Warner Bros Discovery warns about 'real risk' in Hollywood after strikes' financial hit

Published

2 years ago

November 10, 2023

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Box office smash “Barbie” helped Warner Bros Discovery top core quarterly profit estimates but the effects of two Hollywood strikes and a weak advertising market could hamper earnings into next year, company executives said on Wednesday.

The dour outlook sent the company’s shares tumbling over 14%.

Although Hollywood’s film and television writers ratified a new three-year contract in September, ending their 148-day work stoppage, members of the SAG-AFTRA actors union have been on strike since July, roiling the industry’s 2024 film slate and depriving media companies of new content to sell.

Chief Financial Officer Gunnar Wiedenfels on a call with investors said there’s a “real risk” that the financial hit from the strike will linger into 2024.

“It is becoming increasingly clear now that much like 2023, 2024 will have its share of complexity, particularly as it relates to the possibility of continued sluggish advertising trends,” Wiedenfels said. “We don’t see when this is going to turn.”

Chief Executive David Zaslav said the company saw its lightest original content slate in years and had to delay some releases, leading to a drop in third-quarter streaming subscriber numbers.

Wiedenfels said that for full-year 2023 there will likely be a few hundred million dollars of a negative impact on EBITDA due to strike impacts, and several hundred million dollars of positive cash flow as a result of not being able to spend on production.

“The extreme success of the Barbie movie may be a one-off for them that won’t be repeated for at least a few years,” said Michael Schulman, chief investment officer at Running Point Capital.

The media company, forged by the union of WarnerMedia and Discovery, posted third-quarter adjusted core earnings of $2.97 billion, above estimates of $2.92 billion, according to LSEG data. Overall revenue of $9.98 billion was in line with estimates.

The company reported free cash flow of $2.06 billion, compared with $1.72 billion in the prior quarter. This surpassed expectations for $1.74 billion, according to Visible Alpha.

The company posted a net loss of $417 million, narrowing from a $2.3 billion net loss from a year-ago period.

“The market is not thrilled with the fact that even with the unparalleled blockbuster success of Barbie, they still found a way to lose $417 million in the quarter. Not ideal,” Great Hill Capital Chairman Thomas Hayes said.

Advertising revenue at its networks segment declined 12% to $1.71 billion as global conflicts and inflation created an uncertain climate for marketers.

The company’s streaming unit posted an adjusted core profit of $111 million, compared with a loss of $634 million a year ago. Global average revenue per user in the segment rose 6%.

Warner Bros Discovery had 95.1 million global direct-to-consumer customers at the end of the quarter, down from 95.8 million in the previous quarter.

In May, it launched its Max streaming service — combining HBO Max’s scripted entertainment with Discovery’s reality shows.

The company lost 17 cents per share, larger than estimates for a loss of 6 cents.

US

Charlie Kirk suspect arrested after tip-off from father

Published

2 hours ago

September 13, 2025

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Charlie Kirk suspect arrested after tip-off from father

US officials have confirmed the suspect in the killing of Charlie Kirk has been arrested and identified as 22-year-old Tyler Robinson.

Utah governor Spencer Cox started a news conference with the phrase “we got him”, adding that a member of Robinson’s family alerted authorities. It has been widely reported that Robinson’s father had turned him in.

The details broadly match information released by US President Donald Trump earlier on Fox News.

Explainer: All we know about the suspect

Mr Kirk, 31, a Trump supporter and right-wing influencer, was fatally shot in the neck on Wednesday afternoon while speaking to university students at an event in Utah.

Two people were previously arrested and then released, with officials saying they were only persons of interest.

FBI director Kash Patel, who also spoke at the news conference, confirmed the suspect was taken into custody on Thursday at 10pm local time (5am UK time).

He praised Mr Cox and Mr Trump for their support and finished with a message for Charlie Kirk: “To my friend Charlie Kirk. Rest now, brother. We have the watch and I’ll see you in Valhalla.”

Robinson believed Kirk was ‘full of hate’

Mr Cox described how messages between Tyler Robinson and his roommate revealed information about the alleged plot including details about a rifle, matching the description of the weapon recovered after the shooting.

Bullets with messages inscribed on the casings were also discovered with the rifle, including “Hey fascist! Catch!” and “If you read this, you are gay, LMAO”.

Explainer: How Charlie Kirk was killed

Mr Cox said a family member told officials that Robinson “had become more political in recent years” and had criticised Charlie Kirk, adding that Robinson said Mr Kirk was “full of hate and spreading hate”.

Robinson ‘confessed’ to killing

Utah’s governor said a family member reached out to a friend, who contacted authorities on Thursday with information that Robinson had confessed or implied that he carried out the shooting.

Sky’s US partner network NBC News reports the family member was Robinson’s father, who went to a church minister, who then contacted a local sheriff.

Mr Cox said he thought Robinson acted alone and there was no evidence anyone else was involved, but did not speculate on a potential motive. He added that Robinson had been living for a long time with his family in Washington County, in southwest Utah.

Political motivation will feed into the political fallout

We were told that Tyler Robinson, over time, had grown more politically engaged and had a dislike of Charlie Kirk.

Words inscribed on ammunition found discarded included: “Hey fascist, catch!” There were also the words to the song “Bella ciao,” an anthem for the Partisans who fought for the Italian Resistance against the Nazis.

The sentiments would appear to confirm early suggestions of a political motivation – they will feed into the political fallout

If it was inevitable that the assassin would be found eventually, the broader uncertainty is how this episode ends for the United States.

The Utah governor acknowledged dangers when he told the news conference: “This is our moment, do we escalate or do we find an off-ramp? History will dictate if this is a turning point for our country.”

His theme was unity and it’s a message America needs to hear. The danger, laid bare in the aftermath of the shooting, is that it’s drowned out by recrimination. Reaction to the assassination suggests there’s every chance.

Neighbour: He was ‘smart’ and ‘quiet’

Kristin Schwiermann, a neighbour of the suspect’s family, said he was “smart”, “quiet” and “never caused any problems”.

“I am shocked, very shocked,” she said. “I feel for his mom. She’s a great mom, and he has a great dad.”

At the time of the shooting, Robinson was a third-year student on the electrical apprenticeship programme at Dixie Technical College in Utah.

He previously earned a four-year scholarship to Utah State University, but left after one semester in 2021.

Robinson did not appear to have any criminal history, according to state records. He was a registered voter but was
not affiliated with a political party, according to voter records.

Mr Kirk was the president and co-founder of Turning Point USA, a prominent organisation that engages conservative youth on school campuses.

Read more: Who was Charlie Kirk?

The father of two, who had millions of followers across social media, appeared at Utah Valley University on Wednesday as part of a planned tour of US college campuses.

Vigil for Kirk held in London

A vigil for Mr Kirk was held at the Montgomery Statue in Whitehall, in central London, on Friday night.

The sombre event was organised by Turning Point UK, the British branch of Kirk’s right-wing youth political organisation.

“Charlie Kirk laid his life down for young people,” said Maisey.

While Jade, wearing a Make America Great Again hat with “RIP Charlie Kirk” written on it, said: “I was very, very sad when I heard the news. I didn’t agree with everything he said but that’s OK! I’m just sad I never got to meet him.”

Turning Point UK’s chief executive Jack Ross told the crowd: “Charlie Kirk has a fantastic legacy and he did so much to shape politics in the West. He stood up for free speech, he stood up for what’s right and we demand justice.

“Charlie was not killed because he talked. He was killed because people listened.”

Charges expected next week

Robinson is due to make an initial court appearance next Tuesday, when he is also expected to be charged, the Utah County attorney’s office said.

He is being held without bail after being arrested on suspicion of aggravated murder, felony discharge of a firearm causing serious bodily harm and obstruction of justice charges, according to a court affidavit.

‘Big breakthrough’, says Vance

Mr Kirk’s body was flown back from Salt Lake City to his home state of Arizona on Air Force Two on Thursday, with the US vice president and close friend JD Vance on board.

On Friday, Mr Vance posted on X that the arrest was a “big breakthrough”. He added: “We took a big step this morning in getting justice for Charlie, and for his family.”

Mr Trump said he plans to attend Mr Kirk’s funeral, although no date has yet been set.

Environment

World’s First all-electric deconstruction site runs on Volvo CE

Published

3 hours ago

September 12, 2025

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World's First all-electric deconstruction site runs on Volvo CE

Volvo Construction Equipment powers world's first all-electric deconstruction at Siemens site

This world’s first fully electric deconstruction site is being hailed as a landmark in sustainable urban development — and it’s powered by Siemens technology and Volvo Group’s battery-electric trucks and heavy equipment.

The deconstruction project (that’s kind of like a really careful demolition) marks the first full-scale electric deconstruction of its kind, and serves as important proof that with the right partners and the will to do it, urban construction projects like this can be carried out sustainably, today – and all without fossil fuels. It’s all part of Siemens’ €500 million technology campus redevelopment, the deconstruction site in Erlangen, Germany, and marks a pivotal step in advancing sustainable urban transformation and circular construction practices.

In collaboration with the demolition specialists at Metzner Recycling, Volvo CE deployed a fully electric fleet of equipment assets specially chosen to deliver quiet, precision demolition across the 25,000 cubic meter job site.

As well as deconstruction tasks, the electric machines helped sort and process approximately 12,800 tons of construction waste, with 96% recycled into raw materials for future use – supporting the shift towards circular materials management.

VOLVO CE

“At Siemens Real Estate, we are committed to pushing the boundaries of sustainable construction and demolition,” explains Christian Franz, Head of Sustainability at Siemens Real Estate. “This groundbreaking electric deconstruction project boasts an impressive 96% recycling rate and is a testament to our commitment to achieving excellence in sustainability … this project illustrates how partnerships and determination can create a lasting impact and help shape a more sustainable real estate industry.”

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In addition the construction equipment was hauled into the site by Volvo Truck’s battery electric semi trucks, enabling emission-free operations from demolition, to crushing, materials processing, and transport.

Electrek’s Take

With a full line of electric wheel loaders, excavators, articulated haul trucks – even drum rollers and off-grid charging solutions to haul around with their electric semi trucks – Volvo is in a great position to take advantage of increasingly restrictive noise and emission regulations across Europe.

It’s too bad they’re suing California to be able to pollute more.

SOURCE | IMAGES: Volvo CE.

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Technology

OpenAI announces new mentorship program for budding tech founders

Published

5 hours ago

September 12, 2025

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OpenAI announces new mentorship program for budding tech founders

Dado Ruvic | Reuters

OpenAI on Friday introduced a new program, dubbed the “OpenAI Grove,” for early tech entrepreneurs looking to build with artificial intelligence, and applications are already open.

Unlike OpenAI’s Pioneer Program, which launched in April, Grove is aimed towards individuals at the very nascent phases of their company development, from the pre-idea to pre-seed stage.

For five weeks, participants will receive mentoring from OpenAI technical leaders, early access to new tools and models, and in-person workshops, located in the company’s San Francisco headquarters.

Roughly 15 members will join Grove’s first cohort, which will run from Oct. 20 to Nov. 21, 2025. Applicants will have until Sept. 24 to submit an entry form.

CNBC has reached out to OpenAI for comment on the program.

Following the program, Grove participants will be able to continue working internally with the ChatGPT maker, which was recent valued $500 billion.

Other industry rivals have also already launched their own AI accelerator programs, including the Google for Startups Cloud AI Accelerator last winter. Earlier this April, Microsoft for Startups partnered with PearlX, a cohort accelerator program for pre-seed companies.

Nurturing these budding AI companies is just a small chip in the recent massive investments into AI firms, which ate up an impressive 71% of U.S. venture funding in 2025, up from 45% last year, according to an analysis from J.P. Morgan.

AI startups raised $104.3 billion in the U.S. in the first half of this year, and currently over 1,300 AI startups have valuations of over $100 million, according to CB Insights.