We're assuming that. And so we are a storytelling company. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement. The search for Nick took Warner Bros. much longer than expected, though, and eventually Golding was ready to sign on. And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. We're putting these targets here out for 2023 with the same mindset that we want to hit or outperform that guidance. Adjusted EBITDA decreased 7% as revenue declines were partially offset by lower content expenses as well as lower personnel and marketing costs, in part reflecting our cost synergy efforts. China calls for Russia-Ukraine cease-fire, . She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. And then we have the ability to pick from all of these different baskets to build really what may be most important for us, which is a successful and profitable streaming business. Warner Bros. didn't even have the courtesy to give the "Batgirl" cast and creative team a bat signal that their movie was being locked away in Arkham. I mean, pot levels in the industry, I think, were down 14% in the quarter. And there's a number of uncertainties as you wouldn't be surprised to hear. Sir, you may now begin. We have an exceptional leadership team that is truly aligned across a common set of strategic, operational and financial goals and metrics. It's about telling the best story. And so I think that is key to us in terms of building the long-term strength. We've been hard at work since our last call and look forward to updating you on our progress. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. 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 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. - David Spade, 'Nothing Personal' 2022. 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 And my second question is about this pending relaunch MAX product. We were able to put that to work behind some of cases launches, behind some of our film launches. 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! 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 . But I also think we're very well positioned to grow from here. We are more confident than ever that we have the right strategy to be successful and ultimately achieve our goal of being the greatest media and entertainment company in the world. More Earnings Resources from MarketBeat Earnings Tools: Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. And we've lapped that now, and we're seeing some growth now. HBO and HBO Max Hit with 70 Layoffs at Warner Bros. It's not about getting it out quick. Sure. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. October 27, 2022 THE LATEST Casting Lady Gaga Joins. You may now disconnect. Passionate about supporting Creatives to develop, produce . 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. And together, we are focused on making our businesses better and stronger. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. We've rightsized the content investments. 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 when you tell them a great story and they get to experience it with others, either in a packed theater or on a Sunday night, it really is magic. The market is -- the macro environment is very challenging. 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. The sequel to Fantastic Beasts and Where to Find Them is slated for release 16 November 2018, and filming begins this summer. That said, there's still more that we need to get right and we are hard at work. 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. We want to tell the best stories, share them with the broadest audience possible, and we do that by working together as 1 team, 1 company. And so 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. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. This company is found in the years 1923. Please disable your ad-blocker and refresh. 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. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. What's in there for upside, which is something that you didn't really talk about that much, but it's new? We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. 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. Content alone is really only half of the equation. 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 The Hogwarts game, we took several additional months to rework it, to get it right. Operator. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. 4 talking about this. Yes. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. Overall, 14% of . media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . 2023 will be a year of building and off we go. Clearly, you still have some macro challenges, but what could go right? This is one team now. Discovery Cuts Scripted Programming at TBS, TNT. Our final question comes from John Hodulik with UBS. Nov 3, 2022 2:02pm PT Warner Bros. 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. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. Is there any of your content that's definitely off the table to be included in that service? I have one for David and then one for J.B. or Gunnar. The sentiment is not terrific. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. So 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. I saw it and loved it. With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. Sorry, Robert. And for us, DC alone will be -- could and should be a game changer. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City.It was formed after the spin-off of WarnerMedia by AT&T, and its merger with Discovery, Inc. on April 8, 2022.. Those shows had a supersized effect on people and culture. 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. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. I believe Warner Bros. TV is the greatest quality maker of content in the world. Q&A session is now closed, which concludes today's conference. Delivering the latest news and official products from the Wizarding World and our partners. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. And with that, I am pleased to turn the call over to David. 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. Gunnar? 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 have Channing and her team right now with the #1 or #2 show on almost every platform in America where we're selling to all of our -- to our peers in the business. That's what we're looking to primarily deliver. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. 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. Social media explodes and people are calling their family and friends to talk about what they saw. 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. 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. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. Consistent with what we told you last August, we are getting ready to launch our combined streaming service here in the U.S. in a few months with Latin America to follow later this year and markets in EMEA and APAC in '24. filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID The 50 Best Movies of 2022, According to 165 Critics from . Naturally, we are laser-focused on delevering the balance sheet, where I see net leverage very comfortably inside of 4x by the end of 2023 and reiterate our prior guidance to be within the investment grade range by mid-2024 and within our gross leverage target of 2.5x to 3x by the end of 2024. 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. And so we'll keep in mind this balance of volume versus price. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. But the key to this company is, as a storytelling company, we have this diversity. Warner Bros. In the end, there was public backlash over his casting, but not because of his . 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. Reportedly Cancels 'Wonder Woman 3' Warner Bros. Is there -- what are you considering? We said starting last August, we believe in profitable scale. Your email address will not be published. For us, 2023 is a year of building. We have a lot of points to be very excited about. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. And we're curating now in a way that's having an impact on America. I think it could and should be huge because it wasn't being pushed on. Warner Bros. 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. Warner Bros. Is this happening to you frequently? If you look at The Last Of Us, it was growing every week, Euphoria, to be able to deliver 20 million, 30 million, 35 million people in America watching and to have it be a conversation. So I think that's something that's really resonating with the creative community that their content is seen, it's curated and it's elevated and that's part of the cultural conversation, both in the theater and on the platform. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. Importantly, we successfully completed affiliate renegotiations, which accounted for more than 30% of U.S. distribution revenues and which brought our portfolio together coterminously. One of them is off to a very good start. So again, as I said, a similar picture with more diversity. And we're able to align our networks on a coterminous basis with these distributors. Discovery CEO David Zaslav has doubled down on the groundwork being laid out for James Gunn and Peter Safran's DCU plans. We have an unusual situation. Our next question comes from Kutgun Maral with RBC Capital Markets. And it all stems from great storytelling. And I think there was a lot left on the table. If you have an ad-blocker enabled you may be blocked from proceeding. It reminds me of my time at NBC when Thursday Night was must-see TV. Use the form below to submit your basics and we'll reach out to you when the next big film casts! Participants must be fully vaccinated for COVID-19 and show proof of vaccination. 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. 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. 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. The program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . And that is the culture here at Warner Bros. W arner Bros. Pictures and the filmmakers behind the Fantastic Beasts sequel are holding open calls for five young actors to join the cast of the film. Batman Day - September 17, 2022. 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. All U.S. extremist mass killings in 2022 linked to far right, . Though we are assuming that things will get better in the second half. I'm especially happy about the development in our D2C segment, where we delivered a marked improvement across a number of key operational KPIs leading to a healthy sequential improvement to financial performance. Or is that something that might fuel that service? 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. Wizarding World is the new official home of Harry Potter & Fantastic Beasts. In every country, they'll leave dinner and they got to go home to view that product that they love. Photo: Kevin Dietsch/Getty Images. And so we want to optimize that as a unified strategy for the company. And we can create a Tubi or a Pluto without buying content from anybody by just being able to put it on ourselves. And the response from consumers has been overwhelmingly positive. And now you see a very soft scatter market. The guidance does not include any asset sales. Yes. We've heard the word curated. And there are times when our share is significantly higher with marquee events, such as March Madness and the MLB and NBA playoffs. Table of Contents And back then, you had to watch the show on Thursday night. 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. We haven't done new Harry Potter content in over a decade. And that gives us real optionality in terms of nourishing audience for growth and for reduction in churn and for overall price value. The other point that is front or set up for us is curation. 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. 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 on the 2023 outlook, look, it's early in the year. On Friday, AT&T handed off Warner Bros. to Discovery Inc. as part of a $43 billion merger. On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' By Kevin P. King - March 10, 2022 684 0 Advertisements On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice Advertisements Our next question comes from Brett Feldman with Goldman Sachs. This year, we celebrate the storied Warner Bros. Studios 100th anniversary with a deepened commitment to telling quality, diverse stories, with the power to entertain, inspire, and when we are at our best, impact or even change the culture. https://forms.gle/pSmy15EJENw7foXi9 Advertisements There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. 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. 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. The fourth quarter marked the end of a first and very defining chapter for Warner Bros. No question about that. 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 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. We met with 186 of the top leaders in -- for a week in early January. 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. Levels in the World MLB and NBA playoffs his casting, but what could go right the. 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