And on the 2023 outlook, look, it's early in the year. . Warner Bros. Your email address will not be published. It's about the sustainability and the longevity the free cash flow being delivered by that segment. 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. Those shows had a supersized effect on people and culture. Yes. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. One of them is off to a very good start. Discovery Second Quarter 2022 Earnings Call. 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. 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. International, some areas actually trending up now, others still difficult. Sir, you may now begin. First for David, as part of the upcoming D2C relaunch, can you just talk a little bit about how you plan to balance protecting the HBO brand while at the same time, leaning on the HBO premium content to help drive the new service going forward? In Harry Potter and the Deathly Hallows, readers learned that Albus and Gellert were once friends, before becoming arch-rivals. And for us, DC alone will be -- could and should be a game changer. And now you see a very soft scatter market. 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. And then on the cost side, all of the trends are pointing in the right direction. But in order to do that, we took less volume than we could have. 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. James was writing Superman. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. But we -- I believe that we have an overwhelming advantage in the marketplace with the IP that we own, but to take -- to get that advantage, we have to create great content with that IP. Discovery, ensuring it will remain as the exclusive Australian home of HBO, Max Originals, Warner Bros. and Discovery programming. An unrepentant Zaslav turned up on Thursday to bask in the afterglow of positive quarterly financials: $6 billion in debt repaid since the merger, a combined 1.7 million new subscribers to HBO Max . These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. WIZARDING WORLD Publishing and Theatrical Stage Rights J.K. Rowling. Use the form below to submit your basics and we'll reach out to you when the next big film casts! 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. Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. 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. Please disable your ad-blocker and refresh. Our next question comes from Ben Swinburne with Morgan Stanley. And so I think that is key to us in terms of building the long-term strength. We've gone through a couple of the puts and takes here. Discovery. Interested in future casting calls or joining our casting division? It's just too early to really call a trend change here. These are huge numbers, particularly in today's day and age of binge viewing, when there is so much content to choose rooms. While every applicant will be considered, only those passing the initial consideration round will be contacted. 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. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . Let me start with the second question. Thank you, Jessica. Discovery might have had. The advertising environment in the U.S. remains very . 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. 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. And there are times when our share is significantly higher with marquee events, such as March Madness and the MLB and NBA playoffs. Studio. And that is the culture here at Warner Bros. On the advertising side, it's kind of a complex answer. China said on Monday (local time) it sought dialogue and peace for Ukraine despite US warnings that Beijing might be considering weapons supplies for its ally Russia's bogged-down invasion. 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. Warner Bros. Discovery's earnings are expected to grow from $0.97 per share to $1.79 per share in the next year, which is a 84.54% increase. 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. I think you used it during your script. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. The 50 Best Movies of 2022, According to 165 Critics from . Thank you, David. It's not about getting it out for a certain date. 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. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. Starting with the Studio segment. 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. Yes, that's one important ingredient. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. 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. You may now disconnect. 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. I am proud of what we achieved in 2022 against the targets we set out in the summer and against an increasingly challenging environment in the second half of the year, and I'm proud of the momentum we have built exiting the year. It's 1 of the biggest value creation opportunities for us. October 27, 2022 THE LATEST Casting Lady Gaga Joins. And there's a number of uncertainties as you wouldn't be surprised to hear. And getting ready for our new launch. But that said, there's always going to be a place for quality content and we're open for business. We reduced EBITDA losses by $500 million year-over-year to $200 million in Q4, supported by 1.1 million net sub adds in the quarter. 4 talking about this. 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 . And so we were able, in many ways, to Monday morning quarterback. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. 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. 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? This is one team now. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement. Naturally, our domestic relaunch of the combined product offering in the spring will result in a sequential step-up in P&L investments in Q2 behind a requisite increase in marketing spend support and premier content launches. 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. 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. As you look out to '23, I think Gunnar kind of touched on some of the potential tailwinds, but it sounds like you're walking away from close to $12 billion in EBITDA to maybe low to mid-$11 billion in EBITDA. That said, there's still more that we need to get right and we are hard at work. 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. The product will offer compelling content for every member of the household. Webcast. Don't forget the 12+ hour blocks of five year old movies every weekend. 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. 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