Nowhere is this more important in my view, and it isn't going to happen overnight, and I believe we are on the right path. 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. The guidance does not include any asset sales. 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. 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 see churn as a third important variable that historically has been relatively higher on the HBO Max product that with the two products coming together, that ultimately coming down is important. 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. Well, look, we were laser-focused on building this DC 10-year plan. We believe strongly in the importance of the motion picture window and having that shared experience with other people. But -- and I know it's a tough question to put numbers around. Our next question comes from Kutgun Maral with RBC Capital Markets. Open casting calls are something of a tradition in the Wizarding World. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. But in order to do that, we took less volume than we could have. Reportedly Cancels 'Wonder Woman 3' Warner Bros. This phenomenon can go for eight, 10-plus weeks for each series. I have one for David and then one for J.B. or Gunnar. And it all stems from great storytelling. In terms of the market itself, it's -- as I've said before, it's not a good environment. 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. This company every year give up the chance for new talents. 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. Having said that, as we face this next upfront, which is coming up in two months, I think the breadth of our content together with where we go in on price, positions us very well. For us, 2023 is a year of building. Discovery advantage. Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. In addition to all of our entertainment and nonfiction, we do have all of our news and sports. We have a lot of points to be very excited about. 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 loads of content out there. 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. 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. And so we are a storytelling company. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. Discovery might have had. Yes. We were able to put that to work behind some of cases launches, behind some of our film launches. 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. Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. We can put that down on our AVOD service. . I'm confident that we will get there, particularly with some of the operational and content-driven initiatives implemented by Kathleen Finch and her team. Overall, 14% of . David, maybe just to sort of wrap up that on the content side. 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. China calls for Russia-Ukraine cease-fire, . Discovery Is America's Worst-Run Company,Mismanagement has ruined whatever success Warner Bros. One of them is off to a very good start. In the end, there was public backlash over his casting, but not because of his . 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've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. Ladies and gentlemen, thank you for standing by, and welcome to 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. But that said, there's always going to be a place for quality content and we're open for business. As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. Casting for teenage Dumbledore follows on from the news that Jude Law will play the adult character in the Fantastic Beasts sequel. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. 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. First for David, as part of the upcoming D2C relaunch, can you just talk a little bit about how you plan to balance protecting the HBO brand while at the same time, leaning on the HBO premium content to help drive the new service going forward? So we do see subscriber scale as one part of the revenue growth story. And we've lapped that now, and we're seeing some growth now. And that isn't critical to or helpful to churn. And on the 2023 outlook, look, it's early in the year. These outcomes will reflect an incremental $2 billion of synergy and transformation efficiency capture, while additional puts and takes to consider include positive revenue inflection in D2C, the broader release slate at Warner Bros. Pictures and Games, balanced by cyclical advertising headwinds. CNN stands as a premier global news organization, and we wanted to be the place for fact-based reporting and thoughtful discourse that is broader than politics and sport. We have an exceptional leadership team that is truly aligned across a common set of strategic, operational and financial goals and metrics. Is there any of your content that's definitely off the table to be included in that service? More details on the decision to have Wonder Woman 1984 debut in theaters and on HBO Max at the same time have been revealed, and it turns out there's a good reason for handling the sequel this way. We have full command and control of our business, and we are one company now. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. And we hit this year with a full leadership team in place. So I think this is an exciting time because I think we're really -- we made some tough decisions. 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. 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. Maybe help us think about the levers you have and your expectations around top line over the next few years? Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Passionate about supporting Creatives to develop, produce . And we don't yet have, we think, a strong enough position in that market. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank 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. 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. 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. 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. Moreover, we're analyzing our pricing strategy in a number of key international markets, particularly in LatAm, where we believe our service has significant pricing upside. Discovery, Inc.. The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. 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. Discovery. The biggest unknown continues to be in the ad sales environment. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. Such a move has been expected for quite some time, given 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. On the one hand, we have tremendous breadth with live news, live sports, entertainment, nonfiction, a tremendous share and reach. Discovery in April last year. 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. Interested in future casting calls or joining our casting division? In all that we do, we are guided by three strategic pillars. 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. Warner Bros. Yes. It reminds me of my time at NBC when Thursday Night was must-see TV. We have command and control of each of the businesses. Faith Wood-Blagrove beat thousands of other young actresses to the role of Modesty in Fantastic Beasts, and Evanna Lynch was chosen for the part of Luna Lovegood out of 15,000 other young women following open casting in 2006. 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. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. TM & WBEI. Yes. 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. Our next question comes from Ben Swinburne with Morgan Stanley. 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. We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. 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. 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. So again, as I said, a similar picture with more diversity. The 50 Best Movies of 2022, According to 165 Critics from . 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. What's in there for upside, which is something that you didn't really talk about that much, but it's new? As expected, performance was negatively impacted by lower TV licensing revenues against a very tough comp last year, something well face again in the first quarter of 2023. Looking for Pottermore? 4 talking about this. Please. Thank you, Jessica. The Voice, the #1 most watched unscripted show on network TV. 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. 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? We've gone through a couple of the puts and takes here. 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? But curation, creating content at a time when people can watch it, creating a community conversation. 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. This company every year give up the chance for new talents. Clearly, as we have pointed out as a key risk since the summer, underlying advertising trends, particularly in the U.S., have continued to soften through the fourth quarter, and that was further exacerbated by general entertainment audience declines. No. 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 . And there are times when our share is significantly higher with marquee events, such as March Madness and the MLB and NBA playoffs. People want to be part of something. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. To that end, linear ad sales is a top priority at the moment, particularly as we balance both cyclical headwinds and ongoing secular challenges, much of which we've dealt with for the last several years. Discovery Access Talent Spotlight, candidates must meet the below requirements: Participants must be 18 years or older as of March 1, 2022. MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA The studio is looking for young people to play five new roles in the film, including teenage incarnations of Newt Scamander, Leta Lestrange, Gellert Grindelwald and Albus Dumbledore. We definitely are planning for an inflection on the revenue side. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. Warner Bros. We believe that when you have content that is so good that it hits the gist. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. We have profitable subscribers that are very happy with the product offering of Discovery+, why would we shut that off. Casting call: Warner Brothers feature film "The Curious Incident of the Dog in the Night-Time" by admin Seeking a neurodivergent actor to play lead role The Curious Incident of the Dog in the Night-Time is a Warner Bros. feature film expected Thanks, Ben. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. During the fourth quarter of 2022, Warner Bros. Some are advertiser-driven. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. 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. I think you used it during your script. 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. Discovery in which we took some pivotal initial steps. - David Spade, 'Nothing Personal' 2022. At Warner Bros. The poor actors and directors of the . Importantly, we successfully completed affiliate renegotiations, which accounted for more than 30% of U.S. distribution revenues and which brought our portfolio together coterminously. View this post on Instagram We must get it right. 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. 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 Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. 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? 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. And so we want to optimize that as a unified strategy for the company. They want -- they want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. And for us, DC alone will be -- could and should be a game changer. And as we think about where we put content, as Casey looked at HBO, we were able to see which content are people spending time watching, what content is really powerful to us in terms of reducing churn. It's about telling the best story. 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 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. I mean, pot levels in the industry, I think, were down 14% in the quarter. You've been ahead of the curve here, but it seems like everyone these days is reshaping their streaming strategy in pretty profound ways, whether it's their org structure, their content spend, types of content investments, philosophy around content exclusivity and licensing, international, pricing and just so much more. Starting with the Studio segment. 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. James was writing Superman. Discovery Second Quarter 2022 Earnings Call. Studio. HBO and HBO Max Hit with 70 Layoffs at Warner Bros. And Lord of the Rings, which is a fantastic franchise, Andy Jassy was pushing on it at Amazon with a lot of success, but we own those movie rights. We have an unusual situation. Sorry, Robert. Participants must have the right to work in the United States or Canada. We have a lot of motion picture content that we're reworking and making a lot of progress with. Yes. And after just 5 weeks, an astounding 35 million people have watched episode 1. 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