Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. This information is only for educational purposes use. In addition to less activity in home entertainment, given the leaner theatrical release schedule in 2022, which was very much a result of deliberate decisions we made about specific titles and overall release dates. And we're able to align our networks on a coterminous basis with these distributors. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. 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. All the meetings that I've had in the last two weeks are about great content that we're producing, meeting with creatives that want to come here, how we -- what more shows are we going to be selling, what more shows are we going to be keeping on our platform? And there are times when our share is significantly higher with marquee events, such as March Madness and the MLB and NBA playoffs. I remain very optimistic about the range of potential outcomes in 2023 and beyond. We're going to be releasing 12 films, 6 games. Sir, you may now begin. And so we're feeling more and more confident about that. 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. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. 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. 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. The company's properties are divided into nine business units, including the flagship Warner Bros. film and television studios, comic book . We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. 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. Discovery. Young Sheldon, network TV's #1 comedy. 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. Reportedly Cancels 'Wonder Woman 3' Warner Bros. 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. It's working. International, some areas actually trending up now, others still difficult. And we continue to track above our internal plans. Participants must have the right to work in the United States or Canada. This company is found in the years 1923. The dreaded post-merger Warner Bros Discovery layoffs have reached the programming operation overseen by HBO and HBO Max Chief Content Officer Casey Bloys. There hasn't been a stand-alone Superman movie in a decade. In all that we do, we are guided by three strategic pillars. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. If you could share your view on those two impacts, that would be very helpful. View this post on Instagram 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're also thrilled by what we're seeing coming out of our games business, which represents a core part of our overall strategy. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. James was writing Superman. 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. 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. But I also think we're very well positioned to grow from here. Discovery, we believe we have the strongest hand in the industry, with the most complete portfolio of assets and globally renowned franchises, personalities and storytelling IP, across sports, news, nonfiction and entertainment, in virtually every region of the globe and in every language. The product will offer compelling content for every member of the household. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. But the digital inventory, which really held up in the fourth quarter has also softened. Delivering the latest news and official products from the Wizarding World and our partners. Clearly, as we have pointed out as a key risk since the summer, underlying advertising trends, particularly in the U.S., have continued to soften through the fourth quarter, and that was further exacerbated by general entertainment audience declines. That HBO Max, whatever we call it on the launch, is a product that we take around the world and that has a real impact on how people consume content. Channing is the best example of that. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. We brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. Does that include any potential asset sales like nonstrategic asset sales? We're putting these targets here out for 2023 with the same mindset that we want to hit or outperform that guidance. Overall, 14% of . We continue to be the place creators are choosing to bring their visions to life. 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. I believe Warner Bros. TV is the greatest quality maker of content in the world. David, if James and his DC strategy is successful, which I'm sure is your expectation, what does that mean for the company overall over the long term? But that said, there's always going to be a place for quality content and we're open for business. 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? Some are advertiser-driven. 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. Discovery and sort of the earnings power of the organization? You have so many hidden assets within the company. The Roku and the Tubi deal was really just a toe in the water, if you will, 14 channels, a beginning for us, but there'll be more to come as we go through the year, and we do want to have a bigger presence in that space because we do see consumer behavior continuing to shift and having a very robust amount of consumers around the world, who will want to consume ad-supported content. It's working. 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. The casting of a young Leta would suggest that her character might have a bigger role in the sequel. 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 we're doing it in a very tasteful way by putting it on the very front end. And that is what all great talent wants. Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. from casting calls to the lure of the red-carpet award season. We're spending time with him and Peter and he had a vision for DC that we are all in on and believe in. The scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. 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. 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. Our strategy is no sub left behind. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. And for us, DC alone will be -- could and should be a game changer. I'll talk more about that in a minute. Kathleen is doing a lot of work, getting the enormous value of our library on screen. You do not need to submit this form if you've already submitted to any casting. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. August 4, 2022 04:30 PM ET. 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. No. Having said that, we closed this deal right before the upfront, and we're first bringing our teams together. And I think our diversity, we have all these different assets that have -- that are different. And so we're going to be -- Casey is the best example of that. You're going to see us fighting at Warner Bros. on the Motion Picture side, in order to really -- I think there's a huge opportunity on the Warner Bros. Motion Picture side for investment in quality content and storytelling. 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 . And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. Obviously, successful films will help your Studio segment earnings. But -- and I know it's a tough question to put numbers around. Discovery CEO David Zaslav attends NRDC's "Night Of Comedy" Honoring Anna Scott Carter at Casa Cipriani on September 20, 2022 in New York City. 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. The other point that is front or set up for us is curation. And why should we need to monetize that in order to drive shareholder value. Leta Lestrange was mentioned in the first Fantastic Beasts film as having a close friendship with Newt at Hogwarts, and her photograph was seen in Newts workshop. Warner Bros. Passionate about supporting Creatives to develop, produce . media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . In addition to all of our entertainment and nonfiction, we do have all of our news and sports. 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. 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. And so we were able, in many ways, to Monday morning quarterback. 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. Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery+. During the fourth quarter of 2022, Warner Bros. And later down the road, we're also obviously going to start looking at new market launches, again. 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 CEO David Zaslav said the retooling of CNN 'isn't going to happen overnight.'. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. 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. 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 after just 5 weeks, an astounding 35 million people have watched episode 1. Warner Bros. Operator. 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! The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. Warner Bros. Storytelling content is most powerful when you're watching it and then you're with others, either in a theater, or you're able to talk about it either online or with your friends, that's the power of content, not when you're viewing content alone. And we were able in the upfront to drive price significantly more than all of our peers. It's a wow. That's the power of curation. The closing date for applications is Tuesday, 20 June 2017 at midnight GMT. August 15, 2022 10:20am. And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. Just what should we expect in terms of '23 versus '22? And then if you loved it, you can come up and you could then pay for on ad-lite or in subscription. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance. Let me start with the second. filming in Atlanta, GA. 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