We had broadcast and cable pricing increase at the same high single-digit rate. And how is the composition of ad-supported versus premium Paramount+ subs and gross add trends sort of changed since the release in June? as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. Campbells group went the route of registering voters and state election law requires a number equal to 0.33% of the total number of registered voters. And then obviously, on the advertising side, we're very happy with what we've seen in the upfront, both in terms of price increases and what we've been able to do from a volume perspective. She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. And yes, we've got to manage through some near-term macroeconomic headwinds, but we will. The billionaire developer has said little about global warming. Enjoying this newsletter? She has represented numerous public and private entities and has served as counsel to their boards and independent trustees. Third, we're in the free streaming space and the pay streaming space. Bakish is responsible for turning the Viacom company around and improving its financial situation. And just sort of two related questions. Then I'll turn it over to Naveen to take you through financial and operating details, and we'll wrap up with a Q&A as usual. But in the years since, he latched onto the idea of a political party that would welcome differences of opinion and whose members would value the pursuit of common ground. And at the core of it, it's our differentiated as we say, playbook. To learn more about ballot access requirements for political parties in California, see this article. And importantly, our competitive position in the ad market is very strong. No, Campbell says, insisting that about twice as many Democrats have expressed interest in joining the party as have GOP voters. The most important thing to remember is that when we think about our content investment, we're always looking at it in the context of the growth and the return that it unlocks. Bob, could you talk a little bit about how the launch went in the U.K. and South Korea in the quarter, sort of the strategy to drive that business? John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. | [6][7] He earned an MBA from Columbia Business School in 1989. Second, there are 2 important new category tailwinds that we'll see probably late Q3 and certainly Q4. That gives us incremental product visibility to the consumer, and it also benefited us in terms of third-party expense reduction. So to your question of it being a price taker, sure, we play in the programmatic market. Advertisers are focused on being associated with premium content, and we have a really diverse collection here across entertainment, sports and news. But I think the question that sort of every investor on this call is thinking about is as the business shifts from linear to digital, meaning CBS sort of shrinks in share and Paramount+ and Pluto growing their share, can Paramount maintain sort of aggregate time spend? And the second is political. So the combination of all those things will be key to delivering stable TV Media OIBDA. Their intent, and I don't really leave it to the joint venture, which, by the way, our other partners, Reliance, to speak to that, and they haven't spoke to it much. So I am Doug Mitchelson, Credit. Prior to the recombination of Viacom and CBS, Bakish was the President and Chief Executive Officer of Viacom since December 2016. Counties | Furthermore, he is the companys CEO, meaning that he is the one responsible for overseeing its operations. Sure, Bryan. And longer term, we remain focused on our goal of reaching over 100 million global D2C subscribers and generating at least $9 billion in D2C revenue by 2024. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. Theatrical revenue increased $630 million, driven by the success of Top Gun: Maverick and Sonic the Hedgehog 2. Campbell says while several local elected officials are ready to run as Common Sense candidates, they wont take the plunge until they know the party has qualified. Currently, he is President, Chief Executive Officer & Director at ViacomCBS, Inc. Mr. Bakish is also on the board of 5 other companies. And I think we'll probably finish the year with very healthy revenue growth across the segment. I was wondering if you could give us color on IPL? He has been President and CEO of Paramount Global since December 4, 2019, formerly holding the same position at Viacom before the merger with CBS Corporation. Now because our assets continue to perform impressively across TV and streaming, advertisers are taking note even amid broader market uncertainty. My name is Elliott, and I'll be the conference operator today. The question on margins is really the core of what you're asking. And so of course, when you think about it through that lens, you have to focus on the fact that we added 5 million Paramount+ subs in the quarter. Millions of new customers are signing up for our streaming services. [8], In October 1999, he became the Executive Vice President of Planning and Business Development of Viacom's subsidiary MTV Networks. In closing, I hope you heard how we're deploying a very unique asset portfolio with a differentiated strategy to not only successfully compete in this challenging macroeconomic environment, but importantly, take share and continue to have real momentum, particularly in the streaming space. Search Terms: Robert Bakish Reset All Filters Page 1 of 1 [52][53], In 2018, Bakish's implementation of his five-point comprehensive strategy was credited with Viacom's much improved finances and improved company morale and focus. I just wanted to pick up on some of the Pluto line of questioning. And Jessica, with respect to the question on content spend in future years, I'd point you back to what we shared during our Investor Day back in February. And so it will be a real engine for streaming, and then Paramount+ will benefit by being part of that, even though we're not directly investing on an O&O basis, we're obviously part of the joint venture. Candidates. iSideWith.com may earn a portion of sales from products that are purchased through our site as part of our affiliate partnerships with retailers. Please disable your ad-blocker and refresh. Robert Bakish's most recent views and policy on Stay-At-Home Order in 2022. . The start-up effort to break the two-party orthodoxy is being organized by a pair of former California lawmakers who spent much of their time in office as ideological misfits. Danbury, Connecticut. In response to the question "Should the U.S. government grant immunity to Edward Snowden?", Robert Bakish's response was. Try the political quiz. Early life and education [ edit] She was part of the team that was a 2022 Pulitzer Prize finalist in breaking news for work covering a fatal shooting on the set of the film Rust. Previously, she was the author of the Essential California newsletter. I know it might take some time before we get to the more profitable windows for these films to really flow through the financials. The candidates GOP past has been the subject of frequent fire from his rivals and their supporters. Yes, I'll take those. iSideWith.com is the worlds most popular voting guide for citizens to find information about elections, political parties, candidates, voting districts and popular political issues in their country. First, on content spend. Campbells career in Republican politics ended in 2010 with a failed U.S. Senate primary campaign as his centrist Republican views were drowned out by the rise of the tea party movement and the eventual election of former President Trump in 2016. But there are real reasons that we see this path to superior margins. Shortly after changing his registration in 2016, Caruso told Los Angeles Magazine that he had made the switch so that he could vote for John Kasich in the Republican presidential primary that year. Bakish was made the President of MTV Networks international at the beginning of 2007. Warmer storms could cause problems, Rick Caruso could soon be L.A. mayor. The effort shares some of its political DNA with the idea behind Californias top-two primary, an effort many thought would elect more centrist lawmakers. From 1990 to 2000, Ms. Griego held a number of government-related appointments, including Deputy Mayor of the city of Los Angeles, President and Chief Executive Officer of the Los Angeles Community Development Bank, and President and Chief Executive Officer of Rebuild LA, the agency created to jump-start inner-city economic development following the 1992 Los Angeles riots. Their poll released Wednesday found 56% of those surveyed say Newsom is doing a good job. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. Under his leadership MTVNI experienced growth in the double digits. We don't obviously guide to Pluto specifically. The combination of our content, platforms and strategy ensures we can reach the largest total addressable market, generate strong returns on content investment and create devoted fan followings taking full advantage of our deep and growing library of valuable IP. Prior to joining Hueston Hennigan, Mr. Klieger was a Partner at Irell & Manella LLP and a Founding Partner at Kendall Brill & Klieger LLP. Did someone forward you this? And while macroeconomic conditions are likely to continue to affect advertising demand and impact TV Media financials, political advertising as well as price increases negotiated in this year's upfront, in combination with continued expense discipline, should help mitigate market-driven headwinds, particularly in Q4. Their goal is to appeal to voters who place value in collaboration, compromise and pragmatism. And we continue to forecast D2C OIBDA losses will be greatest in 2023 and then improve in 2024. The combination of subscriber growth and engagement drove Paramount+ revenue growth of 120%, including subscription revenue growth of 126% and advertising growth of 92%. [60][61][62][63][64] In April 2018, Viacom launched Viacom Digital Studios, which will create new original content hosted on sites such as Facebook, Twitter and Snapchat. Robert Marc Bakish's Connecticut Voter Registration. Ms. Seligman served as law clerk to Justice Thurgood Marshall on the Supreme Court of the United States from 1984 to 1985 and as law clerk to Judge Harry T. Edwards at the U.S. Court of Appeals for the District of Columbia Circuit from 1983 to 1984. Two, we have a platform advantage. It's really a marketplace dynamic that unfortunately, we're not immune to. Less attention has been paid to the fact that Caruso re-registered as a Republican in March 2016, according to records from the Los Angeles County registrar-recorder/county clerks office. Get up to speed with our Essential California newsletter, sent six days a week. So on your first question, inflation, in our business, we actually saw inflation a while ago, really more in the production side of the house related to talent and competition therein. Pluto TV added 2.1 million global MAUs in Q2, bringing our global reach to 69.6 million MAUs. If you look at where we are in content, we're clearly advantaged. Get our latest storiesin the feed of your favorite networks. We said at that time that, that would involve D2C content expense of around $6 billion. Fans are headed back to the theaters to watch our films. Let me start. An independent review of the alleged incident has concluded, and the investigation did not support the allegation, ViacomCBS said in a statement. Campbells group rightly points out that parties are allowed to raise large sums of money to win elections, while independent no party preference candidates are limited to the relatively small donation limits for individual contributors. I was wondering if you can give us your latest thoughts on when or whether you believe you'll be in a position to potentially start raising price on your streaming services, most notably Paramount+? She has served on the board of Hilton Worldwide Holdings Inc. since 2013. Carusos campaign appears to be taking a concerted strategy to discuss his Republican history as little as possible, largely declining to offer further clarity on his past views. In this role, which he assumed in December 2019, Bakish is responsible for growing the companys creative assets, content capabilities and streaming services to serve important and diverse audiences, which consume over 30 billion hours of Paramount content globally across more than 180 countries. You may begin your conference call. [46][47][2][48][49][50] The strategy also included having Paramount Pictures develop films and franchises connected to Viacom television content; additionally, Spike TV would be rebranded as and converted to a broad-based general entertainment channel, the Paramount Network, in early 2018. He serves on the boards of both schools and is also a Director on the Board of AVID Technologies, a NASDAQ-listed company. That came back big in the upfront. It is now a multinational retail corporation that runs chains of hypermarkets, discount department stores, and grocery stores. From June 2010 to December 2017 he was Vice Chairman of Investment Banking and Capital Markets at Credit Suisse. [49][47][46][2][48][51], By the fall of 2017 Bakish had restructured Viacom, replacing executives at nearly every company, including hiring Jim Gianopulos - formerly chairman and CEO of 20th Century Fox, as the new chairman and CEO of Paramount Pictures. Personal Freedom. Ms. Seligman has extensive media industry experience with various leadership roles at a major media conglomerate, public company and corporate governance experience, and exceptional achievements in the legal profession. Affiliate and subscription revenue grew 12% in the quarter. Click here to contact us for media inquiries, and please donate here to support our continued expansion. We have a very strong proposition in the marketplace. In Filmed Entertainment, Q2 revenue was $1.4 billion, more than double the year ago period. Revenue grew 1% in Q2 as strong growth in content licensing was mostly offset by declines in advertising and affiliate revenue. So we like that strategy. RB >RB Party's support base May 1st . She joined Sony in 2001 and served in a variety of other capacities during her tenure, including as a Corporate Executive Officer and Group Deputy General Counsel of Sony Corporation, and as General Counsel and an Executive Vice President at Sony Corporation of America, a subsidiary of Sony Corporation. Pricing will be a part of the equation. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell It's a powerful and efficient local model. Through a strategy to deepen and expand Viacoms presence in digital and live experiences, Bakish also stewarded the key acquisitions of free streaming television service Pluto TV; Gen-Z focused brand Awesomeness; influencer marketing firm WHOSAY; and VidCon, the worlds largest celebration of online video fans and creators. Advertising was down 2% year-over-year or flat on a constant currency basis due to macroeconomic headwinds, and licensing revenue grew 27%. Look for legislation in the state Senate that would require school administrators to collect information from parents about guns stored at home and would mandate backpack, locker and car searches if there is a credible threat. Additionally, the power and strength of our franchises, Existing and new, was on full display this quarter, thanks to strong performances from Star Trek: Strange New Worlds, 1883 of the Yellowstone Universe and our latest South Park special, South Park: the Streaming Wars as well as Halo, which has become a top driver globally for subscriber acquisition and engagement. Subscribe to Deadline Breaking News Alerts and keep your inbox happy. You may now disconnect your lines. Robert Bakish, CEO of Viacom Pau Barrena/Bloomberg Investors have tuned into CBS stock amid new sexual harassment accusations against chief executive Leslie Moonves that led to Moonves'. Operations: Meghann Olshefski Mandy Morris Kelly Rindfleisch Only three other parties have ever had full status in California in the past quarter-century all three ultimately failed to retain enough registered voters. Most importantly, it's pretty clear that we grew share. Your support helps us deliver the news that matters most. Meanwhile, in markets like India and Eastern Europe, we're focused on balancing long-term market growth with a smart allocation of capital. L.A. loves the glitz but suspects the rich. These are listed in the table below. In this role, which he assumed in December 2019, Bakish is responsible for growing the company's creative assets, content capabilities and streaming services to serve important and diverse audiences, which consume over 30 billion hours of Paramount content globally across more than 180 countries. As we look ahead in this ad market, there's 2 things I'd note. Records show that he re-registered as a Republican in March 2016. So you put all that together, and we do see a superior financial envelope at comparable level of scale to someone else. If you have an ad-blocker enabled you may be blocked from proceeding. Initially as Vice President of Planning and Development,[8] he became Senior Vice President of Planning, Development and But hes got no climate plan, wins outright with more than 50% of the vote. We've also said that we are going to -- Paramount+ is going to launch with it, essentially as another form of hard bundle, a tier. Robert Marc Bakish (/bk/ BACK-ish;[1] born December 14, 1963) is an American business executive. What the voters of the city care about is crime and homelessness and corruption.. We're watching it, but I wouldn't think of that as a step function change for us like it is, for example, for a packaged goods company that's buying raw materials at seeing those prices increase, very different dynamic. When asked about Carusos registration history, Carusos opponents and their supporters were quick to try to paint such a picture, tying the changes in registration to Carusos prior support of Republican politicians. We now turn to Rich Greenfield from LightShed Partners. To your question of is this Q2 only boost to subs? We haven't provided any kind of specific cadence of exactly what that looks like from year to year, but we're continuing to invest and manage the business with those goals. We now turn to Ben Swinburne from Morgan Stanley. Bakish has an M.B.A. from Columbia Business School and a B.S. Newsoms worst year in office, by this standard, was his first: Only 44% of adults surveyed approved of his work in polls conducted at the beginning and near the end of 2019. And we're looking forward to what that does both for the box office business and also our other channels. But thats not what pollsters at the nonpartisan Public Policy Institute of California have found. So that's one important economic advantage. In the past he was Chairman at Viacom 18 Media Pvt Ltd., Chairman of Cable Television Advertising Bureau, Inc., President & Chief Executive Officer for Global Entertainment Group Plc, Executive Vice President-Operations of Viacom Enterprises, President, Chief Executive Officer & Director at Viacom, Inc., President & Chief Executive Officer of MTV Networks International, President & Chief Executive Officer for ViacomCBS Networks International, President for Viacom Media Networks, Inc. and Partner at Booz Allen Hamilton International (U.K.) Ltd. Bakish joined Viacom in 1997, and held a series of senior corporate, sales and development positions at the company. So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. Caruso leaves Grand Central Market on Thursday. And by the way, the response to the launch more broadly has been very strong, including what we showed in London related to the launch event. My ballot; My support map; My settings; Logout; United States Speaking English. Nothing is certain except death, taxes and Rick Caruso is a Republican. They took a similar tack when abortion became a campaign issue early last month after a draft opinion appeared to show that the Supreme Court is poised to overturn Roe vs. Wade. Times staff writer Dakota Smith contributed to this report. His track record speaks for itself: from serving as Trumps economic advisor, to backing antiabortion and pro-NRA politicians like Mitch McConnell, fellow mayoral candidate and L.A. City Councilmember Kevin de Len said. Voters seeking to better understand his zigzagging political transformation will find few answers in his $25-million barrage of advertisements. 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