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? It's working. Discovery Inc. is suing Paramount Global, saying its competitor aired new episodes of the popular animated comedy series "South Park" after Warner paid for exclusive rights. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. Global core subscribers increased 1.1 million sequentially and 10 million year-on-year, while global ARPU increased as well modestly to $7.58. 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. On the one hand, we have tremendous breadth with live news, live sports, entertainment, nonfiction, a tremendous share and reach. Well, one of the big advantages that we have, Brett, is that we have this diversity of content. We're putting these targets here out for 2023 with the same mindset that we want to hit or outperform that guidance. Some are advertiser-driven. I remain very optimistic about the range of potential outcomes in 2023 and beyond. 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. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. And we hit this year with a full leadership team in place. Importantly, we successfully completed affiliate renegotiations, which accounted for more than 30% of U.S. distribution revenues and which brought our portfolio together coterminously. 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? Interested in future casting calls or joining our casting division? Gunnar will take you through all of the financials in our outlook, but I'm very pleased that we see our net leverage clearly below 4x by the end of this year, below 4x by the end of this year. 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. And there's a number of uncertainties as you wouldn't be surprised to hear. We've already seen more than $850 million in retail sales, and we still have more platforms launching over the next few months. 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? David, if James and his DC strategy is successful, which I'm sure is your expectation, what does that mean for the company overall over the long term? We also signed fast content deals with Roku and Tubi, adding to these popular platforms, hundreds of our TV shows and movies, while maximizing the reach and overall value of our content. James was writing Superman. 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. So I think this is an exciting time because I think we're really -- we made some tough decisions. And later down the road, we're also obviously going to start looking at new market launches, again. 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. Such a move has been expected for quite some time, given Warner Bros. 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. Use the form below to submit your basics and we'll reach out to you when the next big film casts! 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. 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. 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. Content alone is really only half of the equation. 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. Casting for teenage Dumbledore follows on from the news that Jude Law will play the adult character in the Fantastic Beasts sequel. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. 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' Warner Bros. 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. But in order to do that, we took less volume than we could have. HBO and HBO Max Hit with 70 Layoffs at Warner Bros. The 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. And we're seeing some real opportunity here. And that is what all great talent wants. Again, creating shows that people want to watch. International, some areas actually trending up now, others still difficult. 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. We took bold decisive action over the last 10 months and the bulk of our restructuring is behind us. 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. MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA In today's increasingly dynamic and a crowded media environment, the best hand has great storytelling IP, brilliant creatives, a full slate of production and distribution capabilities, and broad global reach that stretches across premium, pay TV, free-to-air, theatrical, streaming, licensing and gaming, the entirety of the ecosystem, and that is exactly the hand that we have, and we intend to play it decisively and with a focus on free cash flow and an eye towards sustainable future growth. 4 talking about this. WIZARDING WORLD Publishing and Theatrical Stage Rights J.K. Rowling. Our next question comes from Ben Swinburne with Morgan Stanley. That's what we're looking to primarily deliver. This company is found in the years 1923. 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. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement. 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. Wizarding World is the new official home of Harry Potter & Fantastic Beasts. Looking for Pottermore? 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. In the end, there was public backlash over his casting, but not because of his . NOW CASTING PAID EXTRAS, AGES 18+ to portray WHITE HOUSE STAFF for new NETFLIX & Tyler Perry Studios movie SIX TRIPLE EIGHT (6888). And we've lapped that now, and we're seeing some growth now. We have command and control of each of the businesses. 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. 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. Is this happening to you frequently? 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. That's the power of streaming. View this post on Instagram The company's properties are divided into nine business units, including the flagship Warner Bros. film and television studios, comic book . I'd like to ask about advertising trends you're seeing and maybe kind of advance this discussion a bit more. Warner Bros. I can't wait for The Flash to hit the theaters in June. SVOD and ad-lite tiers and a significantly enhanced product platform to drive better performance, improved user experience and stronger engagement. 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? Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Disclaimer: Audition free of cost for more information visit the respective official site. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. We'll definitely -- we're definitely planning for revenue improvement. Operator. Yes. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. "I was in the movie 'Grown Ups'. If there is interest in pursuing an application further, the applicant will hear back within 14 days of their original submission. Lord of the Rings is one of the most iconic storytelling franchises of all time and we're so excited. 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. Warner Bros. 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. That is exactly what we see happening at HBO. 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 to that point, I have no doubt that we have years and years of that coming our way. Turning to the quarter, I'd like to quickly take you through some of the puts and takes impacting performance. And getting ready for our new launch. 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. We brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. Obviously, successful films will help your Studio segment earnings. 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. I'll talk more about that in a minute. I'm just wondering if you can talk about some of these assumptions. However, we remain very enthused about the trend line here, and I have greater and greater confidence in our ability to achieve our long-term segment targets of breakeven in the U.S. in 2024 and $1 billion of profitability in 2025 globally. (Photo by Santiago Felipe/Getty Images) Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. 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. We continue to be the place creators are choosing to bring their visions to life. And I'm very, very glad that we put out some targets in the summer of last year, and we were able to hit those targets. And once we establish this funnel, then we can take things like the first season of succession or the second season. And Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. 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. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; 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 product will offer compelling content for every member of the household. Discovery Second Quarter 2022 Earnings Call. Don't forget the 12+ hour blocks of five year old movies every weekend. You have so many hidden assets within the company. 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. That's not the point. W arner Bros. Pictures and the filmmakers behind the Fantastic Beasts sequel are holding open calls for five young actors to join the cast of the film. If they ask you to pay a fee in order to audition for a specific role, it's most likely a scam. We have a lot of motion picture content that we're reworking and making a lot of progress with. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. So I know it's a pretty open-ended question, but can you talk about how you see the streaming industry evolving overall with these changes? And then we ourselves will run our own fast service. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. Today, with direct-to-consumer, more and more people are joining the party. 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 not about getting it out quick. And the newest hits, Night Court on NBC and Shrinking on Apple TV. Discovery experienced a staggering USD 2.1 billion financial setback. And most importantly, we saw improvement across key KPIs. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. That's the power of curation. 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 . 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. Yes. We have full command and control of our business, and we are one company now. 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. Our next question comes from Michael Morris with Guggenheim Partners. And so we are a storytelling company. The Last Of Us, for example, grew its Sunday premier night viewership by about 1 million with each episode over the first 4 weeks. The 50 Best Movies of 2022, According to 165 Critics from . 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. Warner Bros. It's just too early to really call a trend change here. Please. Christian Zilko And so we'll keep in mind this balance of volume versus price. 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. And we have high hopes for all of these metrics after the combined product launches to further improve. 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. First, let me say, this promises to be a very exciting year for our company. Before we start, I'd like to remind you that today's conference call will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. During the fourth quarter of 2022, Warner Bros. Reportedly Cancels 'Wonder Woman 3' Warner Bros. 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. And with that, I am pleased to turn the call over to David. As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. Those shows had a supersized effect on people and culture. Nov 3, 2022 2:02pm PT Warner Bros. #inclusion #performerswithdisabilities #Disabilityawareness But the key to this company is, as a storytelling company, we have this diversity. So we do see subscriber scale as one part of the revenue growth story. Aug 9, 2022, 8:40 AM. Based on the traction we are seeing across the broad spectrum of operational and financial KPIs, we expect segment EBITDA to be more or less breakeven in Q1, which implies another $500 million improvement year-over-year, roughly in line with the improvement seen in Q4. We have an exceptional leadership team that is truly aligned across a common set of strategic, operational and financial goals and metrics. We expect 2023 pro forma adjusted EBITDA to be in the low to mid $11 billion range, representing growth of low to mid-20%, against pro forma adjusted EBITDA of $9.2 billion in 2022. 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! And then there was a lot of content that just wasn't being viewed. We haven't done new Harry Potter content in over a decade. The Hogwarts game, we took several additional months to rework it, to get it right. I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. 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. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. Channing is the best example of that. Discovery CEO David Zaslav said the retooling of CNN 'isn't going to happen overnight.'. Studio. 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. Appreciate all the information you just shared. Last year was a year of restructuring. You probably know that, because we've kept the lights on at TBS for the last five years.". The market is -- the macro environment is very challenging. John Oliver poked at HBO's parent company, Warner Bros. 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/. David, maybe just to sort of wrap up that on the content side. We've rightsized the content investments. And now you see a very soft scatter market. Thank Sure. 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. 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. Your email address will not be published. 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. 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. We've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. In terms of the market itself, it's -- as I've said before, it's not a good environment. Is there any of your content that's definitely off the table to be included in that service? 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. Warner Bros Casting Calls are the most useful tools for those who are feeling capable that they can make an immediate impact on their acting careers, but aren't well-enough known to get invited to usual castings. 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. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. 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. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. The casting of a young Leta would suggest that her character might have a bigger role in the sequel. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. 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. 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. Accordingly, we expect free cash flow in the first quarter to be negative. 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. Discovery in which we took some pivotal initial steps. 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. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. The fourth quarter marked the end of a first and very defining chapter for Warner Bros. In 2022, Warner Bros. will release Elvis, a biopic about the king of rock and roll himself. And on the 2023 outlook, look, it's early in the year. But I also think we're very well positioned to grow from here. Some of them we may find we need to adjust, but we feel really good about where we are, and we're accelerating forward. And I think that diversity is strength. What's in there for upside, which is something that you didn't really talk about that much, but it's new? We are more confident than ever that we have the right strategy to be successful and ultimately achieve our goal of being the greatest media and entertainment company in the world. 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. We're going to be releasing 12 films, 6 games. We see better engagement, better churn, which makes marketing efficiencies come up. And now we're -- this year, you're going to see us fighting on DC. 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. We met with 186 of the top leaders in -- for a week in early January. Discovery. Is there -- what are you considering? 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 . Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. Discovery, Q4 2022 brought a hefty price: A net loss of USD 2.1 billion due to declining ad sales revenue figures. The studio is the flagship producer of live-action feature films within Warner Bros. 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. For us, 2023 is a year of building. Discovery, Inc.. Overall, 14% of . Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. So I think that I'm hyper-focused on this, meeting once a week with the team, but getting our stride as a new working team, and I feel like we're starting to get some momentum on that. And on the 2023. 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. 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. Thank you, David. Having said that, we closed this deal right before the upfront, and we're first bringing our teams together. I saw it and loved it. Warner Bros. filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID I mean, pot levels in the industry, I think, were down 14% in the quarter. Warner Bros. Just what should we expect in terms of '23 versus '22? WBD 15.42 +0.67 Warner Bros. And after just 5 weeks, an astounding 35 million people have watched episode 1. Want to watch one thing in mind this balance of volume versus price Bunny. Targets here out for 2023 with the same mindset that we have a bigger role the... 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