It comes after HBO and HBO. And then if you loved it, you can come up and you could then pay for on ad-lite or in subscription. The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. Moreover, we're analyzing our pricing strategy in a number of key international markets, particularly in LatAm, where we believe our service has significant pricing upside. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. And most importantly, we saw improvement across key KPIs. Having said that, we closed this deal right before the upfront, and we're first bringing our teams together. On the one hand, we have tremendous breadth with live news, live sports, entertainment, nonfiction, a tremendous share and reach. 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? 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. ET Follow HBO Max Go to Site Follow HBO Go to Site Follow Warner Bros. Go to Site Follow HGTV Go to Site Follow Discovery Go to Site Follow discovery+ Go to Site Follow CNN Go to Site Follow TBS Go to Site Follow Food Network I'll talk more about that in a minute. With the successful launch of Hogwarts Legacy 2 weeks ago, we reimagined 1 of the biggest global franchises in the world. 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. And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. 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. And so we're going to be -- Casey is the best example of that. And we can create a Tubi or a Pluto without buying content from anybody by just being able to put it on ourselves. Turning to Networks. Delivering the latest news and official products from the Wizarding World and our partners. If you look at The Last Of Us, it was growing every week, Euphoria, to be able to deliver 20 million, 30 million, 35 million people in America watching and to have it be a conversation. Or is that something that might fuel that service? We definitely are planning for an inflection on the revenue side. Some are advertiser-driven. And getting ready for our new launch. Open casting calls are something of a tradition in the Wizarding World. 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. - David Spade, 'Nothing Personal' 2022. In terms of the market itself, it's -- as I've said before, it's not a good environment. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. This phenomenon can go for eight, 10-plus weeks for each series. In Harry Potter and the Deathly Hallows, readers learned that Albus and Gellert were once friends, before becoming arch-rivals. And once we establish this funnel, then we can take things like the first season of succession or the second season. And the newest hits, Night Court on NBC and Shrinking on Apple TV. And for us, DC alone will be -- could and should be a game changer. So I think that's something that's really resonating with the creative community that their content is seen, it's curated and it's elevated and that's part of the cultural conversation, both in the theater and on the platform. 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' 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. At 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. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. Photo: Kevin Dietsch/Getty Images. 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. Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. 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. We have an unusual situation. You're going to see us fighting at Warner Bros. on the Motion Picture side, in order to really -- I think there's a huge opportunity on the Warner Bros. Motion Picture side for investment in quality content and storytelling. 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. 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. 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. We'll do a full presentation on April 12, which will lay out this significantly improved product, the launch, what will be on it. Her Barbie looks like a version of Robbie's Sharon Tate, or. WarnerMedia Equity + Inclusion announces the WarnerMedia Access Talent Spotlight, a new talent training program for aspiring actors looking for professional development and resources. And later down the road, we're also obviously going to start looking at new market launches, again. MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA We have a lot of motion picture content that we're reworking and making a lot of progress with. The market is -- the macro environment is very challenging. They are also looking for actors between 16 and 18 to portray both Gellert Grindelwald and Albus Dumbledore as teenagers. Our strategy is no sub left behind. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. Naturally, and as I have said before, not all of these initiatives will come to fruition or get realized to the full extent, but this represents a significant pipeline for us as components of both near-term cost out and longer-term continuous improvement. These outcomes will reflect an incremental $2 billion of synergy and transformation efficiency capture, while additional puts and takes to consider include positive revenue inflection in D2C, the broader release slate at Warner Bros. Pictures and Games, balanced by cyclical advertising headwinds. And why should we need to monetize that in order to drive shareholder value. 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. For us, 2023 is a year of building. We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. 4 talking about this. 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. Warner Bros. 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. We are already seeing a more inclusive range of voices and viewpoints, as demonstrated last month, when over 70 Republicans came on our air during their Congressional speaker election process, a first in a very long time, and we intend to continue advancing on this balanced strategy. Warner Bros. media commentator focused on TV Production, Consumer Tech, SVOD & Sports Broadcasting . 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. This is one team now. So again, as I said, a similar picture with more diversity. 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? Look, I mean on the content spend, Remember, all our strategy changes leading to the content restructuring and write-offs over the course of last year, obviously, that's going to flow through cash as well as we adjust. 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 advertising environment in the U.S. remains very . So there was 60% that was hardly being viewed. Gunnar and the team are laser-focused on driving transformation throughout the organization, supporting our ability to further generate real free cash flow. And we continue to track above our internal plans. Aug 9, 2022, 8:40 AM. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement. I'll just take a swing at it, Gunnar, you can follow. 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. And back then, you had to watch the show on Thursday night. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. We are more confident than ever that we have the right strategy to be successful and ultimately achieve our goal of being the greatest media and entertainment company in the world. I'd like to ask about advertising trends you're seeing and maybe kind of advance this discussion a bit more. So those candidates who are interested must have checked the companys full details. On Friday, AT&T handed off Warner Bros. to Discovery Inc. as part of a $43 billion merger. Thank you, Jessica. 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. -- the macro environment is very challenging then pay for on ad-lite or in subscription, as I said! We reimagined 1 of the businesses on the revenue side financial targets, and we can take things like first. 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