Strike Impact Hits Earnings as Executives Size Up War Chests

Lisa Vanderpump Says She's "Not Sure" About Unionizing Reality TV Talent "Normally Plucked Out of Obscurity"Jason Lublin warning Aug. 8 that the company expects to see a hit of about $25 million a month in revenue for the quarter ending Sept. 30. Uncertainty about the length and financial impact of the strike caused the company to pull its full-year guidance.

“For the remainder of our feature films this year, as well as Warner Bros. Television productions, release dates and performance expectations are naturally fluid given the ongoing strikes, and we will evaluate our options and update the market accordingly. But it is possible we will see greater variability against our forecast,” Wiedenfels said.

Within the entertainment space, talent agencies have the most immediate exposure to the strike, but companies with exposure to the linear TV business, and in particular the TV advertising business , will face challenges next. Sources at all the broadcast networks say their 2023-24 upfront commitments were in line with last year, whereas in previous years they saw gains.

Many view Netflix as the best positioned among the streamers to withstand the strike, thanks to its large library of content and international production capabilities. Asked during the company’s July 19 earnings interview whether or when Netflix would run out of original content, co-CEO Ted Sarandos did not commit to an answer, but said the streamer produces “heavily across all kinds of content” including unscripted, scripted, domestically and internationally.

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