Does that include any potential asset sales like nonstrategic asset sales? 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 I think our diversity, we have all these different assets that have -- that are different. Is that something you're able to comment on now? And I think there was a lot left on the table. And there's a number of uncertainties as you wouldn't be surprised to hear. Her Barbie looks like a version of Robbie's Sharon Tate, or. The program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . We can take you into the theater around the world. Our strategy is no sub left behind. The advertising environment in the U.S. remains very . And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. And so we -- as the largest owner and producer of content in the world, we'll -- we want to super serve effectively our streaming service, which is a top priority as well as an AVOD service so that we could reach everyone in every country, everywhere in the world. We took bold decisive action over the last 10 months and the bulk of our restructuring is behind us. 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. Discovery might have had. Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. We've gone through a couple of the puts and takes here. You may now disconnect. 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. But in addition, we want to run this company to drive free cash flow and the ability to monetize a lot of the content that isn't critical to subscriber growth. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. We've been hard at work since our last call and look forward to updating you on our progress. 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 later down the road, we're also obviously going to start looking at new market launches, again. 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. On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' By Kevin P. King - March 10, 2022 684 0 Advertisements On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice Advertisements Casting for teenage Dumbledore follows on from the news that Jude Law will play the adult character in the Fantastic Beasts sequel. 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 brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. 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. CAB Castings, LLC. Yes, that's one important ingredient. 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. That is what we're tracking in our system today, specific initiatives with associated direct financial impact, responsible owner and detailed milestone plans. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. Table of Contents "I was in the movie 'Grown Ups'. 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. And together, we are focused on making our businesses better and stronger. We definitely are planning for an inflection on the revenue side. Looking for Pottermore? It's about telling the best story. The 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. Margot Robbie, who plays Barbie, is instantly as Barbie-esque as you could imagine, all blond hair and smiles and bright pink car. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. Open casting calls are something of a tradition in the Wizarding World. We got to take those swings. Appreciate all the information you just shared. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA Good afternoon, and welcome to Warner Bros. 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 . 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. The studio is the flagship producer of live-action feature films within Warner Bros. We're also thrilled by what we're seeing coming out of our games business, which represents a core part of our overall strategy. And the newest hits, Night Court on NBC and Shrinking on Apple TV. Well, one of the big advantages that we have, Brett, is that we have this diversity of content. 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. - David Spade, 'Nothing Personal' 2022. Social media explodes and people are calling their family and friends to talk about what they saw. August 4, 2022 04:30 PM ET. The guidance does not include any asset sales. (Photo by Santiago Felipe/Getty Images) Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. Let me start with the second. 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 . The casting of a young Leta would suggest that her character might have a bigger role in the sequel. Turning to the total company EBITDA outlook. Content alone is really only half of the equation. We continue to be the place creators are choosing to bring their visions to life. But we -- I believe that we have an overwhelming advantage in the marketplace with the IP that we own, but to take -- to get that advantage, we have to create great content with that IP. Obviously, successful films will help your Studio segment earnings. Webcast. And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. 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. 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. In 2022, Warner Bros. will release Elvis, a biopic about the king of rock and roll himself. Such a move has been expected for quite some time, given Warner Bros. We see better engagement, better churn, which makes marketing efficiencies come up. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. 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. If you could share your view on those two impacts, that would be very helpful. And getting ready for our new launch. Turning to the quarter, I'd like to quickly take you through some of the puts and takes impacting performance. I remain very optimistic about the range of potential outcomes in 2023 and beyond. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. 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. 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? Some are advertiser-driven. As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. In the end, there was public backlash over his casting, but not because of his . The 50 Best Movies of 2022, According to 165 Critics from . We've heard the word curated. So there was 60% that was hardly being viewed. View this post on Instagram 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. In Harry Potter and the Deathly Hallows, readers learned that Albus and Gellert were once friends, before becoming arch-rivals. 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. 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? It's the backbone of what we're doing, and we'll keep investing. WarnerMedia Equity + Inclusion announces the WarnerMedia Access Talent Spotlight, a new talent training program for aspiring actors looking for professional development and resources. And now we're -- this year, you're going to see us fighting on DC. This information is only for educational purposes use. We got some of the best creatives in the industry right now focused on those swings. Studio Tour Hollywood invites you to celebrate the enduring legacy of the iconic Super-hero on Batman Day, Saturday, September 17, 2022. . Number two, partnering with our business leaders to embrace a more rigorous analytical framework through which capital allocation decisions will be viewed, particularly as we refine how our content is monetized and windowed. Warner Bros. You probably know that, because we've kept the lights on at TBS for the last five years.". They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. 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. So that storytelling IP. On the one hand, we have tremendous breadth with live news, live sports, entertainment, nonfiction, a tremendous share and reach. 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. 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. With the successful launch of Hogwarts Legacy 2 weeks ago, we reimagined 1 of the biggest global franchises in the world. Sure. 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. But the key to this company is, as a storytelling company, we have this diversity. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. It's working. 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. Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. 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. The fourth quarter marked the end of a first and very defining chapter for Warner Bros. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. Discovery in April last year. And then, Gunnar, you sound very bullish and confident on the D2C targets, the $1 billion of EBITDA in '25. Really trying to understand how much of the ad impact that you're seeing is kind of coming from the macro environment? WIZARDING WORLD Publishing and Theatrical Stage Rights J.K. Rowling. Let me start with the second question. Discovery. During the fourth quarter of 2022, Warner Bros. But I always would err toward price, because I think that's where you really build asset value. 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. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. Oh, on FAST. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. And it all stems from great storytelling. Discovery, Inc.. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. NOW CASTING PAID EXTRAS (Ages 30 +) to portray ROADSIDE MOTEL GOERS for the NEW DC Comic series "NAOMI" for FRIDAY, 1/21/2022. And one of the tenets is we're not going to launch any content before it's time. 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. It's not about getting it out quick. FAST is one area that as we look at the evolution of consumer behavior, we look at obviously a lot of the free-to-air viewing moving to what we call free-to-view online. It's about the sustainability and the longevity the free cash flow being delivered by that segment. 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 haven't done a Superman movie in 10 years. We've effectively done that now, but we had to take two different sales teams and pull them together. Stay tuned for more to come on this front. Nov 3, 2022 2:02pm PT Warner Bros. 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. 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. 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. The search for Nick took Warner Bros. much longer than expected, though, and eventually Golding was ready to sign on. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. 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? That's what we're looking to primarily deliver. 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. You also hear a bigger discussion around how you decide when something should be exclusive to your platforms and when maybe you should be licensing. Lord of the Rings is one of the most iconic storytelling franchises of all time and we're so excited. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. And in fact, we're -- we use news and sports quite effectively in Europe, and we've learned a lot about when it does work and when it doesn't. This is one team now. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. 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. The sequel to Fantastic Beasts and Where to Find Them is slated for release 16 November 2018, and filming begins this summer. And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. Our next question comes from Kutgun Maral with RBC Capital Markets. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. There are some opportunities that I'm looking at below deck as we say, but none of that would be baked into this leverage guidance. I think you used it during your script. We haven't done new Harry Potter content in over a decade. We have full command and control of our business, and we are one company now. 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. 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. And Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. And now you see a very soft scatter market. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. 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