And Ben, on the D2C question, let me start with the revenue side of it. 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. Photo: Kevin Dietsch/Getty Images. Yes. But curation, creating content at a time when people can watch it, creating a community conversation. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. 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. Let me start with the second. 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. Margot Robbie, who plays Barbie, is instantly as Barbie-esque as you could imagine, all blond hair and smiles and bright pink car. 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. On the news side, we are fighting hard and making real progress. The program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . Casting for teenage Dumbledore follows on from the news that Jude Law will play the adult character in the Fantastic Beasts sequel. This company every year give up the chance for new talents. People want to be part of something. And together, we are focused on making our businesses better and stronger. Stay tuned for more to come on this front. 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. And back then, you had to watch the show on Thursday night. Oh, on FAST. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. 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. 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. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. The studio is the flagship producer of live-action feature films within 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. 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. Studio. Discovery CEO David Zaslav has doubled down on the groundwork being laid out for James Gunn and Peter Safran's DCU plans. 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. Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. 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. On FAST, look, the strategy is, I think, back to some of the questions earlier, at the end of the day, one of the advantages we feel like we have is the question keeps coming up about windowing. 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. And so I think that is key to us in terms of building the long-term strength. 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. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. In all that we do, we are guided by three strategic pillars. We definitely are planning for an inflection on the revenue side. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. 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. Warner Bros. We've been hard at work since our last call and look forward to updating you on our progress. 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 haven't done new Harry Potter content in over a decade. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. CAB Castings, LLC. Chris Licht and the team are focused on building an asset for the long term across cable and digital that is worthy of that great global brand. 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. Yes, that's one important ingredient. Overall, 14% of . And we were able in the upfront to drive price significantly more than all of our peers. Yes. If you could share your view on those two impacts, that would be very helpful. No, the only thing I would add is from the perspective of cyclical versus secular, there's no doubt. First, let me say, this promises to be a very exciting year for our 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. 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. . 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. If they ask you to pay a fee in order to audition for a specific role, it's most likely a scam. But the digital inventory, which really held up in the fourth quarter has also softened. CNN stands as a premier global news organization, and we wanted to be the place for fact-based reporting and thoughtful discourse that is broader than politics and sport. One of them is off to a very good start. The sentiment is not terrific. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. 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. WBD 15.42 +0.67 Warner Bros. Warner Bros. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. We have command and control of each of the businesses. I can't wait for The Flash to hit the theaters in June. 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. Warner Bros. Our next question comes from Michael Morris with Guggenheim Partners. And why should we need to monetize that in order to drive shareholder value. Gunnar will take you through all of the financials in our outlook, but I'm very pleased that we see our net leverage clearly below 4x by the end of this year, below 4x by the end of this year. And that isn't critical to or helpful to churn. 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. 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. Global core subscribers increased 1.1 million sequentially and 10 million year-on-year, while global ARPU increased as well modestly to $7.58. The 50 Best Movies of 2022, According to 165 Critics from . 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. Studio Tour Hollywood invites you to celebrate the enduring legacy of the iconic Super-hero on Batman Day, Saturday, September 17, 2022. . media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . And the response from consumers has been overwhelmingly positive. 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 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. 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. Successfully localized over 75 titles and worked with over 50 different studios since 2005:<br> Warner Bros. Montreal (April 2013 - Present): Batman: Arkham Origins, Middle-Earth: Shadow of Mordor, Batman: Arkham . 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 believe Warner Bros. TV is the greatest quality maker of content in the world. Discovery is a storytelling company and we are very fortunate to have a huge share of the most beloved and globally recognized storytelling IP in the world, including Harry Potter, Game of Thrones, Superman, Batman, Lord of the Rings, and we intend to take full advantage of these one-of-a-kind franchises across our various platforms. It's working. 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/. So I think we're very well positioned. "I was in the movie 'Grown Ups'. Hello, everyone, and thank you for joining us. 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. We believe strongly in the importance of the motion picture window and having that shared experience with other people. 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. What's in there for upside, which is something that you didn't really talk about that much, but it's new? The gaming business is all consumer product driven. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. 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 scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. That's the power of curation. 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. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. There hasn't been a stand-alone Superman movie in a decade. 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 . 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. And so we'll keep in mind this balance of volume versus price. 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. Turning to consolidated results and free cash flow. Lord of the Rings is one of the most iconic storytelling franchises of all time and we're so excited. We were able to put that to work behind some of cases launches, behind some of our film launches. Gunnar and the team are laser-focused on driving transformation throughout the organization, supporting our ability to further generate real free cash flow. We've effectively done that now, but we had to take two different sales teams and pull them together. We've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. It's not about getting it out for a certain date. I think it could and should be huge because it wasn't being pushed on. 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. We'll definitely -- we're definitely planning for revenue improvement. Appreciate all the information you just shared. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The studio is the flagship producer of live-action feature films within Warner Bros. Some of them we may find we need to adjust, but we feel really good about where we are, and we're accelerating forward. Discovery, Inc. Fourth Quarter 2022 Earnings Conference 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? Though we are assuming that things will get better in the second half. The casting of their teenage incarnations as well as those of Newt and Leta will be sure to intrigue Harry Potter fans, and drive further speculation about the next films story. Warner Bros. A replay of the call will be available approximately two hours after the completion of the call until August 11, 2022. We see better engagement, better churn, which makes marketing efficiencies come up. ET Follow HBO Max Go to Site Follow HBO Go to Site Follow Warner Bros. Go to Site Follow HGTV Go to Site Follow Discovery Go to Site Follow discovery+ Go to Site Follow CNN Go to Site Follow TBS Go to Site Follow Food Network And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. Channing is the best example of that. Gunnar? (Photo by Santiago Felipe/Getty Images) And after just 5 weeks, an astounding 35 million people have watched episode 1. 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. And later down the road, we're also obviously going to start looking at new market launches, again. J.B., anything to add to that? 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! It reminds me of my time at NBC when Thursday Night was must-see TV. Table of Contents Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. While every applicant will be considered, only those passing the initial consideration round will be contacted. The sequel to Fantastic Beasts and Where to Find Them is slated for release 16 November 2018, and filming begins this summer. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. . NOW CASTING PAID EXTRAS (Ages 30 +) to portray ROADSIDE MOTEL GOERS for the NEW DC Comic series "NAOMI" for FRIDAY, 1/21/2022. And it all stems from great storytelling. And my second question is about this pending relaunch MAX product. The other point that is front or set up for us is curation. 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. That is exactly what we see happening at HBO. The closing date for applications is Tuesday, 20 June 2017 at midnight GMT. With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. Please disable your ad-blocker and refresh. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. The Warner Bros. Television Workshop is the premier program for new writers and. 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. There's loads of content out there. The biggest unknown continues to be in the ad sales environment. The market is -- the macro environment is very challenging. The replay can be accessed by phone by dialing +1 877-674-7070 or +1 416-764 . But we'll take you through what that plan is and how we intend to do it on the 12th, but well locked and loaded. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: [email protected] for more info. Those shows had a supersized effect on people and culture. I'll talk more about that in a minute. Despite the full integration of Warner Bros. We're going to be releasing 12 films, 6 games. The 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. I remain very optimistic about the range of potential outcomes in 2023 and beyond. August 15, 2022 10:20am. 'M thrilled to announce that Mike and Pam signed a deal to make multiple of... The premier program for new talents at NBC when Thursday night September 17,.. Curation, creating content at a time when people can watch it, creating content at a time people! Revenue improvement different sales teams and pull them together the Warner Bros. we 've effectively done that now, it! 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