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. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. So again, as I said, a similar picture with more diversity. The Foxtel Group has today officially confirmed details of a major new content and platform agreement with Warner Bros. Last year was a year of restructuring. 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 . But the digital inventory, which really held up in the fourth quarter has also softened. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. And I think that diversity is strength. CASTING SUBMISSION - Actors & Extras Your email address will not be published. John Oliver poked at HBO's parent company, Warner Bros. The sequential improvement in Q4 free cash flow versus Q3 was the result of greater EBITDA, the timing of interest payments on acquisition debt and some first improvements from working capital initiatives. Clearly, you still have some macro challenges, but what could go right? 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! #inclusion #performerswithdisabilities #Disabilityawareness So I think this is an exciting time because I think we're really -- we made some tough decisions. If there is interest in pursuing an application further, the applicant will hear back within 14 days of their original submission. We met with 186 of the top leaders in -- for a week in early January. And as we look to 2023, my near-term key financial priorities remain: number one, delivering against our synergy and transformation targets where we are managing towards an incremental $2 billion of cost capture in 2023 and the larger opportunity I mentioned previously. And that isn't critical to or helpful to churn. And so we want to optimize that as a unified strategy for the company. Such a move has been expected for quite some time, given Warner Bros. 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 Our next question comes from Brett Feldman with Goldman Sachs. 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. Cast: Dwayne Johnson, Keanu Reeves, Joh Krasinski, Kate McKinnon, Natasha Lyonne, Kevin Hart, Diego Luna, Jameela Jamil, Vanessa Bayer, Marc Maron About: Krypto the Super-Dog (Johnson) and Superman (Krasinski) are inseparable best friends, sharing the same superpowers and fighting crime in Metropolis side by side. Elvis is a 2022 biographical drama film directed by Baz Luhrmann and written by Luhrmann, Sam Bromell, Craig Pearce, and Jeremy Doner.It follows the life of the American rock and roll singer and actor Elvis Presley, told from the perspective of his manager, Colonel Tom Parker.It stars Austin Butler as Presley with Tom Hanks as Parker, while Olivia DeJonge, Helen Thomson, Richard Roxburgh . 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. And it all stems from great storytelling. Our final question comes from John Hodulik with UBS. Newt Scamanders relationships and past remain enigmatic, so any glimpse into his formative years will be huge for the character. 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. Is there any of your content that's definitely off the table to be included in that service? Some are advertiser-driven. 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. Netflix Reality Series Audition 2023 Casting Calls. 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. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. But curation, creating content at a time when people can watch it, creating a community conversation. Is there -- what are you considering? We haven't done new Harry Potter content in over a decade. 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? Discovery might have had. This phenomenon can go for eight, 10-plus weeks for each series. Starting with the Studio segment. 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. 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. Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. And one of the tenets is we're not going to launch any content before it's time. And my second question is about this pending relaunch MAX product. Discovery advantage. Our next question comes from Kutgun Maral with RBC Capital Markets. We have an unusual situation. Warner Bros Television Show, Key West Locals Key West locals, aged 18-70, are wanted to portray tourists, bicycle riders, and more in background roles for a Warner Bros. television project.. Yes. NOW CASTING PAID EXTRAS, AGES 18+ to portray WHITE HOUSE STAFF for new NETFLIX & Tyler Perry Studios movie SIX TRIPLE EIGHT (6888). Is this happening to you frequently? 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. It's working. Passionate about supporting Creatives to develop, produce . 4 talking about this. The search for Nick took Warner Bros. much longer than expected, though, and eventually Golding was ready to sign on. We must get it right. More on this from Gunnar in a minute, but I'm pleased with the trend line we see in Q1, particularly as we are managing towards close to breakeven segment EBITDA in the quarter. The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. Warner Bros. Television Group has more than 110 shows currently in production across our own platforms as well as third-party broadcast, cable and streaming outlets, including Emmy Winners, Ted Lasso and Abbott Elementary. Discovery in April last year. And we're doing it in a very tasteful way by putting it on the very front end. On Friday, AT&T handed off Warner Bros. to Discovery Inc. as part of a $43 billion merger. Batman Day - September 17, 2022. And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. So we have a best -- we have all this work that we've done to build this platform will be taken, so that to the benefit of all of our subscribers on all of our different products. The biggest unknown continues to be in the ad sales environment. Q&A session is now closed, which concludes today's conference. Here we have mentioned the name of the founder below here on page read it carefully. We were able to put that to work behind some of cases launches, behind some of our film launches. We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. And then there was a lot of content that just wasn't being viewed. Warner Bros. Stay tuned for more to come on this front. 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. And so we'll keep in mind this balance of volume versus price. And that gives us real optionality in terms of nourishing audience for growth and for reduction in churn and for overall price value. 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. 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. The sentiment is not terrific. 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. The program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . . And I think our diversity, we have all these different assets that have -- that are different. 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. That's not the point. Hello, everyone, and thank you for joining us. And the response from consumers has been overwhelmingly positive. filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID David, maybe just to sort of wrap up that on the content side. Discovery Second Quarter 2022 Earnings Call. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. 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. 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. But as David said, we've got sports and news that today are really untapped in the streaming world, and those are optionality for what we might be willing to do in the future, and we'll share more of that on the 12th with you with more detail. Use the form below to submit your basics and we'll reach out to you when the next big film casts! 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. It reminds me of my time at NBC when Thursday Night was must-see TV. Casey and the team continue to fuel critical and audience acclaimed with globally resident content, driving improvements in engagement and churn, which is setting up a nice tailwind into the relaunch. And to that point, I have no doubt that we have years and years of that coming our way. 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. In answering that question, you reiterated something you'd said before, which was an intent to fold the Discovery content into the new product. We can put you on HBO on a Sunday or Monday night, where it's must see streaming TV or we could have to we've launched your movie. Turning to the total company EBITDA outlook. Discovery experienced a staggering USD 2.1 billion financial setback. This company is found in the years 1923. Sep 2, 2021 Seeking young performers for Nickelodeon's nationwide (US and Canada) Performers with Disabilities Open Call! 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 I'm not taking anything off the table here, but I just want to be realistic as well about what we're seeing today. Your email address will not be published. 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 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 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. Reportedly Cancels 'Wonder Woman 3' Warner Bros. Discovery in which we took some pivotal initial steps. 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. On FAST, look, the strategy is, I think, back to some of the questions earlier, at the end of the day, one of the advantages we feel like we have is the question keeps coming up about windowing. Really trying to understand how much of the ad impact that you're seeing is kind of coming from the macro environment? 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. And on the 2023 outlook, look, it's early in the year. We're putting these targets here out for 2023 with the same mindset that we want to hit or outperform that guidance. 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. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. Just what should we expect in terms of '23 versus '22? If you look at D.C., Harry Potter and Lord of the Rings, and then you take a look at Warner as a company without those three, okay? James was writing Superman. Warner Bros. Young Sheldon, network TV's #1 comedy. The studio is the flagship producer of live-action feature films within Warner Bros. Overall, 14% of . We got to take those swings. 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? 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. 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. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. It's a wow. Studio. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. In all that we do, we are guided by three strategic pillars. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors that's very early in the year. WBD 15.42 +0.67 Warner Bros. 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. The poor actors and directors of the . 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. And at the end of the day, the consumer is at a point in time where they want more choice and better breadth of choice from fewer services, because they just don't have either share of wallet to be able to spending on five, six, seven services anymore. Gunnar and the team are laser-focused on driving transformation throughout the organization, supporting our ability to further generate real free cash flow. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. Thank Sure. The Voice, the #1 most watched unscripted show on network TV. 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. And now you see a very soft scatter market. That said, there's still more that we need to get right and we are hard at work. Number four, driving overall efficiency and free cash flow conversion towards our near-term goal of 1/3 to 1/2 conversion of adjusted EBITDA with longer-term upside towards our 60% goal. 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. 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. The product will offer compelling content for every member of the household. And so we're going to be -- Casey is the best example of that. 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. The fourth quarter marked the end of a first and very defining chapter for Warner Bros. 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. 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. WIZARDING WORLD Publishing and Theatrical Stage Rights J.K. Rowling. I want to follow up on the streaming discussion. Of course, the other stipulations include being "willing and available" to film for the duration of the series which could be as long as 12 weeks and will commence around mid-June to mid-August of 2021. We're assuming that. 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. 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. The Hogwarts game, we took several additional months to rework it, to get it right. We took bold decisive action over the last 10 months and the bulk of our restructuring is behind us. We have a fantastic leadership team moving us forward, everyone rowing in the same direction. It's about the sustainability and the longevity the free cash flow being delivered by that segment. No question about that. 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. 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