I can't wait for The Flash to hit the theaters in June. The game was 1 of the most highly anticipated of 2023. The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. 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? Gunnar? 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. And we're seeing some real opportunity here. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement. We got some of the best creatives in the industry right now focused on those swings. TM & WBEI. We are committed to continue executing our strategic initiatives to drive top line performance and with much repositioning behind us, we are beginning to fully lean into the opportunities ahead of us. And one of the tenets is we're not going to launch any content before it's time. And so we're going to be -- Casey is the best example of that. Warner Bros. didn't even have the courtesy to give the "Batgirl" cast and creative team a bat signal that their movie was being locked away in Arkham. To participate in the Warner Bros. Given we're still in the first year following the closing of our acquisition, I will discuss the P&L impact on a pro forma ex-FX basis. Echoing some of what David said, the leadership team is ever more aligned on strategic decision-making that benefits the company as a whole versus one segment or another and is incentivized as such. Clearly, you still have some macro challenges, but what could go right? Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. But that said, there's always going to be a place for quality content and we're open for business. Chris Licht and the team are focused on building an asset for the long term across cable and digital that is worthy of that great global brand. December 13, 2021. Turning to consolidated results and free cash flow. China calls for Russia-Ukraine cease-fire, . Yes. MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA We got to take those swings. And then on the cost side, all of the trends are pointing in the right direction. We've been hard at work since our last call and look forward to updating you on our progress. Some of them we may find we need to adjust, but we feel really good about where we are, and we're accelerating forward. And now you see a very soft scatter market. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. Discovery and sort of the earnings power of the organization? Your email address will not be published. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. If there is interest in pursuing an application further, the applicant will hear back within 14 days of their original submission. First, let me say, this promises to be a very exciting year for our company. Such a move has been expected for quite some time, given Warner Bros. Margot Robbie, who plays Barbie, is instantly as Barbie-esque as you could imagine, all blond hair and smiles and bright pink car. Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. We want to tell the best stories, share them with the broadest audience possible, and we do that by working together as 1 team, 1 company. And with that, I am pleased to turn the call over to David. The industry was in a quantity of content over quality, we believe, in a quality over quantity and therefore, spend-wise, spend needs to get rationalized. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. These outcomes will reflect an incremental $2 billion of synergy and transformation efficiency capture, while additional puts and takes to consider include positive revenue inflection in D2C, the broader release slate at Warner Bros. Pictures and Games, balanced by cyclical advertising headwinds. 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! The replay can be accessed by phone by dialing +1 877-674-7070 or +1 416-764 . Discovery advantage. They have great plans to revitalize the nets and have also begun to use our exceptional library of film and television content in a way that will benefit our linear and cable networks. 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. As you look out to '23, I think Gunnar kind of touched on some of the potential tailwinds, but it sounds like you're walking away from close to $12 billion in EBITDA to maybe low to mid-$11 billion in EBITDA. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. We haven't done new Harry Potter content in over a decade. Passionate about supporting Creatives to develop, produce . And I think there was a lot left on the table. People want to be part of something. We said starting last August, we believe in profitable scale. Studio. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. We have command and control of each of the businesses. Kathleen is doing a lot of work, getting the enormous value of our library on screen. Our expert tour guides are on hand in this self-guided experience and will gladly fill you in . Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. And so you put the Discovery+ and HBO Max proposition together at a great value, and we think we deliver something that ultimately has something for everybody in the household, which will help us on scale and help us on churn, which are the two major ingredients we're focused on as well as obviously engagement. It's a wow. Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. 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. This doesn't yet reflect the $1 price increase on the ad-free retail tier in the U.S. that was implemented in January and which has been digested quite well. The search for Nick took Warner Bros. much longer than expected, though, and eventually Golding was ready to sign on. So I think that I'm hyper-focused on this, meeting once a week with the team, but getting our stride as a new working team, and I feel like we're starting to get some momentum on that. Young Sheldon, network TV's #1 comedy. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. Disclaimer: Audition free of cost for more information visit the respective official site. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. Looking ahead within the Studio, 2023 will be a pivotal year, particularly behind our larger and broader release slates at both Warner Bros. Pictures and DC, not to mention a wonderful start with Hogwarts Legacy on the game side. The 50 Best Movies of 2022, According to 165 Critics from . 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.. So we're excited about the fact that we're going to take all of the Discovery content and put it together with the HBO Max content in a much better platform. We have an unusual situation. Reportedly Cancels 'Wonder Woman 3' Warner Bros. We have an exceptional leadership team that is truly aligned across a common set of strategic, operational and financial goals and metrics. Open casting calls are something of a tradition in the Wizarding World. Don't forget the 12+ hour blocks of five year old movies every weekend. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. The guidance does not include any asset sales. Or is that something that might fuel that service? And so we want to optimize that as a unified strategy for the company. Turning to the total company EBITDA outlook. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. Discovery CEO David Zaslav has doubled down on the groundwork being laid out for James Gunn and Peter Safran's DCU plans. This year, we celebrate the storied Warner Bros. Studios 100th anniversary with a deepened commitment to telling quality, diverse stories, with the power to entertain, inspire, and when we are at our best, impact or even change the culture. Maybe help us think about the levers you have and your expectations around top line over the next few years? We definitely are planning for an inflection on the revenue side. Join the Fan Club and bring your traits with you. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And as we think about where we put content, as Casey looked at HBO, we were able to see which content are people spending time watching, what content is really powerful to us in terms of reducing churn. Successfully localized over 75 titles and worked with over 50 different studios since 2005:<br> Warner Bros. Montreal (April 2013 - Present): Batman: Arkham Origins, Middle-Earth: Shadow of Mordor, Batman: Arkham . Discovery. 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. 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. Overall, 14% of . Q&A session is now closed, which concludes today's conference. Moreover, we're analyzing our pricing strategy in a number of key international markets, particularly in LatAm, where we believe our service has significant pricing upside. 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. 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. 4 talking about this. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. We must get it right. If you have an ad-blocker enabled you may be blocked from proceeding. Every week, a new episode comes out and by the time the next one airs a week later, tens of millions of people have watched the last episode. And that isn't critical to or helpful to churn. And having all those distribution outlets gives us the optionality to look at what the data shows us and see where we need to lean in further or not. But curation, creating content at a time when people can watch it, creating a community conversation. NOW CASTING PAID EXTRAS, AGES 18+ to portray WHITE HOUSE STAFF for new NETFLIX & Tyler Perry Studios movie SIX TRIPLE EIGHT (6888). 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. - David Spade, 'Nothing Personal' 2022. Hello, everyone, and thank you for joining us. We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. Discovery's Q4 Earnings Call. 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. I'm especially happy about the development in our D2C segment, where we delivered a marked improvement across a number of key operational KPIs leading to a healthy sequential improvement to financial performance. And there are times when our share is significantly higher with marquee events, such as March Madness and the MLB and NBA playoffs. We also made a decision in the upfront to drive price rather than extra volume. Good afternoon, and welcome to Warner Bros. And so we were able, in many ways, to Monday morning quarterback. Naturally, we are laser-focused on delevering the balance sheet, where I see net leverage very comfortably inside of 4x by the end of 2023 and reiterate our prior guidance to be within the investment grade range by mid-2024 and within our gross leverage target of 2.5x to 3x by the end of 2024. That is what we're tracking in our system today, specific initiatives with associated direct financial impact, responsible owner and detailed milestone plans. Reiterating my earlier point, I'm very pleased with where we ended the year and encouraged with our ability to balance choppy macro tides with success in repositioning the company for future growth. Look, the symmetry of the Discovery+ content, which is heavily viewed for hours a day, mostly during the day and infringe against the HBO content, which is watched more, Discovery+ maybe more passively, HBO, more with family, that the more research we do, the more we look at it, the more we think these fit together very well with appealing content to everybody in the family. And why should we need to monetize that in order to drive shareholder value. Wizarding World is the new official home of Harry Potter & Fantastic Beasts. The program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . He presented that to you and the press about a month ago. And we hit this year with a full leadership team in place. Here we have mentioned the name of the founder below here on page read it carefully. Your email address will not be published. Though we are assuming that things will get better in the second half. The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. Is that something you're able to comment on now? We met with 186 of the top leaders in -- for a week in early January. It gives a huge advantage with those tent poles. 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. CAB Castings, LLC. No question about that. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. And the newest hits, Night Court on NBC and Shrinking on Apple TV. And at the end of the day, the consumer is at a point in time where they want more choice and better breadth of choice from fewer services, because they just don't have either share of wallet to be able to spending on five, six, seven services anymore. Is there any of your content that's definitely off the table to be included in that service? Interested in future casting calls or joining our casting division? No, the only thing I would add is from the perspective of cyclical versus secular, there's no doubt. Well, look, we were laser-focused on building this DC 10-year plan. 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. It's working. It's working. For us, 2023 is a year of building. Despite the full integration of Warner Bros. But the key to this company is, as a storytelling company, we have this diversity. And it all stems from great storytelling. Discovery, Inc. (NASDAQ:WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET, Andrew Slabin - Executive Vice President, Global Investor Strategy, David Zaslav - President and Chief Executive Officer, Gunnar Wiedenfels - Chief Financial Officer, Jean-Briac Perrette - Chief Executive Officer and President, Global Streaming and Interactive. We're spending time with him and Peter and he had a vision for DC that we are all in on and believe in. That's the power of streaming. The market is -- the macro environment is very challenging. It comes after HBO and HBO. This information is only for educational purposes use. It's working. The advertising environment in the U.S. remains very . 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. You may now disconnect. 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. I do believe, as JB said, and we do believe, as a company, that we'll sort of recreate this -- the streaming service, which is ad free, then which -- then there'll be ad-lite. The gaming business is all consumer product driven. Presentation. You probably know that, because we've kept the lights on at TBS for the last five years.". J.B., anything to add to that? 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 . Faith Wood-Blagrove beat thousands of other young actresses to the role of Modesty in Fantastic Beasts, and Evanna Lynch was chosen for the part of Luna Lovegood out of 15,000 other young women following open casting in 2006. Through the end of 2022, we've already realized over $1 billion of synergy, inclusive of a couple of hundred million dollars of course-corrective measures that we undertook early after launching Warner Bros. The other point that is front or set up for us is curation. I mean, pot levels in the industry, I think, were down 14% in the quarter. It was a heavy lift to bring 2 teams together, notwithstanding the economy being what it was, and we are now drilling down on all facets of the business. . We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. W arner Bros. Pictures and the filmmakers behind the Fantastic Beasts sequel are holding open calls for five young actors to join the cast of the film. If all else fails, take your mother's advice - if it seems too good to be true, it probably is. Social media explodes and people are calling their family and friends to talk about what they saw. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. We've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. 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. In terms of the market itself, it's -- as I've said before, it's not a good environment. David, maybe just to sort of wrap up that on the content side. Please disable your ad-blocker and refresh. And the response from consumers has been overwhelmingly positive. And that is the culture here at Warner Bros. Nov 3, 2022 2:02pm PT Warner Bros. . They want -- they want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. And so -- which -- where we pivoted and said we were going pushing to move all of our films back out with real windows in order to optimize those products. And we were able in the upfront to drive price significantly more than all of our peers. Yes, that's one important ingredient. That took a much bigger position in the quarter something of a tradition the! And will gladly fill you in to forecast any meaningful near-term revenue improvement be blocked from proceeding next question Comes. Forward-Looking statements, the best creatives in the future, please enable Javascript and in! 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