Three. Joining us now is Paul Dergerabedian. He's the Comm's Corore senior media analyst. Paul, Thanksgiving always a big weekend and three or four day weekend for movies. What is it shaping up like. What's doing well. Do we have any early numbers on Thursday or what the weekend could look like. >> Yeah, that that's a great uh setup for what's going on right now at the box office. So, we're looking at Zu Zootopia 2. So, we're in that home stretch of the year. And as you pointed out very astutely, we at abou ...

Wicked for Good making a splash at the box office this weekend. Our Julia Borston has more on the numbers. Morning, Julia.>> Well, Carl, Universal's Wicked for Good hit the highest end of forecast and soared far beyond the opening of last year's Wicked, bringing in 100 million $150 million domestically and $226 million at the worldwide box office. Now, this gives Universal's Wicked sequel the year's second biggest opening. Now, along with the Minecraft movie and Lilo and Stitch, the top three openings of th ...

Financial Data and Key Metrics Changes - In Q1 2025, Warner Bros. Discovery gained over 5 million subscribers, totaling more than 22 million subscribers over the last twelve months [8] - The company delivered $339 million in EBITDA for the first quarter and is on track to achieve at least $1.3 billion in EBITDA for 2025, representing an 85% increase compared to 2024 [9][10] - The goal is to surpass 150 million subscribers by the end of next year [9] Business Line Data and Key Metrics Changes - The streaming segment is experiencing significant growth, with a strong pipeline of content from HBO and local language offerings enhancing relevance in various regions [10] - Warner Bros. Television is noted as the world's leading independent TV studio, contributing to the company's cultural and commercial impact [11] - The film segment is seeing success with a mix of IP-based blockbusters and original content, highlighted by the success of the Minecraft movie and upcoming releases like Final Destination [12][13] Market Data and Key Metrics Changes - The company is expanding its global footprint, with almost half the world still untapped for its streaming services [10] - Latin America leads in engagement metrics, benefiting from a comprehensive film offering and local originals [41][42] Company Strategy and Development Direction - The company emphasizes a focus on high-quality storytelling and a commitment to leveraging its extensive IP library, including franchises like DC and Harry Potter, to drive long-term growth [10][30][74] - The restructuring into two divisions aims to enhance transparency and operational efficiency, allowing for quicker responses to market opportunities [18][20] - The strategy includes a shift from a volume-based approach to prioritizing quality content, which is expected to resonate with consumers and drive subscriber growth [79][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current macroeconomic environment, noting no material impact from recent economic conditions [48] - The leadership team is focused on maintaining a diversified portfolio and managing costs effectively to safeguard financial performance [50] - Future growth is anticipated from globalization, penetration growth in existing markets, and enhancements in product offerings [87][90] Other Important Information - The company is exploring various models for sports content, balancing costs with subscriber engagement and monetization opportunities [28] - There is a strong emphasis on bundling services to enhance consumer experience and reduce churn [92][94] Q&A Session Summary Question: Insights on capital structure and leverage ratio for global linear networks - Management refrained from speculating on capital structures but emphasized the successful reorganization to capitalize on future opportunities [17][18] Question: Potential for additional subscribers in the U.S. market - Management indicated that the rollout of password sharing initiatives will gradually increase subscriber numbers over the next 12 to 18 months [21][22] Question: Sports strategy on MAX and licensing new IPs - The company is experimenting with different models for sports content and sees opportunities to leverage sports rights while balancing costs [26][28] Question: HBO's ability to produce standout hits consistently - The strength of HBO's creative team and a focus on quality storytelling are key factors in producing successful content [35][36] Question: Engagement metrics across different demographics and markets - The U.S. market shows strong engagement among younger demographics, while Latin America leads in overall engagement metrics [40][41] Question: Impact of macroeconomic conditions on advertising channels - Management reported no significant impact on advertising revenue and remains optimistic about the upcoming upfronts [48][49] Question: Content spending strategy and licensing for third-party services - The company plans to moderately increase content spending while also leveraging its IP for external licensing opportunities [77][78]