Hollywood Braces for More Dismal Q3 Earnings News as Economy Sideswipes Advertising

Warner Bros. Discovery, Paramount, Fox and Lionsgate are among the studios reporting earnings this week after Big Tech heralded weakness in ad spending

Cracks are already showing in big media giants’ once-bulletproof balance sheets as American companies pull back on digital and broadcast advertising, a sign that higher inflation is yanking the economy closer to recession.

Big Tech companies have already teased what Wall Street might see when Warner Bros. Discovery, Paramount, Fox and Lionsgate all report quarterly earnings in the next several days. Ad spending is definitively slowing from the small mom-and-pop business owners who advertise on Facebook to major international brand names hawking products on Amazon.

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Joe Bel Bruno

Joe Bel Bruno

Joe Bel Bruno is TheWrap's Editor at Large, Business. He most recently served as the Founding Editor of the business news site dot.LA. He was previously the Managing Editor of Variety, and served as Deputy Business Editor and later Deputy Entertainment Editor at the Los Angeles Times. Bel Bruno also ran markets coverage for The Wall Street Journal. Before that, he was an award-winning reporter at the Associated Press in New York, and held senior posts in London and New York for Knight Ridder Financial.