We've effectively done that now, but we had to take two different sales teams and pull them together. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. We also made a decision in the upfront to drive price rather than extra volume. Young Sheldon, network TV's #1 comedy. As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. And we're able to align our networks on a coterminous basis with these distributors. 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. Obviously, successful films will help your Studio segment earnings. A few weeks ago, James and Peter rolled out Phase I of their highly anticipated multiyear plan for DC Studios across film, television and animation with 5 films and 5 television series already in the works, the new era for DC under a single creative vision is in full swing, and we are especially eager to thrill fans with new Superman and Batman movies in 2025. It's about telling the best story. We said starting last August, we believe in profitable scale. Such a move has been expected for quite some time, given Warner Bros. And I'm very, very glad that we put out some targets in the summer of last year, and we were able to hit those targets. This is one team now. In the end, there was public backlash over his casting, but not because of his . And so we're going to be -- Casey is the best example of that. Your email address will not be published. On the advertising side, it's kind of a complex answer. 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. During the fourth quarter of 2022, Warner Bros. 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. The program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . Casting Australia (@warnerbroscastingau) Discovery ( WBD) CEO David Zaslav promised 2023 will be WBD's year after the media giant reported fourth quarter earnings results that missed across the board on Thursday. We expect 2023 pro forma adjusted EBITDA to be in the low to mid $11 billion range, representing growth of low to mid-20%, against pro forma adjusted EBITDA of $9.2 billion in 2022. The reality is, in today's environment, I think it would be -- you wouldn't want us to say we have a static a 100% defined windowing strategy. Some are advertiser-driven. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. In addition to all of our entertainment and nonfiction, we do have all of our news and sports. 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 Foxtel Group has today officially confirmed details of a major new content and platform agreement with Warner Bros. Stay tuned for more to come on this front. Discovery in April last year. 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. And regarding the linear affiliate renewals, as we've said a couple of times that we're very happy with how those discussions went, is a clear testament to the importance and the value that our network portfolio is delivering to our affiliates. Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. 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. This phenomenon can go for eight, 10-plus weeks for each series. 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. And we take advantage of all the content that we have. John Oliver poked at HBO's parent company, Warner Bros. We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. In recent weeks, we signed new deals with a number of the most prolific and celebrated creatives in the industry, including Greg Berlanti, Baz Luhrmann, M. Night Shyamalan, Akiva Goldsman and Zach Cregger with more to come. Today, with direct-to-consumer, more and more people are joining the party. - David Spade, 'Nothing Personal' 2022. Newt Scamanders relationships and past remain enigmatic, so any glimpse into his formative years will be huge for the character. On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' By Kevin P. King - March 10, 2022 684 0 Advertisements On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice Advertisements filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID And we continue to track above our internal plans. We do expect the cash cost to achieve synergy and transformation efforts will be around the higher end of our $1 billion to $1.5 billion guide given the expanded synergy target, some of which possibly hitting in 2024. And we're seeing some real opportunity here. We're excited about the upcoming launch of the [ENHANZE] product and look forward to sharing more details at a press event on April 12. On the one hand, we have tremendous breadth with live news, live sports, entertainment, nonfiction, a tremendous share and reach. We believe that when you have content that is so good that it hits the gist. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. And we're doing it in a very tasteful way by putting it on the very front end. Thanks, Ben. And once we establish this funnel, then we can take things like the first season of succession or the second season. It's working. For us, 2023 is a year of building. 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. 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? And now we're -- this year, you're going to see us fighting on DC. We got some of the best creatives in the industry right now focused on those swings. Gunnar and the team are laser-focused on driving transformation throughout the organization, supporting our ability to further generate real free cash flow. No, I was just going to say that as David has said before, I think the industry obviously was at a scale at any cost. I mean just how should we think of sort of pricing and how should that translate into sort of results as we look out to '23? And together, we are focused on making our businesses better and stronger. And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. And later down the road, we're also obviously going to start looking at new market launches, again. 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.. And so we were able, in many ways, to Monday morning quarterback. 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. And most importantly, we saw improvement across key KPIs. To that end, linear ad sales is a top priority at the moment, particularly as we balance both cyclical headwinds and ongoing secular challenges, much of which we've dealt with for the last several years. So again, as I said, a similar picture with more diversity. There's loads of content out there. But it's -- we're not going to tell any story before it's done. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . Turning to the total company EBITDA outlook. We see price as a very important second part. 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. And there's lots more to come including the highly anticipated Mortal Combat 12 and Suicide Squad - Kill The Justice League, games also set for release this year with ambitious launch projections. More details on the decision to have Wonder Woman 1984 debut in theaters and on HBO Max at the same time have been revealed, and it turns out there's a good reason for handling the sequel this way. We've been hard at work since our last call and look forward to updating you on our progress. With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. And that is the culture here at Warner Bros. However, we remain very enthused about the trend line here, and I have greater and greater confidence in our ability to achieve our long-term segment targets of breakeven in the U.S. in 2024 and $1 billion of profitability in 2025 globally. Yes. And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. 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. David Zaslav Praises CNN Adding More GOP Voices; "Balance Strategy" Is "Important," Warner Bros Discovery Boss Says + Discussion: The Wrap, . Q&A session is now closed, which concludes today's conference. And so we're feeling more and more confident about that. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. The studio is the flagship producer of live-action feature films within Warner Bros. We have Channing and her team right now with the #1 or #2 show on almost every platform in America where we're selling to all of our -- to our peers in the business. But the key to this company is, as a storytelling company, we have this diversity. But I also think we're very well positioned to grow from here. If you could share your view on those two impacts, that would be very helpful. August 4, 2022 04:30 PM ET. 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. Discovery Second Quarter 2022 Earnings Call. Warner Bros. 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. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. But in order to do that, we took less volume than we could have. This company every year give up the chance for new talents. Our final question comes from John Hodulik with UBS. Discovery and sort of the earnings power of the organization? We were able to put that to work behind some of cases launches, behind some of our film launches. https://forms.gle/pSmy15EJENw7foXi9 Advertisements 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. MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA Social media explodes and people are calling their family and friends to talk about what they saw. 3 min read. . It's not about getting it out quick. Batman Day - September 17, 2022. Yes, that's one important ingredient. Please. David, maybe just to sort of wrap up that on the content side. 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. And I think I just only add go ahead. We must get it right. (Photo by Santiago Felipe/Getty Images) China said on Monday (local time) it sought dialogue and peace for Ukraine despite US warnings that Beijing might be considering weapons supplies for its ally Russia's bogged-down invasion. We have command and control of each of the businesses. Christian Zilko And on the potential for the balance sheet, the balance sheet improvement is very encouraging. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. And I think that diversity is strength. They want -- they want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. We brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. Kathleen is doing a lot of work, getting the enormous value of our library on screen. Maybe help us think about the levers you have and your expectations around top line over the next few years? I believe Warner Bros. TV is the greatest quality maker of content in the world. Those shows had a supersized effect on people and culture. 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 we were able in the upfront to drive price significantly more than all of our peers. #inclusion #performerswithdisabilities #Disabilityawareness 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 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. 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. And then there was a lot of content that just wasn't being viewed. You do not need to submit this form if you've already submitted to any casting. 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. 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! To apply for the Fantastic Beasts open casting call, email [emailprotected] with a recent colour photograph, (i.e., taken within the last two months), contact telephone number, your home address and date of birth. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. No. But in addition, we want to run this company to drive free cash flow and the ability to monetize a lot of the content that isn't critical to subscriber growth. Clearly, as we have pointed out as a key risk since the summer, underlying advertising trends, particularly in the U.S., have continued to soften through the fourth quarter, and that was further exacerbated by general entertainment audience declines. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. "This promises to be a very exciting year for our company," he told investors during the company's Q4 earnings call . And the good news is we've had a real chance to look at content on each of the platforms over the last two years. Yes. Overall, 14% of . Studio Tour Hollywood invites you to celebrate the enduring legacy of the iconic Super-hero on Batman Day, Saturday, September 17, 2022. . Global core subscribers increased 1.1 million sequentially and 10 million year-on-year, while global ARPU increased as well modestly to $7.58. It's significantly better outside the U.S. right now, which is a surprise. Starting with the Studio segment. But I always would err toward price, because I think that's where you really build asset value. Discovery CEO David Zaslav said the retooling of CNN 'isn't going to happen overnight.'. Discovery, ensuring it will remain as the exclusive Australian home of HBO, Max Originals, Warner Bros. and Discovery programming. 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 . This company every year give up the chance for new talents. We have profitable subscribers that are very happy with the product offering of Discovery+, why would we shut that off. If you look at D.C., Harry Potter and Lord of the Rings, and then you take a look at Warner as a company without those three, okay? Discovery, Inc.. 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 then on the affiliate side, renewing 30% of your affiliate deals. Discovery CEO David Zaslav has doubled down on the groundwork being laid out for James Gunn and Peter Safran's DCU plans. And the response from consumers has been overwhelmingly positive. 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. 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. The closing date for applications is Tuesday, 20 June 2017 at midnight GMT. We've rightsized the content investments. You have so many hidden assets within the company. So, if you know any young acting hopefuls who know their Elder Wand-lore, or have a penchant for Sherbert Lemons, now is the time to let them know. And we are excited for Mike and Pam to lead the studio into its next chapter, which in 2023, will see output more than double. The company's properties are divided into nine business units, including the flagship Warner Bros. film and television studios, comic book . "I was in the movie 'Grown Ups'. Is that something you're able to comment on now? 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. A replay of the call will be available approximately two hours after the completion of the call until August 11, 2022. 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. Turning to consolidated results and free cash flow. Warner Bros. In addition to less activity in home entertainment, given the leaner theatrical release schedule in 2022, which was very much a result of deliberate decisions we made about specific titles and overall release dates. Discovery to Report Fourth Quarter 2022 Earnings: Listen Live on February 23, 2023 at 4:30 p.m. Photo: Kevin Dietsch/Getty Images. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. The scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. J.B., anything to add to that? [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. James was writing Superman. And Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. We met with 186 of the top leaders in -- for a week in early January. Aug 9, 2022, 8:40 AM. The casting of a young Leta would suggest that her character might have a bigger role in the sequel. 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