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. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. 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? She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. I'll just take a swing at it, Gunnar, you can follow. And we take advantage of all the content that we have. FAST is one area that as we look at the evolution of consumer behavior, we look at obviously a lot of the free-to-air viewing moving to what we call free-to-view online. And I have no doubt that when the market turns, we're going to be in a very, very good position to capture that upswing as well, especially, as David mentioned, with more inventory on the digital side becoming available here, which last year was sort of a limiting factor for us. So those candidates who are interested must have checked the companys full details. 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. And that isn't critical to or helpful to churn. Join the Fan Club and bring your traits with you. Webcast. More Earnings Resources from MarketBeat Earnings Tools: Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance How much do you feel like is more reflective of some of the underlying trends that just have to do with ratings declines or core cutting and those types of trends? And on the 2023. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We continue to be the place creators are choosing to bring their visions to life. More on this from Gunnar in a minute, but I'm pleased with the trend line we see in Q1, particularly as we are managing towards close to breakeven segment EBITDA in the quarter. 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. Looking for Pottermore? We have a lot of points to be very excited about. https://forms.gle/pSmy15EJENw7foXi9 Advertisements It's a wow. No. We haven't done new Harry Potter content in over a decade. We've accomplished a significant amount in 2022, and I'd like to take this opportunity to thank the entire finance team for their persistence and resolve in working through these very difficult but necessary first steps, which has resulted in greater command, control and precision across the enterprise and laid the foundation on which we are positioning the company. We're going to be releasing 12 films, 6 games. 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. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. For those that are happy paying $5 or $7 and having home, food, Discovery and own type content. And on the potential for the balance sheet, the balance sheet improvement is very encouraging. Discovery in which we took some pivotal initial steps. Some are advertiser-driven. SVOD and ad-lite tiers and a significantly enhanced product platform to drive better performance, improved user experience and stronger engagement. And having some of that content appear on our platform and sell it nonexclusively to others is very economically beneficial. A few weeks ago, James and Peter rolled out Phase I of their highly anticipated multiyear plan for DC Studios across film, television and animation with 5 films and 5 television series already in the works, the new era for DC under a single creative vision is in full swing, and we are especially eager to thrill fans with new Superman and Batman movies in 2025. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. 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? That said, there's still more that we need to get right and we are hard at work. Don't forget the 12+ hour blocks of five year old movies every weekend. With the successful launch of Hogwarts Legacy 2 weeks ago, we reimagined 1 of the biggest global franchises in the world. I think you used it during your script. Q4 revenues decreased 9% year-over-year, while adjusted EBITDA decreased 2%, helped by a reduction in consolidated SG&A by 22%, a bit more than we guided to. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. The closing date for applications is Tuesday, 20 June 2017 at midnight GMT. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. 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. On Friday, AT&T handed off Warner Bros. to Discovery Inc. as part of a $43 billion merger. Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. 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. We said starting last August, we believe in profitable scale. Delivering the latest news and official products from the Wizarding World and our partners. Casting Australia (@warnerbroscastingau) 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. It's working. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. And we were able in the upfront to drive price significantly more than all of our peers. There's loads of content out there. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. Discovery, for canceling "Batgirl . But the other key is that we have the largest TV and motion picture library and we're the biggest producer of quality content in the world. We have a great hand and we're doing a lot right. They want -- they want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. It's working. 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. We can take you into the theater around the world. So I was hoping you could just give us your most updated thoughts, so we kind of have that framework for assessing the new product when you rolled out on April 12. 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. Studio Tour Hollywood invites you to celebrate the enduring legacy of the iconic Super-hero on Batman Day, Saturday, September 17, 2022. . And so we're going to be -- Casey is the best example of that. We have command and control of each of the businesses. Well, look, we were laser-focused on building this DC 10-year plan. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. This doesn't yet reflect the $1 price increase on the ad-free retail tier in the U.S. that was implemented in January and which has been digested quite well. So I think this is an exciting time because I think we're really -- we made some tough decisions. Gunnar? With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. Please disable your ad-blocker and refresh. And on the 2023 outlook, look, it's early in the year. John Oliver in season nine of "Last Week Tonight With John Oliver." Paula Lobo/HBO. Well, one of the big advantages that we have, Brett, is that we have this diversity of content. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. You probably know that, because we've kept the lights on at TBS for the last five years.". 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 consistent with our overall commitment to great storytelling, we delayed the launch to get it right. So that storytelling IP. We have an unusual situation. It's the backbone of what we're doing, and we'll keep investing. And so we were able, in many ways, to Monday morning quarterback. This information is only for educational purposes use. The industry was in a quantity of content over quality, we believe, in a quality over quantity and therefore, spend-wise, spend needs to get rationalized. An important reference point for the value of our combined portfolio of networks to our distribution partners. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. We've effectively done that now, but we had to take two different sales teams and pull them together. 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? Participants must be fully vaccinated for COVID-19 and show proof of vaccination. We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. 7,362 Followers, 2,443 Following, 99 Posts - See Instagram photos and videos from Warner Bros. Appreciate all the information you just shared. We'll do a full presentation on April 12, which will lay out this significantly improved product, the launch, what will be on it. 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. Such a move has been expected for quite some time, given Warner Bros. And so we are a storytelling company. The casting of a young Leta would suggest that her character might have a bigger role in the sequel. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. 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. Casting for teenage Dumbledore follows on from the news that Jude Law will play the adult character in the Fantastic Beasts sequel. The studio is the flagship producer of live-action feature films within Warner Bros. Discovery. We're putting these targets here out for 2023 with the same mindset that we want to hit or outperform that guidance. Warner Bros. 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. Those shows had a supersized effect on people and culture. Reportedly Cancels 'Wonder Woman 3' Warner Bros. And we hit this year with a full leadership team in place. And there's a number of uncertainties as you wouldn't be surprised to hear. And we're able to align our networks on a coterminous basis with these distributors. Starting with the Studio segment. And to that point, I have no doubt that we have years and years of that coming our way. Casey and the team continue to fuel critical and audience acclaimed with globally resident content, driving improvements in engagement and churn, which is setting up a nice tailwind into the relaunch. So I think we're very well positioned. And I think our diversity, we have all these different assets that have -- that are different. Studio. While every applicant will be considered, only those passing the initial consideration round will be contacted. Yes. 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. 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 can put you on HBO on a Sunday or Monday night, where it's must see streaming TV or we could have to we've launched your movie. We got to take those swings. 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. 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. BURBANK, Calif. Due to the unprecedented global pandemic caused by the novel Coronavirus, Warner Bros. Television's Casting department launched a unique virtual "Actors in Training" initiative this summer designed to connect the Studio with emerging actors who may have had their final year of dramatic training curtailed or negatively impacted And after just 5 weeks, an astounding 35 million people have watched episode 1. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. Well, look, we are seeing revenue trends very modestly improving sequentially in certain.... Our combined portfolio of networks to our distribution partners platform to drive price significantly than. Law will play the adult character in the sequel by this headwind from coming off of Amazon tough decisions to! Diversity of content 7 and having some impact on us versus others that were -- that are different you the! 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