Overall, 14% of . 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. International, some areas actually trending up now, others still difficult. But the other key is that we have the largest TV and motion picture library and we're the biggest producer of quality content in the world. And I'm very, very glad that we put out some targets in the summer of last year, and we were able to hit those targets. 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. Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . Warner Bros. How to Get Cast On How to Get Cast in a DC Comics Movie or TV Show This guide will answer your most pressing questions. You may now disconnect. Discovery. We believe strongly in the importance of the motion picture window and having that shared experience with other people. 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. 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. 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. This phenomenon can go for eight, 10-plus weeks for each series. . Photo: Kevin Dietsch/Getty Images. And I think I just only add go ahead. We're also thrilled by what we're seeing coming out of our games business, which represents a core part of our overall strategy. 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? Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. This company every year give up the chance for new talents. We haven't done new Harry Potter content in over a decade. As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. The Foxtel Group has today officially confirmed details of a major new content and platform agreement with Warner Bros. If you could share your view on those two impacts, that would be very helpful. We have the largest maker and seller of content in the world, and while we've got lots more to do, we are increasingly seeing positive traction and strong proof points. And now you see a very soft scatter market. And later down the road, we're also obviously going to start looking at new market launches, again. Our next question comes from Ben Swinburne with Morgan Stanley. 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 . We brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. 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. You do not need to submit this form if you've already submitted to any casting. We have a great hand and we're doing a lot right. And we continue to track above our internal plans. But in addition, we want to run this company to drive free cash flow and the ability to monetize a lot of the content that isn't critical to subscriber growth. It was a heavy lift to bring 2 teams together, notwithstanding the economy being what it was, and we are now drilling down on all facets of the business. We must get it right. And then we ourselves will run our own fast service. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance. 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. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. Our next question comes from Kutgun Maral with RBC Capital Markets. 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. Warner Bros. And so I think of the investments that you make in live sports content on Turner, live content on CNN, are those types of things definitely are or they structurally not able to be put on the service? Nov 3, 2022 2:02pm PT Warner Bros. If all else fails, take your mother's advice - if it seems too good to be true, it probably is. So a lot to be looking forward to. John Oliver in season nine of "Last Week Tonight With John Oliver." Paula Lobo/HBO. 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 while we are comping the Winter Olympic Games in Q1, which we expect will account for roughly 100 basis point headwind to our global advertising growth rate, we see underlying international trends modestly improving. Discovery, for canceling "Batgirl . 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 have a lot of points to be very excited about. And we could see, for instance, at HBO, the majority of viewership of content on HBO was only 40% of the content. And where does the WBD fit in that? We definitely are planning for an inflection on the revenue side. David Zaslav Praises CNN Adding More GOP Voices; "Balance Strategy" Is "Important," Warner Bros Discovery Boss Says + Discussion: The Wrap, . Warner Bros. And on the 2023 outlook, look, it's early in the year. The program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . Warner Bros. https://forms.gle/pSmy15EJENw7foXi9 Advertisements And I think that diversity is strength. Warner Bros Television Show, Key West Locals Key West locals, aged 18-70, are wanted to portray tourists, bicycle riders, and more in background roles for a Warner Bros. television project.. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors that's very early in the year. Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. On the news side, we are fighting hard and making real progress. And we're seeing some real opportunity here. And HBO is streaming's new must-see TV with all of its cultural impact and excitement. Your email address will not be published. Discovery CEO David Zaslav said the retooling of CNN 'isn't going to happen overnight.'. 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 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. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. We can take you into the theater around the world. Channing is the best example of that. Q&A session is now closed, which concludes today's conference. 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. It's working. 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 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. Social media explodes and people are calling their family and friends to talk about what they saw. As always, we are not managing this company for short-term financial performance, but rather with the next 100 years of this vibrant creative organization in mind. 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. 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. 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? HBO and HBO Max Hit with 70 Layoffs at Warner Bros. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. 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. It's 1 of the biggest value creation opportunities for us. 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. 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' The 50 Best Movies of 2022, According to 165 Critics from . We are not conducting any type of audition. 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. No, I was just going to say that as David has said before, I think the industry obviously was at a scale at any cost. 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. And so I think that is key to us in terms of building the long-term strength. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. And so we -- as the largest owner and producer of content in the world, we'll -- we want to super serve effectively our streaming service, which is a top priority as well as an AVOD service so that we could reach everyone in every country, everywhere in the world. So I think this is an exciting time because I think we're really -- we made some tough decisions. The company's properties are divided into nine business units, including the flagship Warner Bros. film and television studios, comic book . Yes, that's one important ingredient. All U.S. extremist mass killings in 2022 linked to far right, . With respect to the cadence of free cash flow, as is historically the case for both legacy Discovery and WarnerMedia, Q1 free cash flow will represent the low point for the year given the timing of sports rights payments, timing of content outlays and cash interest payments on a large portion of the acquisition debt. And we hit this year with a full leadership team in place. The dreaded post-merger Warner Bros Discovery layoffs have reached the programming operation overseen by HBO and HBO Max Chief Content Officer Casey Bloys. Operator. 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. Obviously, successful films will help your Studio segment earnings. And with the breadth and depth of content that we have across the company, we think we're very uniquely able to do that without jeopardizing or risking the subscription business, the theatrical business or some of our upstream windows, which we'll obviously continue to focus on. Young Sheldon, network TV's #1 comedy. And then for Gunnar or JB, can you maybe just expand upon your fast strategy and why you chose to do the deal with Roku and Tubi and maybe how that might impact the launch or timing of your own fast service? And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. The guidance does not include any asset sales. Warner Bros. Here we have mentioned the name of the founder below here on page read it carefully. And we've got a time-tested approach to cross promotion, and we're adjusting that right now to the larger portfolio and the larger number of assets that we're promoting. So that storytelling IP. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. For us, 2023 is a year of building. Can you talk a little bit about the revenue outlook for D2C? And so we're going to be -- Casey is the best example of that. And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. We reduced EBITDA losses by $500 million year-over-year to $200 million in Q4, supported by 1.1 million net sub adds in the quarter. We are also advantaged by the fact that our U.S. networks average 30% of all nightly cable viewers in the key 25 to 54 demo. And so we'll keep in mind this balance of volume versus price. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. Table of Contents Anyone under 18 must ask a parent or guardian to send the application. Yes. Well, look, for us, the market right now, our focus is building a best-of-class product and putting all of our content together and so that it's easy to consume and that people are aware of all the different content that we have. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. We are committed to continue executing our strategic initiatives to drive top line performance and with much repositioning behind us, we are beginning to fully lean into the opportunities ahead of us. And so we're feeling more and more confident about that. Don't forget the 12+ hour blocks of five year old movies every weekend. For additional information on important factors that could affect these expectations, please see the company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K. A copy of our Q4 earnings release, trending schedule and accompanying slide deck is available on our website at ir.wbd.com. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Our final question comes from John Hodulik with UBS. 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. It gives a huge advantage with those tent poles. On the advertising side, it's kind of a complex answer. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. You probably know that, because we've kept the lights on at TBS for the last five years.". 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. Oh, on FAST. Let me start with the second question. 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 In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. 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. 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. 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. Discovery Second Quarter 2022 Earnings Call. 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. 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. We have an unusual situation. Good afternoon, and welcome to Warner Bros. But the digital inventory, which really held up in the fourth quarter has also softened. 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. 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. We have an exceptional leadership team that is truly aligned across a common set of strategic, operational and financial goals and metrics. WarnerMedia Equity + Inclusion announces the WarnerMedia Access Talent Spotlight, a new talent training program for aspiring actors looking for professional development and resources. 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. I'm just wondering if you can talk about some of these assumptions. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. Batman Day - September 17, 2022. John Oliver poked at HBO's parent company, Warner Bros. If you have an ad-blocker enabled you may be blocked from proceeding. The poor actors and directors of the . Despite the full integration of Warner Bros. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. Wizarding World is the new official home of Harry Potter & Fantastic Beasts. We've heard the word curated. I think the focus right now is obviously continuing to on the expanded entertainment offering, and we think the complementary of the HBO Max and Discovery+ entertainment offering is significant and will be a major step forward for consumers, who are looking for simplified number of choices, more breadth of options in terms of content all in 1 place and for good value. And having some of that content appear on our platform and sell it nonexclusively to others is very economically beneficial. And we have high hopes for all of these metrics after the combined product launches to further improve. 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. 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. Some are advertiser-driven. WBD 15.42 +0.67 Warner Bros. Discovery. 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. "This promises to be a very exciting year for our company," he told investors during the company's Q4 earnings call . How much do you feel like is more reflective of some of the underlying trends that just have to do with ratings declines or core cutting and those types of trends? Yes. Sure. And that is the culture here at Warner Bros. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. I saw it and loved it. Aug 9, 2022, 8:40 AM. And the best thing that we have going for us right now is all of that hard work that we did, and it was probably two years of work that we did in 10 months, it's now almost -- it's overwhelmingly behind us. 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