HOLLYWOOD — Warner Bros. Discovery expects to lose between $300 and $500 million in revenue this year because of ongoing strikes with Hollywood’s writers' and actors' unions. The media conglomerate revealed the expected loss in a Securities and Exchange Commission filing Tuesday.

What You Need To Know

  • Warner Bros. Discovery expects to lose $300-$500 million in revenue this year, the company said in a Securities and Exchange Commission filing Tuesday

  • The media conglomerate is one of several Hollywood studios represented by the Alliance of Motion Picture and Television Producers 

  • The Writers Guild of America and the Screen Actors Guild are both striking the AMPTP for higher residual payments from streaming services and protections against the use of artificial intelligence

  • Warner Bros. Discovery attributed the projected earnings losses to the WGA and SAG-AFTRA strikes

The 11,500 members of the Writers Guild of America have been striking against the Alliance of Motion Picture and Television Producers since May 2. The 160,000 members of the Screen Actors Guild joined them on July 14. Both groups are demanding higher residual payments from streaming services and protections against the use of artificial intelligence.

Warner Bros. is one of several major studios represented by the AMPTP, including Paramount Pictures, Sony Pictures, Universal Pictures and Walt Disney Studios.

“While WBD is hopeful that these strikes will be resolved soon, it cannot predict when the strikes will ultimately end,” Warner Bros. Discovery wrote in the filing. “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.”

Warner Bros. Discovery still expects to earn between $10.5 and $11 billion this year. In August, Warner Bros. Chief Financial Officer Gunnar Wiedenfels said the company had saved more than $100 million during the second quarter because of the Writers Guild strike.