David Zaslav, CEO of Warner Bros. Discovery, It Strikes Must Be Dissolved – Deadline
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David Zaslav said today that Warner Bros. Discovery expected to put the Hollywood hit in the rearview mirror this month, but with no end in sight, “we’re really going to fight it out.”
“I’ve been in LA the last couple of days, and we really have to focus as an industry — and we’re trying to sort this out in a way that’s really fair and everyone feels treated fairly,” he told investors in a Goldman Sachs media outlet. conference.
“In our directives, we said this would be resolved in September. And here we are in September. And this is really a very unusual event.
He did not specify what his company or others were doing to advance the decision.
On Tuesday, WBD reviewed the financial impact that dual strikes will have on the company — higher free cash flow and lower earnings in 2023. For Wall Street, the more free cash flow the better and investors don’t seem to be particularly hurt yet. But Zaslav’s comments today are a bit longer and may seem more urgent than they did back then. WGA was struck on May 2nd, and SAG-AFTRA on July 14th. There are currently no official talks between AMPTP and either union.
“We are optimistic as a company, and I am very optimistic, that we can solve this problem. If we can solve this problem soon, the long-term impact will be minimized,” he added.
“But there are real challenges in the industry here. We haven’t fully recovered from Covid, especially in terms of motion pictures. So we’ve had some films delayed. We’re postponing.” Sand dunes (The second part) and some other movies. So we’re very focused on how do we get this industry back, this great industry.
Asked when the company can begin production once the strikes end, he said, “We are ready and excited. So, once these strikes are resolved, everyone will be ready to go back to work, and us in particular. Just to energize.”
Deadline just repeated it Warner Bros. moved. Television to suspend remaining aggregate deals with some of its top creators, including those with active projects.
WBD’s content segment accounts for a third of its total revenue, noted Macquarie analyst Tim Nolen, and is among the top major media companies. Prolonged strikes mean a weaker content slate, already in place in Q4, affecting all departments.
