A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. 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. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . 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. Discovery. The studio is the flagship producer of live-action feature films within Warner Bros. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. The Last Of Us, for example, grew its Sunday premier night viewership by about 1 million with each episode over the first 4 weeks. So I think we're very well positioned. And now you see a very soft scatter market. 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. 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. And why should we need to monetize that in order to drive shareholder value. He presented that to you and the press about a month ago. 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? Two questions. Let me start with the second question. The market is -- the macro environment is very challenging. We must get it right. 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. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. Given we're still in the first year following the closing of our acquisition, I will discuss the P&L impact on a pro forma ex-FX basis. Such a move has been expected for quite some time, given 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. Here through this post, we are also providing complete necessary details about the Warner Bros Pictures Casting Directors Dates Roles. https://forms.gle/pSmy15EJENw7foXi9 Advertisements And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. And we are excited for Mike and Pam to lead the studio into its next chapter, which in 2023, will see output more than double. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. Her Barbie looks like a version of Robbie's Sharon Tate, or. 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. Is that something you're able to comment on now? Can you talk a little bit about the revenue outlook for D2C? Discovery, Inc.. A replay of the call will be available approximately two hours after the completion of the call until August 11, 2022. 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 For us, 2023 is a year of building. But in order to do that, we took less volume than we could have. And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. 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. Discovery advantage. We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. Global core subscribers increased 1.1 million sequentially and 10 million year-on-year, while global ARPU increased as well modestly to $7.58. 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. And so I think that is key to us in terms of building the long-term strength. 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. We're going to be releasing 12 films, 6 games. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. 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. It's the backbone of what we're doing, and we'll keep investing. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. We have a lot of motion picture content that we're reworking and making a lot of progress with. Is this happening to you frequently? 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 have a lot of points to be very excited about. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. Warner Bros. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. I'd like to ask about advertising trends you're seeing and maybe kind of advance this discussion a bit more. Turning to the total company EBITDA outlook. 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. Accordingly, we expect free cash flow in the first quarter to be negative. We definitely are planning for an inflection on the revenue side. You had 6% growth this quarter, a lot of that from advertising and content, but do you need revenue growth to accelerate in order to deliver that $1 billion? This company is found in the years 1923. It's a wow. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. 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. Thank Sure. And together, we are focused on making our businesses better and stronger. The replay can be accessed by phone by dialing +1 877-674-7070 or +1 416-764 . Some of them we may find we need to adjust, but we feel really good about where we are, and we're accelerating forward. 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. In terms of the market itself, it's -- as I've said before, it's not a good environment. And HBO is streaming's new must-see TV with all of its cultural impact and excitement. Your email address will not be published. It's working. And we can create a Tubi or a Pluto without buying content from anybody by just being able to put it on ourselves. We said starting last August, we believe in profitable scale. 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. 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. Discovery and sort of the earnings power of the organization? So again, as I said, a similar picture with more diversity. 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. 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? Yes. The sentiment is not terrific. The Hogwarts game, we took several additional months to rework it, to get it right. 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. 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 . 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. Casting Australia (@warnerbroscastingau) An important reference point for the value of our combined portfolio of networks to our distribution partners. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. Warner Bros. 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. That's the power of curation. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. 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' Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. Webcast. It's not about getting it out for a certain date. And the newest hits, Night Court on NBC and Shrinking on Apple TV. 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. Obviously, successful films will help your Studio segment earnings. 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. MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA The program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . No. We've gone through a couple of the puts and takes here. And we were able in the upfront to drive price significantly more than all of our peers. The 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. Thank you, Jessica. CASTING SUBMISSION - Actors & Extras We haven't done new Harry Potter content in over a decade. Discovery experienced a staggering USD 2.1 billion financial setback. So that storytelling IP. August 15, 2022 10:20am. August 4, 2022 04:30 PM ET. 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. 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. 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. That's the power of streaming. But curation, creating content at a time when people can watch it, creating a community conversation. Discovery in which we took some pivotal initial steps. And so we'll keep in mind this balance of volume versus price. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. We see better engagement, better churn, which makes marketing efficiencies come up. 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. Is there any of your content that's definitely off the table to be included in that service? We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. We've already seen more than $850 million in retail sales, and we still have more platforms launching over the next few months. And then there was a lot of content that just wasn't being viewed. Discovery CEO David Zaslav has doubled down on the groundwork being laid out for James Gunn and Peter Safran's DCU plans. Warner Bros. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. The guidance does not include any asset sales. It's working. Our next question comes from Kutgun Maral with RBC Capital Markets. HBO and HBO Max Hit with 70 Layoffs at Warner Bros. And I think there was a lot left on the table. 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 . They have great plans to revitalize the nets and have also begun to use our exceptional library of film and television content in a way that will benefit our linear and cable networks. So a lot to be looking forward to. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. 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. For those that are happy paying $5 or $7 and having home, food, Discovery and own type content. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors that's very early in the year. I have one for David and then one for J.B. or Gunnar. . There hasn't been a stand-alone Superman movie in a decade. 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. 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. Warner Bros. Operator. In 2022, Warner Bros. will release Elvis, a biopic about the king of rock and roll himself. 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. 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. We met with 186 of the top leaders in -- for a week in early January. Having said that, we closed this deal right before the upfront, and we're first bringing our teams together. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. Passionate about supporting Creatives to develop, produce . And that is the culture here at Warner Bros. Photo: Kevin Dietsch/Getty Images. 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. It's 1 of the biggest value creation opportunities for us. I mean, pot levels in the industry, I think, were down 14% in the quarter. We brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. 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. If you have an ad-blocker enabled you may be blocked from proceeding. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. 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. 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. A year-over-year increase in corporate expenses were due to a number of factors, almost exclusively related to external market factors such as an incremental $120 million related to underlying rates on our securitization facility. David Zaslav Praises CNN Adding More GOP Voices; "Balance Strategy" Is "Important," Warner Bros Discovery Boss Says + Discussion: The Wrap, . We continue to be the place creators are choosing to bring their visions to life. And we're able to align our networks on a coterminous basis with these distributors. Warner Bros. 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. 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. Studio Tour Hollywood invites you to celebrate the enduring legacy of the iconic Super-hero on Batman Day, Saturday, September 17, 2022. . And so we're going to be -- Casey is the best example of that. And so we are a storytelling company. In all that we do, we are guided by three strategic pillars. #inclusion #performerswithdisabilities #Disabilityawareness In answering that question, you reiterated something you'd said before, which was an intent to fold the Discovery content into the new product. 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 . With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. 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. The search for Nick took Warner Bros. much longer than expected, though, and eventually Golding was ready to sign on. 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. 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. With the successful launch of Hogwarts Legacy 2 weeks ago, we reimagined 1 of the biggest global franchises in the world. 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. The reality is, in today's environment, I think it would be -- you wouldn't want us to say we have a static a 100% defined windowing strategy. And we could see, for instance, at HBO, the majority of viewership of content on HBO was only 40% of the content. Let me start with the second. Good afternoon, and welcome to Warner Bros. 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. Thanks, Ben. Discovery Cuts Scripted Programming at TBS, TNT. It's just too early to really call a trend change here. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. Don't forget the 12+ hour blocks of five year old movies every weekend. Newt Scamanders relationships and past remain enigmatic, so any glimpse into his formative years will be huge for the character. 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