I'll just take a swing at it, Gunnar, you can follow. Wizarding World is the new official home of Harry Potter & Fantastic Beasts. I believe Warner Bros. TV is the greatest quality maker of content in the world. 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. 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. So I know it's a pretty open-ended question, but can you talk about how you see the streaming industry evolving overall with these changes? Discovery experienced a staggering USD 2.1 billion financial setback. And we continue to track above our internal plans. We met with 186 of the top leaders in -- for a week in early January. And then on the affiliate side, renewing 30% of your affiliate deals. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. It's significantly better outside the U.S. right now, which is a surprise. 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. 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. So again, as I said, a similar picture with more diversity. This phenomenon can go for eight, 10-plus weeks for each series. 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. 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. And we don't yet have, we think, a strong enough position in that market. You have so many hidden assets within the company. And it all stems from great storytelling. 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. And so we're going to be -- Casey is the best example of that. The Hogwarts game, we took several additional months to rework it, to get it right. No question about that. And we have high hopes for all of these metrics after the combined product launches to further improve. Thank you, David. Operator. 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. Some of them we may find we need to adjust, but we feel really good about where we are, and we're accelerating forward. 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. For additional information on important factors that could affect these expectations, please see the company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K. A copy of our Q4 earnings release, trending schedule and accompanying slide deck is available on our website at ir.wbd.com. We are not conducting any type of audition. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. You probably know that, because we've kept the lights on at TBS for the last five years.". media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. 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 And for us, DC alone will be -- could and should be a game changer. 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 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. Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . For us, 2023 is a year of building. And where does the WBD fit in that? We got to take those swings. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. October 27, 2022 THE LATEST Casting Lady Gaga Joins. Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. We said starting last August, we believe in profitable scale. If they ask you to pay a fee in order to audition for a specific role, it's most likely a scam. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. And I think our diversity, we have all these different assets that have -- that are different. And Lord of the Rings, which is a fantastic franchise, Andy Jassy was pushing on it at Amazon with a lot of success, but we own those movie rights. John Oliver poked at HBO's parent company, Warner Bros. View this post on Instagram The scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. Young Sheldon, network TV's #1 comedy. In answering that question, you reiterated something you'd said before, which was an intent to fold the Discovery content into the new product. CASTING SUBMISSION - Actors & Extras An important reference point for the value of our combined portfolio of networks to our distribution partners. 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. I saw it and loved it. Discovery, Inc. (NASDAQ:WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET, Andrew Slabin - Executive Vice President, Global Investor Strategy, David Zaslav - President and Chief Executive Officer, Gunnar Wiedenfels - Chief Financial Officer, Jean-Briac Perrette - Chief Executive Officer and President, Global Streaming and Interactive. We can put that down on our AVOD service. 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. And then, Gunnar, you sound very bullish and confident on the D2C targets, the $1 billion of EBITDA in '25. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. 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/. Casting Australia (@warnerbroscastingau) Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. There's loads of content out there. 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. 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. 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. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. Can you talk a little bit about the revenue outlook for D2C? And so we'll keep in mind this balance of volume versus price. So we do see subscriber scale as one part of the revenue growth story. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. August 4, 2022 04:30 PM ET. We have a lot of points to be very excited about. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. 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. The poor actors and directors of the . Discovery and sort of the earnings power of the organization? Lord of the Rings is one of the most iconic storytelling franchises of all time and we're so excited. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. Sure. But the digital inventory, which really held up in the fourth quarter has also softened. The search for Nick took Warner Bros. much longer than expected, though, and eventually Golding was ready to sign on. 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. Appreciate all the information you just shared. The reality is, in today's environment, I think it would be -- you wouldn't want us to say we have a static a 100% defined windowing strategy. And so -- which -- where we pivoted and said we were going pushing to move all of our films back out with real windows in order to optimize those products. It's a wow. 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. 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. Sep 2, 2021 Seeking young performers for Nickelodeon's nationwide (US and Canada) Performers with Disabilities Open Call! And we could see, for instance, at HBO, the majority of viewership of content on HBO was only 40% of the content. 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. And so we are a storytelling company. I'd like to ask about advertising trends you're seeing and maybe kind of advance this discussion a bit more. But the key to this company is, as a storytelling company, we have this diversity. We've heard the word curated. And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. And so we were able, in many ways, to Monday morning quarterback. And then obviously, with the new product, we just look at some of the features that we're going to be rolling out and some of the improved and enhancements from a performance standpoint in the product at a much higher engagement, which will help both our ad-lite monetization, including, as David mentioned earlier, the fact that we're now putting ads and all the content on HBO Max as opposed to just some of the content on HBO Max, all those will be part of the revenue drivers in addition to obviously having the rights like we talked about before, for all of our sports in the U.S. and news content eventually that could also help us drive further scale and pricing in the years ahead. And we're curating now in a way that's having an impact on America. In every country, they'll leave dinner and they got to go home to view that product that they love. 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. We've already seen more than $850 million in retail sales, and we still have more platforms launching over the next few months. Warner Bros. But in order to do that, we took less volume than we could have. And on the 2023 outlook, look, it's early in the year. At Warner Bros. It's the backbone of what we're doing, and we'll keep investing. DC Comics. 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. And we've lapped that now, and we're seeing some growth now. https://forms.gle/pSmy15EJENw7foXi9 Advertisements David, maybe just to sort of wrap up that on the content side. Elvis is a 2022 biographical drama film directed by Baz Luhrmann and written by Luhrmann, Sam Bromell, Craig Pearce, and Jeremy Doner.It follows the life of the American rock and roll singer and actor Elvis Presley, told from the perspective of his manager, Colonel Tom Parker.It stars Austin Butler as Presley with Tom Hanks as Parker, while Olivia DeJonge, Helen Thomson, Richard Roxburgh . No, the only thing I would add is from the perspective of cyclical versus secular, there's no doubt. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. No. On the advertising side, it's kind of a complex answer. But just as you think about the impact of DC sort of fully realizing the opportunity over the next 5-plus years, what could that mean to Warner Bros. Is there any of your content that's definitely off the table to be included in that service? 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