Warner Bros. Discovery has said it expects a return to work date in early September amid the ongoing SAG-AFTRA strike, which has put a halt to Hollywood productions.
In a financial call, CFO Gunnar Wiedenfels said Warner Bros. Discovery’s modeling “assumes a return to work date in early September”. However, if the strikes run through to the end of 2023, Warner Bros. Discovery expects “several $100 million upside” to its free cash flow, alongside “some incremental downside”. In fact, during the quarter to June 30, the strikes actually saved Warner Bros. Discovery more than $100 million.
Controversial Warner Bros. Discovery boss David Zaslav said the company was “hopeful” of a return to negotiations soon. “We’re in the business of storytelling,” Zaslav said in a statement. “Our goal is to tell great stories, stories with the power to entertain and, when we’re at our best, inspire with stories that come to life on screens big and small.
“We cannot do any of that without the entirety of the creative community, the great creative community. Without the writers, directors, editors, producers, actors, the whole below-the-line crew. Our job is to enable and empower them to do their best work. We’re hopeful that all sides will get back to the negotiating room soon and that these strikes get resolved in a way that the writers and actors feel they are fairly compensated and their efforts and contributions are fully valued.”
Warner Bros. Discovery failed to announce any delays to its productions, such as Dune 2 and the Aquaman sequel. But Wiedenfels said “uncertainty… 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”.
Variety reported AMPTP president Carol Lombardini recently contacted the WGA in an effort to restart negotiations. For more on the ongoing Hollywood strikes, check out our breakdown on why streaming is broken and how the strikes can fix it.
Wesley is the UK News Editor for IGN. Find him on Twitter at @wyp100. You can reach Wesley at wesley_yinpoole@ign.com or confidentially at wyp100@proton.me.
