Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. 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. And we're able to align our networks on a coterminous basis with these distributors. On Friday, AT&T handed off Warner Bros. to Discovery Inc. as part of a $43 billion merger. 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. Discovery, we believe we have the strongest hand in the industry, with the most complete portfolio of assets and globally renowned franchises, personalities and storytelling IP, across sports, news, nonfiction and entertainment, in virtually every region of the globe and in every language. We were able to put that to work behind some of cases launches, behind some of our film launches. The advertising environment in the U.S. remains very . During the WBD quarterly earnings call, Zaslav . The fourth quarter marked the end of a first and very defining chapter for Warner Bros. Passionate about supporting Creatives to develop, produce . The poor actors and directors of the . The scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. Reportedly Cancels 'Wonder Woman 3' 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. 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. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. And we take that across film, TV and even to sell to third parties, because we have something, we have a treasury that no one else has. Thank Sure. The studio is the flagship producer of live-action feature films within Warner Bros. Warner Bros. To participate in the Warner Bros. A replay of the call will be available approximately two hours after the completion of the call until August 11, 2022. More Earnings Resources from MarketBeat Earnings Tools: Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Taking a step back here, though, I mean, the reason why -- one of the reasons why we carved out the linear business, the network business is, one, separate segment is to be completely transparent about where those trends are moving. And I believe in that, having been in this business for 30 years, I think in order to really drive asset value, you need to drive price. 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. You had 6% growth this quarter, a lot of that from advertising and content, but do you need revenue growth to accelerate in order to deliver that $1 billion? media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . The dreaded post-merger Warner Bros Discovery layoffs have reached the programming operation overseen by HBO and HBO Max Chief Content Officer Casey Bloys. Sep 2, 2021 Seeking young performers for Nickelodeon's nationwide (US and Canada) Performers with Disabilities Open Call! August 4, 2022 04:30 PM ET. Global core subscribers increased 1.1 million sequentially and 10 million year-on-year, while global ARPU increased as well modestly to $7.58. I think you used it during your script. We've gone through a couple of the puts and takes here. The search for Nick took Warner Bros. much longer than expected, though, and eventually Golding was ready to sign on. And so we want to optimize that as a unified strategy for the company. 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? Well, look, we were laser-focused on building this DC 10-year plan. And on the 2023. On the news side, we are fighting hard and making real progress. 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. You probably know that, because we've kept the lights on at TBS for the last five years.". It's -- those three of the tentpole products that when someone's at dinner anywhere in the world, and they look at their watch at 8:00 and you mention Batman, Superman, Wonder Woman, Harry Potter, Lord of the Rings. We want to tell the best stories, share them with the broadest audience possible, and we do that by working together as 1 team, 1 company. 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. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. We brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. 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. We are not conducting any type of audition. As expected, performance was negatively impacted by lower TV licensing revenues against a very tough comp last year, something well face again in the first quarter of 2023. And most importantly, we saw improvement across key KPIs. 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 . The guidance does not include any asset sales. The game was 1 of the most highly anticipated of 2023. All U.S. extremist mass killings in 2022 linked to far right, . Turning to the total company EBITDA outlook. And the response from consumers has been overwhelmingly positive. Our next question comes from Ben Swinburne with Morgan Stanley. Discovery Access Talent Spotlight, candidates must meet the below requirements: Participants must be 18 years or older as of March 1, 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. Warner Bros. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. 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. But in order to do that, we took less volume than we could have. Our final question comes from John Hodulik with UBS. Social media explodes and people are calling their family and friends to talk about what they saw. Interested in future casting calls or joining our casting division? At Warner Bros. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. We have profitable subscribers that are very happy with the product offering of Discovery+, why would we shut that off. That's the power of curation. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. ET Follow HBO Max Go to Site Follow HBO Go to Site Follow Warner Bros. Go to Site Follow HGTV Go to Site Follow Discovery Go to Site Follow discovery+ Go to Site Follow CNN Go to Site Follow TBS Go to Site Follow Food Network What's in there for upside, which is something that you didn't really talk about that much, but it's new? China calls for Russia-Ukraine cease-fire, . With respect to the cadence of free cash flow, as is historically the case for both legacy Discovery and WarnerMedia, Q1 free cash flow will represent the low point for the year given the timing of sports rights payments, timing of content outlays and cash interest payments on a large portion of the acquisition debt. This company every year give up the chance for new talents. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. No, the only thing I would add is from the perspective of cyclical versus secular, there's no doubt. Sorry, Robert. Please disable your ad-blocker and refresh. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. The creative co-lead and co-chairman of DC Studios have confirmed the entertainment studio is separate from Warner Bros. Pictures Group As per CBR via the social news aggregate website, Reddit . The Roku and the Tubi deal was really just a toe in the water, if you will, 14 channels, a beginning for us, but there'll be more to come as we go through the year, and we do want to have a bigger presence in that space because we do see consumer behavior continuing to shift and having a very robust amount of consumers around the world, who will want to consume ad-supported content. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. And that gives us real optionality in terms of nourishing audience for growth and for reduction in churn and for overall price value. Distribution revenues on the whole were impacted primarily by subscriber declines in the U.S. and lower affiliate rates in certain European countries, while larger contractual rate increases in the U.S. and premium sports packages in Latin America helped to offset part of this impact. December 13, 2021. Our strategy is no sub left behind. Oh, on FAST. Discovery in which we took some pivotal initial steps. This information is only for educational purposes use. 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? The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. It's not about getting it out quick. In all that we do, we are guided by three strategic pillars. The industry was in a quantity of content over quality, we believe, in a quality over quantity and therefore, spend-wise, spend needs to get rationalized. Sir, you may now begin. Open casting calls are something of a tradition in the Wizarding World. 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. Channing is the best example of that. 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. 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. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. Discovery and sort of the earnings power of the organization? And then we ourselves will run our own fast service. . I'll just take a swing at it, Gunnar, you can follow. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. 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. On the 12th, we'll lay out to you, we have a clear attack plan, where we'll drive this really across the country and into markets around the world with conviction. I believe Warner Bros. TV is the greatest quality maker of content in the world. (Photo by Santiago Felipe/Getty Images) 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 And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. And so we'll keep in mind this balance of volume versus price. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors that's very early in the year. filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. 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. So that storytelling IP. 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. David, maybe just to sort of wrap up that on the content side. 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. 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. 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. We have full command and control of our business, and we are one company now. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. If you could share your view on those two impacts, that would be very helpful. We have a fantastic leadership team moving us forward, everyone rowing in the same direction. Join the Fan Club and bring your traits with you. The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. Clearly, you still have some macro challenges, but what could go right? It's not about getting it out for a certain date. James was writing Superman. Yes. 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. And we could see, for instance, at HBO, the majority of viewership of content on HBO was only 40% of the content. And so I think that is key to us in terms of building the long-term 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. 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 we continue to track above our internal plans. As you look out to '23, I think Gunnar kind of touched on some of the potential tailwinds, but it sounds like you're walking away from close to $12 billion in EBITDA to maybe low to mid-$11 billion in EBITDA. In addition to all of our entertainment and nonfiction, we do have all of our news and sports. Warner Bros. 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. View this post on Instagram I can't wait for The Flash to hit the theaters in June. There's loads of content out there. We said starting last August, we believe in profitable scale. Today, with direct-to-consumer, more and more people are joining the party. 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. We have an unusual situation. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. 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. And there's a number of uncertainties as you wouldn't be surprised to hear. And we have high hopes for all of these metrics after the combined product launches to further improve. Yes, that's one important ingredient. 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. Nov 3, 2022 2:02pm PT Warner Bros. And we don't yet have, we think, a strong enough position in that market. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. Yes. We definitely are planning for an inflection on the revenue side. Let me start with the second question. The biggest unknown continues to be in the ad sales environment. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. We have command and control of each of the businesses. 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. The Voice, the #1 most watched unscripted show on network TV. We can put that down on our AVOD service. 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. We can take you into the theater around the world. 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. CAB Castings, LLC. While every applicant will be considered, only those passing the initial consideration round will be contacted. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance. All the meetings that I've had in the last two weeks are about great content that we're producing, meeting with creatives that want to come here, how we -- what more shows are we going to be selling, what more shows are we going to be keeping on our platform? Your email address will not be published. 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. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. 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 . And I think that diversity is strength. Gunnar? 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? Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. Warner Bros. 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! 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. For those that are happy paying $5 or $7 and having home, food, Discovery and own type content. It reminds me of my time at NBC when Thursday Night was must-see TV. Discovery to Report Fourth Quarter 2022 Earnings: Listen Live on February 23, 2023 at 4:30 p.m. But the digital inventory, which really held up in the fourth quarter has also softened. And on the potential for the balance sheet, the balance sheet improvement is very encouraging. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. We believe that when you have content that is so good that it hits the gist. We've already seen more than $850 million in retail sales, and we still have more platforms launching over the next few months. And I'm not taking anything off the table here, but I just want to be realistic as well about what we're seeing today. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. We have a lot of points to be very excited about. We see price as a very important second part. So I think we're very well positioned. 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. Thank you for attending today's presentation. 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. 4 talking about this. Warner Bros. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement. Hello, everyone, and thank you for joining us. And so we are a storytelling company. 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. 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. Discovery, Q4 2022 brought a hefty price: A net loss of USD 2.1 billion due to declining ad sales revenue figures. You've been ahead of the curve here, but it seems like everyone these days is reshaping their streaming strategy in pretty profound ways, whether it's their org structure, their content spend, types of content investments, philosophy around content exclusivity and licensing, international, pricing and just so much more. Accordingly, we expect free cash flow in the first quarter to be negative. It's the backbone of what we're doing, and we'll keep investing. It's 1 of the biggest value creation opportunities for us. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. 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. Warner Bros. WarnerMedia Equity + Inclusion announces the WarnerMedia Access Talent Spotlight, a new talent training program for aspiring actors looking for professional development and resources. It's working. Q4 revenue growth of 6% against the 12% decrease in combined operating expenses led to a significantly reduced EBITDA loss of roughly $200 million, a $500-plus million improvement year-over-year, notwithstanding a largely content-driven 6% increase in cost of revenue. Interestingly, the actor cast as the titular character, Austin Butler, isn't the most well known, and audiences will probably know him best as the Manson family member Tex Watson in Once Upon A Time In Hollywood . Discovery, Inc.. 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. Margot Robbie, who plays Barbie, is instantly as Barbie-esque as you could imagine, all blond hair and smiles and bright pink car. So those candidates who are interested must have checked the companys full details. 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