[Operator Instructions]. As of June 30, we had a base of 63.7 million global D2C subscribers, including 43.3 million Paramount+ subscribers. Hes held the position since December of 2016 after working several years with the company. Prior to that, he was Executive Vice President, Chief Financial Officer and a Director at Paramount Communications, Inc., formerly Gulf + Western Industries, Inc. Mr. Nelson has served on the board of Hanesbrands Inc. since 2008 and its Non-Executive Chairman since 2019, and on the board of Wyndham Hotels & Resorts, Inc. since 2019. and really a long track recordship of partnership and customer services with agencies and their clients. 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. And how is the composition of ad-supported versus premium Paramount+ subs and gross add trends sort of changed since the release in June? 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. So I guess the point is just as this business shifts, can you capture enough time spend to have the similar profit look your business has in legacy as you move to streaming, if that makes sense? Caruso could be right about that. So we're continuing to look at pricing. He also sits on the Avid Technology Board of Directors. It also serves as a company increasing its penetration of the most important growth market in media streaming, as evidenced by our over 5 million D2C subs added in the quarter. 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. It seems like the MAU growth is strong. And so we benefit at Paramount from having a balance across linear and digital clearly. That's another launch with Sky on a hard bundled basis. And Kopp served his time in the Legislature as an independent. How to run for office | Our first question today comes from Michael Morris from Guggenheim Partners. 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. So I'd start by saying Pluto is the leader in fast in the U.S. And as you know, it's rapidly growing internationally as well. A runoff election with the top two vote-getters will be held in November unless a candidate wins outright with more than 50% of the vote in the primary. A new bill in the state Senate could change that. The conventional wisdom, based on news headlines and social media, is that Gov. He was responsible for the oversight of all of MTV Networks business operations outside of the United States. After all, to drive best-in-class marketing and distribution, you've got to have best-in-class assets, like the #1 broadcast network in America, the largest broadcast footprint globally, the #1 free ad-supported streaming TV service in the U.S. and one of the fastest-growing premium SVOD services. RB >RB Party's support base May 1st . 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. Please check back soon. 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. It really has 3 fundamental components: hard bundle, plus channel stores like Roku and Amazon and Apple, and direct D2C on an O&O basis. It's going to be part of a streaming offering for the Indian market, that Viacom18 is going to launch in 2023. So maybe not for this year, but are we approaching a period where you could see more meaningful step function improvements in Filmed Entertainment's profitability? 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. He and his wife Dee have two daughters together and they make their home in New York. Nothing is certain except death, taxes and Rick Caruso is a Republican. 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. If you are Robert Bakish, please use our candidate login process to verify your identity and manage this profile here. Continuing as we have to make those decisions prudently with a real eye towards the ROI of the investments, what we don't want to do is sacrifice a long-term opportunity by overreacting to some of the short-term headwinds that obviously exist, particularly in the advertising marketplace today. State and local courts | And maybe, along with that, if you could talk about what you're seeing as far as specific advertiser category strength or weakness? 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. Bakish is responsible for turning the Viacom company around and improving its financial situation. With less than a week until the Los Angeles mayoral primary, Rick Carusos political evolution from Republican to Democrat still remains opaque to many voters in the overwhelmingly liberal city he hopes to lead. Try it now! We're continuing to fund the growth. Success like this isn't a given, it requires the right strategy and strong execution. Bakish was made the President of MTV Networks international at the beginning of 2007. Prior to joining Hueston Hennigan, Mr. Klieger was a Partner at Irell & Manella LLP and a Founding Partner at Kendall Brill & Klieger LLP. She is a member of the Board of Trustees at Dana Farber Cancer Institute. Click here to contact us for media inquiries, and please donate here to support our continued expansion. And I'd note that historically, that's really a stations business and for sure, it will be a stations business this year. Look, we've been big believers in the dual revenue stream model in streaming, i.e., advertising from the start and the fact that others are following our lead is really a validation of the thesis we've had for years. Caruso first switched his registration from Republican to no party preference in late November 2011. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell In response to the question "Should the U.S. government grant immunity to Edward Snowden?", Robert Bakish's response was. Those launches are performing above our expectations. Will it turn to a billionaire mayor? Deadline is a part of Penske Media Corporation. He previously worked as a partner with Booz Allen & Hamilton in its Media and Entertainment practice. Third point I'd make is this is a big year for Western Europe for us. Mr. Phillips earned a BS in Computer Science from the U.S. Air Force Academy, an MBA from Hampton University and a JD from New York Law School, and he is a member of the Georgia State Bar Association. And any thoughts on growth or swing factors and investment drivers top line that would be incremental there. In fact, we've seen healthy double-digit growth in ad ARPU on the Essentials tier of Paramount+, despite some of the macro headwinds. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. Nowhere is our popularity more evident than at the box office. As evidence, it is worth noting that we recently had our strongest multi-platform unified upfront yet. Two is with respect to Western Europe, we obviously launched the U.K. and Ireland in June. John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. Prior to Barclays, Ms. Byrne worked at Lehman Brothers, where she was the first woman to serve as Vice Chairman. Mr. Nelson served as a consultant to Avis Budget Group, Inc. until May 2019. So we like that strategy. [78], Bakish was previously Chairman of the board of Viacom 18 Media from 2007 until February 28, 2018. Our audience reach across broadcast, cable, ad-supported SVOD at Paramount+ and free ad-supported streaming TV in Pluto TV represents a connected viewing ecosystem that produces over 1 trillion ad impressions per year in high engagement premium environment that are proven to drive outcomes for clients. iSideWith is not affiliated with any political party, candidate, or interest group. Should someone be thinking otherwise, the most recent campaign finance report shows the governor has almost $25 million in the bank. In order to qualify for ballot placement, a party must meet certain requirements that vary from state to state. We also have -- in the U.K., we have Channel 5, so it has relationships that are triggering stories there. But hes got no climate plan, wins outright with more than 50% of the vote. The combination of continued investment and ad market softness means that D2C losses should remain roughly the same in the second half of 2022 as the first half of the year. 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. And we are -- despite some of the short-term headwinds, we continue to be very bullish about the potential for continued ad ARPU growth on our streaming services. And again, they're very happy with what we brought to market and how it's performing. Were looking for character, said Tom Campbell, a former state senator and member of Congress who serves as the partys chairman. 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. She previously served on the board of ALSTOM, a public French transport company. Did someone forward you this? [30][31][32][33][34] This promotion included responsibility for all Viacom media networks and operations internationally, including MTV, Nickelodeon, Comedy Central, BET, VH1, VIVA, TMF, Game One and MTV Tres;[35][4] plus oversight of all of Viacoms international TV-related joint ventures, including Viacom18 in India and ViacomSBS in Korea, as well as channel ventures with BSkyB in the UK and Foxtel in Australia. That hasnt happened very often, possibly because state election law strongly favors political parties. Campaign finance requirements in California, Campaign finance requirements for California ballot measures, Ballot access requirements for political candidates in California, Ballot access requirements for political parties in California, Ballot access requirements for presidential candidates in California, Oil and gas extraction on federal land in California, Effect of the Affordable Care Act in California, Ballot access for major and minor party candidates, Ballot access for presidential candidates, List of political parties in the United States, Methods for signing candidate nominating petitions, Ballotpedia's Election Administration Legislation Tracker, Election legislation tracking: weekly digest, Election legislation tracking: list of sub-topics, Ken Carbullido, Vice President of Election Product and Technology Strategy, https://ballotpedia.org/wiki/index.php?title=Political_parties_in_California&oldid=8432598, Ballot-qualified political parties by state, Conflicts in school board elections, 2021-2022, Special Congressional elections (2023-2024), 2022 Congressional Competitiveness Report, State Executive Competitiveness Report, 2022, State Legislative Competitiveness Report, 2022, Partisanship in 2022 United States local elections, As of September 2022, California officially recognized six political parties: the, In some states, a candidate may choose to have a label other than that of an officially recognized party appear alongside his or her name on the ballot. My beliefs; My parties; My ballot; . [77] He is also on the Board of Visitors at Columbia University's School of Engineering and Applied Science. He previously served on the board of Convergys Corporation. Filters. What the voters of the city care about is crime and homelessness and corruption.. And we know how to transact in upfront. Licensing revenue at Filmed Entertainment increased 27%, largely due to the monetization of recent theatrical releases. Our dual revenue stream model delivered 56% year-over-year D2C revenue growth, with total D2C revenue now reaching $1.2 billion in the quarter. Bakish previously headed the companys international business as President and CEO of Viacom International Media Networks (VIMN) since 2007. We finished the quarter with $4 billion of cash on hand and total debt of $15.8 billion. Viewers hungry for incredible storytellers are also turning up in ever greater numbers to our flagship streaming service, Paramount+. Recall that our international distribution strategy is focused on achieving ubiquity. Jeff Fager, the executive producer of 60 Minutes was fired shortly after Moonves for a threatening email sent to a reported. 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. 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. Although Pluto TV revenue growth was impacted by the macro environment, the service continues to demonstrate strong engagement with the year-over-year growth rate in total viewing hours accelerating from Q1 to Q2. "The. P Plus customers are watching a greater number of unique titles today than ever before. Please. And we have many partnerships with important people in front of and behind the screen working with us to make shows. Yes. The CBS board at the time accused him of willful and material malfeasance.. It is part of our broader D2C business, as you well know. You may occasionally receive promotional content from the Los Angeles Times. We are independent and not affiliated with any investors, shareholders, political parties or interestgroups. The company is a management and technology consulting firm. What did Disney actually lose from its Florida battle with DeSantis? Affiliate and subscription revenue grew 12% in the quarter. Sure, Rich. Such labels are called. Our next question comes from Brett Feldman from Goldman Sachs. Others have been there for years. Bakish joined Viacom in 1997, and held a series of senior corporate, sales and development positions at the company. . Bakish grew up in New ersy. What fascinates me is that were even having this conversation because the electorate, the voters in the city dont care about this. He was given the title of Executive Vice President and Chief Operating Officer of MTVs advertising sales from 2001 through 2004. Public policy, Communications: Alison Graves Carley Allensworth Abigail Campbell Sarah Groat Caitlin Vanden Boom Gavin Newsoms popularity has suffered as his administration has struggled to keep up with the ever-evolving COVID-19 pandemic. And if that's the case, I was just wondering if you could talk about some of the pricing changes that you saw late in Q2 and how those have trended as you've gotten into Q3, any improvement or degradation? Could you maybe just think about what the drivers for stable guidance might be for next year, especially since you're comping political? By subscribing, I agree to the Terms of Use and Privacy Policy. Related to the streaming ad size, Paramount+ grew advertising over 90% in the quarter. He graduated with his bachelors of science degree in 1985 with a concentration in operations research. Or is some of that going to lead into Q3? With Pluto, we provide a global platform and global libraries, and our partners provide compelling local content and local ad sales capabilities. Just think of the biggest movie in the world, Top Gun: Maverick; the most popular TV show in the country, Yellowstone; perennial global hits like the CBS crime procedurals, NCIS and FBI; or the world's most popular preschool franchise, Nickelodeon's PAW Patrol. Thank you taking the time to join us for our second quarter 2022 earnings call. And so we're off to a very good start. Our quarter end totals reflect the removal of 3.9 million D2C subs in Russia, of which 1.2 million were from Paramount+, consistent with our plan to remove these subscribers from our reporting. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. 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. The existing parties have detailed platforms calling for specific policies that are generally to the established left or right on the political spectrum. Morgan Miller, chair of a political action committee promoting Rep. Karen Bass (D-Los Angeles) for mayor, suggested that Caruso was attempting to buy his way into the mayors office with distorted facts and revisionist history about his lifelong Republican ties.. 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? Robert Bakish is the CEO and President of Viacom. And there, we're really the global part of the global tier to their local offering. 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. I'm particularly interested in how you're thinking about the launches of some of these ad-supported services from Netflix and Disney+, how they could impact the CTV ad market and Paramount+ Pluto, in particular? Good morning, everyone, and thank you for joining us. And we continue to see very healthy levels of growth there, 56% D2C revenue growth in the quarter. 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'. [25][37][2] Under his leadership, the Paramount Channel was launched, offering movies and television shows in Europe, Latin America and Russia. We added 5.2 million global D2C subscribers in Q2. He went to school in Englewood at the Dwight-Englewood School and graduated from there in 1981. But he did share insight into his worldview with the relatively small audience, saying he became an independent because he didnt like ideology. Currently, he is President, Chief Executive Officer & Director at ViacomCBS, Inc. Mr. Bakish is also on the board of 5 other companies. This earned him well deserved recognition and praise. The question on margins is really the core of what you're asking. So local is very much part of our strategy in the mix. Moving forward, we'll continue to harness the strategy of ubiquitous distribution, which includes direct-to-consumer as well as channel partners like Roku, Amazon and Apple in addition to the aforementioned hard bundles so that Paramount+ can reach as large an audience as possible. It's not an overwhelming part, but it is part of it. Wed, Feb 16 20228:34 AM EST. Before beginning his career in private practice, Mr. Klieger served as a law clerk to the Honorable Cynthia Holcomb Hall of the United States Court of Appeals for the Ninth Circuit, and the Honorable William Matthew Byrne, Jr. of the United States District Court for the Central District of California. Ms. Seligman previously served as Executive Vice President and General Counsel of Sony Corporation from 2005 to 2014. From 2004 to 2006, Ms. McHale served as the President and Chief Executive Officer of Discovery Communications, Inc., the parent company of Discovery Channel, and served as its President and Chief Operating Officer from 1995 to 2004. This global operation is headquartered in Bentonville, Arkansas, and, Read More Meet the Board of Directors of WalmartContinue, New Balance has been producing shoe accessories and footwear for over one hundred years and they are one of the best known trainer brands in the world. He also wrote a weekly newsletter on California politics and provided regular news analysis. So on content spend, some of your peers have clearly revisited their content spend budgets for the next few years as there is perhaps a greater focus on getting to profitable growth. During the time of his leadership in this division he established the Colors network franchise in India, which became very popular. Viewers keep turning to our networks for their favorite content, and advertising partners are eager to get a share of it all. And at this scale, we offer advertisers access to a wide variety of audiences across every demographic. Revenue grew 1% in Q2 as strong growth in content licensing was mostly offset by declines in advertising and affiliate revenue. But nonetheless, we have experience, we have assets, we have relationships, and those provide real leverage, including in streaming. I'll start this morning by talking about Q2 highlights and preview what's next. Ms. Beinecke is a Director of the Partnership for New York City, a Trustee and member of the Executive Committee of The Metropolitan Museum of Art, and Chair of The Wallace Foundation. In fact, Top Gun: Maverick just cleared $1.34 billion at the global box office and became 1 of the top 10 domestic movies of all time. Their success demonstrates that our strategy of a big theatrical release, with a fast follow to streaming, is by far the most effective way to maximize the return on our investments in movies. Robert Bakish is the CEO and President of Viacom. State executives | And Mike, with respect to your question on the outlook for 2023, I'd really say 2 things. Turning to the balance sheet. Then the U.S. government blindsided it, Before and after photos from space show storms effect on California reservoirs, Yet more rain expected to hit California in March. Yes. Although there are hundreds of political parties in the United States, only certain parties qualify to have the names of their candidates for office printed on election ballots. Same thing is true with South Korea. Caruso quickly released a statement affirming his support for abortion rights, and a spokesperson said Caruso had always been pro-choice and has always supported Roe vs. Wade.. She previously served on the boards of Ralph Lauren Corporation, SeaWorld Entertainment, Inc., Host Hotel & Resorts, Inc., DigitalGlobe Inc., John Hancock Financial Services, Inc. and Potomac Electric Power Company. [33] During his tenure, Bakish expanded Viacom's international footprint,[26][36] and VIMN was Viacom's most successful division; revenue doubled, and VIMN grew to more than 200 television channels. 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Of the vote our flagship streaming service, Paramount+ grew advertising over %. Via email my ballot ; Budget Group, Inc. until May 2019 big year for Western Europe for us for... Previously served on the political spectrum please donate here to support our continued expansion political party candidate. In content licensing was mostly offset by declines in advertising and affiliate.! Than 50 % of the board of Viacom 18 Media from 2007 February! Led the Los Angeles Times coverage of state government robert bakish political party Sacramento bureau chief from 2015 June. That hasnt happened very often, possibly because state election law strongly favors political parties interestgroups! Real leverage, including 43.3 million Paramount+ subscribers in Englewood at the box office in ever greater numbers our... His leadership in this division he established the Colors network franchise in India, which very! 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