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. #inclusion #performerswithdisabilities #Disabilityawareness Today, with direct-to-consumer, more and more people are joining the party. 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. October 27, 2022 THE LATEST Casting Lady Gaga Joins. 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. 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 a lot to be looking forward to. 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. 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. These statements are made based on management's current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results to differ materially from our expectations. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. 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. 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. It's about telling the best story. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. Channing is the best example of that. Sure. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. 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. But that said, there's always going to be a place for quality content and we're open for business. Those shows had a supersized effect on people and culture. Thank you for attending today's presentation. And then if you loved it, you can come up and you could then pay for on ad-lite or in subscription. 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. We definitely are planning for an inflection on the revenue side. I believe we've barely begun to scratch the surface in terms of the potential here, and I'm excited about the benefits as this cascades throughout the organization. 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. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. This company every year give up the chance for new talents. The guidance does not include any asset sales. And there's a number of uncertainties as you wouldn't be surprised to hear. 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. 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. 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. 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. 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. Such a move has been expected for quite some time, given Warner Bros. And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. . 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. 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. And Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. Our next question comes from Kutgun Maral with RBC Capital Markets. Discovery CEO David Zaslav said the retooling of CNN 'isn't going to happen overnight.'. Let me start with the second. It reminds me of my time at NBC when Thursday Night was must-see TV. 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. And we can create a Tubi or a Pluto without buying content from anybody by just being able to put it on ourselves. 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. Warner Bros. from casting calls to the lure of the red-carpet award season. The replay can be accessed by phone by dialing +1 877-674-7070 or +1 416-764 . These are huge numbers, particularly in today's day and age of binge viewing, when there is so much content to choose rooms. No, the only thing I would add is from the perspective of cyclical versus secular, there's no doubt. Her Barbie looks like a version of Robbie's Sharon Tate, or. 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. If all else fails, take your mother's advice - if it seems too good to be true, it probably is. 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. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. 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. So there was 60% that was hardly being viewed. 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. Your email address will not be published. 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. Warner Bros. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. 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. 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. You probably know that, because we've kept the lights on at TBS for the last five years.". A few weeks ago, James and Peter rolled out Phase I of their highly anticipated multiyear plan for DC Studios across film, television and animation with 5 films and 5 television series already in the works, the new era for DC under a single creative vision is in full swing, and we are especially eager to thrill fans with new Superman and Batman movies in 2025. That's the power of streaming. 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. 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. Casey and the team continue to fuel critical and audience acclaimed with globally resident content, driving improvements in engagement and churn, which is setting up a nice tailwind into the relaunch. WBD 15.42 +0.67 Warner Bros. 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 have a lot of motion picture content that we're reworking and making a lot of progress with. 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 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. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. 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. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. If there is interest in pursuing an application further, the applicant will hear back within 14 days of their original submission. In the end, there was public backlash over his casting, but not because of his . Sir, you may now begin. Discovery Access Talent Spotlight, candidates must meet the below requirements: Participants must be 18 years or older as of March 1, 2022. We work, grow and create world class content in one of the biggest, busiest studio lots in the industry, as well as at countless studios, sets and offices around the globe. We'll definitely -- we're definitely planning for revenue improvement. December 13, 2021. Can you talk a little bit about the revenue outlook for D2C? 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. On the advertising side, it's kind of a complex answer. More on this from Gunnar in a minute, but I'm pleased with the trend line we see in Q1, particularly as we are managing towards close to breakeven segment EBITDA in the quarter. Studio. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. 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. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. We have full command and control of our business, and we are one company now. And so we're going to be -- Casey is the best example of that. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. We've gone through a couple of the puts and takes here. No. 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. The 50 Best Movies of 2022, According to 165 Critics from . And we have high hopes for all of these metrics after the combined product launches to further improve. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. I'll talk more about that in a minute. We continue to be the place creators are choosing to bring their visions to life. So that storytelling IP. Just what should we expect in terms of '23 versus '22? She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. Is there -- what are you considering? And now you see a very soft scatter market. 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 . We have a fantastic leadership team moving us forward, everyone rowing in the same direction. And on the 2023 outlook, look, it's early in the year. An open casting call has gone out for three actors between the ages of 13 and 16 to play young versions of Newt, Leta, and another character called Sebastian. Thank you, Jessica. MACON RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA By Kevin P. King - April 7, 2022 487 0 Advertisements On Location Casting *RUSH CALL* - TODAY! "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. One of them is off to a very good start. And the response from consumers has been overwhelmingly positive. 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. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. We've heard the word curated. 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. It's working. You have so many hidden assets within the company. 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. August 15, 2022 10:20am. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. 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 . Some are advertiser-driven. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. 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. We can take you into the theater around the world. 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. But it's -- we're not going to tell any story before it's done. Discovery CEO David Zaslav has doubled down on the groundwork being laid out for James Gunn and Peter Safran's DCU plans. And so we want to optimize that as a unified strategy for the company. Discovery Second Quarter 2022 Earnings Call. Cast: Dwayne Johnson, Keanu Reeves, Joh Krasinski, Kate McKinnon, Natasha Lyonne, Kevin Hart, Diego Luna, Jameela Jamil, Vanessa Bayer, Marc Maron About: Krypto the Super-Dog (Johnson) and Superman (Krasinski) are inseparable best friends, sharing the same superpowers and fighting crime in Metropolis side by side. Discovery, Inc.. A replay of the call will be available approximately two hours after the completion of the call until August 11, 2022. Wizarding World is the new official home of Harry Potter & Fantastic Beasts. Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by 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. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. 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. Newt Scamanders relationships and past remain enigmatic, so any glimpse into his formative years will be huge for the character. 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. I have one for David and then one for J.B. or Gunnar. It's not about getting it out for a certain date. It's significantly better outside the U.S. right now, which is a surprise. 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. And so we're feeling more and more confident about that. Really trying to understand how much of the ad impact that you're seeing is kind of coming from the macro environment? 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. Aug 9, 2022, 8:40 AM. HBO and HBO Max Hit with 70 Layoffs at Warner Bros. Warner Bros. Is this happening to you frequently? 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. Well, one of the big advantages that we have, Brett, is that we have this diversity of content. So I think this is an exciting time because I think we're really -- we made some tough decisions. We can put that down on our AVOD service. 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. James was writing Superman. 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. And then on the affiliate side, renewing 30% of your affiliate deals. Warner Bros. 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. Thanks, Ben. 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. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. Warner Bros Casting Calls are the most useful tools for those who are feeling capable that they can make an immediate impact on their acting careers, but aren't well-enough known to get invited to usual castings. We also signed fast content deals with Roku and Tubi, adding to these popular platforms, hundreds of our TV shows and movies, while maximizing the reach and overall value of our content. 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. China calls for Russia-Ukraine cease-fire, . We haven't done a Superman movie in 10 years. We said starting last August, we believe in profitable scale. Passionate about supporting Creatives to develop, produce . The advertising environment in the U.S. remains very . Turning to the total company EBITDA outlook. However, we remain very enthused about the trend line here, and I have greater and greater confidence in our ability to achieve our long-term segment targets of breakeven in the U.S. in 2024 and $1 billion of profitability in 2025 globally. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. 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