Warner Bros. Discovery, Inc. (NASDAQ:WBD) Goldman Sachs Communacopia + Technology Conference September 12, 2024 1:10 PM ET Company Participants David Zaslav - President & Chief Executive Officer Conference Call Participants Mike Ng - Goldman Sachs Mike Ng Thank you, everybody. Welcome to the Warner Bros. Discovery fireside chat at the Goldman Sachs Communacopia and Technology Conference. I have the privilege of introducing David Zaslav, who is the President and CEO of Warner Bros. Discovery. David has been ...

Warner Bros. Discovery, Inc. (NASDAQ:WBD) Goldman Sachs Communacopia + Technology Conference September 12, 2024 1:10 PM ET Company Participants David Zaslav - President & Chief Executive Officer Conference Call Participants Mike Ng - Goldman Sachs Mike Ng Thank you, everybody. Welcome to the Warner Bros. Discovery fireside chat at the Goldman Sachs Communacopia and Technology Conference. I have the privilege of introducing David Zaslav, who is the President and CEO of Warner Bros. Discovery. David has been ...

Jacek_Sopotnicki Introduction Warner Bros. Discovery (NASDAQ:WBD) is a large media company born out of the merger between AT&T spin off Warner Brothers and Discovery. The deal created a company with a large debt load and significant earnings headwinds. Over the last year, Warner Brothers has committed to utilizing free cash flow to pay down debt, something I discussed back in May. Today, I still believe in the long-term value of Warner Bros. Discovery, but I am finding an easier time in the selling of cash ...

1 1 RudyBalasko Above: The Palace still reigns supreme as a recognized brand leader. The $31b paid for Caesars Entertainment, Inc. (NASDAQ:CZR) by private equity firms Apollo Global Management, Inc. (APO) and TPG Inc. in 2008 became an epic disaster which still haunts the stock. After a gigantic $18b struggle with bondholders after the 2015 Chapter 11 filing, CZR emerged in 2017 with the massive debt burden still weighing down its prospects. Mr. Market should understand how Warner Bros. Discovery, Inc. (WBD ...

JHVEPhoto Up until now, free cash flow of Warner Bros. Discovery (NASDAQ:WBD) has literally carried the acquisition of Warner Bros. As Gunnar Wiedenfels, CFO, mentioned during the latest roadshow: "it's important to keep in mind, we went from essentially no free cash flow when we started negative free cash flow [indiscernible] to $6.2 billion last year" Up until now, the huge outperformance on free cash flow has not impressed the market because it is widely perceived as not coming from operations. But the c ...

It has been about a month since the last earnings report for Warner Bros. Discovery (WBD) . Shares have added about 5.7% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Warner Bros. Discovery due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Warner Bros. Discovery ...

Summary of Warner Bros. Discovery, Inc. Conference Call Company Overview - **Company**: Warner Bros. Discovery, Inc. (NASDAQ: WBD) - **Event**: Bank of America's 2024 Media, Communications and Entertainment Conference - **Date**: September 4, 2024 - **Participants**: Gunnar Wiedenfels (CFO), Jessica Reif Ehrlich (Bank of America Securities) Key Points Industry Context and Company Strategy - The industry is undergoing **generational disruption**, presenting both challenges and opportunities for Warner Bros. Discovery [2][3] - The company has successfully restructured and transformed its operations over the past two years, leading to improved financial profiles and increased free cash flow [3][4] - Warner Bros. Discovery is focusing on **capital allocation**, emphasizing efficiency in areas with low returns while investing generously in growth opportunities, particularly in content and technology [6][8] Financial Performance and Growth Prospects - The company has paid down more debt than initially projected, with a focus on sustainable long-term growth [4][6] - Warner Bros. Discovery aims to achieve **$1 billion in profit** from its direct-to-consumer (D2C) segment next year, supported by a state-of-the-art platform launched in over 60 markets [5][55] - The studio segment is projected to return to a **$3 billion revenue trajectory**, with a focus on operational efficiency and leveraging data for better decision-making [17][20] Studio and Content Strategy - The gaming segment has faced challenges but is viewed as a **core strategic asset**, with plans for continued investment and development of successful franchises like Hogwarts Legacy [12][13] - The film business is expected to improve, with a strong upcoming slate including titles like Beetlejuice and Superman, supported by integrated marketing campaigns [21][22] - The revitalization of the DC franchise is underway, focusing on an integrated approach across the studio and company [24] Television and Network Dynamics - The television production business is comparable in size to the film business and is expected to see improvement in the second half of the year due to easier comparisons following strike impacts [26][27] - Warner Bros. Discovery is not experiencing the same content spending cuts as other networks, maintaining a focus on quality programming [27] Direct-to-Consumer and Advertising - The D2C segment is a priority, with expectations for significant profitability improvements driven by subscriber growth and advertising revenue [55][57] - The company is positioned as a **premium provider** in the advertising market, with a focus on high-quality inventory [39][40] Challenges and Market Position - The linear television business is facing secular challenges, but Warner Bros. Discovery is managing these declines through strategic affiliate renewals and cost management [33][34] - The company is actively evaluating strategic options to enhance shareholder value, acknowledging the disconnect between its asset value and stock performance [67][69] Free Cash Flow and Financial Management - Free cash flow generation has significantly improved, with a focus on maintaining a disciplined approach to capital allocation while increasing content spend [74][75] - The transition from a linear to a streaming business model is expected to enhance working capital profiles and cash flow generation [76] Additional Insights - Warner Bros. Discovery is committed to leveraging its extensive content library and IP to drive future growth, despite current market challenges [71][72] - The company is exploring opportunities in franchise management and consumer products to enhance monetization across its portfolio [31] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Warner Bros. Discovery's focus on restructuring, growth, and navigating industry challenges.

BalkansCat Warner Bros. Discovery (NASDAQ:WBD) stocks once again traded below $7 after weak Q2 earnings, and although it has already returned to a level close to $7.7, at this level, the company is one of the cheapest telecoms, trading at multiples of 2.8x price-to-FCF (LTM) and 6x EV-to-EBITDA over the next twelve months. This high asymmetry in valuation and other positive factors in earnings, such as the addition of subscribers, were overshadowed by bigger problems. One of them was that the company booked ...

Warner Bros. Discovery said Kathleen Finch, chairman and CEO of U.S. Networks, will retire at year end after 25 years at the company with Channing Dungey, Warner Bros. Television Group Chairman and CEO, tapped as her successor. "There is no one better at developing captivating content, compelling talent, and meaningful lifestyle brands than Kathleen, who has been my partner as we built our premier entertainment networks at Discovery and created Warner Bros. Discovery as an unscripted powerhouse. While I und ...

Is there any saving Warner Bros. Discovery? Warner Bros. Discovery (WBD -2.76%) seems to have a good position in streaming. Its HBO shows are hits, and there's plenty of sports and other content to make a compelling service. But the business is bleeding money and losing the NBA. Travis Hoium shows why the company is already in a downward spiral in this video. *Stock prices used were end-of-day prices of Aug. 12, 2024. The video was published on Aug. 12, 2024. ...