That's what led us to the conclusion that direct to streaming movies were providing really no value to us. 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. Please disable your ad-blocker and refresh. But curation, creating content at a time when people can watch it, creating a community conversation. And Ben, on the D2C question, let me start with the revenue side of it. And so we are a storytelling company. And we have high hopes for all of these metrics after the combined product launches to further improve. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. 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 He presented that to you and the press about a month ago. 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' And so we'll keep in mind this balance of volume versus price. 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 think you used it during your script. Discovery. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. I mean, pot levels in the industry, I think, were down 14% in the quarter. Appreciate all the information you just shared. And getting ready for our new launch. 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. First, let me say, this promises to be a very exciting year for our company. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. 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. This company every year give up the chance for new talents. If there is interest in pursuing an application further, the applicant will hear back within 14 days of their original submission. 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. If they ask you to pay a fee in order to audition for a specific role, it's most likely a scam. Young Sheldon, network TV's #1 comedy. 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? David, maybe just to sort of wrap up that on the content side. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. And we hit this year with a full leadership team in place. 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 have an unusual situation. The layoffs represent 14% of Chief Content Officer Casey Bloys' staff, and the eliminated positions are primarily focused on reality content, though other departments including casting and acquisition will also be impacted. It's 1 of the biggest value creation opportunities for us. The poor actors and directors of the . And we are excited for Mike and Pam to lead the studio into its next chapter, which in 2023, will see output more than double. 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. WarnerMedia Equity + Inclusion announces the WarnerMedia Access Talent Spotlight, a new talent training program for aspiring actors looking for professional development and resources. 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. 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. Photo: Kevin Dietsch/Getty Images. 4 talking about this. Warner Bros. 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! 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. Yes, that's one important ingredient. 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? Wizarding World is the new official home of Harry Potter & Fantastic Beasts. Sorry, Robert. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. Discovery in which we took some pivotal initial steps. And it is shared -- the platform itself for Discovery+ will be a shared platform. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors that's very early in the year. 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. Despite the full integration of Warner Bros. Our next question comes from Brett Feldman with Goldman Sachs. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. 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. 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. And why should we need to monetize that in order to drive shareholder value. 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. 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. 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. Though we are assuming that things will get better in the second half. 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. Clearly, you still have some macro challenges, but what could go right? Operator. TM & WBEI. 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. Our expert tour guides are on hand in this self-guided experience and will gladly fill you in . I'm just wondering if you can talk about some of these assumptions. 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 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. Discovery Second Quarter 2022 Earnings Call. August 4, 2022 04:30 PM ET. Lord of the Rings is one of the most iconic storytelling franchises of all time and we're so excited. And that isn't critical to or helpful to churn. In addition to less activity in home entertainment, given the leaner theatrical release schedule in 2022, which was very much a result of deliberate decisions we made about specific titles and overall release dates. 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. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. And on the 2023 outlook, look, it's early in the year. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. 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. But the key to this company is, as a storytelling company, we have this diversity. 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. It gives a huge advantage with those tent poles. Overall, 14% of . Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. 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. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. Webcast. - David Spade, 'Nothing Personal' 2022. I think the focus for many of us is usually each company's top profitability, but maybe there's not enough attention to the fact that each of these moves could have pretty dramatic impacts to the industry and competitive landscape. James was writing Superman. And where does the WBD fit in that? It's working. Discovery experienced a staggering USD 2.1 billion financial setback. Here we have mentioned the name of the founder below here on page read it carefully. Nov 3, 2022 2:02pm PT Warner Bros. This information is only for educational purposes use. We will always be a little lower maybe than sort of a pure-play D2C product just because of the HBO linear trends that are baked into our revenue number. The studio is the flagship producer of live-action feature films within Warner Bros. 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. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. 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. And there are times when our share is significantly higher with marquee events, such as March Madness and the MLB and NBA playoffs. In Harry Potter and the Deathly Hallows, readers learned that Albus and Gellert were once friends, before becoming arch-rivals. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. And then on the affiliate side, renewing 30% of your affiliate deals. Discovery might have had. The 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. And after just 5 weeks, an astounding 35 million people have watched episode 1. These are huge numbers, particularly in today's day and age of binge viewing, when there is so much content to choose rooms. There's loads of content out there. 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. Every week, a new episode comes out and by the time the next one airs a week later, tens of millions of people have watched the last episode. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. 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. Discovery Inc. is suing Paramount Global, saying its competitor aired new episodes of the popular animated comedy series "South Park" after Warner paid for exclusive rights. 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. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. And now we're -- this year, you're going to see us fighting on DC. Warner Bros. 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 HBO is streaming's new must-see TV with all of its cultural impact and excitement. And once we establish this funnel, then we can take things like the first season of succession or the second season. 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. We have a great hand and we're doing a lot right. Again, creating shows that people want to watch. Importantly, we successfully completed affiliate renegotiations, which accounted for more than 30% of U.S. distribution revenues and which brought our portfolio together coterminously. In every country, they'll leave dinner and they got to go home to view that product that they love. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. 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. The Voice, the #1 most watched unscripted show on network TV. "I was in the movie 'Grown Ups'. We've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. 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. Sir, you may now begin. 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. And my second question is about this pending relaunch MAX product. So I was hoping you could just give us your most updated thoughts, so we kind of have that framework for assessing the new product when you rolled out on April 12. 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. I'll talk more about that in a minute. 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. The sequel to Fantastic Beasts and Where to Find Them is slated for release 16 November 2018, and filming begins this summer. And I believe in that, having been in this business for 30 years, I think in order to really drive asset value, you need to drive price. 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. That's what we're looking to primarily deliver. 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. October 27, 2022 THE LATEST Casting Lady Gaga Joins. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. Our strategy is no sub left behind. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. And one of the tenets is we're not going to launch any content before it's time. 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. And we can create a Tubi or a Pluto without buying content from anybody by just being able to put it on ourselves. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. And to that end, we are now confident in a path to at least $4 billion of savings largely addressable through 2024, representing an increase of $500 million over our prior estimate. 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. And we're able to align our networks on a coterminous basis with these distributors. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Just what should we expect in terms of '23 versus '22? "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. 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. We got some of the best creatives in the industry right now focused on those swings. Thank you, David. Warner Bros. The casting of a young Leta would suggest that her character might have a bigger role in the sequel. 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. 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 we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. 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. 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. Thanks, Ben. 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. We're putting these targets here out for 2023 with the same mindset that we want to hit or outperform that guidance. 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. Channing is the best example of that. Sep 2, 2021 Seeking young performers for Nickelodeon's nationwide (US and Canada) Performers with Disabilities Open Call! People want to be part of something. And I think our diversity, we have all these different assets that have -- that are different. The studio is the flagship producer of live-action feature films within Warner Bros. Two questions. Warner Bros. Required fields are marked *, Warner Bros.-Seven Arts, Inc.(19671970), Toby Emmerich(Chairman, Warner Bros. Pictures Group), Walter Hamada(President, DC-based Film Production), studiofacilities.warnerbros.com/studio-operations-inquiry-form/. Well, one of the big advantages that we have, Brett, is that we have this diversity of content. Before we start, I'd like to remind you that today's conference call will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. Discovery in April last year. 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. Turning to the quarter, I'd like to quickly take you through some of the puts and takes impacting performance. Accordingly, we expect free cash flow in the first quarter to be negative. 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. Such a move has been expected for quite some time, given Warner Bros. Global core subscribers increased 1.1 million sequentially and 10 million year-on-year, while global ARPU increased as well modestly to $7.58. Or is that something that might fuel that service? And it all stems from great storytelling. Don't forget the 12+ hour blocks of five year old movies every weekend. Join the Fan Club and bring your traits with you. The guidance does not include any asset sales. 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. 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. Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. Our next question comes from Michael Morris with Guggenheim Partners. We definitely are planning for an inflection on the revenue side. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. 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. This company is found in the years 1923. 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. Margot Robbie, who plays Barbie, is instantly as Barbie-esque as you could imagine, all blond hair and smiles and bright pink car. 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? Yes. The game was 1 of the most highly anticipated of 2023. I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. Participants must have the right to work in the United States or Canada. David Zaslav Praises CNN Adding More GOP Voices; "Balance Strategy" Is "Important," Warner Bros Discovery Boss Says + Discussion: The Wrap, . We can put that down on our AVOD service. Having said that, we closed this deal right before the upfront, and we're first bringing our teams together. Oh, on FAST. The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. 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. 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. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. And we take advantage of all the content that we have. 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.
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