The market is -- the macro environment is very challenging. And HBO is streaming's new must-see TV with all of its cultural impact and excitement. 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! We have a fantastic leadership team moving us forward, everyone rowing in the same direction. There are some opportunities that I'm looking at below deck as we say, but none of that would be baked into this leverage guidance. These are huge numbers, particularly in today's day and age of binge viewing, when there is so much content to choose rooms. 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. It's working. So again, as I said, a similar picture with more diversity. Sir, you may now begin. There's loads of content out there. 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. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. Discovery, for canceling "Batgirl . Channing is the best example of that. It's working. Discovery Second Quarter 2022 Earnings Call. 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. 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. 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. 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. 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! That's what led us to the conclusion that direct to streaming movies were providing really no value to us. 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. J.B., anything to add to that? During the fourth quarter of 2022, Warner Bros. We work, grow and create world class content in one of the biggest, busiest studio lots in the industry, as well as at countless studios, sets and offices around the globe. View this post on Instagram And where does the WBD fit in that? Some of them we may find we need to adjust, but we feel really good about where we are, and we're accelerating forward. Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. The best way to drive interest and engagement is not by dropping the entire season on a platform all at once, but by allowing the buzz and anticipation to build over time. 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. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. 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. Newt Scamanders relationships and past remain enigmatic, so any glimpse into his formative years will be huge for the character. 3 min read. 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. 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. FAST is one area that as we look at the evolution of consumer behavior, we look at obviously a lot of the free-to-air viewing moving to what we call free-to-view online. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. 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. August 4, 2022 04:30 PM ET. We can put that down on our AVOD service. We believe strongly in the importance of the motion picture window and having that shared experience with other people. Is this happening to you frequently? (Photo by Santiago Felipe/Getty Images) Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. This company every year give up the chance for new talents. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. 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 getting ready for our new launch. 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 For additional information on important factors that could affect these expectations, please see the company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K. A copy of our Q4 earnings release, trending schedule and accompanying slide deck is available on our website at ir.wbd.com. We also made a decision in the upfront to drive price rather than extra volume. And Ben, on the D2C question, let me start with the revenue side of it. This is one team now. Discovery, ensuring it will remain as the exclusive Australian home of HBO, Max Originals, Warner Bros. and Discovery programming. And after just 5 weeks, an astounding 35 million people have watched episode 1. 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. 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? [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. And I think there was a lot left on the table. And having some of that content appear on our platform and sell it nonexclusively to others is very economically beneficial. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. 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. And together, we are focused on making our businesses better and stronger. And we're able to align our networks on a coterminous basis with these distributors. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. Netflix Reality Series Audition 2023 Casting Calls. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. Is there any of your content that's definitely off the table to be included in that service? Is that -- it sounds like you guys have, on the one hand, a lot of new programs, a lot of new movies and a lot of new initiatives; but at the same time, pulling some content on the floor. Discovery to Merge Streaming Services James Gunn, and Peter Safran were Appointed to Be Executives of DC Studios 'Stranger Things' Caleb McLaughlin Says He Wants to Place 'Static Shock' Margot Robbie on Lady Gaga Cast to Play Harley Quinn in 'Joker 2' The company's properties are divided into nine business units, including the flagship Warner Bros. film and television studios, comic book . In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. Discovery CEO David Zaslav said the retooling of CNN 'isn't going to happen overnight.'. 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. You probably know that, because we've kept the lights on at TBS for the last five years.". And we take advantage of all the content that we have. So those candidates who are interested must have checked the companys full details. Maybe help us think about the levers you have and your expectations around top line over the next few years? The advertising environment in the U.S. remains very . Last year was a year of restructuring. In terms of the market itself, it's -- as I've said before, it's not a good environment. So we have a best -- we have all this work that we've done to build this platform will be taken, so that to the benefit of all of our subscribers on all of our different products. Our strategy is no sub left behind. Importantly, we successfully completed affiliate renegotiations, which accounted for more than 30% of U.S. distribution revenues and which brought our portfolio together coterminously. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. 2023 will be a year of building and off we go. To participate in the Warner Bros. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. 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. 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. 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. Warner Bros. Yes, that's one important ingredient. 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. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. . CASTING SUBMISSION - Actors & Extras No question about that. 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. Photo: Kevin Dietsch/Getty Images. We're spending time with him and Peter and he had a vision for DC that we are all in on and believe in. Batman Day - September 17, 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. The decisions we've made and the strategies we've set in motion 10 months ago have created a solid foundation and we're starting to see strong momentum. But it's -- we're not going to tell any story before it's done. And it all stems from great storytelling. In the end, there was public backlash over his casting, but not because of his . So we do see subscriber scale as one part of the revenue growth story. 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. 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. Turning to the total company EBITDA outlook. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. Our next question comes from Kutgun Maral with RBC Capital Markets. If you could share your view on those two impacts, that would be very helpful. 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. We have an exceptional leadership team that is truly aligned across a common set of strategic, operational and financial goals and metrics. Here we have mentioned the name of the founder below here on page read it carefully. 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. And back then, you had to watch the show on Thursday night. 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. If they ask you to pay a fee in order to audition for a specific role, it's most likely a scam. I think the focus right now is obviously continuing to on the expanded entertainment offering, and we think the complementary of the HBO Max and Discovery+ entertainment offering is significant and will be a major step forward for consumers, who are looking for simplified number of choices, more breadth of options in terms of content all in 1 place and for good value. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. We've gone through a couple of the puts and takes here. And the newest hits, Night Court on NBC and Shrinking on Apple TV. And that is the culture here at Warner Bros. We continue to expect to convert 1/3 to half of EBITDA into free cash flow, as I stated earlier, with the key determinants and drivers of growth being the magnitude of EBITDA, net cash content spend, the impact of working capital initiatives, and the timing and magnitude of a trend change in the advertising market. 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. I think the focus for many of us is usually each company's top profitability, but maybe there's not enough attention to the fact that each of these moves could have pretty dramatic impacts to the industry and competitive landscape. So that storytelling IP. I saw it and loved it. And we can create a Tubi or a Pluto without buying content from anybody by just being able to put it on ourselves. Thanks, Ben. 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. This is some of the most recognized and beloved storytelling IP in the world, and we're excited to tell even more of those stories. Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. Discovery, Inc.. 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. I'll talk more about that in a minute. It's not about getting it out for a certain date. On the advertising side, it's kind of a complex answer. 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. In Harry Potter and the Deathly Hallows, readers learned that Albus and Gellert were once friends, before becoming arch-rivals. And that is what all great talent wants. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . Your email address will not be published. "This promises to be a very exciting year for our company," he told investors during the company's Q4 earnings call . And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. 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. 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. And so selling that to drive free cash flow and to nourish the overall segment, so that we, as a media segment, can be successful is important. Aug 9, 2022, 8:40 AM. Number three, evaluating capital allocation opportunities with rigor, so that we can both achieve near-term efficiency and enhance long-term asset value and growth. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. Warner Bros. We're going to be releasing 12 films, 6 games. 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.. Let me start with the second. We believe that when you have content that is so good that it hits the gist. In 2022, Warner Bros. will release Elvis, a biopic about the king of rock and roll himself. 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. Thank you, Jessica. Storytelling content is most powerful when you're watching it and then you're with others, either in a theater, or you're able to talk about it either online or with your friends, that's the power of content, not when you're viewing content alone. Your email address will not be published. company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K. with that, I am pleased to turn the call over to David. August 15, 2022 10:20am. And while we are comping the Winter Olympic Games in Q1, which we expect will account for roughly 100 basis point headwind to our global advertising growth rate, we see underlying international trends modestly improving. We got some of the best creatives in the industry right now focused on those swings. We have a lot of motion picture content that we're reworking and making a lot of progress with. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. And there are times when our share is significantly higher with marquee events, such as March Madness and the MLB and NBA playoffs. John Oliver poked at HBO's parent company, Warner Bros. 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. The closing date for applications is Tuesday, 20 June 2017 at midnight GMT. 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. The long-term earnings and free cash flow generation potential of this company are stronger than ever, particularly after having taken some courageous and crucial first steps this past year. 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? We have full command and control of our business, and we are one company now. And so we'll keep in mind this balance of volume versus price. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And my second question is about this pending relaunch MAX product. I want to follow up on the streaming discussion. Can you talk a little bit about the revenue outlook for D2C? That's not the point. I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. 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. And we were able in the upfront to drive price significantly more than all of our peers. Warner Bros. Obviously, successful films will help your Studio segment earnings. Passionate about supporting Creatives to develop, produce . We've effectively done that now, but we had to take two different sales teams and pull them together. 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. Warner Bros. TV Group chairman Channing Dungey, in a memo to employees, explains cuts that will lead to the loss of 125 positions (including 43 vacant slots) - 26% of the division's total workforce. 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. 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. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. And then if you loved it, you can come up and you could then pay for on ad-lite or in subscription. 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. It comes after HBO and HBO. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. Margot Robbie, who plays Barbie, is instantly as Barbie-esque as you could imagine, all blond hair and smiles and bright pink car. And once we establish this funnel, then we can take things like the first season of succession or the second season. Warner Bros. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement. 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. And we hit this year with a full leadership team in place. 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. Through a couple of the puts and takes here applications is Tuesday, 20 June 2017 at midnight GMT we... Formative years will be a year of building and off we go home entertainment faced year-over-year... 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