Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. 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. And that gives us real optionality in terms of nourishing audience for growth and for reduction in churn and for overall price value. 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. Warner Bros. This phenomenon can go for eight, 10-plus weeks for each series. That is exactly what we see happening at HBO. And the best thing that we have going for us right now is all of that hard work that we did, and it was probably two years of work that we did in 10 months, it's now almost -- it's overwhelmingly behind us. There are some opportunities that I'm looking at below deck as we say, but none of that would be baked into this leverage guidance. Discovery advantage. There hasn't been a stand-alone Superman movie in a decade. Your email address will not be published. In terms of the market itself, it's -- as I've said before, it's not a good environment. The sequel to Fantastic Beasts and Where to Find Them is slated for release 16 November 2018, and filming begins this summer. We have full command and control of our business, and we are one company now. We have an unusual situation. Yes. In answering that question, you reiterated something you'd said before, which was an intent to fold the Discovery content into the new product. And so we'll keep in mind this balance of volume versus price. . Despite the full integration of Warner Bros. Her Barbie looks like a version of Robbie's Sharon Tate, or. 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. 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. 4 talking about this. The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. Gunnar and the team are laser-focused on driving transformation throughout the organization, supporting our ability to further generate real free cash flow. NOW CASTING PAID EXTRAS (Ages 30 +) to portray ROADSIDE MOTEL GOERS for the NEW DC Comic series "NAOMI" for FRIDAY, 1/21/2022. And where does the WBD fit in that? 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. And why should we need to monetize that in order to drive shareholder value. And we're curating now in a way that's having an impact on America. In the end, there was public backlash over his casting, but not because of his . 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. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. Overall, 14% of . And we're seeing some real opportunity here. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. 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. Again, creating shows that people want to watch. We've effectively done that now, but we had to take two different sales teams and pull them together. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. 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. It's about telling the best story. Channing is the best example of that. China calls for Russia-Ukraine cease-fire, . Really trying to understand how much of the ad impact that you're seeing is kind of coming from the macro environment? And it is shared -- the platform itself for Discovery+ will be a shared platform. The advertising environment in the U.S. remains very . During the fourth quarter of 2022, Warner Bros. "I was in the movie 'Grown Ups'. Reportedly Cancels 'Wonder Woman 3' Warner Bros. And we don't yet have, we think, a strong enough position in that market. Discovery, for canceling "Batgirl . 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 One of them is off to a very good start. What's in there for upside, which is something that you didn't really talk about that much, but it's new? 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. Wizarding World is the new official home of Harry Potter & Fantastic Beasts. The studio is the flagship producer of live-action feature films within Warner Bros. Warner Bros. 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. It gives a huge advantage with those tent poles. We've heard the word curated. 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. 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. That's what we're looking to primarily deliver. It's not about getting it out quick. 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 got to take those swings. Thanks, Ben. Warner Bros. 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. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. The replay can be accessed by phone by dialing +1 877-674-7070 or +1 416-764 . 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. 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 I think I just only add go ahead. It's a wow. I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. Please disable your ad-blocker and refresh. So David, as you said, '22 was a year of really heavy lifting and you had challenges really in every division, whether it was film, advertising, CNN, et cetera -- I mean, macro, et cetera, D2C. But in order to do that, we took less volume than we could have. I believe Warner Bros. TV is the greatest quality maker of content in the world. And then we ourselves will run our own fast service. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. 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 gaming business is all consumer product driven. 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. The poor actors and directors of the . 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. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. And as we look to 2023, my near-term key financial priorities remain: number one, delivering against our synergy and transformation targets where we are managing towards an incremental $2 billion of cost capture in 2023 and the larger opportunity I mentioned previously. We do see the weekly bookings right now ticking up slightly if you compare January and February with maybe the November, December timeframe, looking a little better; retail, fast food, entertainment, a little better; telecom, small, but coming back; but then you've got other areas like technology is still completely depressed. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. Moreover, the exit rate coming out of the fourth quarter lends confidence in continued very strong financial performance thus far in Q1 and into our soon-to-be relaunched D2C offering. 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 . In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. We believe that when you have content that is so good that it hits the gist. The Last Of Us, for example, grew its Sunday premier night viewership by about 1 million with each episode over the first 4 weeks. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. This is some of the most recognized and beloved storytelling IP in the world, and we're excited to tell even more of those stories. We're assuming that. 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. We continue to be the place creators are choosing to bring their visions to life. Use the form below to submit your basics and we'll reach out to you when the next big film casts! Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. CASTING SUBMISSION - Actors & Extras HBO and HBO Max Hit with 70 Layoffs at Warner Bros. No question about that. Our next question comes from Michael Morris with Guggenheim Partners. But I also think we're very well positioned to grow from here. International, some areas actually trending up now, others still difficult. All U.S. extremist mass killings in 2022 linked to far right, . The studio is the flagship producer of live-action feature films within Warner Bros. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. 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. But the key to this company is, as a storytelling company, we have this diversity. Warner Bros. TM & WBEI. Lord of the Rings is one of the most iconic storytelling franchises of all time and we're so excited. Casting for teenage Dumbledore follows on from the news that Jude Law will play the adult character in the Fantastic Beasts sequel. 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 . During the WBD quarterly earnings call, Zaslav . And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. 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! A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. 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. Well, look, for us, the market right now, our focus is building a best-of-class product and putting all of our content together and so that it's easy to consume and that people are aware of all the different content that we have. And that isn't critical to or helpful to churn. There's loads of content out there. 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. Our next question comes from Brett Feldman with Goldman Sachs. Warner Bros. 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. We have command and control of each of the businesses. Studio Tour Hollywood invites you to celebrate the enduring legacy of the iconic Super-hero on Batman Day, Saturday, September 17, 2022. . 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. DC Comics. It comes after HBO and HBO. 53 min read Participants Andrew T. Slabin; EVP of Global Investor Strategy; Warner Bros. Turning to the quarter, I'd like to quickly take you through some of the puts and takes impacting performance. The 50 Best Movies of 2022, According to 165 Critics from . 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. 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. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. We can take you into the theater around the world. And then there was a lot of content that just wasn't being viewed. 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. 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 took bold decisive action over the last 10 months and the bulk of our restructuring is behind us. John Oliver poked at HBO's parent company, Warner Bros. 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. 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. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. It's significantly better outside the U.S. right now, which is a surprise. 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. We have a fantastic leadership team moving us forward, everyone rowing in the same direction. This company every year give up the chance for new talents. W arner Bros. Pictures and the filmmakers behind the Fantastic Beasts sequel are holding open calls for five young actors to join the cast of the film. The other point that is front or set up for us is curation. In 2022, Warner Bros. will release Elvis, a biopic about the king of rock and roll himself. 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? I think you used it during your script. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. Discovery ( WBD) CEO David Zaslav promised 2023 will be WBD's year after the media giant reported fourth quarter earnings results that missed across the board on Thursday. If they ask you to pay a fee in order to audition for a specific role, it's most likely a scam. 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. Thank you for attending today's presentation. The casting of a young Leta would suggest that her character might have a bigger role in the sequel. 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 She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. 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. It's 1 of the biggest value creation opportunities for us. In every country, they'll leave dinner and they got to go home to view that product that they love. 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. Warner Bros. So I think we're very well positioned. And Ben, on the D2C question, let me start with the revenue side of it. Delivering the latest news and official products from the Wizarding World and our partners. It's the backbone of what we're doing, and we'll keep investing. And most importantly, we saw improvement across key KPIs. Please. Discovery and sort of the earnings power of the organization? 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. And we've lapped that now, and we're seeing some growth now. 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. 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 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. These are huge numbers, particularly in today's day and age of binge viewing, when there is so much content to choose rooms. Disclaimer: Audition free of cost for more information visit the respective official site. 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. Yes, that's one important ingredient. 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. 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. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . 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. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. Cast: Dwayne Johnson, Keanu Reeves, Joh Krasinski, Kate McKinnon, Natasha Lyonne, Kevin Hart, Diego Luna, Jameela Jamil, Vanessa Bayer, Marc Maron About: Krypto the Super-Dog (Johnson) and Superman (Krasinski) are inseparable best friends, sharing the same superpowers and fighting crime in Metropolis side by side. And then for Gunnar or JB, can you maybe just expand upon your fast strategy and why you chose to do the deal with Roku and Tubi and maybe how that might impact the launch or timing of your own fast service? In addition to all of our entertainment and nonfiction, we do have all of our news and sports. 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/. Warner Bros. 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. October 27, 2022 THE LATEST Casting Lady Gaga Joins. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. 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. And there's lots more to come including the highly anticipated Mortal Combat 12 and Suicide Squad - Kill The Justice League, games also set for release this year with ambitious launch projections. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. Ongoing continuous improvement efforts we ourselves will run our own fast service 're looking to primarily deliver it right influences. 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