By the way, we also launched South Korea the week before. If you are Robert Bakish, please use our candidate login process to verify your identity and manage this profile here. | [6][7] He earned an MBA from Columbia Business School in 1989. It didn't have Paramount+ or Pluto, but I would assume that would close the gap between Netflix and the broader Paramount company. So we're very excited about this transformation journey that we're on. He was a President of Oracle Corporation from 2003 to 2010 and served as a member of its Board of Directors and Executive Management Committee from 2004 to 2010. And as you said, it's really too early to know exactly what the market will look like in 2023. Robert Bakish has 1 Voter Record There is 1 voter registration record for Robert Bakish. Caruso has typically dismissed criticism and most questions about his registration history. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. And I note that we are seeing some areas of category strength, including in Q2 and today, travel, technology. Click here to contact our editorial staff, and click here to report an error. Premium content with cross-platform scale and efficiency, it's this robust combination that differentiates Paramount in the ad marketplace and makes us a must-have partner for advertisers. 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. But on the other hand, it sounds like OIBDA losses for DTC this year are shaping up to be closer to $1.8 billion versus expectations for $1.5 million before. And another indicator of that strength is really the 30% digital volume growth -- ad volume growth that we saw in the upfront. 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? Both of those have hard bundle elements to them. [3][4][5], He received a Bachelor of Science in operations research in 1985 from Columbia University's School of Engineering and Applied Science. [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. Q2 subscriber growth benefited from the launch of Paramount+ in the U.K., Ireland and South Korea as well as continued domestic growth as we added new hit content to the service. But what they have said is it's -- we obviously have the streaming rights there. In other states, a party must organize around a candidate for a specific office; that candidate must, in turn, win a percentage of the vote in order for the party to be granted ballot status. Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. We now turn to Rich Greenfield from LightShed Partners. Please. The title changed in 2006 to Executive Vice President of Viacom Enterprises. Become a subscriber. [44][36][45], In early 2017, Bakish laid out a five-point plan to turn Viacom around and return the company to steady profitability. And does that grow over time in terms of ad load? Ms. McHale has extensive experience leading a major media conglomerate with a background in operations and financial management, expertise in global affairs, experience in government affairs and extensive public company and corporate governance experience. Bakish is responsible for turning the Viacom company around and improving its financial situation. Caruso was a Republican for much of his life. So rate is an important part of the equation. Robert Marc Bakish ( / bk / BACK-ish; [1] born December 14, 1963) is an American business executive. [78], Bakish was previously Chairman of the board of Viacom 18 Media from 2007 until February 28, 2018. We continue to look at how we optimize the tiering along with that, but it's part of a broader overall ARPU story. And of course, we will continue to have a lot of innovation and discipline on the cost side of the equation, and that's true across programming, it's true across marketing, and it's true across our broader operations. Robert Bakish earned praise for his work, 7. 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. Gary K. Hart, who served as Californias education secretary under Gov. It's Naveen, I'll take both of those. John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. First, we're really pleased with how the upfront played out and particularly the volume dynamic in it, which was up nicely. 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. When I say audiences, I don't just mean kids or adults, I mean the whole household, not just the coast, but the entire country, not just the U.S.. but the entire world, not just the streaming audience, but the TV, theatrical and streaming audience. 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. He served on President Obamas Economic Recovery Board, led by Paul Volcker, and is a member of the Council on Foreign Relations. Filters. Audit Committee Member, Compensation Committee Member. Bob Bakish is President/CEO at Paramount Global. Caruso leaves Grand Central Market on Thursday. As the fourth largest pizza delivery restaurant chain in the United States, its been keeping us supplied with cheesy goodness for over 36 years. If you look at where we are in content, we're clearly advantaged. [28] In all, VIMN operations at the time of his appointment consisted of 145 television channels in 160 countries and territories, plus related digital properties and consumer products businesses. Subscribe to Deadline Breaking News Alerts and keep your inbox happy. Compensation Committee Chair, Audit Committee Member. During his accomplished career in the financial services sector spanning more than 25 years, Mr. Terrell was responsible for Credit Suisses global banking relationships with some of its most high profile clients. Yes. We'd like to thank you for your participation. Our last question comes from Philip Cusick from JPMorgan. 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. Hes an active member of the colleges media and technology forum, lending his expertise. 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. 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. We don't obviously guide to Pluto specifically. His opinion is highly valued in the entertainment business industry and beyond. 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. 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? I mean we deployed it in the U.K. Our next question is from Kutgun Maral from RBC Capital Markets. He serves on the boards of both schools and is also a Director on the Board of AVID Technologies, a NASDAQ-listed company. I don't know exactly what chart you're looking at. Should the Common Sense Party be successful and recruit candidates who win, it could make a little history. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. Ms. Schuman is Executive Chair of SYPartners, a consultancy that partners with the worlds most senior leaders undergoing business and cultural transformations. [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. 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 again, they're very happy with what we brought to market and how it's performing. I know you're in a unique position of being able to leverage your content investments across a more diverse set of linear and digital platforms. Whether Los Angeles voters who veered left on issues of criminal justice reform and backed Sen. Bernie Sanders (I-Vt.) in recent years want to see the Democratic Party swing toward the center remains an open question. iSideWith.com may earn a portion of sales from products that are purchased through our site as part of our affiliate partnerships with retailers. In fact, we've seen healthy double-digit growth in ad ARPU on the Essentials tier of Paramount+, despite some of the macro headwinds. Will it turn to a billionaire mayor? Caruso first switched his registration from Republican to no party preference in late November 2011. Ballotpedia features 395,441 encyclopedic articles written and curated by our professional staff of editors, writers, and researchers. Joining me for today's discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO. We're expecting advertising related to the midterm to be very strong given what's going on there. So when Netflix published its Q2, it showed this chart that had minutes viewed, and I think CBS was actually #2 behind Netflix. In fact, we saw an acceleration of that from Q1 to Q2. School districts | We had broadcast and cable pricing increase at the same high single-digit rate. We also saw sequential growth in hours per act. . Republican 2022 US Senate New York. That proved to be the right call. What fascinates me is that were even having this conversation because the electorate, the voters in the city dont care about this. He previously served on the board of Convergys Corporation. HIGHLIGHTS. 2023 iSideWith.com. he was also in charge of several business units under Viacom Enterprises including Viacom Plus sales, Famous Players, Famous Music, their cross-divisional marketing council and their information services and technology. Caruso greets customers at Grand Central Market on Thursday. 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 news of the probe of Bakish comes several years after the CBS side of the company was tainted by a highly public sexual misconduct scandal focused on former CBS CEO Les Moonves. In still other states, an aspiring political party must register a certain number of voters. Elections in 2023 | In order to be recognized by the state, a political party must fulfill certain requirements, which are detailed here.[1]. 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. Obviously, we're in business with Sky in the U.K. and Ireland, and they are very pleased with what we brought to market. I assume the engagement is pretty strong as well. Warmer storms could cause problems, Rick Caruso could soon be L.A. mayor. 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. However, it should be mentioned that Paccar has other products and services, Read More 10 Things You Didnt Know about Paccar CEO Ronald E. ArmstrongContinue, Walmart was founded by Sam Walton in 1969. And then at TV Media, I think investors have been a little bit skeptical about the stable guide in OIBDA. Perhaps the most radical idea, at least by todays politics, is the Common Sense Partys pledge to back a candidate of another party if they have no candidate in the race and the person demonstrates, as the partys website says, an independence that is responsible, open and inclusive.. But really, competition is nothing new. So the combination of all those things will be key to delivering stable TV Media OIBDA. Her academic degrees include AA social Sci/BA English/MEd Adult Ed & Community & Human Resource Development and ABD in PhD studies in Indust & Org Psychology. With respect to composition of subscribers at Paramount+, it's still balanced between the premium tier and the ad-supported essentials tier that can bounce around a little bit from quarter-to-quarter based on promotions and bundles and things that we may be doing with partners. His investment banking career began in 1983 as an Associate with The First Boston Corporation. As we look ahead in this ad market, there's 2 things I'd note. Robert Bakish - President, CEO & Directorr Naveen Chopra - EVP & CFO Conference Call Participants Michael Morris - Guggenheim Securities Bryan Kraft - Deutsche Bank Steven Cahall - Wells Fargo. Learn how your comment data is processed. And I'd note that historically, that's really a stations business and for sure, it will be a stations business this year. In 1997, he was the Vice President of their Planning and Development and by the following January of 1998, he had been promote to their Senior Vice President of Planning and Business Development at their MTV Network, which is a subsidiary of the company. Sure, Jessica. [79][80][81] He was also Chairman of the Cable Television Advertising Bureau from 2003 to 2005. 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. How to run for office | Also worth noting that we're taking advantage of the current situation to increase our level of promotion for in-house assets, particularly with respect to Paramount+. 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. Personal Freedom. Caruso kept his Republican Party affiliation until mid-November 2019, when he changed his registration back to no party preference, according to county records. Affiliate and subscription revenue grew 12% in the quarter. She is a member of the Board of Trustees at Dana Farber Cancer Institute. So let me show you how, starting with film. 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 began her career at Mobil Oil Corporation. We just have to let it play out a bit. If you look at our Q2 growth rate, particularly in digital, I think you'll find that at the top of the industry. At the same time, he guided the company to launch Viacom Play Plex and other innovative mobile streaming offerings that introduced a new generation of young audiences to Viacoms popular brands and IP. One on content spend and one on film entertainment, if I could. If you have an ad-blocker enabled you may be blocked from proceeding. 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. 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. 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? Read our privacy policy for more information. And we got tremendous engagement, i.e., time spent off the library. It seems like the MAU growth is strong. And thankfully, we are viewed as a good place to work, if you will. 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. We leverage those assets across many platforms, and it's one of the reasons that we can grow faster, while spending less than others. That came back big in the upfront. Click here to contact us for media inquiries, and please donate here to support our continued expansion. Ms. Byrne has over 37 years of experience in the financial services industry and is credited with developing longstanding partnerships with diverse groups of multinational corporate clients and leading teams on diverse financing and complex strategic advisory assignments. CJ has a minority stake in it. Here are the five most liberal CEOs, according to the firm's rankings: 5. We added 5.2 million global D2C subscribers in Q2. Do Not Sell or Share My Personal Information, changed his party affiliation to Democratic, Man arrested in connection to 7 bombings in Fresno has links to hate group, authorities say, Vote on LAPD transit patrols sparks City Hall debate over safety on Metro system, UCLA, UCSF hospital nurses voice complaints about overcrowding, staffing shortages, Before and after photos from space show storms effect on California reservoirs, Dramatic before and after photos from space show epic snow blanketing SoCal mountains, Yet more rain expected to hit California in March. This site uses Akismet to reduce spam. And it's quite clear to me that we took share in this most recent upfront, There, we had digital volume up on the order of 30%. Research: Josh Altic Vojsava Ramaj To attract the best partners and build the best business, you've also got to make it easy and efficient for advertisers to reach their audiences of choice. We have always executed with financial discipline, and we continue to be laser-focused on it. And though we don't have any imminent price changes, they will happen in the future, and we'll do it while also taking into account the evolution of our content offering, looking at what sort of bundles and other promotional opportunities are available to our customers. State and local courts | That's, of course, driven by meaningful growth in engagement and continued innovation around the ad products that we make available. It's not an overwhelming part, but it is part of it. Early life and education [ edit] But again, we're not just selling Pluto, we're selling a full range of streaming product and multiplatform product and having great traction with advertisers. 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. CBS News also terminated Charlie Rose in 2017 as co-anchor of CBS This Morning and as a host of 60 Minutes on misconduct allegations by a number of women, from his time at CBS and earlier. P Plus customers are watching a greater number of unique titles today than ever before. Starting with direct-to-consumer. Over the term of these deals, the reduction in TV Media affiliate revenue is expected to be more than offset by revenue generated from our Paramount+ hard bundle relationships, resulting in net growth to the company. [36][2] He also oversaw the launch of apps, including the Viacom Play Plex suite of branded mobile TV apps and the BET Play direct-to-consumer subscription video-on-demand app for an adult audience. Yes, Steven, let me take the Pluto piece and then Naveen will go from there. We are independent and not affiliated with any investors, shareholders, political parties or interestgroups. Ms. Schuman has worked alongside Fortune 100 CEOs and their teams to help build their strategies, cultures and human behaviors throughout their organizations. The success of our streaming platforms speaks to the power of our content strategy. 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. So that's one important economic advantage. It's Naveen. You may now disconnect your lines. 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. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. 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. Ms. Seligman has served on the board of Far Point Acquisition Corporation since 2018 and the board of MeiraGTx Holdings plc since 2019, and has been a Non-Executive Director of WPP plc since 2014 and its Senior Independent Director since 2016. We need to give this a bit of time to play out. My name is Elliott, and I'll be the conference operator today. MAUs are now at basically $70 million because we're getting great consumer traction and engagement, time spent, et cetera on Pluto continues to grow. Not, Read More The History of and Story Behind the Papa Johns LogoContinue, Gupshup is a startup that provides messaging services for businesses. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. What does that ad load look like in revenue from here? She has served as Chairman of the Board of Directors of The Doe Fund since 2017. But new legislation could expand bus fleets, a policy shift that proponents say could curb absenteeism and narrow inequities. So that's the IPL answer. 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. Ms. Seligman joined Williams & Connolly in 1985. Warmer storms could cause problems, SoCal winter storm exits with a bang: Icy downpours at Disneyland and 1,000-foot snow levels. He was listed by the Hollywood Reporter in its listing of The most powerful people in entertainment 2018 as number 20 out of 100. We now turn to Ben Swinburne from Morgan Stanley. Initially as Vice President of Planning and Development,[8] he became Senior Vice President of Planning, Development and We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. Sacramentos biggest battle in recent weeks has been over a single-payer healthcare bill. 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? You may occasionally receive promotional content from the Los Angeles Times. Those candidates tell me, No party preference after my name on the ballot sounds like I dont care. If you like pizza, youll know the name Papa Johns. Robert Bakish is the CEO and President of Viacom. Filmed Entertainment OIBDA was $181 million, benefiting from the strong performance of our current year theatrical flights. Mr. Phillips is Chairman of Infor, Inc., a multi-billion dollar enterprise software company, and served as its Chief Executive Officer from 2010 to 2019. But obviously, given the macro advertising headwinds and the fact that there's a little bit less visibility in the back half of the year, it's possible we may not get all the way to that 60%. The Board takes any allegation of this type seriously. Ms. Redstone serves on the Board of Trustees for the Paley Center for Media and is actively involved in charitable, civic and educational organizations. And there, we're really the global part of the global tier to their local offering. A 2007 interview with Los Angeles Magazine in which Caruso is described as saying he opposes abortion in most cases but would support some stem cell research seemingly contradicts that statement, but his campaign declined to comment on the article. 100% remote. Sure, Brett. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. And that's even more the case if you combine linear and streaming, but that's really neither here or there. You may begin your conference call. The question on margins is really the core of what you're asking. In the past he was Chairman at Viacom 18 Media Pvt Ltd., Chairman of Cable Television Advertising Bureau, Inc . 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. Hes held the position since December of 2016 after working several years with the company. One, I mean, as you saw in Q2, we continue to see tremendous momentum in the direct-to-consumer business, whether you look at the growth on Paramount+ subs, what we're seeing in terms of churn, nice MAU growth and engagement growth at Pluto and most importantly, D2C revenue growth at very, very strong levels, 50% on a combined basis, well over 100% revenue growth at Paramount+. Ballot measures, Who represents me? Viewers hungry for incredible storytellers are also turning up in ever greater numbers to our flagship streaming service, Paramount+. First, on content spend. Bakish previously headed the companys international business as President and CEO of Viacom International Media Networks (VIMN) since 2007. 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. 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