, before the Hollywood writers' strike, the group is looking to develop AI applications in-house as well as form partnerships with startups, three sources told Reuters. AI has become a powder keg in Hollywood, where writers and actors view it as an existential threat to jobs. It is a central issue in contract negotiations with the Screen Actors Guild and the Writers Guild of America, both of which are on strike.

Persons: Walt Disney, Walt Disney Imagineering, Indiana Jones, Disney Imagineer, Groot, Imagineer, Harrison Ford Organizations: Writers Guild of America, Screen, Disney Studios, Hollywood, Reuters, Disney, Walt Disney Studios, Guardians, Screen Actors Guild Locations: Burbank , California, Hollywood

☆ As writers’ strike nears 100-day mark, a potential deal with Hollywood studios is nowhere in sight
▼ + stars: | 2023-08-07 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

CNN —Hollywood is still mired in a state of anguish. When news emerged last week that the studios and striking writers were set to meet for the first time since the strike commenced in early May, a ray of hope emerged in Hollywood. The fire and brimstone that has overtaken Hollywood is on the path toward making history in the worst possible way. The current standoff has already surpassed the 2007-08 strike, which clocked in at 93 days, and is marching toward the longest writers’ strike on record: 154 days in 1988. Without production — a major economic engine that extends far beyond Hollywood — countless people who work in support roles are also without income.

Persons: ’, quagmire, AMPTP Organizations: CNN, Hollywood, Guild of America, Television Producers, WGA, SAG Locations: Hollywood, —

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

☆ Warner Bros. Discovery trims costs, losses, but misses forecasts
▼ + stars: | 2023-08-03 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

Discovery reported a larger-than-forecast loss in the second quarter, but the loss was narrower than a year ago. The smaller loss came as the company cut costs by $2.2 billion, or 16% compared to a year ago. The results did not include the strong box office from the movie “Barbie,” which was released in the third quarter. The company’s closely watched streaming business reported a narrow $3 million loss on an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) basis. The company launched its Max streaming service, rebranding what had been HBO Max and rolling in content from Discovery+.

Persons: Refinitiv, Barbie, ”, David Zaslav, Zaslav, “ Barbie ”, tentpole, “, It’s, Gunnar Wiedenfels, AFTRA, Wiedenfels, “ I’ve Organizations: New, New York CNN, Warner Bros, Discovery, CNN, HBO, Writers Guild of America, SAG, Warner Bros . Locations: New York, Europe

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