"Hope they strike for a very long time": Fans rejoice as Warner Bros. reveals it has taken a big hit in 2023 revenues

Warner Bros. Discovery recently announced that the ongoing WGA and SAG-AFTRA strike has had a negative impact on their estimated earnings for the year. The Hollywood industry has been dealing with ongoing strikes since the beginning of the year and no resolutions seem to have been arrived at yet.

In their statement, the studio revealed that they were facing losses between $300 million and $500 million, primarily as a result of the strikes, which is now anticipated for the year's adjusted earnings before interest, taxes, depreciation, and amortization to fall between $10.5 billion and $11 billion.

When the report about Warner Bros.' losses was shared on social media by Discussing Film, fans seemed to be happy about it, with one fan even commenting:

A fan replying to DF's post about the losses incurred by Warner Bros. Studios due to the ongoing strikes (image via X)

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Netizens seem to be celebrating as Warner Bros. announces lowered earnings due strike

As per the Hollywood Reporter, on September 5, 2023, entertainment giant Warner Bros. Studios released a statement during a regulatory filing with the Securities and Exchange Commission. The statement read as follows:

“While WBD is hopeful that these strikes will be resolved soon, it cannot predict when the strikes will ultimately end. With both guilds still on strike today, the company now assumes the financial impact to WBD of these strikes will persist through the end of 2023.”

The company then went on to detail that it was "expecting lower adjusted EBTIDA," thereby "reflecting the company’s assumption that adjusted EBITDA will be negatively impacted by approximately $300 to $500 million, predominantly due to the impact of the strikes."

It is no secret that the ongoing SAG-AFTRA and WGA strikes have had a major consequence on the Hollywood industry, having halted a number of productions and delaying many film and television releases. The ongoing strikes demand better working conditions and pay for writers and actors among other members of the industry.

As Warner Bros. quoted losses in revenue due to the ongoing strikes, fans rejoiced in support of the strike and shared their thoughts on social media.

A tweet reply to DF's post about the losses incurred by WB due to the strike (Image via X)

A tweet reply to DF's post about the losses incurred by Warner Bros. due to the ongoing strike (Image via X)

A fan tweeting a snarky reply to DF's post about the losses incurred by WB due to the strike (Image via X)

A tweet reply to DF's post about the losses incurred by WB due to the strike (Image via X)

A tweet reply to DF's post about the losses incurred by WB due to the strike (Image via X)

A tweet reply to DF's post about the losses incurred by WB due to the strike (Image via X)

A tweet reply to DF's post about the losses incurred by WB due to the strike (Image via X)

A tweet reply to DF's post about the losses incurred by WB due to the strike (Image via X)

A tweet reply to DF's post about the losses incurred by WB due to the strike (Image via X)

In its filing statement, the studio emphasized that it is confident that these strikes will be resolved soon, but it cannot estimate when they will ultimately finish. The financial impact of these strikes is expected to continue through the end of 2023 since both guilds are still on strike.

The studio is also reportedly working with other industry heavyweights to come to a resolution regarding the demands of the WGA and SAG-AFTRA strike force.