I am proud of what we achieved in 2022 against the targets we set out in the summer and against an increasingly challenging environment in the second half of the year, and I'm proud of the momentum we have built exiting the year. And then on the cost side, all of the trends are pointing in the right direction. Yes. Disclaimer: Audition free of cost for more information visit the respective official site. Thank Sure. And to that end, we are now confident in a path to at least $4 billion of savings largely addressable through 2024, representing an increase of $500 million over our prior estimate. In every country, they'll leave dinner and they got to go home to view that product that they love. And later down the road, we're also obviously going to start looking at new market launches, again. The studio is looking for young people to play five new roles in the film, including teenage incarnations of Newt Scamander, Leta Lestrange, Gellert Grindelwald and Albus Dumbledore. Discovery CEO David Zaslav has doubled down on the groundwork being laid out for James Gunn and Peter Safran's DCU plans. DC Comics. You probably know that, because we've kept the lights on at TBS for the last five years.". It's about telling the best story. To participate in the Warner Bros. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors that's very early in the year. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. And then on the affiliate side, renewing 30% of your affiliate deals. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. Aug 9, 2022, 8:40 AM. So I know it's a pretty open-ended question, but can you talk about how you see the streaming industry evolving overall with these changes? Number two, partnering with our business leaders to embrace a more rigorous analytical framework through which capital allocation decisions will be viewed, particularly as we refine how our content is monetized and windowed. Gunnar will take you through all of the financials in our outlook, but I'm very pleased that we see our net leverage clearly below 4x by the end of this year, below 4x by the end of this year. And once we establish this funnel, then we can take things like the first season of succession or the second season. We are already seeing a more inclusive range of voices and viewpoints, as demonstrated last month, when over 70 Republicans came on our air during their Congressional speaker election process, a first in a very long time, and we intend to continue advancing on this balanced strategy. It's about the sustainability and the longevity the free cash flow being delivered by that segment. Hello, everyone, and thank you for joining us. (Photo by Santiago Felipe/Getty Images) And on the 2023 outlook, look, it's early in the year. Photo: Kevin Dietsch/Getty Images. We're assuming that. Stay tuned for more to come on this front. Our next question comes from Kutgun Maral with RBC Capital Markets. Elvis is a 2022 biographical drama film directed by Baz Luhrmann and written by Luhrmann, Sam Bromell, Craig Pearce, and Jeremy Doner.It follows the life of the American rock and roll singer and actor Elvis Presley, told from the perspective of his manager, Colonel Tom Parker.It stars Austin Butler as Presley with Tom Hanks as Parker, while Olivia DeJonge, Helen Thomson, Richard Roxburgh . Last year was a year of restructuring. Casting Calls Georgia On Location Casting ATLANTA BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' By Kevin P. King - June 23, 2022 856 0 Advertisements On Location Casting ATLANTA BACKGROUND Casting Notice **LINK TO SUBMIT! Well, look, for us, the market right now, our focus is building a best-of-class product and putting all of our content together and so that it's easy to consume and that people are aware of all the different content that we have. The scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. These statements are made based on management's current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results to differ materially from our expectations. Warner Bros. ET Follow HBO Max Go to Site Follow HBO Go to Site Follow Warner Bros. Go to Site Follow HGTV Go to Site Follow Discovery Go to Site Follow discovery+ Go to Site Follow CNN Go to Site Follow TBS Go to Site Follow Food Network Sir, you may now begin. Table of Contents It's working. Taking a step back here, though, I mean, the reason why -- one of the reasons why we carved out the linear business, the network business is, one, separate segment is to be completely transparent about where those trends are moving. You also hear a bigger discussion around how you decide when something should be exclusive to your platforms and when maybe you should be licensing. Yes, that's one important ingredient. As always, we are not managing this company for short-term financial performance, but rather with the next 100 years of this vibrant creative organization in mind. It's significantly better outside the U.S. right now, which is a surprise. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. December 13, 2021. Thank you for attending today's presentation. Marvel's Guardians will star alongside Chris Hemsworth (Thor), Natalie Portman (Jane Foster/Mighty Thor), Tessa Thompson (Valkyrie), and Christian Bale (Gorr the God Butcher), among other new and. CNN stands as a premier global news organization, and we wanted to be the place for fact-based reporting and thoughtful discourse that is broader than politics and sport. In an increasingly challenging environment, we were able to deliver over $3.3 billion of reported free cash flow in 2022, a healthy conversion, notwithstanding significant merger and integration-related expenses. Warner Bros. Warner Bros. So we do see subscriber scale as one part of the revenue growth story. So again, as I said, a similar picture with more diversity. So I was hoping you could just give us your most updated thoughts, so we kind of have that framework for assessing the new product when you rolled out on April 12. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. Warner Bros. HBO has never been stronger and is firing on all cylinders behind the recent successes of HBO Originals, Euphoria, House of the Dragon, White Lotus, and our newest mega hit, The Last Of Us. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Our final question comes from John Hodulik with UBS. We have an unusual situation. And Ben, on the D2C question, let me start with the revenue side of it. Her Barbie looks like a version of Robbie's Sharon Tate, or. You've been ahead of the curve here, but it seems like everyone these days is reshaping their streaming strategy in pretty profound ways, whether it's their org structure, their content spend, types of content investments, philosophy around content exclusivity and licensing, international, pricing and just so much more. MACON RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA By Kevin P. King - April 7, 2022 487 0 Advertisements On Location Casting *RUSH CALL* - TODAY! And then obviously, with the new product, we just look at some of the features that we're going to be rolling out and some of the improved and enhancements from a performance standpoint in the product at a much higher engagement, which will help both our ad-lite monetization, including, as David mentioned earlier, the fact that we're now putting ads and all the content on HBO Max as opposed to just some of the content on HBO Max, all those will be part of the revenue drivers in addition to obviously having the rights like we talked about before, for all of our sports in the U.S. and news content eventually that could also help us drive further scale and pricing in the years ahead. Consistent with what we told you last August, we are getting ready to launch our combined streaming service here in the U.S. in a few months with Latin America to follow later this year and markets in EMEA and APAC in '24. Before we start, I'd like to remind you that today's conference call will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. "This promises to be a very exciting year for our company," he told investors during the company's Q4 earnings call . Let me start with the second. With the successful launch of Hogwarts Legacy 2 weeks ago, we reimagined 1 of the biggest global franchises in the world. And then we have the ability to pick from all of these different baskets to build really what may be most important for us, which is a successful and profitable streaming business. Warner Bros. Television Group has more than 110 shows currently in production across our own platforms as well as third-party broadcast, cable and streaming outlets, including Emmy Winners, Ted Lasso and Abbott Elementary. Discovery might have had. During the fourth quarter of 2022, Warner Bros. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. David, maybe just to sort of wrap up that on the content side. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. CAB Castings, LLC. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. Discovery in April last year. SVOD and ad-lite tiers and a significantly enhanced product platform to drive better performance, improved user experience and stronger engagement. One of them is off to a very good start. And I think you're going to see a big difference that when we release something, it's going to be a product that we think is the best it could be. from casting calls to the lure of the red-carpet award season. is looking for PAID EXTRAS for a new series on THE CW based on DC Comics series "NAOMI" that will be filming here in Atlanta, GA. J.B., anything to add to that? Action & adventure 2008 2 hr 32 min English audio (and 13 more) PG-13 CC Buy or rent Christian Bale and director Christopher Nolan reunite following their blockbuster success with Batman. On FAST, look, the strategy is, I think, back to some of the questions earlier, at the end of the day, one of the advantages we feel like we have is the question keeps coming up about windowing. And on the 2023. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. And then there was a lot of content that just wasn't being viewed. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. And with the breadth and depth of content that we have across the company, we think we're very uniquely able to do that without jeopardizing or risking the subscription business, the theatrical business or some of our upstream windows, which we'll obviously continue to focus on. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. I believe Warner Bros. TV is the greatest quality maker of content in the world. Sir, you may now begin. We are not conducting any type of audition. filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID Social media explodes and people are calling their family and friends to talk about what they saw. BURBANK, Calif. Due to the unprecedented global pandemic caused by the novel Coronavirus, Warner Bros. Television's Casting department launched a unique virtual "Actors in Training" initiative this summer designed to connect the Studio with emerging actors who may have had their final year of dramatic training curtailed or negatively impacted The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. Q4 revenue growth of 6% against the 12% decrease in combined operating expenses led to a significantly reduced EBITDA loss of roughly $200 million, a $500-plus million improvement year-over-year, notwithstanding a largely content-driven 6% increase in cost of revenue. Discovery CEO David Zaslav attends NRDC's "Night Of Comedy" Honoring Anna Scott Carter at Casa Cipriani on September 20, 2022 in New York City. Newt Scamanders relationships and past remain enigmatic, so any glimpse into his formative years will be huge for the character. John Oliver in season nine of "Last Week Tonight With John Oliver." Paula Lobo/HBO. The fourth quarter marked the end of a first and very defining chapter for Warner Bros. We have a lot of motion picture content that we're reworking and making a lot of progress with. Number four, driving overall efficiency and free cash flow conversion towards our near-term goal of 1/3 to 1/2 conversion of adjusted EBITDA with longer-term upside towards our 60% goal. But I always would err toward price, because I think that's where you really build asset value. And then for Gunnar or JB, can you maybe just expand upon your fast strategy and why you chose to do the deal with Roku and Tubi and maybe how that might impact the launch or timing of your own fast service? We have the largest maker and seller of content in the world, and while we've got lots more to do, we are increasingly seeing positive traction and strong proof points. We've already seen more than $850 million in retail sales, and we still have more platforms launching over the next few months. No, the only thing I would add is from the perspective of cyclical versus secular, there's no doubt. The poor actors and directors of the . Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City.It was formed after the spin-off of WarnerMedia by AT&T, and its merger with Discovery, Inc. on April 8, 2022.. The layoffs represent 14% of Chief Content Officer Casey Bloys' staff, and the eliminated positions are primarily focused on reality content, though other departments including casting and acquisition will also be impacted. We can put you on HBO on a Sunday or Monday night, where it's must see streaming TV or we could have to we've launched your movie. But just as you think about the impact of DC sort of fully realizing the opportunity over the next 5-plus years, what could that mean to Warner Bros. And one of the tenets is we're not going to launch any content before it's time. And it is shared -- the platform itself for Discovery+ will be a shared platform. 2023 will be a year of building and off we go. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. Warner Bros. Arguably, we've done a little worse than that, partly driven by the scheduling or the sports schedules that David mentioned a couple of minutes ago. And now we're -- this year, you're going to see us fighting on DC. Discovery, ensuring it will remain as the exclusive Australian home of HBO, Max Originals, Warner Bros. and Discovery programming. View this post on Instagram Participants must have the right to work in the United States or Canada. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. I'm confident that we will get there, particularly with some of the operational and content-driven initiatives implemented by Kathleen Finch and her team. The gaming business is all consumer product driven. Discovery is a storytelling company and we are very fortunate to have a huge share of the most beloved and globally recognized storytelling IP in the world, including Harry Potter, Game of Thrones, Superman, Batman, Lord of the Rings, and we intend to take full advantage of these one-of-a-kind franchises across our various platforms. Discovery. It's not about getting it out for a certain date. And then, Gunnar, you sound very bullish and confident on the D2C targets, the $1 billion of EBITDA in '25. The sequential improvement in Q4 free cash flow versus Q3 was the result of greater EBITDA, the timing of interest payments on acquisition debt and some first improvements from working capital initiatives. Discovery, Inc. ( NASDAQ: WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Andrew Slabin - Executive Vice President, Global Investor. On the 12th, we'll lay out to you, we have a clear attack plan, where we'll drive this really across the country and into markets around the world with conviction. Of course, the other stipulations include being "willing and available" to film for the duration of the series which could be as long as 12 weeks and will commence around mid-June to mid-August of 2021. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. First for David, as part of the upcoming D2C relaunch, can you just talk a little bit about how you plan to balance protecting the HBO brand while at the same time, leaning on the HBO premium content to help drive the new service going forward? Sure. And the best thing that we have going for us right now is all of that hard work that we did, and it was probably two years of work that we did in 10 months, it's now almost -- it's overwhelmingly behind us. So those candidates who are interested must have checked the companys full details. We have full command and control of our business, and we are one company now. That's what we're looking to primarily deliver. Despite the full integration of Warner Bros. International, some areas actually trending up now, others still difficult. And I believe in that, having been in this business for 30 years, I think in order to really drive asset value, you need to drive price. Obviously, successful films will help your Studio segment earnings. This phenomenon can go for eight, 10-plus weeks for each series. Young Sheldon, network TV's #1 comedy. It's working. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. But curation, creating content at a time when people can watch it, creating a community conversation. Discovery CEO David Zaslav wants to redeem his predecessors' failure to rival Disney with its library of intellectual property through an unprecedented focus on tentpole events. CASTING SUBMISSION - Actors & Extras You have so many hidden assets within the company. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . David Zaslav Praises CNN Adding More GOP Voices; "Balance Strategy" Is "Important," Warner Bros Discovery Boss Says + Discussion: The Wrap, . This is one team now. Is this happening to you frequently? Discovery experienced a staggering USD 2.1 billion financial setback. And so we -- as the largest owner and producer of content in the world, we'll -- we want to super serve effectively our streaming service, which is a top priority as well as an AVOD service so that we could reach everyone in every country, everywhere in the world. We got some of the best creatives in the industry right now focused on those swings. In terms of the market itself, it's -- as I've said before, it's not a good environment. International markets continue to perform relatively better, stronger markets such as Poland and Italy were in part offset by weaknesses in the UK, Nordics and certain Latin American countries. We repaid $1 billion of debt during Q4, bringing the total debt repaid since the closing of the transaction to $7 billion, and we ended the quarter with $49.5 billion gross debt and nearly $4 billion of cash on hand, implying net leverage just below 5x. There's loads of content out there. Discovery's Q4 Earnings Call. We have command and control of each of the businesses. Warner Bros Television Show, Key West Locals Key West locals, aged 18-70, are wanted to portray tourists, bicycle riders, and more in background roles for a Warner Bros. television project.. And the response from consumers has been overwhelmingly positive. Such a move has been expected for quite some time, given Warner Bros. Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. We reduced EBITDA losses by $500 million year-over-year to $200 million in Q4, supported by 1.1 million net sub adds in the quarter. Moreover, the exit rate coming out of the fourth quarter lends confidence in continued very strong financial performance thus far in Q1 and into our soon-to-be relaunched D2C offering. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. Webcast. So I think we're very well positioned. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. #inclusion #performerswithdisabilities #Disabilityawareness But we'll take you through what that plan is and how we intend to do it on the 12th, but well locked and loaded. Adjusted EBITDA decreased 7% as revenue declines were partially offset by lower content expenses as well as lower personnel and marketing costs, in part reflecting our cost synergy efforts. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. Look, I mean on the content spend, Remember, all our strategy changes leading to the content restructuring and write-offs over the course of last year, obviously, that's going to flow through cash as well as we adjust. We believe strongly in the importance of the motion picture window and having that shared experience with other people. And as we look to 2023, my near-term key financial priorities remain: number one, delivering against our synergy and transformation targets where we are managing towards an incremental $2 billion of cost capture in 2023 and the larger opportunity I mentioned previously. WarnerMedia Equity + Inclusion announces the WarnerMedia Access Talent Spotlight, a new talent training program for aspiring actors looking for professional development and resources. I want to follow up on the streaming discussion. Yes. Turning to consolidated results and free cash flow. All the meetings that I've had in the last two weeks are about great content that we're producing, meeting with creatives that want to come here, how we -- what more shows are we going to be selling, what more shows are we going to be keeping on our platform? Well, one of the big advantages that we have, Brett, is that we have this diversity of content. Good afternoon, and welcome to Warner Bros. There's been an increasing discussion recently about what the right general entertainment content strategy supposed to be for media companies as your models continue to pivot and become more streaming-centric. Please. Those shows had a supersized effect on people and culture. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. It's working. As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. Casey and the team continue to fuel critical and audience acclaimed with globally resident content, driving improvements in engagement and churn, which is setting up a nice tailwind into the relaunch. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement. We are more confident than ever that we have the right strategy to be successful and ultimately achieve our goal of being the greatest media and entertainment company in the world. These are huge numbers, particularly in today's day and age of binge viewing, when there is so much content to choose rooms. Turning to the quarter, I'd like to quickly take you through some of the puts and takes impacting performance. An important reference point for the value of our combined portfolio of networks to our distribution partners. For those that are happy paying $5 or $7 and having home, food, Discovery and own type content. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. We believe that when you have content that is so good that it hits the gist. We're also excited for the release of 4 DC films this year, starting with Shazam in 2 weeks and followed by The Flash, which James Gunn called 1 of the greatest superhero movies ever made, a masterpiece. The Roku and the Tubi deal was really just a toe in the water, if you will, 14 channels, a beginning for us, but there'll be more to come as we go through the year, and we do want to have a bigger presence in that space because we do see consumer behavior continuing to shift and having a very robust amount of consumers around the world, who will want to consume ad-supported content. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. Discovery Access Talent Spotlight, candidates must meet the below requirements: Participants must be 18 years or older as of March 1, 2022. Overall, 14% of . If you have an ad-blocker enabled you may be blocked from proceeding. An unrepentant Zaslav turned up on Thursday to bask in the afterglow of positive quarterly financials: $6 billion in debt repaid since the merger, a combined 1.7 million new subscribers to HBO Max . But it's -- we're not going to tell any story before it's done. I'll just take a swing at it, Gunnar, you can follow. With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. Yes. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. Warner Bros. How to Get Cast On How to Get Cast in a DC Comics Movie or TV Show This guide will answer your most pressing questions. In today's increasingly dynamic and a crowded media environment, the best hand has great storytelling IP, brilliant creatives, a full slate of production and distribution capabilities, and broad global reach that stretches across premium, pay TV, free-to-air, theatrical, streaming, licensing and gaming, the entirety of the ecosystem, and that is exactly the hand that we have, and we intend to play it decisively and with a focus on free cash flow and an eye towards sustainable future growth. And we take advantage of all the content that we have. And so we're feeling more and more confident about that. If you look at The Last Of Us, it was growing every week, Euphoria, to be able to deliver 20 million, 30 million, 35 million people in America watching and to have it be a conversation. Warner Bros. A year-over-year increase in corporate expenses were due to a number of factors, almost exclusively related to external market factors such as an incremental $120 million related to underlying rates on our securitization facility. Do your homework, find out if the casting call is legit, find out who the casting director is for the show or movie and make sure everything matches up. Q4 revenues decreased 9% year-over-year, while adjusted EBITDA decreased 2%, helped by a reduction in consolidated SG&A by 22%, a bit more than we guided to. Content alone is really only half of the equation. Or is that something that might fuel that service? The 50 Best Movies of 2022, According to 165 Critics from . Global core subscribers increased 1.1 million sequentially and 10 million year-on-year, while global ARPU increased as well modestly to $7.58. Warner Bros. Discovery Is America's Worst-Run Company,Mismanagement has ruined whatever success Warner Bros. Let me start with the second question. 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