Studio. 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. And one of the tenets is we're not going to launch any content before it's time. If all else fails, take your mother's advice - if it seems too good to be true, it probably is. 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. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. 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. 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. The guidance does not include any asset sales. Warner Bros. Discovery's earnings are expected to grow from $0.97 per share to $1.79 per share in the next year, which is a 84.54% increase. Social media explodes and people are calling their family and friends to talk about what they saw. 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. The replay can be accessed by phone by dialing +1 877-674-7070 or +1 416-764 . We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. Is there any of your content that's definitely off the table to be included in that service? 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. 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. 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. 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. WIZARDING WORLD Publishing and Theatrical Stage Rights J.K. Rowling. Nov 3, 2022 2:02pm PT Warner Bros. 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. 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. We will always be a little lower maybe than sort of a pure-play D2C product just because of the HBO linear trends that are baked into our revenue number. 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 . The studio is the flagship producer of live-action feature films within Warner Bros. 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. 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. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. This is one team now. And there's a number of uncertainties as you wouldn't be surprised to hear. 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. So David, as you said, '22 was a year of really heavy lifting and you had challenges really in every division, whether it was film, advertising, CNN, et cetera -- I mean, macro, et cetera, D2C. But the key to this company is, as a storytelling company, we have this diversity. Open casting calls are something of a tradition in the Wizarding World. 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 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. Yes. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. CASTING SUBMISSION - Actors & Extras Warner Bros. Warner Bros. 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. You have so many hidden assets within the company. Here through this post, we are also providing complete necessary details about the Warner Bros Pictures Casting Directors Dates Roles. 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.. 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. Casting for teenage Dumbledore follows on from the news that Jude Law will play the adult character in the Fantastic Beasts sequel. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Don't forget the 12+ hour blocks of five year old movies every weekend. Turning to the quarter, I'd like to quickly take you through some of the puts and takes impacting performance. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. 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. And having some of that content appear on our platform and sell it nonexclusively to others is very economically beneficial. 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. Discovery advantage. 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. I believe we've barely begun to scratch the surface in terms of the potential here, and I'm excited about the benefits as this cascades throughout the organization. The Last Of Us, for example, grew its Sunday premier night viewership by about 1 million with each episode over the first 4 weeks. 4 talking about this. You may now disconnect. No. And then on the affiliate side, renewing 30% of your affiliate deals. 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. Warner Bros. And that gives us real optionality in terms of nourishing audience for growth and for reduction in churn and for overall price value. And we have high hopes for all of these metrics after the combined product launches to further improve. And I think our diversity, we have all these different assets that have -- that are different. 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. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. And after just 5 weeks, an astounding 35 million people have watched episode 1. 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 I mean, pot levels in the industry, I think, were down 14% in the quarter. We've rightsized the content investments. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. In Harry Potter and the Deathly Hallows, readers learned that Albus and Gellert were once friends, before becoming arch-rivals. August 4, 2022 04:30 PM ET. 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. I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. Required fields are marked *, Warner Bros.-Seven Arts, Inc.(19671970), Toby Emmerich(Chairman, Warner Bros. Pictures Group), Walter Hamada(President, DC-based Film Production), studiofacilities.warnerbros.com/studio-operations-inquiry-form/. And now we're -- this year, you're going to see us fighting on DC. We must get it right. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. 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. 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. Some are advertiser-driven. Warner Bros. 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. 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. But it's -- we're not going to tell any story before it's done. We were able to put that to work behind some of cases launches, behind some of our film launches. Turning to Networks. The 50 Best Movies of 2022, According to 165 Critics from . Well, one of the big advantages that we have, Brett, is that we have this diversity of content. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. 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. Such a move has been expected for quite some time, given Warner Bros. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. Note that merger and integration-related cash costs totaled nearly $150 million in Q4 and nearly $800 million for the year, in addition to a nearly $350 million headwind from securitization and factoring since the closing of the deal in early April. Please. We said starting last August, we believe in profitable scale. 3 min read. Discovery, Inc.. 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. The Foxtel Group has today officially confirmed details of a major new content and platform agreement with Warner Bros. We took bold decisive action over the last 10 months and the bulk of our restructuring is behind us. 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 I always would err toward price, because I think that's where you really build asset value. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. Let me start with the second question. And on the potential for the balance sheet, the balance sheet improvement is very encouraging. 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. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. We see churn as a third important variable that historically has been relatively higher on the HBO Max product that with the two products coming together, that ultimately coming down is important. The Warner Bros. Television Workshop is the premier program for new writers and. We've heard the word curated. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. Thank you for attending today's presentation. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. (Photo by Santiago Felipe/Getty Images) And where does the WBD fit in that? Stay tuned for more to come on this front. We continue to be the place creators are choosing to bring their visions to life. We're assuming that. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. And on the 2023 outlook, look, it's early in the year. This information is only for educational purposes use. The biggest unknown continues to be in the ad sales environment. Aug 9, 2022, 8:40 AM. Or is that something that might fuel that service? We've been hard at work since our last call and look forward to updating you on our progress. And so effectively, whether you want to look at content for free, you want to look at with edge, you want to look at you want a premium that we -- you would have all that opportunity with us, and it makes sense because we have the largest TV and motion picture library in the world. We got to take those swings. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. Our strategy is no sub left behind. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. No, the only thing I would add is from the perspective of cyclical versus secular, there's no doubt. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. The other point that is front or set up for us is curation. We see better engagement, better churn, which makes marketing efficiencies come up. And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. 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? An open casting call has gone out for three actors between the ages of 13 and 16 to play young versions of Newt, Leta, and another character called Sebastian. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. Discovery Is America's Worst-Run Company,Mismanagement has ruined whatever success Warner Bros. Let me start with the second. Turning to the total company EBITDA outlook. 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. 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. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. But curation, creating content at a time when people can watch it, creating a community conversation. Accordingly, we expect free cash flow in the first quarter to be negative. 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. Lord of the Rings is one of the most iconic storytelling franchises of all time and we're so excited. WBD 15.42 +0.67 Warner Bros. 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. But the other key is that we have the largest TV and motion picture library and we're the biggest producer of quality content in the world. 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. We've accomplished a significant amount in 2022, and I'd like to take this opportunity to thank the entire finance team for their persistence and resolve in working through these very difficult but necessary first steps, which has resulted in greater command, control and precision across the enterprise and laid the foundation on which we are positioning the company. It's working. 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. 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. The market is -- the macro environment is very challenging. And we're curating now in a way that's having an impact on America. Our next question comes from Kutgun Maral with RBC Capital Markets. 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. Photo: Kevin Dietsch/Getty Images. #inclusion #performerswithdisabilities #Disabilityawareness We definitely are planning for an inflection on the revenue side. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. We'll definitely -- we're definitely planning for revenue improvement. The studio is the flagship producer of live-action feature films within Warner Bros. But -- and I know it's a tough question to put numbers around. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. That said, there's still more that we need to get right and we are hard at work. Yes. That is exactly what we see happening at HBO. And we could see, for instance, at HBO, the majority of viewership of content on HBO was only 40% of the content. We can put that down on our AVOD service. The company's properties are divided into nine business units, including the flagship Warner Bros. film and television studios, comic book . Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. We also made a decision in the upfront to drive price rather than extra volume. 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. Discovery CEO David Zaslav has doubled down on the groundwork being laid out for James Gunn and Peter Safran's DCU plans. 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 we are excited for Mike and Pam to lead the studio into its next chapter, which in 2023, will see output more than double. And with that, I am pleased to turn the call over to David. Discovery Cuts Scripted Programming at TBS, TNT. The Hogwarts game, we took several additional months to rework it, to get it right. 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. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. Studio Tour Hollywood invites you to celebrate the enduring legacy of the iconic Super-hero on Batman Day, Saturday, September 17, 2022. . Delivering the latest news and official products from the Wizarding World and our partners. Two questions. It's working. Sure. So a lot to be looking forward to. Discovery Access Talent Spotlight, candidates must meet the below requirements: Participants must be 18 years or older as of March 1, 2022. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. John Oliver in season nine of "Last Week Tonight With John Oliver." Paula Lobo/HBO. 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. https://forms.gle/pSmy15EJENw7foXi9 Advertisements I think you used it during your script. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. And I think there was a lot left on the table. 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 then if you loved it, you can come up and you could then pay for on ad-lite or in subscription. 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. 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. Margot Robbie, who plays Barbie, is instantly as Barbie-esque as you could imagine, all blond hair and smiles and bright pink car. The 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. So that storytelling IP. 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. John Oliver poked at HBO's parent company, Warner Bros. We haven't done a Superman movie in 10 years. And for us, DC alone will be -- could and should be a game changer. 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. HBO and HBO Max Hit with 70 Layoffs at Warner Bros. This company is found in the years 1923. WarnerMedia Equity + Inclusion announces the WarnerMedia Access Talent Spotlight, a new talent training program for aspiring actors looking for professional development and resources. NOW CASTING PAID EXTRAS, AGES 18+ to portray WHITE HOUSE STAFF for new NETFLIX & Tyler Perry Studios movie SIX TRIPLE EIGHT (6888). Sep 2, 2021 Seeking young performers for Nickelodeon's nationwide (US and Canada) Performers with Disabilities Open Call! Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. 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. Warner Bros. And Lord of the Rings, which is a fantastic franchise, Andy Jassy was pushing on it at Amazon with a lot of success, but we own those movie rights. First, let me say, this promises to be a very exciting year for our company. I want to follow up on the streaming discussion. And so we're feeling more and more confident about that. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance. What's in there for upside, which is something that you didn't really talk about that much, but it's new? No question about that. It's about the sustainability and the longevity the free cash flow being delivered by that segment. It's about telling the best story. So there was 60% that was hardly being viewed. Hello, everyone, and thank you for joining us. And I think I just only add go ahead. Well, look, we were laser-focused on building this DC 10-year plan. 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. 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