It's not about getting it out for a certain date. The 99-year-old movie studio, home to Harry Potter, Batman and Bugs Bunny, will now head in a. 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. 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. As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. The Last Of Us, for example, grew its Sunday premier night viewership by about 1 million with each episode over the first 4 weeks. You have so many hidden assets within the company. 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. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. Warner Bros. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. Today, with direct-to-consumer, more and more people are joining the party. Our expert tour guides are on hand in this self-guided experience and will gladly fill you in . 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. [Operator Instructions] Our first question comes from Jessica Reif Ehrlich with Bank of America. 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. Before we start, I'd like to remind you that today's conference call will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Warner Bros. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. August 4, 2022 04:30 PM ET. Wizarding World is the new official home of Harry Potter & Fantastic Beasts. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a standalone product. 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. Last year was a year of restructuring. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. 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. 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 . Or is that something that might fuel that service? Through the end of 2022, we've already realized over $1 billion of synergy, inclusive of a couple of hundred million dollars of course-corrective measures that we undertook early after launching Warner Bros. We haven't done a Superman movie in 10 years. 4 talking about this. We have a fantastic leadership team moving us forward, everyone rowing in the same direction. Warner Bros Casting Calls are the most useful tools for those who are feeling capable that they can make an immediate impact on their acting careers, but aren't well-enough known to get invited to usual castings. 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. J.B., anything to add to that? If all else fails, take your mother's advice - if it seems too good to be true, it probably is. But in addition, we want to run this company to drive free cash flow and the ability to monetize a lot of the content that isn't critical to subscriber growth. This company is found in the years 1923. Discovery advantage. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. 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. 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. 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. Hello, everyone, and thank you for joining us. The game was 1 of the most highly anticipated of 2023. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. Discovery might have had. Importantly, we successfully completed affiliate renegotiations, which accounted for more than 30% of U.S. distribution revenues and which brought our portfolio together coterminously. We are committed to continue executing our strategic initiatives to drive top line performance and with much repositioning behind us, we are beginning to fully lean into the opportunities ahead of us. Again, creating shows that people want to watch. Thank you, David. It's working. And I think that diversity is strength. And we're seeing some real opportunity here. It's about the sustainability and the longevity the free cash flow being delivered by that segment. John Oliver poked at HBO's parent company, Warner Bros. To participate in the Warner Bros. We have an exceptional leadership team that is truly aligned across a common set of strategic, operational and financial goals and metrics. Yes. Channing is the best example of that. Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. Anyone under 18 must ask a parent or guardian to send the application. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. And with that, I am pleased to turn the call over to David. In the end, there was public backlash over his casting, but not because of his . Please disable your ad-blocker and refresh. And so I think that is key to us in terms of building the long-term strength. Starting with the Studio segment. Interested in future casting calls or joining our casting division? Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. Discovery, Inc.. And we could see, for instance, at HBO, the majority of viewership of content on HBO was only 40% of the content. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. The guidance does not include any asset sales. Good afternoon, and welcome to Warner Bros. That is what we're tracking in our system today, specific initiatives with associated direct financial impact, responsible owner and detailed milestone plans. In an increasingly challenging environment, we were able to deliver over $3.3 billion of reported free cash flow in 2022, a healthy conversion, notwithstanding significant merger and integration-related expenses. On the one hand, we have tremendous breadth with live news, live sports, entertainment, nonfiction, a tremendous share and reach. Among them, the integration and repositioning of our global finance organization through which we implemented a number of initiatives to drive efficiency and better support the company's long-term sustainable growth. Discovery's Q4 Earnings Call. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. This company every year give up the chance for new talents. 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. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. Warner Bros. 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. Sir, you may now begin. All U.S. extremist mass killings in 2022 linked to far right, . 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. Studio. Christian Zilko Don't forget the 12+ hour blocks of five year old movies every weekend. It comes after HBO and HBO. We also signed fast content deals with Roku and Tubi, adding to these popular platforms, hundreds of our TV shows and movies, while maximizing the reach and overall value of our content. If there is interest in pursuing an application further, the applicant will hear back within 14 days of their original submission. 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. SVOD and ad-lite tiers and a significantly enhanced product platform to drive better performance, improved user experience and stronger engagement. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. Echoing some of what David said, the leadership team is ever more aligned on strategic decision-making that benefits the company as a whole versus one segment or another and is incentivized as such. 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. Does that include any potential asset sales like nonstrategic asset sales? And we continue to track above our internal plans. 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. Presentation. But it's -- we're not going to tell any story before it's done. Yes. DC Comics. During the fourth quarter of 2022, Warner Bros. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Our internal plans there have been some media reports a few weeks ago that you were going to tell story. The merger of WarnerMedia and by wizarding World Digital, a partnership between Warner Bros. and Pottermore Following 99... 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