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. Passionate about supporting Creatives to develop, produce . To apply for the Fantastic Beasts open casting call, email [emailprotected] with a recent colour photograph, (i.e., taken within the last two months), contact telephone number, your home address and date of birth. 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. 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. And then if you loved it, you can come up and you could then pay for on ad-lite or in subscription. 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. Channing is the best example of that. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. Please disable your ad-blocker and refresh. And once we establish this funnel, then we can take things like the first season of succession or the second season. Warner Bros. TM & WBEI. Thank Sure. 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. 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. Look, the symmetry of the Discovery+ content, which is heavily viewed for hours a day, mostly during the day and infringe against the HBO content, which is watched more, Discovery+ maybe more passively, HBO, more with family, that the more research we do, the more we look at it, the more we think these fit together very well with appealing content to everybody in the family. On the advertising side, it's kind of a complex answer. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. And we're curating now in a way that's having an impact on America. Presentation. We have command and control of each of the businesses. We can take you into the theater around the world. 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? If you have an ad-blocker enabled you may be blocked from proceeding. Some are advertiser-driven. And so we're feeling more and more confident about that. This company every year give up the chance for new talents. 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. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. This information is only for educational purposes use. 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. Apply Here: NickOnlineOpenCall.nick.com Parents/guardians please email: NickOnlineOpenCall@nick.com for more info. Discovery to Report Fourth Quarter 2022 Earnings: Listen Live on February 23, 2023 at 4:30 p.m. As expected, performance was negatively impacted by lower TV licensing revenues against a very tough comp last year, something well face again in the first quarter of 2023. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. I can't wait for The Flash to hit the theaters in June. 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 . Is that something you're able to comment on now? I mean just how should we think of sort of pricing and how should that translate into sort of results as we look out to '23? And so -- which -- where we pivoted and said we were going pushing to move all of our films back out with real windows in order to optimize those products. 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? Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. Maybe help us think about the levers you have and your expectations around top line over the next few years? Gunnar and the team are laser-focused on driving transformation throughout the organization, supporting our ability to further generate real free cash flow. Or is that something that might fuel that service? And why should we need to monetize that in order to drive shareholder value. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. 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. WIZARDING WORLD Publishing and Theatrical Stage Rights J.K. Rowling. 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. The Warner Bros. Television Workshop is the premier program for new writers and. The product will offer compelling content for every member of the household. With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. Our next question comes from Brett Feldman with Goldman Sachs. 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. Discovery might have had. Today, with direct-to-consumer, more and more people are joining the party. View this post on Instagram Studio. And we hit this year with a full leadership team in place. And as we think about where we put content, as Casey looked at HBO, we were able to see which content are people spending time watching, what content is really powerful to us in terms of reducing churn. China calls for Russia-Ukraine cease-fire, . 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 now you see a very soft scatter market. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. An open casting call has gone out for three actors between the ages of 13 and 16 to play young versions of Newt, Leta, and another character called Sebastian. And my second question is about this pending relaunch MAX product. The fourth quarter marked the end of a first and very defining chapter for Warner Bros. We're also excited for the release of 4 DC films this year, starting with Shazam in 2 weeks and followed by The Flash, which James Gunn called 1 of the greatest superhero movies ever made, a masterpiece. Discovery to Merge Streaming Services James Gunn, and Peter Safran were Appointed to Be Executives of DC Studios 'Stranger Things' Caleb McLaughlin Says He Wants to Place 'Static Shock' Margot Robbie on Lady Gaga Cast to Play Harley Quinn in 'Joker 2' We got to take those swings. All U.S. extremist mass killings in 2022 linked to far right, . So there was 60% that was hardly being viewed. And that is what all great talent wants. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement. 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. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. Social media explodes and people are calling their family and friends to talk about what they saw. No question about that. We've already seen more than $850 million in retail sales, and we still have more platforms launching over the next few months. filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID I think the focus right now is obviously continuing to on the expanded entertainment offering, and we think the complementary of the HBO Max and Discovery+ entertainment offering is significant and will be a major step forward for consumers, who are looking for simplified number of choices, more breadth of options in terms of content all in 1 place and for good value. 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. I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. The sentiment is not terrific. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. And Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. And so we are a storytelling company. It comes after HBO and HBO. Sorry, Robert. 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. Turning to Networks. In recent weeks, we signed new deals with a number of the most prolific and celebrated creatives in the industry, including Greg Berlanti, Baz Luhrmann, M. Night Shyamalan, Akiva Goldsman and Zach Cregger with more to come. "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 having all those distribution outlets gives us the optionality to look at what the data shows us and see where we need to lean in further or not. 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. But the key to this company is, as a storytelling company, we have this diversity. Let me start with the second. Again, creating shows that people want to watch. We've gone through a couple of the puts and takes here. The company's properties are divided into nine business units, including the flagship Warner Bros. film and television studios, comic book . A year-over-year increase in corporate expenses were due to a number of factors, almost exclusively related to external market factors such as an incremental $120 million related to underlying rates on our securitization facility. Our next question comes from Michael Morris with Guggenheim Partners. First, let me say, this promises to be a very exciting year for our company. Yes. "This promises to be a very exciting year for our company," he told investors during the company's Q4 earnings call . We haven't done a Superman movie in 10 years. And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. from casting calls to the lure of the red-carpet award season. A replay of the call will be available approximately two hours after the completion of the call until August 11, 2022. But it's -- we're not going to tell any story before it's done. They want -- they want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. Warner Bros. And then on the affiliate side, renewing 30% of your affiliate deals. Discovery, ensuring it will remain as the exclusive Australian home of HBO, Max Originals, Warner Bros. and Discovery programming. Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . We repaid $1 billion of debt during Q4, bringing the total debt repaid since the closing of the transaction to $7 billion, and we ended the quarter with $49.5 billion gross debt and nearly $4 billion of cash on hand, implying net leverage just below 5x. 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. Interested in future casting calls or joining our casting division? We haven't done new Harry Potter content in over a decade. No previous acting experience is necessary, but applicants need to be eligible to work in the UK (meaning they must be a UK, Irish or EU passport holder), and be available for filming between August and November 2017. And regarding the linear affiliate renewals, as we've said a couple of times that we're very happy with how those discussions went, is a clear testament to the importance and the value that our network portfolio is delivering to our affiliates. 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