Did someone forward you this? External Relations: Moira Delaney Hannah Nelson Caroline Presnell 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. Success like this, 5 #1 films at the box office, Top Gun, Scream, Jackass Forever, The Lost City and Sonic the Hedgehog 2, which, by the way, also made history as the biggest video game opening of all time. Website the Information first reported and Deadline has confirmed that the review centered on a complaint made this year by a former Nickelodeon employee, who alleged that Bakish touched her inappropriately at Viacoms holiday party in 2016, when he was acting CEO. If you are Robert Bakish, . We don't obviously guide to Pluto specifically. Continued improvements in engagement and our compelling advertiser proposition mean that Pluto is well positioned to both gain share and benefit from organic growth. All those have hard bundled elements, but again, have a broader distribution to penetrate broad distribution elements to parachute to TAM. So the combination of all those things will be key to delivering stable TV Media OIBDA. But I care deeply, Campbell said. This growth consisted of a 74% increase in subscription revenue and a 25% increase in advertising revenue. It is part of our broader D2C business, as you well know. 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. Cities | Yes, I'll take those. How to vote | So in closing, we're continuing to create value across our business, from theatrical, to streaming, to advertising. Paramount Global (NASDAQ:PARA) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET, Robert Bakish - President, CEO & Directorr, Jessica Reif Ehrlich - Bank of America Merrill Lynch. 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. You Quiz Candidates Elections Issues Discuss. 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. Jerry Brown in 2014. 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. 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. 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. Audit Committee Member, Compensation Committee Member. [8], In October 1999, he became the Executive Vice President of Planning and Business Development of Viacom's subsidiary MTV Networks. We're also seeing the power of partnership to bring Pluto TV to greater heights. He also wrote a weekly newsletter on California politics and provided regular news analysis. TV Media OIBDA declined 8% in the quarter to $1.4 billion, reflecting the flow-through of lower advertising and affiliate revenue. 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. Should the Common Sense Party be successful and recruit candidates who win, it could make a little history. 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Within a year of graduating with his MBA, Mr. Bakish was hired at the Booz Allen Hamilton company in 1990. iSideWith shows which candidates you side with based on the political issues selected most important to you. He is a member of the Council on Foreign Relations and The Economic Club of New York. [41][37][42][43] Optimistic that Bakish could make good on his plans to turn Viacom's core U.S. cable networks and its Paramount Pictures film studio around, the board of directors of Viacom Inc. made Bakish's appointment as President and CEO permanent on December 12, 2016. So thanks for that color on the second half growth. We've got a broad offering. 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. Two, we have a platform advantage. His opinion is highly valued in the entertainment business industry and beyond. Sure, Rich. 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.. [3][4][5], He received a Bachelor of Science in operations research in 1985 from Columbia University's School of Engineering and Applied Science. 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. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. 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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. To your question of is this Q2 only boost to subs? 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. 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. 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. But there are real reasons that we see this path to superior margins. She has worked with executives at AARP, Ascena, Ann Inc., Blackstone, CitiVentures, Coach, Kohls, IBM, eBay, Facebook, GE, Target, Starbucks, Oprah Winfrey Network, Weight Watchers, Viacom, The CW and Yahoo!, among many others. We now turn to Rich Greenfield from LightShed Partners. 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. Importantly, Yellowstone's linear premier will support the streaming launch of Taylor Sheridan's latest original for Paramount+, Tulsa King, which debuts November 13 and stars the one and only, Sylvester Stallone. The combination of streaming and traditional is significant. 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. Nominating and Governance Committee Member. We have always executed with financial discipline, and we continue to be laser-focused on it. Or is some of that going to lead into Q3? We now turn to Steven Cahall from Wells Fargo. 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? On the one hand, with local content, and we know local content for a long time from operating networks, things like using a local format of the shores and making it for a market, works very well. 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. Its widely known that Caruso, who was a Republican for much of his life, switched his party registration to decline to state in 2011 while mulling over a run in the citys 2013 mayoral election. Menu Candidates > Robert Bakish . We continue to maintain significant financial flexibility, which will increase with the addition of proceeds from the sale of Simon & Schuster &. 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. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. And I think we'll probably finish the year with very healthy revenue growth across the segment. We have a very strong proposition in the marketplace. Please. Ms. Seligman previously served as Executive Vice President and General Counsel of Sony Corporation from 2005 to 2014. 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. 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. Prior to joining Sony Corporation of America, Ms. Seligman was a partner in the litigation practice at Williams & Connolly LLP in Washington, D.C., where she worked on a broad range of complex civil and criminal matters and counseled a wide range of clients, including President William Jefferson Clinton and Lt. Col. Oliver North. 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. The first is, to what extent are you seeing any inflationary cost pressures in the business? Caruso could be right about that. Following is the unofficial transcript of a CNBC interview with Paramount President and CEO Bob Bakish on CNBC's "Squawk Box" (M-F 6AM - 9AM ET) today, Wednesday, February 16 th.Following is a . He previously served on the board of Convergys Corporation. 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. With that, operator, can you please open the line for questions? 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. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell Two is with respect to Western Europe, we obviously launched the U.K. and Ireland in June. And as you pointed out, our content dollars are used differently than many of our peers. Ballotpedia uses one or more of the following sources to identify each officeholder's partisan affiliation: (1) direct communication from the officeholder, (2) current or previous candidacy for partisan office, or (3) identification of partisan . You may begin your conference call. Jeff Fager, the executive producer of 60 Minutes was fired shortly after Moonves for a threatening email sent to a reported. Mr. Phillips has extensive experience as a senior executive in a large, multinational corporation, financial industry background and financial and analytical expertise, significant public company and corporate governance experience, expertise in technology issues and familiarity with issues facing media, new media and intellectual property-driven companies and a deep knowledge of Viacom. We know how to transact in scatter. So first, in terms of D2C revenue growth for the year, we continue to expect very healthy levels of D2C growth. We said at that time that, that would involve D2C content expense of around $6 billion. Domestic affiliate revenue was flat in Q2, excluding a 50 basis point headwind from a year-over-year decrease in pay-per-view revenue. Ms. Redstone is Chairperson, CEO and President of National Amusements, a world leader in the motion picture exhibition industry. Republican 2022 US Senate New York. In 2017, Bakish knew that he had to take strict measures to restructure Viacom and turn the company around. Until March 2016, Ms. Seligman served as the President of Sony Entertainment, Inc. (beginning in 2014) and of Sony Corporation of America (beginning in 2012), and as Senior Legal Counsel of Sony Group (beginning in 2014). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission ofiSideWith.com. That would normally be about 72,600 voters, but the law also requires excluding unaffiliated voters in the calculation. He also sits on the Avid Technology Board of Directors. In fact, we've seen healthy double-digit growth in ad ARPU on the Essentials tier of Paramount+, despite some of the macro headwinds. [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. He led the strategic planning as well as the companys business development. That's tracking very well. And as you said, it's really too early to know exactly what the market will look like in 2023. Mr. Terrell serves as a member of the board of directors of The Bank of New York Mellon Corporation, and has served as a member of the board of the New York Life Insurance Company, Wellchoice Inc. (formerly Empire Blue Cross Blue Shield) and Carver Bancorp, Inc. His experience also includes past and present service on multiple not-for-profit boards, including the Yale School of Management, The Partnership for New York City, The Partnership Fund for New York City, Coro New York Leadership Center, Big Brothers Big Sisters of New York City and the Center for a New American Security. But really, competition is nothing new. And how is the composition of ad-supported versus premium Paramount+ subs and gross add trends sort of changed since the release in June? The partys name is no accident, of course, as the group references the American Revolution-era writings of Thomas Paine on its website. And so we benefit at Paramount from having a balance across linear and digital clearly. CJ has a minority stake in it. 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. iSideWith is not affiliated with any political party, candidate, or interest group. 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. School districts | Kasich dropped out of the race in May 2016, and Caruso did not vote in that years primary, according to county records. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. And is there a better level we should look at? Please disable your ad-blocker and refresh. He was appointed to the board in 2016. If you have an ad-blocker enabled you may be blocked from proceeding. But hes got no climate plan, wins outright with more than 50% of the vote. [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. Candidates. 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 . Packaged goods is managing through inflation issues, which is really impacting their ad spending as they look to protect margins. [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. We also maintained a committed $3.5 billion credit facility that remains undrawn. And just sort of two related questions. Mr. Kliegers practice focuses on complex civil litigation and counseling in the areas of entertainment and intellectual property. Counties | When Bakish first went to work for Viacom it wasnt as the head of the company but it was in a leadership position. Those windows are now expanding in terms of -- it's not just about box office and home entertainment and then going to third parties, we can generate a lot of value out of those assets on our streaming services. But our amazing content isn't limited to the silver screen. I don't know exactly what chart you're looking at. Deadline is a part of Penske Media Corporation. For more than 20 years, Ms. Griego oversaw the operations of Engine Co. No. 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. Ms. Byrne is Former Vice Chairman of Barclays PLC. But thats not what pollsters at the nonpartisan Public Policy Institute of California have found. if(document.getElementsByClassName("reference").length==0) if(document.getElementById('Footnotes')!==null) document.getElementById('Footnotes').parentNode.style.display = 'none'; What's on my ballot? Caruso first switched his registration from Republican to no party preference in late November 2011. 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. And it's highly coveted by advertisers. And we do see this tracking to TV Media-like markets, which is at the core of your question. Voters seeking to better understand his zigzagging political transformation will find few answers in his $25-million barrage of advertisements. Well, look, we see both headwinds and tailwinds in advertising. And so for instance, there are certain parts of the product where advertising is not yet enabled and that will continue to evolve over time. 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.. Yes. Ms. Schuman is Executive Chair of SYPartners, a consultancy that partners with the worlds most senior leaders undergoing business and cultural transformations. He also has a wife and kids. It helps our content economics. D2C OIBDA was a loss of $445 million in the quarter, reflecting the investments we are making in content, marketing and international expansion in support of what we believe is a compelling growth opportunity for Paramount. 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. Early life and education [ edit] Sure, Brett. 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%. As exemplified by our deals with Viacom18 and Reliance, with whom we're partnering to bring Paramount+ to India and with our Sky Showtime partnership with Comcast, which will launch later this year. [9] From 2001 through 2004, he was Executive Vice President and Chief Operating Officer of advertising sales at MTV Networks. And at the same time, we're very committed to our long-term growth objectives around the D2C business, and we intend to continue to invest to support that growth opportunity. Sure, Jessica. The company is a management and technology consulting firm. But in a competitive market, scale isn't enough. Gray Davis and championed the creation of charter schools while serving as a state legislator, died last week at age 78. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. [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. And we have many partnerships with important people in front of and behind the screen working with us to make shows. Caruso has typically dismissed criticism and most questions about his registration history. Later this year, the biggest show on television, Yellowstone, returns for its fifth season to the Paramount Network in the U.S. The conventional wisdom, based on news headlines and social media, is that Gov. And at this scale, we offer advertisers access to a wide variety of audiences across every demographic. We've launched advertising very recently within that service. So what does that do? For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. Search Terms: Robert Bakish Reset All Filters Page 1 of 1 Signup for Breaking News Alerts & Newsletters. We also saw sequential growth in hours per act. So a couple of things to say. The yellow school bus has become an increasingly rare sight in California. But I would encourage you to think about that business more broadly, which is to say, increasingly, the value of our movies is not just about what they generated in the box office. Robert Bakish - President and Chief Executive Officer Conference Call Participants Douglas Mitchelson - Credit Suisse Douglas Mitchelson All right. 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. Caruso was a Republican for much of his life. 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. So you put all that together, and we do see a superior financial envelope at comparable level of scale to someone else. 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. [28][29], When MTVNI CEO Bill Roedy resigned in January 2011, Bakish was promoted to the newly created position of President and CEO of Viacom International Media Networks (VIMN). And did you see the whole benefit of the initial launch in Q2? The first is pharmaceuticals. In fact, we saw an acceleration of that from Q1 to Q2. I'd note that the supply side of Pluto continues to track very strongly. And fourth, we have this global operating footprint. 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