So there was 60% that was hardly being viewed. And then if you loved it, you can come up and you could then pay for on ad-lite or in subscription. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. It's about telling the best story. 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. Photo: Kevin Dietsch/Getty Images. . 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. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . https://forms.gle/pSmy15EJENw7foXi9 Advertisements Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. And so I think that is key to us in terms of building the long-term strength. The sentiment is not terrific. So I think this is an exciting time because I think we're really -- we made some tough decisions. NOW CASTING PAID EXTRAS (Ages 30 +) to portray ROADSIDE MOTEL GOERS for the NEW DC Comic series "NAOMI" for FRIDAY, 1/21/2022. 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. 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. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. Discovery. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. 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. But I also think we're very well positioned to grow from here. We must get it right. I believe Warner Bros. TV is the greatest quality maker of content in the world. He presented that to you and the press about a month ago. 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. But it's -- we're not going to tell any story before it's done. This information is only for educational purposes use. Wizarding World is the new official home of Harry Potter & Fantastic Beasts. Content alone is really only half of the equation. 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? 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. Delivering the latest news and official products from the Wizarding World and our partners. And it all stems from great storytelling. August 15, 2022 10:20am. 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. We have a fantastic leadership team moving us forward, everyone rowing in the same direction. WarnerMedia Equity + Inclusion announces the WarnerMedia Access Talent Spotlight, a new talent training program for aspiring actors looking for professional development and resources. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. 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. We can take you into the theater around the world. We continue to be the place creators are choosing to bring their visions to life. Last year was a year of restructuring. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. It's working. We have a lot of points to be very excited about. Is there -- what are you considering? 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. 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. 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. 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. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors that's very early in the year. 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 . from casting calls to the lure of the red-carpet award season. First, let me say, this promises to be a very exciting year for our company. We brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. 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. 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. And we were able in the upfront to drive price significantly more than all of our peers. Discovery might have had. The replay can be accessed by phone by dialing +1 877-674-7070 or +1 416-764 . 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. 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. The studio is the flagship producer of live-action feature films within Warner Bros. 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. So again, as I said, a similar picture with more diversity. 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 so we -- as the largest owner and producer of content in the world, we'll -- we want to super serve effectively our streaming service, which is a top priority as well as an AVOD service so that we could reach everyone in every country, everywhere in the world. The dreaded post-merger Warner Bros Discovery layoffs have reached the programming operation overseen by HBO and HBO Max Chief Content Officer Casey Bloys. Our next question comes from Ben Swinburne with Morgan Stanley. We've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. 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. The Hogwarts game, we took several additional months to rework it, to get it right. (Photo by Santiago Felipe/Getty Images) 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. Can you talk a little bit about the revenue outlook for D2C? Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . The product will offer compelling content for every member of the household. 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. But the other key is that we have the largest TV and motion picture library and we're the biggest producer of quality content in the world. 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. It's not about getting it out for a certain date. DC Comics. MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA Warner Bros. Newt Scamanders relationships and past remain enigmatic, so any glimpse into his formative years will be huge for the character. We have profitable subscribers that are very happy with the product offering of Discovery+, why would we shut that off. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. Having said that, as we face this next upfront, which is coming up in two months, I think the breadth of our content together with where we go in on price, positions us very well. And we're able to align our networks on a coterminous basis with these distributors. What's in there for upside, which is something that you didn't really talk about that much, but it's new? And so effectively, whether you want to look at content for free, you want to look at with edge, you want to look at you want a premium that we -- you would have all that opportunity with us, and it makes sense because we have the largest TV and motion picture library in the world. Discovery, Inc. ( NASDAQ: WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Andrew Slabin - Executive Vice President, Global Investor. 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 program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . Warner Bros. And so you put the Discovery+ and HBO Max proposition together at a great value, and we think we deliver something that ultimately has something for everybody in the household, which will help us on scale and help us on churn, which are the two major ingredients we're focused on as well as obviously engagement. 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. Webcast. I'd like to ask about advertising trends you're seeing and maybe kind of advance this discussion a bit more. 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. 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 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. In 2022, Warner Bros. will release Elvis, a biopic about the king of rock and roll himself. 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/. 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. WIZARDING WORLD Publishing and Theatrical Stage Rights J.K. Rowling. 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. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. 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. And we could see, for instance, at HBO, the majority of viewership of content on HBO was only 40% of the content. 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. 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? And so we're feeling more and more confident about that. Again, creating shows that people want to watch. We are not conducting any type of audition. Warner Bros. Television Group has more than 110 shows currently in production across our own platforms as well as third-party broadcast, cable and streaming outlets, including Emmy Winners, Ted Lasso and Abbott Elementary. In terms of the market itself, it's -- as I've said before, it's not a good environment. John Oliver in season nine of "Last Week Tonight With John Oliver." Paula Lobo/HBO. We're assuming that. Discovery, Inc.. Clearly, you still have some macro challenges, but what could go right? That's what led us to the conclusion that direct to streaming movies were providing really no value to us. Discovery in which we took some pivotal initial steps. And it's the same principle with theatrical, perceived value of content increases when there's a great expectancy and excitement. We've heard the word curated. Warner Bros. It's working. I do believe, as JB said, and we do believe, as a company, that we'll sort of recreate this -- the streaming service, which is ad free, then which -- then there'll be ad-lite. And now we're -- this year, you're going to see us fighting on DC. Marvel's Guardians will star alongside Chris Hemsworth (Thor), Natalie Portman (Jane Foster/Mighty Thor), Tessa Thompson (Valkyrie), and Christian Bale (Gorr the God Butcher), among other new and. Let me start with the second question. Discovery experienced a staggering USD 2.1 billion financial setback. 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. 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. CASTING SUBMISSION - Actors & Extras It's 1 of the biggest value creation opportunities for us. We took bold decisive action over the last 10 months and the bulk of our restructuring is behind us. You do not need to submit this form if you've already submitted to any casting. The Last Of Us, for example, grew its Sunday premier night viewership by about 1 million with each episode over the first 4 weeks. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. 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. And Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. 3 min read. 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. We have a great hand and we're doing a lot right. The closing date for applications is Tuesday, 20 June 2017 at midnight GMT. It's working. This company every year give up the chance for new talents. And so we're going to be -- Casey is the best example of that. And I think I just only add go ahead. 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. I saw it and loved it. Is there any of your content that's definitely off the table to be included in that service? So a lot to be looking forward to. The other point that is front or set up for us is curation. Discovery in April last year. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. 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. The game was 1 of the most highly anticipated of 2023. 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. So we do see subscriber scale as one part of the revenue growth story. 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' WBD 15.42 +0.67 Warner Bros. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. 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. The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. Warner Bros. How to Get Cast On How to Get Cast in a DC Comics Movie or TV Show This guide will answer your most pressing questions. Thanks, Ben. 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. Good afternoon, and welcome to Warner Bros. 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. David Zaslav Praises CNN Adding More GOP Voices; "Balance Strategy" Is "Important," Warner Bros Discovery Boss Says + Discussion: The Wrap, . Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. 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. 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. Here we have mentioned the name of the founder below here on page read it carefully. Sorry, Robert. It comes after HBO and HBO. Discovery Cuts Scripted Programming at TBS, TNT. December 13, 2021. Discovery Second Quarter 2022 Earnings Call. And so selling that to drive free cash flow and to nourish the overall segment, so that we, as a media segment, can be successful is important. A replay of the call will be available approximately two hours after the completion of the call until August 11, 2022. We see price as a very important second part. Some of them we may find we need to adjust, but we feel really good about where we are, and we're accelerating forward. 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. Our strategy is no sub left behind. For those that are happy paying $5 or $7 and having home, food, Discovery and own type content. And why should we need to monetize that in order to drive shareholder value. And then on the affiliate side, renewing 30% of your affiliate deals. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance. I remain very optimistic about the range of potential outcomes in 2023 and beyond. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We said starting last August, we believe in profitable scale. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. And we take that across film, TV and even to sell to third parties, because we have something, we have a treasury that no one else has. And HBO is streaming's new must-see TV with all of its cultural impact and excitement. I'll just take a swing at it, Gunnar, you can follow. 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. 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. We got to take those swings. Such a move has been expected for quite some time, given Warner Bros. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. Participants must have the right to work in the United States or Canada. The Foxtel Group has today officially confirmed details of a major new content and platform agreement with Warner Bros. Turning to the total company EBITDA outlook. And I'm not taking anything off the table here, but I just want to be realistic as well about what we're seeing today. Warner Bros. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. Discovery, Q4 2022 brought a hefty price: A net loss of USD 2.1 billion due to declining ad sales revenue figures. 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. Discovery. 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. Our next question comes from Brett Feldman with Goldman Sachs. TM & WBEI. But in order to do that, we took less volume than we could have. On the 12th, we'll lay out to you, we have a clear attack plan, where we'll drive this really across the country and into markets around the world with conviction. Q&A session is now closed, which concludes today's conference. Discovery, ensuring it will remain as the exclusive Australian home of HBO, Max Originals, Warner Bros. and Discovery programming. Warner Bros. It reminds me of my time at NBC when Thursday Night was must-see TV. Disclaimer: Audition free of cost for more information visit the respective official site. We're going to be releasing 12 films, 6 games. In answering that question, you reiterated something you'd said before, which was an intent to fold the Discovery content into the new product. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. It's about the sustainability and the longevity the free cash flow being delivered by that segment. Starting with the Studio segment. It's not about getting it out quick. Don't forget the 12+ hour blocks of five year old movies every weekend. And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. 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