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. We see churn as a third important variable that historically has been relatively higher on the HBO Max product that with the two products coming together, that ultimately coming down is important. Warner Bros. Television Group has more than 110 shows currently in production across our own platforms as well as third-party broadcast, cable and streaming outlets, including Emmy Winners, Ted Lasso and Abbott Elementary. Thank you, Jessica. And we're doing it in a very tasteful way by putting it on the very front end. I remain very optimistic about the range of potential outcomes in 2023 and beyond. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. Discovery Is America's Worst-Run Company,Mismanagement has ruined whatever success Warner Bros. And I'm very, very glad that we put out some targets in the summer of last year, and we were able to hit those targets. And that is what all great talent wants. And HBO is streaming's new must-see TV with all of its cultural impact and excitement. And I think there was a lot left on the table. 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. 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. And then, Gunnar, you sound very bullish and confident on the D2C targets, the $1 billion of EBITDA in '25. SVOD and ad-lite tiers and a significantly enhanced product platform to drive better performance, improved user experience and stronger engagement. There's loads of content out there. And the good news is we've had a real chance to look at content on each of the platforms over the last two years. The studio is the flagship producer of live-action feature films within Warner Bros. All the meetings that I've had in the last two weeks are about great content that we're producing, meeting with creatives that want to come here, how we -- what more shows are we going to be selling, what more shows are we going to be keeping on our platform? While every applicant will be considered, only those passing the initial consideration round will be contacted. John Oliver poked at HBO's parent company, Warner Bros. I'd like to ask about advertising trends you're seeing and maybe kind of advance this discussion a bit more. And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. Let me start with the second question. Open casting calls are something of a tradition in the Wizarding World. Operator. This information is only for educational purposes use. 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. At Warner Bros. Webcast. An important reference point for the value of our combined portfolio of networks to our distribution partners. 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. And as we look to 2023, my near-term key financial priorities remain: number one, delivering against our synergy and transformation targets where we are managing towards an incremental $2 billion of cost capture in 2023 and the larger opportunity I mentioned previously. 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. Does that include any potential asset sales like nonstrategic asset sales? Warner Bros. And getting ready for our new launch. Stay tuned for more to come on this front. But it's -- we're not going to tell any story before it's done. 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. I want to follow up on the streaming discussion. The film is set decades before Harry Potters adventures at Hogwarts, and marks an increasingly dark time for the wizarding world. 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. We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. 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. https://forms.gle/pSmy15EJENw7foXi9 Advertisements On FAST, look, the strategy is, I think, back to some of the questions earlier, at the end of the day, one of the advantages we feel like we have is the question keeps coming up about windowing. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. Our final question comes from John Hodulik with UBS. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. Discovery, we believe we have the strongest hand in the industry, with the most complete portfolio of assets and globally renowned franchises, personalities and storytelling IP, across sports, news, nonfiction and entertainment, in virtually every region of the globe and in every language. Number two, partnering with our business leaders to embrace a more rigorous analytical framework through which capital allocation decisions will be viewed, particularly as we refine how our content is monetized and windowed. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City.It was formed after the spin-off of WarnerMedia by AT&T, and its merger with Discovery, Inc. on April 8, 2022.. I believe Warner Bros. TV is the greatest quality maker of content in the world. I saw it and loved it. Yes. WBD 15.42 +0.67 Warner Bros. DC Comics. For those that are happy paying $5 or $7 and having home, food, Discovery and own type content. Discovery. Clearly, as we have pointed out as a key risk since the summer, underlying advertising trends, particularly in the U.S., have continued to soften through the fourth quarter, and that was further exacerbated by general entertainment audience declines. 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. Discovery might have had. Discovery Increases Cost-Cutting Synergies Target to $3.5 Billion By Jennifer Maas Warner Bros Discovery Six months after the merger of WarnerMedia and. 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. And the response from consumers has been overwhelmingly positive. 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. Some are advertiser-driven. Discovery Cuts Scripted Programming at TBS, TNT. Number three, evaluating capital allocation opportunities with rigor, so that we can both achieve near-term efficiency and enhance long-term asset value and growth. Reportedly Cancels 'Wonder Woman 3' Warner Bros. It reminds me of my time at NBC when Thursday Night was must-see TV. With the successful launch of Hogwarts Legacy 2 weeks ago, we reimagined 1 of the biggest global franchises in the world. Warner Bros Pictures Casting 2023 Open Call Dates Roles Check here. And we can create a Tubi or a Pluto without buying content from anybody by just being able to put it on ourselves. And we're able to align our networks on a coterminous basis with these distributors. We have full command and control of our business, and we are one company now. If all else fails, take your mother's advice - if it seems too good to be true, it probably is. And I believe in that, having been in this business for 30 years, I think in order to really drive asset value, you need to drive price. And later down the road, we're also obviously going to start looking at new market launches, again. 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 we'll keep in mind this balance of volume versus price. I do believe, as JB said, and we do believe, as a company, that we'll sort of recreate this -- the streaming service, which is ad free, then which -- then there'll be ad-lite. International, some areas actually trending up now, others still difficult. The biggest unknown continues to be in the ad sales environment. #inclusion #performerswithdisabilities #Disabilityawareness Starting with the Studio segment. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. 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. Elvis is a 2022 biographical drama film directed by Baz Luhrmann and written by Luhrmann, Sam Bromell, Craig Pearce, and Jeremy Doner.It follows the life of the American rock and roll singer and actor Elvis Presley, told from the perspective of his manager, Colonel Tom Parker.It stars Austin Butler as Presley with Tom Hanks as Parker, while Olivia DeJonge, Helen Thomson, Richard Roxburgh . Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. This phenomenon can go for eight, 10-plus weeks for each series. In addition to all of our entertainment and nonfiction, we do have all of our news and sports. You had 6% growth this quarter, a lot of that from advertising and content, but do you need revenue growth to accelerate in order to deliver that $1 billion? Hello, everyone, and thank you for joining us. This company is found in the years 1923. 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