Really trying to understand how much of the ad impact that you're seeing is kind of coming from the macro environment? We've heard the word curated. Discovery ( WBD) CEO David Zaslav promised 2023 will be WBD's year after the media giant reported fourth quarter earnings results that missed across the board on Thursday. 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 there's a number of uncertainties as you wouldn't be surprised to hear. 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' It's working. Discovery and sort of the earnings power of the organization? 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. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. John Oliver in season nine of "Last Week Tonight With John Oliver." Paula Lobo/HBO. Discovery Access Talent Spotlight, candidates must meet the below requirements: Participants must be 18 years or older as of March 1, 2022. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. So we do see subscriber scale as one part of the revenue growth story. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. The studio is the flagship producer of live-action feature films within Warner Bros. 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. And the newest hits, Night Court on NBC and Shrinking on Apple TV. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. And so we're feeling more and more confident about that. 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/. Turning to the total company EBITDA outlook. International, some areas actually trending up now, others still difficult. Discovery's Q4 Earnings 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. Q&A session is now closed, which concludes today's conference. 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. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. Our next question comes from Brett Feldman with Goldman Sachs. And once we establish this funnel, then we can take things like the first season of succession or the second season. Warner Bros. Warner Bros. Discovery, Inc. (NASDAQ:WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET, Andrew Slabin - Executive Vice President, Global Investor Strategy, David Zaslav - President and Chief Executive Officer, Gunnar Wiedenfels - Chief Financial Officer, Jean-Briac Perrette - Chief Executive Officer and President, Global Streaming and Interactive. And on the 2023. 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. Does that include any potential asset sales like nonstrategic asset sales? No. 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. 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? Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Again, creating shows that people want to watch. And I think there was a lot left on the table. 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 the good news is we've had a real chance to look at content on each of the platforms over the last two years. 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. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. And that is what all great talent wants. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. Netflix Reality Series Audition 2023 Casting Calls. 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. We got some of the best creatives in the industry right now focused on those swings. Discovery. You do not need to submit this form if you've already submitted to any casting. - David Spade, 'Nothing Personal' 2022. It's not about getting it out quick. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. J.B., anything to add to that? Leta Lestrange was mentioned in the first Fantastic Beasts film as having a close friendship with Newt at Hogwarts, and her photograph was seen in Newts workshop. Stay tuned for more to come on this front. 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. We have profitable subscribers that are very happy with the product offering of Discovery+, why would we shut that off. 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. Can you talk a little bit about the revenue outlook for D2C? 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. 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. Gunnar and the team are laser-focused on driving transformation throughout the organization, supporting our ability to further generate real free cash flow. 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. 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. 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. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. It's not about getting it out for a certain date. 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. Warner Bros. Our final question comes from John Hodulik with UBS. Participants must have the right to work in the United States or Canada. 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. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. Discovery, for canceling "Batgirl . 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. 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 . One of them is off to a very good start. We're going to be releasing 12 films, 6 games. 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. It's 1 of the biggest value creation opportunities for us. And we hit this year with a full leadership team in place. 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. 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. Discovery advantage. The scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. The 50 Best Movies of 2022, According to 165 Critics from . 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. 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 . SVOD and ad-lite tiers and a significantly enhanced product platform to drive better performance, improved user experience and stronger engagement. Discovery, Inc.. Christian Zilko is looking for PAID EXTRAS for a new series on THE CW based on DC Comics series "NAOMI" that will be filming here in Atlanta, GA. The replay can be accessed by phone by dialing +1 877-674-7070 or +1 416-764 . Warner Bros. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. We do see the weekly bookings right now ticking up slightly if you compare January and February with maybe the November, December timeframe, looking a little better; retail, fast food, entertainment, a little better; telecom, small, but coming back; but then you've got other areas like technology is still completely depressed. Discovery in which we took some pivotal initial steps. 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. NOW CASTING PAID EXTRAS, AGES 18+ to portray WHITE HOUSE STAFF for new NETFLIX & Tyler Perry Studios movie SIX TRIPLE EIGHT (6888). 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 gaming business is all consumer product driven. No, I was just going to say that as David has said before, I think the industry obviously was at a scale at any cost. And Ben, on the D2C question, let me start with the revenue side of it. We have a lot of motion picture content that we're reworking and making a lot of progress with. And why should we need to monetize that in order to drive shareholder value. I think you used it during your script. An important reference point for the value of our combined portfolio of networks to our distribution partners. Look, I mean on the content spend, Remember, all our strategy changes leading to the content restructuring and write-offs over the course of last year, obviously, that's going to flow through cash as well as we adjust. Studio. The Hogwarts game, we took several additional months to rework it, to get it right. They want -- they want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. 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. It's just too early to really call a trend change here. TM & WBEI. NOW CASTING PAID EXTRAS (Ages 30 +) to portray ROADSIDE MOTEL GOERS for the NEW DC Comic series "NAOMI" for FRIDAY, 1/21/2022. 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'll talk more about that in a minute. Photo: Kevin Dietsch/Getty Images. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. Moreover, we're analyzing our pricing strategy in a number of key international markets, particularly in LatAm, where we believe our service has significant pricing upside. So again, as I said, a similar picture with more diversity. But I always would err toward price, because I think that's where you really build asset value. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. It's working. And HBO is streaming's new must-see TV with all of its cultural impact and excitement. This company every year give up the chance for new talents. 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. And I think that diversity is strength. We haven't done a Superman movie in 10 years. And on the 2023 outlook, look, it's early in the year. And then on the cost side, all of the trends are pointing in the right direction. Having said that, we closed this deal right before the upfront, and we're first bringing our teams together. And we have high hopes for all of these metrics after the combined product launches to further improve. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. 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. Discovery Cuts Scripted Programming at TBS, TNT. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. CNN stands as a premier global news organization, and we wanted to be the place for fact-based reporting and thoughtful discourse that is broader than politics and sport. The advertising environment in the U.S. remains very . 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. In all that we do, we are guided by three strategic pillars. . 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. 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. And then on the affiliate side, renewing 30% of your affiliate deals. And so I think that is key to us in terms of building the long-term strength. Just what should we expect in terms of '23 versus '22? Yes. We've been hard at work since our last call and look forward to updating you on our progress. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. The other point that is front or set up for us is curation. We said starting last August, we believe in profitable scale. And where does the WBD fit in that? It comes after HBO and HBO. Join the Fan Club and bring your traits with you. And we've got a time-tested approach to cross promotion, and we're adjusting that right now to the larger portfolio and the larger number of assets that we're promoting. 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. 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. And we don't yet have, we think, a strong enough position in that market. 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! Warner Bros. The fourth quarter marked the end of a first and very defining chapter for Warner Bros. The Warner Bros. Television Workshop is the premier program for new writers and. 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? That's what led us to the conclusion that direct to streaming movies were providing really no value to us. But in order to do that, we took less volume than we could have. And so we were able, in many ways, to Monday morning quarterback. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. Discovery. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. Thank you, David. 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. 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? So I think we're very well positioned. filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID Maybe help us think about the levers you have and your expectations around top line over the next few years? I can't wait for The Flash to hit the theaters in June. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. Thank you, Jessica. HBO and HBO Max Hit with 70 Layoffs at Warner Bros. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. 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. We'll definitely -- we're definitely planning for revenue improvement. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. Warner Bros. Interested in future casting calls or joining our casting division? 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. 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. Upfront, and the three pillars that comprise our core principles as teenagers to. On cash content in '23 versus '22 do n't yet have, we believe profitable... The entire last year was impacted by this headwind from coming off of Amazon trends very modestly sequentially! 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