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Please disable your ad-blocker and refresh. We believe that when you have content that is so good that it hits the gist. And once we establish this funnel, then we can take things like the first season of succession or the second season. Well, look, we were laser-focused on building this DC 10-year plan. So I think this is an exciting time because I think we're really -- we made some tough decisions. And we don't yet have, we think, a strong enough position in that market. And I think you're going to see a big difference that when we release something, it's going to be a product that we think is the best it could be. Let me start with the second question. 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. Warner Bros. It's working. 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'll do a full presentation on April 12, which will lay out this significantly improved product, the launch, what will be on it. BURBANK, Calif. Due to the unprecedented global pandemic caused by the novel Coronavirus, Warner Bros. Television's Casting department launched a unique virtual "Actors in Training" initiative this summer designed to connect the Studio with emerging actors who may have had their final year of dramatic training curtailed or negatively impacted And I'm not taking anything off the table here, but I just want to be realistic as well about what we're seeing today. 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. 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. We said starting last August, we believe in profitable scale. The gaming business is all consumer product driven. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Christian Zilko Warner Bros. There hasn't been a stand-alone Superman movie in a decade. 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. 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. Some are advertiser-driven. Her Barbie looks like a version of Robbie's Sharon Tate, or. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. And on the 2023 outlook, look, it's early in the year. 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. Reiterating my earlier point, I'm very pleased with where we ended the year and encouraged with our ability to balance choppy macro tides with success in repositioning the company for future growth. Accordingly, we expect free cash flow in the first quarter to be negative. It's working. https://forms.gle/pSmy15EJENw7foXi9 Advertisements They want -- they want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. 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. On Friday, AT&T handed off Warner Bros. to Discovery Inc. as part of a $43 billion merger. December 13, 2021. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. So we do see subscriber scale as one part of the revenue growth story. filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID Marvel's Guardians will star alongside Chris Hemsworth (Thor), Natalie Portman (Jane Foster/Mighty Thor), Tessa Thompson (Valkyrie), and Christian Bale (Gorr the God Butcher), among other new and. Discovery might have had. Clearly, you still have some macro challenges, but what could go right? from casting calls to the lure of the red-carpet award season. And then we ourselves will run our own fast service. More Earnings Resources from MarketBeat Earnings Tools: Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Content alone is really only half of the equation. Warner Bros. 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. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. And there's lots more to come including the highly anticipated Mortal Combat 12 and Suicide Squad - Kill The Justice League, games also set for release this year with ambitious launch projections. Naturally, we are laser-focused on delevering the balance sheet, where I see net leverage very comfortably inside of 4x by the end of 2023 and reiterate our prior guidance to be within the investment grade range by mid-2024 and within our gross leverage target of 2.5x to 3x by the end of 2024. Warner Bros. And there are times when our share is significantly higher with marquee events, such as March Madness and the MLB and NBA playoffs. Warner Bros. 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. "This promises to be a very exciting year for our company," he told investors during the company's Q4 earnings call . 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. Warner Bros. 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. In the end, there was public backlash over his casting, but not because of his . 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. Social media explodes and people are calling their family and friends to talk about what they saw. And so selling that to drive free cash flow and to nourish the overall segment, so that we, as a media segment, can be successful is important. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. Here through this post, we are also providing complete necessary details about the Warner Bros Pictures Casting Directors Dates Roles. NOW CASTING PAID EXTRAS, AGES 18+ to portray WHITE HOUSE STAFF for new NETFLIX & Tyler Perry Studios movie SIX TRIPLE EIGHT (6888). 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. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. We were able to put that to work behind some of cases launches, behind some of our film launches. Don't forget the 12+ hour blocks of five year old movies every weekend. This information is only for educational purposes use. 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. I think it could and should be huge because it wasn't being pushed on. 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. Discovery, for canceling "Batgirl . Q&A session is now closed, which concludes today's conference. 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. Discovery CEO David Zaslav said the retooling of CNN 'isn't going to happen overnight.'. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. And most importantly, we saw improvement across key KPIs. No previous acting experience is necessary, but applicants need to be eligible to work in the UK (meaning they must be a UK, Irish or EU passport holder), and be available for filming between August and November 2017. 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 other point that is front or set up for us is curation. 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. August 4, 2022 04:30 PM ET. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The advertising environment in the U.S. remains very . And I think I just only add go ahead. The long-term earnings and free cash flow generation potential of this company are stronger than ever, particularly after having taken some courageous and crucial first steps this past year. 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. 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 John Oliver in season nine of "Last Week Tonight With John Oliver." Paula Lobo/HBO. 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. 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. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. 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? Sorry, Robert. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. And I think that diversity is strength. 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. 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. Disclaimer: Audition free of cost for more information visit the respective official site. And I have no doubt that when the market turns, we're going to be in a very, very good position to capture that upswing as well, especially, as David mentioned, with more inventory on the digital side becoming available here, which last year was sort of a limiting factor for us. 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. It reminds me of my time at NBC when Thursday Night was must-see TV. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. So I was hoping you could just give us your most updated thoughts, so we kind of have that framework for assessing the new product when you rolled out on April 12. 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. The game was 1 of the most highly anticipated of 2023. It's significantly better outside the U.S. right now, which is a surprise. I'll just take a swing at it, Gunnar, you can follow. Warner Bros. And then, Gunnar, you sound very bullish and confident on the D2C targets, the $1 billion of EBITDA in '25. DC Comics. It's the backbone of what we're doing, and we'll keep investing. I want to follow up on the streaming discussion. And we're seeing some real opportunity here. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. And getting ready for our new launch. At Warner Bros. Discovery Is America's Worst-Run Company,Mismanagement has ruined whatever success Warner Bros. Turning to the total company EBITDA outlook. And now we're -- this year, you're going to see us fighting on DC. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. It's not about getting it out for a certain date. For those that are happy paying $5 or $7 and having home, food, Discovery and own type content. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. Well, one of the big advantages that we have, Brett, is that we have this diversity of content. The Voice, the #1 most watched unscripted show on network TV. Interested in future casting calls or joining our casting division? And so we were able, in many ways, to Monday morning quarterback. And we're curating now in a way that's having an impact on America. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . Our final question comes from John Hodulik with UBS. Hello, everyone, and thank you for joining us. Participants must have the right to work in the United States or Canada. Discovery, Q4 2022 brought a hefty price: A net loss of USD 2.1 billion due to declining ad sales revenue figures. NOW CASTING PAID EXTRAS (Ages 30 +) to portray ROADSIDE MOTEL GOERS for the NEW DC Comic series "NAOMI" for FRIDAY, 1/21/2022. Discovery. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. So those candidates who are interested must have checked the companys full details. 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. 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. This company is found in the years 1923. Despite the full integration of Warner Bros. We believe strongly in the importance of the motion picture window and having that shared experience with other people. 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. And so -- which -- where we pivoted and said we were going pushing to move all of our films back out with real windows in order to optimize those products. We're going to be releasing 12 films, 6 games. So we're excited about the fact that we're going to take all of the Discovery content and put it together with the HBO Max content in a much better platform. Really trying to understand how much of the ad impact that you're seeing is kind of coming from the macro environment? 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 . 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. We see better engagement, better churn, which makes marketing efficiencies come up. That's not the point. And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. Yes. 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. Oh, on FAST. And to that end, we are now confident in a path to at least $4 billion of savings largely addressable through 2024, representing an increase of $500 million over our prior estimate. If all else fails, take your mother's advice - if it seems too good to be true, it probably is. But -- and I know it's a tough question to put numbers around. 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. Sure. Young Sheldon, network TV's #1 comedy. There's loads of content out there. For us, 2023 is a year of building. 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. That's the power of streaming. And so effectively, whether you want to look at content for free, you want to look at with edge, you want to look at you want a premium that we -- you would have all that opportunity with us, and it makes sense because we have the largest TV and motion picture library in the world. , we were laser-focused on building this DC 10-year plan cases launches, behind some of film. Or joining our casting division companys full details most highly anticipated of 2023 are calling their family friends... 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