With Pluto, we provide a global platform and global libraries, and our partners provide compelling local content and local ad sales capabilities. So we like that strategy. Two is with respect to Western Europe, we obviously launched the U.K. and Ireland in June. So very good supply side equation. Prior to Oracle, Mr. Phillips was a Managing Director at Morgan Stanley in the Technology Group and served on its Board of Directors. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. Copyright 2022 Paramount All Rights Reserved. Others have been there for years. Yes, let me just jump in here. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. And Mike, with respect to your question on the outlook for 2023, I'd really say 2 things. 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. I'll try not to abuse it. I think you covered the -- I think you got it. 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. Sure, Brett. By subscribing, I agree to the Terms of Use and Privacy Policy. Caruso was a Republican for much of his life. While we could have released Top Gun: Maverick and The Lost City earlier, we held off because we knew these phenomenal stories would bring audiences back to theaters. The question on margins is really the core of what you're asking. Later this year, the biggest show on television, Yellowstone, returns for its fifth season to the Paramount Network in the U.S. . One on content spend and one on film entertainment, if I could. We also saw sequential growth in hours per act. Prior to joining Cane Investments in 2011, Ms. McHale served as the Under Secretary of State for Public Diplomacy and Public Affairs for the U.S. Department of State from 2009 to 2011. Yes. P Plus customers are watching a greater number of unique titles today than ever before. It sounds like you're no longer targeting 60%-plus growth in D2C revenue this year. Obviously, we're in business with Sky in the U.K. and Ireland, and they are very pleased with what we brought to market. RB >RB Party's support base May 1st . You may now disconnect your lines. The company is a management and technology consulting firm. We finished the quarter with $4 billion of cash on hand and total debt of $15.8 billion. I believe you guys have some local productions, 4 language productions in the works? Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. Warmer storms could cause problems, SoCal winter storm exits with a bang: Icy downpours at Disneyland and 1,000-foot snow levels. In 2017, Bakish knew that he had to take strict measures to restructure Viacom and turn the company around. 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. Hes held the position since December of 2016 after working several years with the company. He was considering a run for mayor at the time. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. Sure, Bryan. Bob Bakish is President/CEO at Paramount Global. Interns wanted: Get paid to help ensure that every voter has unbiased election information. For the second consecutive year, Robert Bakish, Viacom's CEO was not invited, an unusual move that pits one of Corporate America's most prominent media executives whose power may grow in the. It didn't have Paramount+ or Pluto, but I would assume that would close the gap between Netflix and the broader Paramount company. Robert Bakish is the CEO and President of Viacom. Times staff writer Dakota Smith contributed to this report. 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. Los Angeles, Review: A reimagined Secret Garden fails to flower anew at the Ahmanson Theatre, High school basketball: Southern California and Northern California Regional results and updated pairings, Im visiting all 600 L.A. spots on the National Register. And there, we're really the global part of the global tier to their local offering. That proved to be the right call. Second, there are 2 important new category tailwinds that we'll see probably late Q3 and certainly Q4. But Secretary of State Shirley Weber has delayed her announcement on qualification until Feb. 22, several weeks after candidates have launched campaigns and started lining up donors. Or is some of that going to lead into Q3? And we think that is a tremendous positive for the company and will be even more so as the macro situation improves. So I was curious if you had an updated view on what the appropriate level of content spend is evolving into for Paramount, whether that's for the total company or just for DTC? For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. [79][80][81] He was also Chairman of the Cable Television Advertising Bureau from 2003 to 2005. Send us a tip using our annonymous form. Starting with direct-to-consumer. We'll end this spectacular year with Damien Chazelle's Babylon, starring Brad Pitt and Margot Robbie, which begins its theatrical rollout in December. And as we look at, as streaming becomes bigger for us, as we gain scale, we see operating margins from streaming approaching that of TV Media. He is a member of the Board of Directors of the Federal Reserve Bank of New York, the Apollo Theater, Business Executives for National Security and the New York Police Foundation. Danbury, Connecticut. We leverage those assets across many platforms, and it's one of the reasons that we can grow faster, while spending less than others. Early life and education [ edit] [16][17][18][19][20] In these two positions, he was responsible for Viacom's strategic planning and business development plus oversight of a range of business units including Famous Music, Famous Players, Viacom Plus sales and information services and technology, as well as heading Viacom's cross-divisional marketing council. 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. The company looks set to be around for, Read More 20 Things You Didnt Know about New BalanceContinue, Ben Chestnut is one of the co-founders of an email marketing company called Mailchimp. The leading global brands in entertainment, We tell rich stories that are highly relevant to our audiences. We said at that time that, that would involve D2C content expense of around $6 billion. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. [74], Bakish retained the role of CEO when CBS Corporation and Viacom reunited under a single company to form Paramount Global (then known as ViacomCBS), which closed on December 4, 2019. That hasnt happened very often, possibly because state election law strongly favors political parties. As we said last quarter, except for the removal of subscribers to our services in Russia, our full year D2C subscriber growth expectations are unchanged. Ms. Beinecke serves as Chairperson of the board of First Eagle Funds, a leading U.S. mutual fund family and is the Lead Trustee of Vornado Realty Trust. Today's call is now concluded. There are short-term challenges we got to just work through. 2023 iSideWith.com. Ms. Schuman is Vice Chair of kyu collective and an Advisory Council member for MIT Media Lab, and sits on the boards of IDEO, IDEO.org and Wheels Up. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. Advertising was down 2% year-over-year or flat on a constant currency basis due to macroeconomic headwinds, and licensing revenue grew 27%. TV Media advertising declined 6% in the quarter as pricing growth only partially offset the impact of lower linear impressions and a 2% headwind from FX. Details may include related records, political party, location, and more. Good morning, everyone. 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. Bakish was made the President of MTV Networks international at the beginning of 2007. Yes. Nearly three years after Newsom issued an executive order that halted executions in California, the state is accelerating an effort to move incarcerated people off death row and into other prisons. Big picture, while we're clearly navigating some near-term headwinds in the macroeconomic environment, Q2 shows we have the assets, strategy and ability to compete and win over the long term. And I'd point out that all that's not just conceptual, it translates into performance. With less than a week until the Los Angeles mayoral primary, Rick Caruso's political evolution from Republican to Democrat still remains opaque to many voters in the . Voters seeking to better understand his zigzagging political transformation will find few answers in his $25-million barrage of advertisements. Ms. Schuman is Executive Chair of SYPartners, a consultancy that partners with the worlds most senior leaders undergoing business and cultural transformations. He categorized the matter as a data point for voters hardly fatal, but something that could resonate negatively if they believe its part of a larger picture. We are independent and not affiliated with any investors, shareholders, political parties or interestgroups. Mr. Klieger is a Partner in the Los Angeles law firm Hueston Hennigan LLP. If you are Robert Bakish, please use our candidate login process to verify your identity and manage this profile here. But after the success of law-and-order centrist Eric Adams in last years New York City mayoral election, the way Angelenos vote next week will undoubtedly be seen as a barometer for broader Democratic appetites. He also sits on the Board of Visitors at the School of Engineering and Applied Science at Columbia University. As a Democrat, Im a centrist, Caruso said, describing himself as fiscally conservative but socially accepting of how people want to live their lives., He didnt want to return to the Republican Party, he said, because he worried about the direction it was heading. So first, in terms of D2C revenue growth for the year, we continue to expect very healthy levels of D2C growth. A new bill in the state Senate could change that. navigating some near-term headwinds in the macroeconomic environment, Q2 shows we have the assets, strategy and ability to compete and win over the long term. He went on to attend Columbia University where he studied in their School of Engineering and Applied Science. So yes, there will be some new entrants, but we feel very good about our position, and we look forward to continuing to benefit from it. The momentum of Paramount+ is not just the product of its strong and diverse portfolio of content, it's also the product and the smart distribution strategy, which is bringing our flagship streaming services to more audiences than ever before. and we grew digital volume in the range of 30%. Tom Campbell, chair of the Common Sense Party. Organizers say theyve turned in about 66,000 voter registration forms. And in a world where people are more and more focused on the financial envelope, particularly around streaming the benefits of our multi-platform strategy, powerful content engine and IP ownership will become clearer and clearer. [3][4][5], He received a Bachelor of Science in operations research in 1985 from Columbia University's School of Engineering and Applied Science. Same thing is true with South Korea. As of June 30, we had a base of 63.7 million global D2C subscribers, including 43.3 million Paramount+ subscribers. Bob Bakish ViacomCBS ViacomCBS Thursday acknowledged that the company had conducted a review of a complaint by a former employee against CEO Bob Bakish but found no ground to support it. Well, look, we see both headwinds and tailwinds in advertising. We also have -- in the U.K., we have Channel 5, so it has relationships that are triggering stories there. Prior to joining Hueston Hennigan, Mr. Klieger was a Partner at Irell & Manella LLP and a Founding Partner at Kendall Brill & Klieger LLP. Within a year of graduating with his MBA, Mr. Bakish was hired at the Booz Allen Hamilton company in 1990. And it's highly coveted by advertisers. Republicans have been pretty consistent in their disapproval while Newsoms large margin of support among Democrats has risen. Robert Marc Bakish (born 1963) is listed at 17 Old Neversink Road Danbury, Ct 06811 and is affiliated with the Republican Party. As we look ahead in this ad market, there's 2 things I'd note. And so we benefit at Paramount from having a balance across linear and digital clearly. Should someone be thinking otherwise, the most recent campaign finance report shows the governor has almost $25 million in the bank. But there are real reasons that we see this path to superior margins. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell She has served as Chairman of the Board of Directors of The Doe Fund since 2017. He made big changes in the beginning including merging some of the companies and cutting the workforce by 8 percent. I'd also point out that our content has been created and formatted with advertising in mind, and that's important. To your question of is this Q2 only boost to subs? A couple of clarifications and a question, if I can. U.S. Congress | He previously worked as a partner with Booz Allen & Hamilton in its Media and Entertainment practice. You Quiz Candidates Elections Issues Discuss. From 2000 to 2008 he was the Managing Partner of Provender Capital Group, LLC a private equity firm focusing on investments in emerging companies. It seems like the MAU growth is strong. Related to the streaming ad size, Paramount+ grew advertising over 90% in the quarter. over Zoom, Caruso did not correct the interviewers mistaken impression that he had remained a no-party-preference voter from 2011 until registering as a Democrat in 2022. Importantly, Bakish created a new, unified global streaming organization and strategy to maximize Paramount content across pay, free and premium streaming services spotlighted by Paramount+, Pluto TV and Showtime OTT. Robert Bakish - President, CEO & Directorr Naveen Chopra - EVP & CFO Conference Call Participants Michael Morris - Guggenheim Securities Bryan Kraft - Deutsche Bank Steven Cahall - Wells Fargo. As you know, we're -- our goal is to drive the growth on the D2C business to over $9 billion of revenue by the end of 2024. We seek to put people in office who will be driven by facts, will work across partisan divides, will be open to principled compromise, and will show a commitment to solving Californias complex problems, the party writes on its website. From 1994 to 2003, Mr. Nelson served as Co-Chief Operating Officer of DreamWorks SKG. Speaking to the Sherman Oaks Homeowners Assn. Im a Democrat, and Im proud to be a Democrat, Caruso said when asked Tuesday about his prior changes in voter registration. And is there a better level we should look at? CJ has a minority stake in it. Caruso spokesperson Peter Ragone said Caruso did not vote for Trump in 2016 but declined to say whether he voted for another candidate in the November 2016 presidential race. And importantly, our competitive position in the ad market is very strong. When Bakish first went to work for Viacom it wasnt as the head of the company but it was in a leadership position. in Operations Research from Columbias School of Engineering and Applied Science. Fans are headed back to the theaters to watch our films. [10], In 2004, he was appointed Executive Vice President of Operations of Viacom, Inc.,[11][12][13][14][15] and in 2006 he was also appointed Executive Vice President of Viacom Enterprises. | You Quiz Candidates Elections Issues Discuss. The issue is a sensitive one for companies, ViacomCBS in particular. She previously served on the board of ALSTOM, a public French transport company. Nominating and Governance Committee Member. Bakish is responsible for turning the Viacom company around and improving its financial situation. Parties or interestgroups currency basis due to macroeconomic headwinds, and our partners provide local. 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