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? And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. We want to tell the best stories, share them with the broadest audience possible, and we do that by working together as 1 team, 1 company. I believe Warner Bros. TV is the greatest quality maker of content in the world. 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. Turning to Networks. We were able to put that to work behind some of cases launches, behind some of our film launches. Sure. But curation, creating content at a time when people can watch it, creating a community conversation. But as David said, we've got sports and news that today are really untapped in the streaming world, and those are optionality for what we might be willing to do in the future, and we'll share more of that on the 12th with you with more detail. Casting for teenage Dumbledore follows on from the news that Jude Law will play the adult character in the Fantastic Beasts sequel. 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. Is that -- it sounds like you guys have, on the one hand, a lot of new programs, a lot of new movies and a lot of new initiatives; but at the same time, pulling some content on the floor. Looking for Pottermore? Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . Successfully localized over 75 titles and worked with over 50 different studios since 2005:<br> Warner Bros. Montreal (April 2013 - Present): Batman: Arkham Origins, Middle-Earth: Shadow of Mordor, Batman: Arkham . And I think I just only add go ahead. Thank you, David. There's been an increasing discussion recently about what the right general entertainment content strategy supposed to be for media companies as your models continue to pivot and become more streaming-centric. 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. October 27, 2022 THE LATEST Casting Lady Gaga Joins. Global core subscribers increased 1.1 million sequentially and 10 million year-on-year, while global ARPU increased as well modestly to $7.58. And getting ready for our new launch. 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. Yes. Join the Fan Club and bring your traits with you. And then we ourselves will run our own fast service. "I was in the movie 'Grown Ups'. And so we're feeling more and more confident about that. The market is -- the macro environment is very challenging. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. In all that we do, we are guided by three strategic pillars. China calls for Russia-Ukraine cease-fire, . And at the end of the day, the consumer is at a point in time where they want more choice and better breadth of choice from fewer services, because they just don't have either share of wallet to be able to spending on five, six, seven services anymore. And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. 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. Brought to you by Wizarding World Digital, a partnership between Warner Bros. and Pottermore. 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. It's working. Netflix Reality Series Audition 2023 Casting Calls. And I think that diversity is strength. And having some of that content appear on our platform and sell it nonexclusively to others is very economically beneficial. We believe that when you have content that is so good that it hits the gist. And we're curating now in a way that's having an impact on America. Thanks, Ben. We've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. Let me start with the second. We have a great hand and we're doing a lot right. We said starting last August, we believe in profitable scale. This phenomenon can go for eight, 10-plus weeks for each series. I think you used it during your script. Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. Webcast. Our final question comes from John Hodulik with UBS. Discovery's Q4 Earnings Call. We've heard the word curated. 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. The closing date for applications is Tuesday, 20 June 2017 at midnight GMT. 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. 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. https://forms.gle/pSmy15EJENw7foXi9 Advertisements 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. On the news side, we are fighting hard and making real progress. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. And for us, DC alone will be -- could and should be a game changer. Games & Home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. 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. For us, 2023 is a year of building. 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. But the digital inventory, which really held up in the fourth quarter has also softened. Despite the full integration of Warner Bros. 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. 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. The studio is looking for young people to play five new roles in the film, including teenage incarnations of Newt Scamander, Leta Lestrange, Gellert Grindelwald and Albus Dumbledore. And we're seeing some real opportunity here. Channing is the best example of that. And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. 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' And then there was a lot of content that just wasn't being viewed. These statements are made based on management's current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results to differ materially from our expectations. Two questions. And that isn't critical to or helpful to churn. It's the backbone of what we're doing, and we'll keep investing. And to that point, I have no doubt that we have years and years of that coming our way. . We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. This information is only for educational purposes use. 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? It was a heavy lift to bring 2 teams together, notwithstanding the economy being what it was, and we are now drilling down on all facets of the business. Our next question comes from Ben Swinburne with Morgan Stanley. Reportedly Cancels 'Wonder Woman 3' Warner Bros. Arguably, we've done a little worse than that, partly driven by the scheduling or the sports schedules that David mentioned a couple of minutes ago. And once we establish this funnel, then we can take things like the first season of succession or the second season. And my second question is about this pending relaunch MAX product. So I think we're very well positioned. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. 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. TM & WBEI. I'll talk more about that in a minute. 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. It's 1 of the biggest value creation opportunities for us. So we do see subscriber scale as one part of the revenue growth story. Our next question comes from Kutgun Maral with RBC Capital Markets. 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. Warner Bros. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. Well, look, we were laser-focused on building this DC 10-year plan. Discovery. We're excited about the upcoming launch of the [ENHANZE] product and look forward to sharing more details at a press event on April 12. Discovery. Let me start with the second question. And that is what all great talent wants. Warner Bros. 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. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. 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. We continue to be the place creators are choosing to bring their visions to life. And then on the cost side, all of the trends are pointing in the right direction. On the one hand, we have tremendous breadth with live news, live sports, entertainment, nonfiction, a tremendous share and reach. Discovery is a storytelling company and we are very fortunate to have a huge share of the most beloved and globally recognized storytelling IP in the world, including Harry Potter, Game of Thrones, Superman, Batman, Lord of the Rings, and we intend to take full advantage of these one-of-a-kind franchises across our various platforms. The studio is looking for young people to play five new roles in the film, including teenage incarnations of Newt Scamander, Leta Lestrange, Gellert Grindelwald and Albus Dumbledore. We're going to be releasing 12 films, 6 games. 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. We also made a decision in the upfront to drive price rather than extra volume. And then on the affiliate side, renewing 30% of your affiliate deals. Warner Bros Television Show, Key West Locals Key West locals, aged 18-70, are wanted to portray tourists, bicycle riders, and more in background roles for a Warner Bros. television project.. 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. The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. We are not conducting any type of audition. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. 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. It's just too early to really call a trend change here. DC Comics. The scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. We expect 2023 pro forma adjusted EBITDA to be in the low to mid $11 billion range, representing growth of low to mid-20%, against pro forma adjusted EBITDA of $9.2 billion in 2022. from casting calls to the lure of the red-carpet award season. In addition to all of our entertainment and nonfiction, we do have all of our news and sports. Aug 9, 2022, 8:40 AM. 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. 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. The gaming business is all consumer product driven. 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. Turning to the quarter, I'd like to quickly take you through some of the puts and takes impacting performance. 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