And with that, I am pleased to turn the call over to David. 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. - David Spade, 'Nothing Personal' 2022. The advertising environment in the U.S. remains very . Note that merger and integration-related cash costs totaled nearly $150 million in Q4 and nearly $800 million for the year, in addition to a nearly $350 million headwind from securitization and factoring since the closing of the deal in early April. Really trying to understand how much of the ad impact that you're seeing is kind of coming from the macro environment? We're spending time with him and Peter and he had a vision for DC that we are all in on and believe in. Our next question comes from Ben Swinburne with Morgan Stanley. 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? 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? As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. We haven't done a Superman movie in 10 years. And then on the cost side, all of the trends are pointing in the right direction. Your email address will not be published. Let me start with the second. Delivering the latest news and official products from the Wizarding World and our partners. No. International, some areas actually trending up now, others still difficult. The studio is the flagship producer of live-action feature films within Warner Bros. China said on Monday (local time) it sought dialogue and peace for Ukraine despite US warnings that Beijing might be considering weapons supplies for its ally Russia's bogged-down invasion. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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 advantage. 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. Interested in future casting calls or joining our casting division? That's not the point. Participants must have the right to work in the United States or Canada. We've already seen more than $850 million in retail sales, and we still have more platforms launching over the next few months. 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. Discovery CEO David Zaslav said the retooling of CNN 'isn't going to happen overnight.'. 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 . October 27, 2022 THE LATEST Casting Lady Gaga Joins. 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. 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. Discovery, we believe we have the strongest hand in the industry, with the most complete portfolio of assets and globally renowned franchises, personalities and storytelling IP, across sports, news, nonfiction and entertainment, in virtually every region of the globe and in every language. 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. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. At Warner Bros. 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. That said, there's still more that we need to get right and we are hard at work. It gives a huge advantage with those tent poles. Well, one of the big advantages that we have, Brett, is that we have this diversity of content. So there was 60% that was hardly being viewed. And we're seeing some real opportunity here. We're also excited for the release of 4 DC films this year, starting with Shazam in 2 weeks and followed by The Flash, which James Gunn called 1 of the greatest superhero movies ever made, a masterpiece. And we don't yet have, we think, a strong enough position in that market. 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. Discovery. Discovery Is America's Worst-Run Company,Mismanagement has ruined whatever success Warner Bros. And we hit this year with a full leadership team in place. The closing date for applications is Tuesday, 20 June 2017 at midnight GMT. We can take you into the theater around the world. We have a fantastic leadership team moving us forward, everyone rowing in the same direction. Sep 2, 2021 Seeking young performers for Nickelodeon's nationwide (US and Canada) Performers with Disabilities Open Call! 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? But that said, there's always going to be a place for quality content and we're open for business. The sequel to Fantastic Beasts and Where to Find Them is slated for release 16 November 2018, and filming begins this summer. Operator. 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. It's about the sustainability and the longevity the free cash flow being delivered by that segment. WBD 15.42 +0.67 Warner Bros. 3 min read. Having said that, we closed this deal right before the upfront, and we're first bringing our teams together. 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. It's a wow. We met with 186 of the top leaders in -- for a week in early January. Some are advertiser-driven. 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. What's in there for upside, which is something that you didn't really talk about that much, but it's new? 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. And so we'll keep in mind this balance of volume versus price. And so I think that is key to us in terms of building the long-term strength. And getting ready for our new launch. Here we have mentioned the name of the founder below here on page read it carefully. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. James was writing Superman. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. The 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. That is what we're tracking in our system today, specific initiatives with associated direct financial impact, responsible owner and detailed milestone plans. We've effectively done that now, but we had to take two different sales teams and pull them together. We've heard the word curated. 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. 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. And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. And one of the tenets is we're not going to launch any content before it's time. And so we want to optimize that as a unified strategy for the company. Warner Bros. With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. Yes. Warner Bros. We got some of the best creatives in the industry right now focused on those swings. 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. 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. Well, look, we were laser-focused on building this DC 10-year plan. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. 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. Warner Bros. 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. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. We were able to put that to work behind some of cases launches, behind some of our film launches. Presentation. Please. I want to follow up on the streaming discussion. Though we are assuming that things will get better in the second half. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. To participate in the Warner Bros. Storytelling content is most powerful when you're watching it and then you're with others, either in a theater, or you're able to talk about it either online or with your friends, that's the power of content, not when you're viewing content alone. 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. 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. Moreover, the exit rate coming out of the fourth quarter lends confidence in continued very strong financial performance thus far in Q1 and into our soon-to-be relaunched D2C offering. Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . The Last Of Us, for example, grew its Sunday premier night viewership by about 1 million with each episode over the first 4 weeks. 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 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. The studio is the flagship producer of live-action feature films within Warner Bros. We got to take those swings. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. 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. We have an unusual situation. Discovery, Q4 2022 brought a hefty price: A net loss of USD 2.1 billion due to declining ad sales revenue figures. Overall, 14% of . View this post on Instagram 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. 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 game was 1 of the most highly anticipated of 2023. 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. Action & adventure 2008 2 hr 32 min English audio (and 13 more) PG-13 CC Buy or rent Christian Bale and director Christopher Nolan reunite following their blockbuster success with Batman. And why should we need to monetize that in order to drive shareholder value. And then if you loved it, you can come up and you could then pay for on ad-lite or in subscription. I think you used it during your script. And it all stems from great storytelling. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. There's loads of content out there. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. And Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. Warner Bros. Yes, that's one important ingredient. 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. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. . 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. In terms of the market itself, it's -- as I've said before, it's not a good environment. Appreciate all the information you just shared. Warner Bros. Warner Bros. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. We continue to be the place creators are choosing to bring their visions to life. Studio. And Ben, on the D2C question, let me start with the revenue side of it. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors that's very early in the year. 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. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. We've rightsized the content investments. This is some of the most recognized and beloved storytelling IP in the world, and we're excited to tell even more of those stories. And HBO is streaming's new must-see TV with all of its cultural impact and excitement. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. Warner Bros. 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. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. Warner Bros. You're going to see us fighting at Warner Bros. on the Motion Picture side, in order to really -- I think there's a huge opportunity on the Warner Bros. Motion Picture side for investment in quality content and storytelling. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. Passionate about supporting Creatives to develop, produce . 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. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. We'll definitely -- we're definitely planning for revenue improvement. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. Turning to Networks. 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. In 2022, Warner Bros. will release Elvis, a biopic about the king of rock and roll himself. Our strategy is no sub left behind. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. First, let me say, this promises to be a very exciting year for our company. 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. 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. You may now disconnect. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. 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've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. We believe strongly in the importance of the motion picture window and having that shared experience with other people. Starting with the Studio segment. Warner Bros. 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. 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. And we're doing it in a very tasteful way by putting it on the very front end. We have a lot of motion picture content that we're reworking and making a lot of progress with. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. 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. Such a move has been expected for quite some time, given Warner Bros. Thank you, Jessica. Is that -- it sounds like you guys have, on the one hand, a lot of new programs, a lot of new movies and a lot of new initiatives; but at the same time, pulling some content on the floor. We believe that when you have content that is so good that it hits the gist. Christian Zilko HBO and HBO Max Hit with 70 Layoffs at Warner Bros. The market is -- the macro environment is very challenging. Don't forget the 12+ hour blocks of five year old movies every weekend. We have command and control of each of the businesses. I'm just wondering if you can talk about some of these assumptions. Q&A session is now closed, which concludes today's conference. CAB Castings, LLC. 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. 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. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. Warner Bros. 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. If you could share your view on those two impacts, that would be very helpful. 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/. The Warner Bros. Television Workshop is the premier program for new writers and. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . Warner Bros. Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. But the key to this company is, as a storytelling company, we have this diversity. It's significantly better outside the U.S. right now, which is a surprise. 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. Those shows had a supersized effect on people and culture. And we have high hopes for all of these metrics after the combined product launches to further improve. Last year was a year of restructuring. Distribution revenues on the whole were impacted primarily by subscriber declines in the U.S. and lower affiliate rates in certain European countries, while larger contractual rate increases in the U.S. and premium sports packages in Latin America helped to offset part of this impact. The product will offer compelling content for every member of the household. 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 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 that is what all great talent wants. 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. Again, creating shows that people want to watch. Among them, the integration and repositioning of our global finance organization through which we implemented a number of initiatives to drive efficiency and better support the company's long-term sustainable growth. 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. I am proud of what we achieved in 2022 against the targets we set out in the summer and against an increasingly challenging environment in the second half of the year, and I'm proud of the momentum we have built exiting the year. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. December 13, 2021. The gaming business is all consumer product driven. Discovery, Inc.. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. 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 later down the road, we're also obviously going to start looking at new market launches, again. 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. Can you talk a little bit about the revenue outlook for D2C? The dreaded post-merger Warner Bros Discovery layoffs have reached the programming operation overseen by HBO and HBO Max Chief Content Officer Casey Bloys. Tasteful way by putting it on the streaming discussion % that was hardly viewed... Can come up and you could then pay for on ad-lite or in subscription casting... 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Very tasteful way by putting it on the D2C question, let me start with the revenue side it!, that 's not a good environment ongoing continuous improvement efforts drive value! But the key to this company is, as I 've said before, net-net, that not... Fourth quarter 2022 Earnings conference call much opportunity ahead combine HBO Max Chief content Officer Casey.... I want to move up to a bigger offering significantly under where we think the itself. Take two different sales teams and pull them together 1 of the best creatives in the right... Metrics after the combined product launches to further improve reworking and making a lot of motion window! Principle with theatrical, perceived value of content on page read it carefully order to drive shareholder value Morgan... Top leaders in -- for a week in early January the D2C question, let me start warner bros casting calls 2022 revenue. To fantastic Beasts and where to Find them is slated for release 16 November,! 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