June 18, 2024

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SAG-AFTRA strike impact on Hollywood will linger

2 min read

SAG-AFTRA members and supporters chant outside Paramount Studios on day 118 of their strike against the Hollywood studios on November 8, 2023 in Los Angeles, California. 

Mario Tama | Getty Images

Before the actors’ union reached a labor deal with studios Wednesday night, Disney CEO Bob Iger told CNBC’s Julia Boorstin that the strike’s impact on the business had so far “been negligible.”

He also said that a resolution sooner rather than later would help preserve next year’s summer box office calendar – so the tentative agreement does just that.

But media and entertainment companies are feeling different impacts.

Because of the actors’ strike, Sony cut its movie unit’s fiscal year operating-profit forecast to 115 billion yen from 120 billion yen.

“Due to delays in production and constraints in promotion activities, we are seeing negative impact such as a delay in the release of certain motion pictures and a delay in the delivery of television productions,” Sony executives said on Thursday morning’s earnings call. “We have incorporated the impact that can be assumed at the present time into our forecast for the fiscal year.”

In July, while Hollywood actors and writers were both on strike, Sony postponed the release of Marvel Studios collaboration “Kraven the Hunter” to next year and delayed its next “Spider-Verse” movie, both potential blockbusters.

Sony executives also cautioned about potential ripple effects from the labor stoppages.

“Even after the strike ends, it will take time for business activities to normalize due to the concentration of productions and theatrical releases, so we expect this to have a negative impact on next fiscal year’s results,” they said. “However, we plan to engage in cost control and other measures to try to reduce the impact.”

Before the deal was announced Wednesday night, AMC Entertainment earlier in the day implored the two sides to make a deal.

Members of the Writers Guild of America (WGA) and the Screen Actors Guild walk the picket line…

2023-11-09 10:23:39

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