This is one team now. Sir, you may now begin. I can't wait for The Flash to hit the theaters in June. And we're seeing some real opportunity here. The market is -- the macro environment is very challenging. Participants must have the right to work in the United States or Canada. Having said that, as we face this next upfront, which is coming up in two months, I think the breadth of our content together with where we go in on price, positions us very well. Turning to the total company EBITDA outlook. 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. I saw it and loved it. Discovery. We have a lot of motion picture content that we're reworking and making a lot of progress with. And so we'll keep in mind this balance of volume versus price. . He presented that to you and the press about a month ago. What's in there for upside, which is something that you didn't really talk about that much, but it's new? We have a fantastic leadership team moving us forward, everyone rowing in the same direction. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. 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. But the key to this company is, as a storytelling company, we have this diversity. 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. Netflix Reality Series Audition 2023 Casting Calls. The casting of their teenage incarnations as well as those of Newt and Leta will be sure to intrigue Harry Potter fans, and drive further speculation about the next films story. I think you used it during your script. 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. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. 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. Your email address will not be published. And on the 2023. Warner Bros. 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. Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. During the fourth quarter of 2022, Warner Bros. We've been hard at work since our last call and look forward to updating you on our progress. And I have no doubt that when the market turns, we're going to be in a very, very good position to capture that upswing as well, especially, as David mentioned, with more inventory on the digital side becoming available here, which last year was sort of a limiting factor for us. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. Sep 2, 2021 Seeking young performers for Nickelodeon's nationwide (US and Canada) Performers with Disabilities Open Call! She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. 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. 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. So we do see subscriber scale as one part of the revenue growth story. And then there was a lot of content that just wasn't being viewed. 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. There's loads of content out there. Naturally, and as I have said before, not all of these initiatives will come to fruition or get realized to the full extent, but this represents a significant pipeline for us as components of both near-term cost out and longer-term continuous improvement. But -- and I know it's a tough question to put numbers around. Sure. Passionate about supporting Creatives to develop, produce . 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. WBD 15.42 +0.67 Warner Bros. We got some of the best creatives in the industry right now focused on those swings. Reportedly Cancels 'Wonder Woman 3' Warner Bros. 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. 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. This information is only for educational purposes use. 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. 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. Such a move has been expected for quite some time, given Warner Bros. So I think this is an exciting time because I think we're really -- we made some tough decisions. 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're excited about the upcoming launch of the [ENHANZE] product and look forward to sharing more details at a press event on April 12. International, some areas actually trending up now, others still difficult. Webcast. Warner Bros. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. We're going to be releasing 12 films, 6 games. And so we are a storytelling company. If you have an ad-blocker enabled you may be blocked from proceeding. And now we're -- this year, you're going to see us fighting on DC. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. Q&A session is now closed, which concludes today's conference. 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. Thanks, Ben. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. Though we are assuming that things will get better in the second half. Nowhere is this more important in my view, and it isn't going to happen overnight, and I believe we are on the right path. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. We haven't done new Harry Potter content in over a decade. 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. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. 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. While every applicant will be considered, only those passing the initial consideration round will be contacted. 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. The game was 1 of the most highly anticipated of 2023. 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. 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. So I think we're very well positioned. Studio. 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. 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? Just what should we expect in terms of '23 versus '22? Again, creating shows that people want to watch. In terms of the market itself, it's -- as I've said before, it's not a good environment. Discovery Access Talent Spotlight, candidates must meet the below requirements: Participants must be 18 years or older as of March 1, 2022. Or is that something that might fuel that service? And one of the tenets is we're not going to launch any content before it's time. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. I think it could and should be huge because it wasn't being pushed on. 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. The television studio is the latest arm of Warner Bros Discovery forced to make cuts in order to save at least $3 billion after the merger overseen by David Zaslav. Photo: Kevin Dietsch/Getty Images. We do see the weekly bookings right now ticking up slightly if you compare January and February with maybe the November, December timeframe, looking a little better; retail, fast food, entertainment, a little better; telecom, small, but coming back; but then you've got other areas like technology is still completely depressed. And we hit this year with a full leadership team in place. We've rightsized the content investments. So those candidates who are interested must have checked the companys full details. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. Discovery CEO David Zaslav said the retooling of CNN 'isn't going to happen overnight.'. 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. Among them, the integration and repositioning of our global finance organization through which we implemented a number of initiatives to drive efficiency and better support the company's long-term sustainable growth. Thank Sure. How much do you feel like is more reflective of some of the underlying trends that just have to do with ratings declines or core cutting and those types of trends? And so I think of the investments that you make in live sports content on Turner, live content on CNN, are those types of things definitely are or they structurally not able to be put on the service? Well, one of the big advantages that we have, Brett, is that we have this diversity of content. 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. 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. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . We got to take those swings. 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. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. 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 scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. Two questions. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The company's properties are divided into nine business units, including the flagship Warner Bros. film and television studios, comic book . That HBO Max, whatever we call it on the launch, is a product that we take around the world and that has a real impact on how people consume content. Discovery Second Quarter 2022 Earnings Call. I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. And for us, DC alone will be -- could and should be a game changer. The reality is the market is evolving so dynamically that what we are doing is as 1 team, looking at all the different windows and what our real asset is having actual distribution assets in almost every form of media, whether it be linear television, on-demand television through streaming, games, theatrical distribution, free-to-air, pay TV. 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. We were able to put that to work behind some of cases launches, behind some of our film launches. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. Turning to Networks. You're going to see us fighting at Warner Bros. on the Motion Picture side, in order to really -- I think there's a huge opportunity on the Warner Bros. Motion Picture side for investment in quality content and storytelling. 4 talking about this. We see better engagement, better churn, which makes marketing efficiencies come up. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. You have so many hidden assets within the company. And we're able to align our networks on a coterminous basis with these distributors. 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 basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. To participate in the Warner Bros. These are huge numbers, particularly in today's day and age of binge viewing, when there is so much content to choose rooms. Warner Bros. During the WBD quarterly earnings call, Zaslav . On direct-to-consumer, we are making meaningful progress on our goal to achieve real profitability in streaming, a key and powerful segment of our company. Warner Bros. And why should we need to monetize that in order to drive shareholder value. Naturally, our domestic relaunch of the combined product offering in the spring will result in a sequential step-up in P&L investments in Q2 behind a requisite increase in marketing spend support and premier content launches. Please disable your ad-blocker and refresh. In the end, there was public backlash over his casting, but not because of his . The sentiment is not terrific. 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. More on this from Gunnar in a minute, but I'm pleased with the trend line we see in Q1, particularly as we are managing towards close to breakeven segment EBITDA in the quarter. And where does the WBD fit in that? We are also advantaged by the fact that our U.S. networks average 30% of all nightly cable viewers in the key 25 to 54 demo. 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. 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. Casting Australia (@warnerbroscastingau) Discovery advantage. 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. 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. If you could share your view on those two impacts, that would be very helpful. We have command and control of each of the businesses. 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. 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. NOW CASTING PAID EXTRAS, AGES 18+ to portray WHITE HOUSE STAFF for new NETFLIX & Tyler Perry Studios movie SIX TRIPLE EIGHT (6888). 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. 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 . And Ben, on the D2C question, let me start with the revenue side of it. And that isn't critical to or helpful to churn. And getting ready for our new launch. David Zaslav Praises CNN Adding More GOP Voices; "Balance Strategy" Is "Important," Warner Bros Discovery Boss Says + Discussion: The Wrap, . 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