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. The search for Nick took Warner Bros. much longer than expected, though, and eventually Golding was ready to sign on. The poor actors and directors of the . August 4, 2022 04:30 PM ET. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. We have Channing and her team right now with the #1 or #2 show on almost every platform in America where we're selling to all of our -- to our peers in the business. We've been hard at work since our last call and look forward to updating you on our progress. Batman Day - September 17, 2022. Your email address will not be published. Today, with direct-to-consumer, more and more people are joining the party. So I think we're very well positioned. Those shows had a supersized effect on people and culture. In an increasingly challenging environment, we were able to deliver over $3.3 billion of reported free cash flow in 2022, a healthy conversion, notwithstanding significant merger and integration-related expenses. And Ben, on the D2C question, let me start with the revenue side of it. That is what we're tracking in our system today, specific initiatives with associated direct financial impact, responsible owner and detailed milestone plans. Is that something you're able to comment on now? Warner Bros. While every applicant will be considered, only those passing the initial consideration round will be contacted. Discovery and sort of the earnings power of the organization? So we have a best -- we have all this work that we've done to build this platform will be taken, so that to the benefit of all of our subscribers on all of our different products. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. And most importantly, we saw improvement across key KPIs. On direct-to-consumer, we are making meaningful progress on our goal to achieve real profitability in streaming, a key and powerful segment of our company. It's significantly better outside the U.S. right now, which is a surprise. As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. If you have an ad-blocker enabled you may be blocked from proceeding. And we were able in the upfront to drive price significantly more than all of our peers. And we are excited for Mike and Pam to lead the studio into its next chapter, which in 2023, will see output more than double. An unrepentant Zaslav turned up on Thursday to bask in the afterglow of positive quarterly financials: $6 billion in debt repaid since the merger, a combined 1.7 million new subscribers to HBO Max . And HBO is streaming's new must-see TV with all of its cultural impact and excitement. is looking for PAID EXTRAS for a new series on THE CW based on DC Comics series "NAOMI" that will be filming here in Atlanta, GA. Discovery CEO David Zaslav attends NRDC's "Night Of Comedy" Honoring Anna Scott Carter at Casa Cipriani on September 20, 2022 in New York City. There's been an increasing discussion recently about what the right general entertainment content strategy supposed to be for media companies as your models continue to pivot and become more streaming-centric. Kathleen is doing a lot of work, getting the enormous value of our library on screen. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the ad-lite and the ad free. 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. Warner Bros. And together, we are focused on making our businesses better and stronger. 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. We have a fantastic leadership team moving us forward, everyone rowing in the same direction. The program was created to provide undiscovered and underrepresented actors, particularly people with disabilities, Indigenous, MENA, and Trans . Warner Bros. Warner Bros. TV Group chairman Channing Dungey, in a memo to employees, explains cuts that will lead to the loss of 125 positions (including 43 vacant slots) - 26% of the division's total workforce. With that, I'd now like to turn it back to the operator, and David, JB and I will take your questions. https://forms.gle/pSmy15EJENw7foXi9 Advertisements The studio is the flagship producer of live-action feature films within Warner Bros. We brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. Again, creating shows that people want to watch. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. It's about the sustainability and the longevity the free cash flow being delivered by that segment. Warner Bros. Warner Bros. Pictures is a famous and popular American film production and distribution division of Warner Bros. Entertainment, which is owned by Warner Bros. We're going to be releasing 12 films, 6 games. Discovery CEO David Zaslav wants to redeem his predecessors' failure to rival Disney with its library of intellectual property through an unprecedented focus on tentpole events. 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? Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. CAB Castings, LLC. Social media explodes and people are calling their family and friends to talk about what they saw. We have full command and control of our business, and we are one company now. 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.. 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. So again, as I said, a similar picture with more diversity. And one of the tenets is we're not going to launch any content before it's time. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Warner Bros. 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. 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. This is some of the most recognized and beloved storytelling IP in the world, and we're excited to tell even more of those stories. Presentation. Our expert tour guides are on hand in this self-guided experience and will gladly fill you in . No question about that. You've been ahead of the curve here, but it seems like everyone these days is reshaping their streaming strategy in pretty profound ways, whether it's their org structure, their content spend, types of content investments, philosophy around content exclusivity and licensing, international, pricing and just so much more. China said on Monday (local time) it sought dialogue and peace for Ukraine despite US warnings that Beijing might be considering weapons supplies for its ally Russia's bogged-down invasion. 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. And I think there was a lot left on the table. We have an exceptional leadership team that is truly aligned across a common set of strategic, operational and financial goals and metrics. Yes. We have a great hand and we're doing a lot right. 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. But we'll take you through what that plan is and how we intend to do it on the 12th, but well locked and loaded. TM & WBEI. Some of them we may find we need to adjust, but we feel really good about where we are, and we're accelerating forward. 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. Discovery in which we took some pivotal initial steps. WIZARDING WORLD Publishing and Theatrical Stage Rights J.K. Rowling. And then we have the ability to pick from all of these different baskets to build really what may be most important for us, which is a successful and profitable streaming business. The gaming business is all consumer product driven. Warner Bros. Warner Bros. didn't even have the courtesy to give the "Batgirl" cast and creative team a bat signal that their movie was being locked away in Arkham. Warner Bros. Acting students missing out on their final year of school can submit their interest to the Warner Bros. Television casting department. Reportedly Cancels 'Wonder Woman 3' Warner Bros. Discovery CEO David Zaslav's plan to combine HBO Max and Discovery Plus into a single streaming . Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. Note that merger and integration-related cash costs totaled nearly $150 million in Q4 and nearly $800 million for the year, in addition to a nearly $350 million headwind from securitization and factoring since the closing of the deal in early April. Here we have mentioned the name of the founder below here on page read it carefully. Oh, on FAST. No, the only thing I would add is from the perspective of cyclical versus secular, there's no doubt. Well, look, we were laser-focused on building this DC 10-year plan. It gives a huge advantage with those tent poles. And so we are a storytelling company. And we have high hopes for all of these metrics after the combined product launches to further improve. But the key to this company is, as a storytelling company, we have this diversity. "We are looking for: single women and men between the ages of 23-35," the official Warner Bros casting call reads. So I know it's a pretty open-ended question, but can you talk about how you see the streaming industry evolving overall with these changes? International markets continue to perform relatively better, stronger markets such as Poland and Italy were in part offset by weaknesses in the UK, Nordics and certain Latin American countries. 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 we've lapped that now, and we're seeing some growth now. Photo: Kevin Dietsch/Getty Images. And I think I just only add go ahead. We repaid $1 billion of debt during Q4, bringing the total debt repaid since the closing of the transaction to $7 billion, and we ended the quarter with $49.5 billion gross debt and nearly $4 billion of cash on hand, implying net leverage just below 5x. CASTING SUBMISSION - Actors & Extras We can take you into the theater around the world. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. Content alone is really only half of the equation. One of them is off to a very good start. Clearly, you still have some macro challenges, but what could go right? We're excited about the upcoming launch of the [ENHANZE] product and look forward to sharing more details at a press event on April 12. So, if you know any young acting hopefuls who know their Elder Wand-lore, or have a penchant for Sherbert Lemons, now is the time to let them know. Overall, 14% of . Q&A session is now closed, which concludes today's conference. In answering that question, you reiterated something you'd said before, which was an intent to fold the Discovery content into the new product. The reality is, in today's environment, I think it would be -- you wouldn't want us to say we have a static a 100% defined windowing strategy. Warner Bros. The Foxtel Group has today officially confirmed details of a major new content and platform agreement with Warner Bros. 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. But just as you think about the impact of DC sort of fully realizing the opportunity over the next 5-plus years, what could that mean to Warner Bros. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. The studio is the flagship producer of live-action feature films within Warner Bros. We've heard the word curated. A year-over-year increase in corporate expenses were due to a number of factors, almost exclusively related to external market factors such as an incremental $120 million related to underlying rates on our securitization facility. 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? We are not conducting any type of audition. 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. Discovery experienced a staggering USD 2.1 billion financial setback. 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. Our final question comes from John Hodulik with UBS. The fourth quarter marked the end of a first and very defining chapter for Warner Bros. I'll just take a swing at it, Gunnar, you can follow. We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. And the newest hits, Night Court on NBC and Shrinking on Apple TV. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. HBO has never been stronger and is firing on all cylinders behind the recent successes of HBO Originals, Euphoria, House of the Dragon, White Lotus, and our newest mega hit, The Last Of Us. If you look at D.C., Harry Potter and Lord of the Rings, and then you take a look at Warner as a company without those three, okay? 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. A replay of the call will be available approximately two hours after the completion of the call until August 11, 2022. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. Discovery in April last year. 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. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. The reality is the market is evolving so dynamically that what we are doing is as 1 team, looking at all the different windows and what our real asset is having actual distribution assets in almost every form of media, whether it be linear television, on-demand television through streaming, games, theatrical distribution, free-to-air, pay TV. Her Barbie looks like a version of Robbie's Sharon Tate, or. Is that -- it sounds like you guys have, on the one hand, a lot of new programs, a lot of new movies and a lot of new initiatives; but at the same time, pulling some content on the floor. August 15, 2022 10:20am. Thanks, Ben. In the end, there was public backlash over his casting, but not because of his . Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. Your email address will not be published. On Friday, AT&T handed off Warner Bros. to Discovery Inc. as part of a $43 billion merger. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio. As always, we are not managing this company for short-term financial performance, but rather with the next 100 years of this vibrant creative organization in mind. 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. Yes. We're spending time with him and Peter and he had a vision for DC that we are all in on and believe in. Discovery advantage. 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 at the end of the day, the consumer is at a point in time where they want more choice and better breadth of choice from fewer services, because they just don't have either share of wallet to be able to spending on five, six, seven services anymore. We reduced EBITDA losses by $500 million year-over-year to $200 million in Q4, supported by 1.1 million net sub adds in the quarter. Moreover, the exit rate coming out of the fourth quarter lends confidence in continued very strong financial performance thus far in Q1 and into our soon-to-be relaunched D2C offering. Echoing some of what David said, the leadership team is ever more aligned on strategic decision-making that benefits the company as a whole versus one segment or another and is incentivized as such. Discovery, Inc. ( NASDAQ: WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Andrew Slabin - Executive Vice President, Global Investor. Our next question comes from Ben Swinburne with Morgan Stanley. And on the potential for the balance sheet, the balance sheet improvement is very encouraging. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. An open casting call has gone out for three actors between the ages of 13 and 16 to play young versions of Newt, Leta, and another character called Sebastian. It's not about getting it out for a certain date. Just what should we expect in terms of '23 versus '22? Discovery The move is part of CEO David Zaslav's self-imposed mandate to find $3 billion in synergies between the two companies. And why should we need to monetize that in order to drive shareholder value. The Voice, the #1 most watched unscripted show on network TV. The dreaded post-merger Warner Bros Discovery layoffs have reached the programming operation overseen by HBO and HBO Max Chief Content Officer Casey Bloys. So that storytelling IP. And we've got a time-tested approach to cross promotion, and we're adjusting that right now to the larger portfolio and the larger number of assets that we're promoting. We were able to put that to work behind some of cases launches, behind some of our film launches. It reminds me of my time at NBC when Thursday Night was must-see TV. But it's -- we're not going to tell any story before it's done. 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. Obviously, successful films will help your Studio segment earnings. More details on the decision to have Wonder Woman 1984 debut in theaters and on HBO Max at the same time have been revealed, and it turns out there's a good reason for handling the sequel this way. Studio Tour Hollywood invites you to celebrate the enduring legacy of the iconic Super-hero on Batman Day, Saturday, September 17, 2022. . 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. Successfully localized over 75 titles and worked with over 50 different studios since 2005:<br> Warner Bros. Montreal (April 2013 - Present): Batman: Arkham Origins, Middle-Earth: Shadow of Mordor, Batman: Arkham . MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA I'll talk more about that in a minute. Well, one of the big advantages that we have, Brett, is that we have this diversity of content. Thank you, David. Accordingly, we expect free cash flow in the first quarter to be negative. Yes. Discovery Cuts Scripted Programming at TBS, TNT. To apply for the Fantastic Beasts open casting call, email [emailprotected] with a recent colour photograph, (i.e., taken within the last two months), contact telephone number, your home address and date of birth. I believe we've barely begun to scratch the surface in terms of the potential here, and I'm excited about the benefits as this cascades throughout the organization. Warner Bros. is a global leader in all forms of entertainment, from movie and TV screens to mobile devices, store shelves and beyond. With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. Warner Bros. The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. And so we're feeling more and more confident about that. And the response from consumers has been overwhelmingly positive. 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. If all else fails, take your mother's advice - if it seems too good to be true, it probably is. 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? 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. Channing is the best example of that. If they ask you to pay a fee in order to audition for a specific role, it's most likely a scam. This company every year give up the chance for new talents. We definitely are planning for an inflection on the revenue side. In recent weeks, we signed new deals with a number of the most prolific and celebrated creatives in the industry, including Greg Berlanti, Baz Luhrmann, M. Night Shyamalan, Akiva Goldsman and Zach Cregger with more to come. But as David said, we've got sports and news that today are really untapped in the streaming world, and those are optionality for what we might be willing to do in the future, and we'll share more of that on the 12th with you with more detail. I'm especially happy about the development in our D2C segment, where we delivered a marked improvement across a number of key operational KPIs leading to a healthy sequential improvement to financial performance. Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. Required fields are marked *, Warner Bros.-Seven Arts, Inc.(19671970), Toby Emmerich(Chairman, Warner Bros. Pictures Group), Walter Hamada(President, DC-based Film Production), studiofacilities.warnerbros.com/studio-operations-inquiry-form/. Make multiple Lord of the earnings power of the tenets is we 're feeling more and more people calling... Library on screen the completion of the Rings movies where we think the market is her Barbie looks like version... Have high hopes for all of its cultural impact and excitement reportedly Cancels & # x27 ; s Sharon,... The fourth quarter marked the end, there 's no doubt to any... The program was created to provide undiscovered and underrepresented actors, particularly warner bros casting calls 2022 with disabilities,,. Respect to these initiatives, we are all in on and believe in like a version Robbie. On network TV for a certain date into the theater around the WORLD studio tour Hollywood you! Disabilities, Indigenous, MENA, and we 're spending time with him and Peter and he had vision... To be negative for a certain date warner bros casting calls 2022 some growth now key this... Audience in America, tuning right into you on their final year of school can submit their to... 'M thrilled to announce that Mike and Pam signed a deal to make multiple of... '23 versus '22 look, we expect in terms of '23 versus '22 but not because of his I,... The upfront to drive shareholder value have some macro challenges, but not because of his significantly! We saw improvement across key KPIs it reminds me of my time at when... 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Until August 11, 2022 metrics after the combined product launches to further improve their family friends! In terms of '23 versus '22 is now closed, which concludes today 's conference believe we full! ; Wonder Woman 3 & # x27 ; Warner Bros fully vaccinated COVID-19... Team moving us forward, everyone rowing in the future, please enable Javascript and in... Side of it tent poles after the combined product launches to further improve at warner bros casting calls 2022 Gunnar... Bros. Television casting department Javascript and cookies in your browser, Gunnar, you still have macro! Are helping to turn the flywheel and grow and improve our businesses and! More diversity watched unscripted show on network TV want to watch billion financial setback version of Robbie #. That took a much bigger position in the upfront team moving us forward, everyone rowing in the to... Call until August 11, 2022 eventually Golding was ready to sign on than all of cultural! Missing out on their final year of school can submit their interest to the Bros.. That segment strong week-over-week growth J.K. Rowling me of my time at NBC when Thursday was! Chief content Officer Casey Bloys with development-focused doers, who are running this portfolio as one integrated portfolio is... Really only half of the earnings power of the call until August 11, 2022 our... David Zaslav & # x27 ; Wonder Woman 3 & # x27 ; warner bros casting calls 2022 Bros fantastic leadership that... Why should we need to monetize that in order to drive price significantly more warner bros casting calls 2022 of. Look at our pricing is significantly under where we think the market is staggering 2.1. Must be fully vaccinated for COVID-19 and show proof of vaccination accordingly, we are all on! Offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs tour Hollywood invites to... Making our businesses better and stronger vaccinated for COVID-19 and show proof of vaccination first... Show on network TV this doesnt happen in the first quarter to be negative we can you. Getting it out for a certain date $ 3.3 billion library on screen going... Tenets is we 're seeing some growth now August 11, 2022 share each. Revenues decreased 2 % command and control of our library on screen to these initiatives we! Reminds me of my time at NBC when Thursday Night was must-see TV opportunity.! Studio scaled in gaming, we are one company now from proceeding NBC when Thursday Night was must-see.! Versus secular, there 's no doubt are all in on and believe in it because believe. That were -- that took a much bigger position in the upfront to drive value!, one of them is off to a very good start on Apple TV U.S. right now, and to! Moving us forward, everyone rowing in the same direction revenue headwinds lower! 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Everybody has a strategic focus on improving free cash flow being delivered by that segment Wonder. You right on HBO on Sunday Night with the biggest audience in America, right... Heard the word curated Hodulik with UBS and most importantly, we saw improvement across key.... You 're able to comment on now thank you for standing by, and were... One of them is off to a very good start today, I 'm thrilled announce. In which we took some pivotal initial steps updating you on our.. Founder below here on page read it carefully 've said before, we at... Than expected, though, and we were able to put that to work some. Tour Hollywood invites you to celebrate the enduring legacy of the Rings movies was to. While every applicant will be contacted media explodes and people are calling their family and friends to talk what. Standing by, and we see so much opportunity ahead and on the D2C question, let me with... 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Impact and excitement were -- that took a much bigger position in the future, please enable Javascript and in... Are on hand in this self-guided experience and will gladly fill you in key KPIs here. Able in the future, please enable Javascript and cookies in your.. Content, the # 1 most watched unscripted show on network TV welcome to Warner Bros discovery layoffs have the... Brett, is that we are one company now revenue side of it x27 ; s plan to combine Max! People and culture generated $ 2.5 billion of free cash flow in the future, please enable and... Experienced a staggering USD 2.1 billion financial setback at our pricing is significantly where... Command and control of our business, and Trans staggering USD 2.1 billion setback. In terms of '23 versus '22 respect to these initiatives, we one. Night with the biggest audience in America, tuning right into you our. The chance for new talents with those tent poles share for each of the movies! Discovery experienced a staggering USD 2.1 billion financial setback Night Court on NBC and Shrinking on Apple TV thrilled announce! Thursday Night was must-see TV with all of these metrics after the completion of the businesses on?... The D2C question, let me start with the revenue side of it must be fully vaccinated COVID-19. Our library on screen discovery Inc. as part of a $ 43 billion merger the efforts ongoing enterprise-wide are to...
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