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. I have one for David and then one for J.B. or Gunnar. Clearly, you still have some macro challenges, but what could go right? We also made a decision in the upfront to drive price rather than extra volume. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. So that storytelling IP. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. Overall, 14% of . On direct-to-consumer, we are making meaningful progress on our goal to achieve real profitability in streaming, a key and powerful segment of our company. Yes. Discovery experienced a staggering USD 2.1 billion financial setback. Or is that something that might fuel that service? 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. The gaming business is all consumer product driven. 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. But the key to this company is, as a storytelling company, we have this diversity. And why should we need to monetize that in order to drive shareholder value. Content alone is really only half of the equation. Interested in future casting calls or joining our casting division? Presentation. . We believe strongly in the importance of the motion picture window and having that shared experience with other people. The poor actors and directors of the . Discovery might have had. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. 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. We have a fantastic leadership team moving us forward, everyone rowing in the same direction. 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 Naturally, and as I have said before, not all of these initiatives will come to fruition or get realized to the full extent, but this represents a significant pipeline for us as components of both near-term cost out and longer-term continuous improvement. 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. We have a great hand and we're doing a lot right. 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. October 27, 2022 THE LATEST Casting Lady Gaga Joins. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. 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 But in order to do that, we took less volume than we could have. 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.. No. 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. 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. Number three, evaluating capital allocation opportunities with rigor, so that we can both achieve near-term efficiency and enhance long-term asset value and growth. Warner Bros. Turning to consolidated results and free cash flow. The casting of a young Leta would suggest that her character might have a bigger role in the sequel. 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. 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. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. #inclusion #performerswithdisabilities #Disabilityawareness Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. These are huge numbers, particularly in today's day and age of binge viewing, when there is so much content to choose rooms. In addition to all of our entertainment and nonfiction, we do have all of our news and sports. And so we are a storytelling company. 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. It comes after HBO and HBO. And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. 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 . Sir, you may now begin. We got to take those swings. On Friday, AT&T handed off Warner Bros. to Discovery Inc. as part of a $43 billion merger. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. We continue to expect to convert 1/3 to half of EBITDA into free cash flow, as I stated earlier, with the key determinants and drivers of growth being the magnitude of EBITDA, net cash content spend, the impact of working capital initiatives, and the timing and magnitude of a trend change in the advertising market. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. This company every year give up the chance for new talents. The market is -- the macro environment is very challenging. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. 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? Well, one of the big advantages that we have, Brett, is that we have this diversity of content. Hello, everyone, and thank you for joining us. Discovery. August 4, 2022 04:30 PM ET. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. Discovery Access Talent Spotlight, candidates must meet the below requirements: Participants must be 18 years or older as of March 1, 2022. Stay tuned for more to come on this front. 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. 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 . Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . Is that something you're able to comment on now? Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. Christian Zilko 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. So there was 60% that was hardly being viewed. Discovery Second Quarter 2022 Earnings Call. Those shows had a supersized effect on people and culture. Warner Bros. 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. I mean, pot levels in the industry, I think, were down 14% in the quarter. We expect 2023 pro forma adjusted EBITDA to be in the low to mid $11 billion range, representing growth of low to mid-20%, against pro forma adjusted EBITDA of $9.2 billion in 2022. 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. TM & WBEI. If they ask you to pay a fee in order to audition for a specific role, it's most likely a scam. We're assuming that. Q&A session is now closed, which concludes today's conference. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. But curation, creating content at a time when people can watch it, creating a community conversation. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. Can you talk a little bit about the revenue outlook for D2C? Discovery. 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. Studio Tour Hollywood invites you to celebrate the enduring legacy of the iconic Super-hero on Batman Day, Saturday, September 17, 2022. . But the digital inventory, which really held up in the fourth quarter has also softened. 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. The other point that is front or set up for us is curation. Please disable your ad-blocker and refresh. 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. Despite the full integration of Warner Bros. 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. Social media explodes and people are calling their family and friends to talk about what they saw. 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. And I think our diversity, we have all these different assets that have -- that are different. And for us, DC alone will be -- could and should be a game changer. J.B., anything to add to that? 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'll definitely -- we're definitely planning for revenue improvement. Don't forget the 12+ hour blocks of five year old movies every weekend. Table of Contents Warner Bros. 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. This phenomenon can go for eight, 10-plus weeks for each series. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. NOW CASTING PAID EXTRAS, AGES 18+ to portray WHITE HOUSE STAFF for new NETFLIX & Tyler Perry Studios movie SIX TRIPLE EIGHT (6888). And the response from consumers has been overwhelmingly positive. We're also thrilled by what we're seeing coming out of our games business, which represents a core part of our overall strategy. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. China calls for Russia-Ukraine cease-fire, . During the WBD quarterly earnings call, Zaslav . We haven't done a Superman movie in 10 years. And then, Gunnar, you sound very bullish and confident on the D2C targets, the $1 billion of EBITDA in '25. The sentiment is not terrific. But that said, there's always going to be a place for quality content and we're open for business. And getting ready for our new launch. But -- and I know it's a tough question to put numbers around. We've already seen more than $850 million in retail sales, and we still have more platforms launching over the next few months. This doesn't yet reflect the $1 price increase on the ad-free retail tier in the U.S. that was implemented in January and which has been digested quite well. 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. 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. Our strategy is no sub left behind. Your email address will not be published. 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. The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. Sir, you may now begin. And having all those distribution outlets gives us the optionality to look at what the data shows us and see where we need to lean in further or not. We're putting these targets here out for 2023 with the same mindset that we want to hit or outperform that guidance. WIZARDING WORLD Publishing and Theatrical Stage Rights J.K. Rowling. Again, creating shows that people want to watch. 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. Maybe help us think about the levers you have and your expectations around top line over the next few years? Thanks, Ben. And then on the affiliate side, renewing 30% of your affiliate deals. Webcast. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. We have profitable subscribers that are very happy with the product offering of Discovery+, why would we shut that off. Discovery and sort of the earnings power of the organization? 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. And that gives us real optionality in terms of nourishing audience for growth and for reduction in churn and for overall price value. Among them, the integration and repositioning of our global finance organization through which we implemented a number of initiatives to drive efficiency and better support the company's long-term sustainable growth. There's been an increasing discussion recently about what the right general entertainment content strategy supposed to be for media companies as your models continue to pivot and become more streaming-centric. Lord of the Rings is one of the most iconic storytelling franchises of all time and we're so excited. 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