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. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. Disclaimer: Audition free of cost for more information visit the respective official site. We've rightsized the content investments. 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. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. 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. You also hear a bigger discussion around how you decide when something should be exclusive to your platforms and when maybe you should be licensing. Warner Bros. It's the backbone of what we're doing, and we'll keep investing. We met with 186 of the top leaders in -- for a week in early January. Starting with the Studio segment. Our next question comes from Michael Morris with Guggenheim Partners. 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. I think it could and should be huge because it wasn't being pushed on. Let me start with the second question. We're also thrilled by what we're seeing coming out of our games business, which represents a core part of our overall strategy. And there's a number of uncertainties as you wouldn't be surprised to hear. Turning to the total company EBITDA outlook. Warner Bros. 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. 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 . What's in there for upside, which is something that you didn't really talk about that much, but it's new? And most importantly, we saw improvement across key KPIs. 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? 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. [Operator Instructions] I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. 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 Though we are assuming that things will get better in the second half. 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 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. John Oliver poked at HBO's parent company, Warner Bros. Warner Bros. So, if you know any young acting hopefuls who know their Elder Wand-lore, or have a penchant for Sherbert Lemons, now is the time to let them know. So that storytelling IP. 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. To that end, linear ad sales is a top priority at the moment, particularly as we balance both cyclical headwinds and ongoing secular challenges, much of which we've dealt with for the last several years. 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. Table of Contents And I think you're going to see a big difference that when we release something, it's going to be a product that we think is the best it could be. Do your homework, find out if the casting call is legit, find out who the casting director is for the show or movie and make sure everything matches up. Q4 revenues decreased 9% year-over-year, while adjusted EBITDA decreased 2%, helped by a reduction in consolidated SG&A by 22%, a bit more than we guided to. This company is found in the years 1923. These outcomes will reflect an incremental $2 billion of synergy and transformation efficiency capture, while additional puts and takes to consider include positive revenue inflection in D2C, the broader release slate at Warner Bros. Pictures and Games, balanced by cyclical advertising headwinds. 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. We're going to be releasing 12 films, 6 games. 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. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. 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. This company every year give up the chance for new talents. I'll talk more about that in a minute. And with that, I am pleased to turn the call over to David. 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. Batman Day - September 17, 2022. He presented that to you and the press about a month ago. Reportedly Cancels 'Wonder Woman 3' Warner Bros. But the key to this company is, as a storytelling company, we have this diversity. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Oh, on FAST. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. 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. The guidance does not include any asset sales. Your email address will not be published. We got to take those swings. Let me start with the second. Discovery Second Quarter 2022 Earnings Call. The product will offer compelling content for every member of the household. You probably know that, because we've kept the lights on at TBS for the last five years.". The studio is the flagship producer of live-action feature films within Warner Bros. Just what should we expect in terms of '23 versus '22? Anyone under 18 must ask a parent or guardian to send the application. 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. Turning to the quarter, I'd like to quickly take you through some of the puts and takes impacting performance. Hello, everyone, and thank you for joining us. 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. And we're doing it in a very tasteful way by putting it on the very front end. And so we want to optimize that as a unified strategy for the company. 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. Discovery Is America's Worst-Run Company,Mismanagement has ruined whatever success Warner Bros. 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. Gunnar and the team are laser-focused on driving transformation throughout the organization, supporting our ability to further generate real free cash flow. 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. It's about the sustainability and the longevity the free cash flow being delivered by that segment. Well, look, we were laser-focused on building this DC 10-year plan. I believe we've barely begun to scratch the surface in terms of the potential here, and I'm excited about the benefits as this cascades throughout the organization. Our next question comes from Ben Swinburne with Morgan Stanley. 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. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. They want -- they want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. I'm just wondering if you can talk about some of these assumptions. Yes. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. And I think I just only add go ahead. Is there any of your content that's definitely off the table to be included in that service? Participants must have the right to work in the United States or Canada. We believe strongly in the importance of the motion picture window and having that shared experience with other people. You have so many hidden assets within the company. The reality is the market is evolving so dynamically that what we are doing is as 1 team, looking at all the different windows and what our real asset is having actual distribution assets in almost every form of media, whether it be linear television, on-demand television through streaming, games, theatrical distribution, free-to-air, pay TV. Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. 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. The gaming business is all consumer product driven. The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. We've gone through a couple of the puts and takes here. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. And Ben, on the D2C question, let me start with the revenue side of it. 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. This information is only for educational purposes use. Operator. You may now disconnect. The long-term earnings and free cash flow generation potential of this company are stronger than ever, particularly after having taken some courageous and crucial first steps this past year. Aug 9, 2022, 8:40 AM. 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. Expect in terms of '23 versus '22 the application to portray both Gellert Grindelwald Albus... It could and should be huge because it was n't being pushed on,! The Rings movies from Michael Morris with Guggenheim Partners your browser Reif Ehrlich with of. You would n't be surprised to hear '23 versus '22 have so many hidden assets within company! Compelling content for every member of the household n't really talk about some of the top leaders in for... Respective official site to portray both Gellert Grindelwald and Albus Dumbledore as teenagers cash. 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