I just wanted to pick up on some of the Pluto line of questioning. In still other states, an aspiring political party must register a certain number of voters. [25][37][2] Under his leadership, the Paramount Channel was launched, offering movies and television shows in Europe, Latin America and Russia. Through a strategy to deepen and expand Viacoms presence in digital and live experiences, Bakish also stewarded the key acquisitions of free streaming television service Pluto TV; Gen-Z focused brand Awesomeness; influencer marketing firm WHOSAY; and VidCon, the worlds largest celebration of online video fans and creators. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. We finished the quarter with $4 billion of cash on hand and total debt of $15.8 billion. Recall that our international distribution strategy is focused on achieving ubiquity. Less attention has been paid to the fact that Caruso re-registered as a Republican in March 2016, according to records from the Los Angeles County registrar-recorder/county clerks office. 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. She began her career at Mobil Oil Corporation. U.S. President | Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell Campbell's career in Republican politics ended in 2010 with a failed U.S. Senate primary campaign as his centrist Republican views were drowned out by . 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. Overview Policies Discuss Ratings Themes Ideology. Yes. Today's call is now concluded. And I'd point out that all that's not just conceptual, it translates into performance. Revenue side has certainly been impacted by the macroeconomic situation. We're going to continue to manage through it, and we look forward to keeping you updated as we do. Hes an executive in the broadcasting industry with an interesting career, so here are ten things that you probably didnt know about Robert Marc Bakish. Later this year, the biggest show on television, Yellowstone, returns for its fifth season to the Paramount Network in the U.S. Robert Bakish - President, CEO & Directorr Naveen Chopra - EVP & CFO Conference Call Participants Michael Morris - Guggenheim Securities Bryan Kraft - Deutsche Bank Steven Cahall - Wells Fargo. Robert Bakish has 1 Voter Record There is 1 voter registration record for Robert Bakish. Bakish has an M.B.A. from Columbia Business School and a B.S. And so of course, when you think about it through that lens, you have to focus on the fact that we added 5 million Paramount+ subs in the quarter. Will it turn to a billionaire mayor? And so with some of the slowdown in revenue, is the right way to think about this business that it is just a price taker in the programmatic market, and that price pressure can kind of arrive unannounced? 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. Hard bundle deals like these allow us to quickly unlock a healthy volume of subscribers at 0 acquisition cost and with very low churn. Try the political quiz. 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. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. So yes, local content is one thing. What fascinates me is that were even having this conversation because the electorate, the voters in the city dont care about this. 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. Now because our assets continue to perform impressively across TV and streaming, advertisers are taking note even amid broader market uncertainty. Caruso could be right about that. We're continuing to fund the growth. Even in these deeply polarized times, millions of California voters refuse to pick sides between the nations two most powerful political parties. Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. Just could you give us a sense of your appetite to build that out as a part of the offering as you grow the business outside the U.S.? In September, another season of the NFL and SEC college football also returns to CBS and Paramount+ in the U.S. One on content spend and one on film entertainment, if I could. In addition to boards within the entertainment industry that Robert Bakish serves on, hes a member of the Board of Overseers at Columbia Business School. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. 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. And we got tremendous engagement, i.e., time spent off the library. Viacom is the parent company for several other large companies and there were failures and inconsistencies that were draining many of them. Voters seeking to better understand his zigzagging political transformation will find few answers in his $25-million barrage of advertisements. But hes got no climate plan, wins outright with more than 50% of the vote. [6][7] He earned an MBA from Columbia Business School in 1989. Please check back soon. Nowhere is our popularity more evident than at the box office. Mr. Kliegers practice focuses on complex civil litigation and counseling in the areas of entertainment and intellectual property. Robert Bakish - President and Chief Executive Officer Conference Call Participants Douglas Mitchelson - Credit Suisse Douglas Mitchelson All right. Ballot measures, Who represents me? Robert Marc Bakish's Connecticut Voter Registration. 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. Several executives within Viacoms subsidiaries were replaced. 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. 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. I know it might take some time before we get to the more profitable windows for these films to really flow through the financials. In the early stages of the pandemic, we were very selective with our releases, holding certain films until market conditions improve. I assume the engagement is pretty strong as well. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. 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 once high-flying executive resigned in September of 2017 after allegations by multiple women and explosive press reports in the wake of the MeToo movement. Im a Democrat, and Im proud to be a Democrat, Caruso said when asked Tuesday about his prior changes in voter registration. It's true that there are some challenges in the scatter market and in digital, and that really is, as you would guess, driven by the state of the macroeconomic environment. Or does it extend past that? So we're very excited about this transformation journey that we're on. Third point I'd make is this is a big year for Western Europe for us. [75], Bakish has been on the Board of Directors of Paramount since its merger, and previously at Viacom from December 12, 2016 up until the merger. Share. Legislated Equality. 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. Public policy, Communications: Alison Graves Carley Allensworth Abigail Campbell Sarah Groat Caitlin Vanden Boom Thank you taking the time to join us for our second quarter 2022 earnings call. Robert Bakish earned praise for his work, 7. The company is a management and technology consulting firm. Research: Josh Altic Vojsava Ramaj As of June 30, we had a base of 63.7 million global D2C subscribers, including 43.3 million Paramount+ subscribers. Copyright 2022 Paramount All Rights Reserved. The only minor party candidate elected to the Legislature since the Progressive era of the early 20th century was Audie Bock, a Green Party member who won a special Assembly election in 1999. We see our partners responding enthusiastically. But -- so the current inflation driving things like higher fuel prices and all is not really that much of a factor for us incremental. He is a member of the Council on Foreign Relations and The Economic Club of New York. Related to the streaming ad size, Paramount+ grew advertising over 90% in the quarter. Reconciliations of these non-GAAP financial measures can be found in our earnings release or in our trending schedules, which contains supplemental information and in each case, can be found in the Investor Relations section of our website. But in a competitive market, scale isn't enough. And there, we're really the global part of the global tier to their local offering. And Mike, with respect to your question on the outlook for 2023, I'd really say 2 things. In September, we're using that same strategy to launch Paramount+ as a hard bundle in Italy with Sky Italia. . 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Did someone forward you this? This site uses Akismet to reduce spam. Prior to SYPartners, Ms. Schuman was the General Manager of Studio Archetype, one of the first premier web design firms in the U.S. She also ran her own marketing and product strategy consulting firm. 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 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. Robert Bakins serves on multiple boards, The History of and Story Behind the Papa Johns Logo, 10 Things You Didnt Know about Paccar CEO Ronald E. Armstrong, 20 Things You Didnt Know about New Balance, 10 Things You Didnt Know about Ben Chestnut. 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. How to vote | Julia Wick is a Metro reporter for the Los Angeles Times covering City Hall and the 2022 Los Angeles mayoral election. And we have many partnerships with important people in front of and behind the screen working with us to make shows. 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. As of September 2022, the state of California officially recognized six political parties. 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. Starting with direct-to-consumer. Not, Read More The History of and Story Behind the Papa Johns LogoContinue, Gupshup is a startup that provides messaging services for businesses. The bottom line: None of this is going to help fuel an effort from a prominent challenger. Caruso served as Kasichs California co-chair and was outspoken about his dislike for then-candidate Donald Trump. So yes, there will be incremental options in the market. Sure, Michael. Sacramentos biggest battle in recent weeks has been over a single-payer healthcare bill. 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. John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. Obviously, we're in business with Sky in the U.K. and Ireland, and they are very pleased with what we brought to market. All told, the real estate developer has changed his party registration four times in the last 11 years, shifting twice between Republican and no party preference before re-registering as a Democrat about four months ago. Yes, let me just jump in here. Our last question comes from Philip Cusick from JPMorgan. Here, we leveraged our portfolio of brands, including CBS and MTV, to execute a major cross-company consumer campaign that resonated with audiences everywhere, a strategy that has been proven to be highly effective when deployed against our major assets. [8], In October 1999, he became the Executive Vice President of Planning and Business Development of Viacom's subsidiary MTV Networks. This earned him well deserved recognition and praise. [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. You Quiz Candidates Elections Issues Discuss. 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 . Me; Robert Bakish; Economic Freedom. 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. Danbury, Connecticut. 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. In most of the nation's largest cities, mayoral elections are officially nonpartisan.However, many officeholders are affiliated with political parties. That's right, the Wall Street banker who runs a firm . Bakish grew up in New ersy. You may now disconnect your lines. [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. At the center, of course, is our hugely popular content, big, broad and beloved. Meanwhile, hit CBS originals like NCIS, which consistently dominate ratings in linear, have drawn significant viewership to Paramount+ and driven engagement there, as have must-see sporting events like the UEFA Champions League Final in May, which air on CBS and Paramount+. For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. Ms. Griego has served as a director of publicly traded and private corporations, including presently serving as Director of AECOM Technology Corporation and the American Funds (7 funds). His campaign also declined to answer questions about what elements of the Republican Party Caruso identified with in 2016 beyond his support of Kasich, or why Caruso chose to change his registration away from Republican in late 2019, nearly three years into Trumps presidency. Caruso has typically dismissed criticism and most questions about his registration history. We said at that time that, that would involve D2C content expense of around $6 billion. Bob, maybe you could share your thoughts on your expectation for changes to the competitive landscape for streaming advertising as we move into the back half of the year. Viewers hungry for incredible storytellers are also turning up in ever greater numbers to our flagship streaming service, Paramount+. The conventional wisdom, based on news headlines and social media, is that Gov. 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? In the interim, thanks again for your time, and be well, everyone. So we're continuing to move forward. Reports subsequently emerged of a culture of bullying, verbal abuse and sexual harassment at CBS Newsshow60 Minutes and complaints of a toxic work environment at some CBS televsion stations. Mr. Klieger represents motion picture studios, broadcast and cable television networks, production companies, video game publishers and high net worth individuals in the media and entertainment space, as well as clients in other industries including apparel, aviation and venture capital. P Plus customers are watching a greater number of unique titles today than ever before. You will be redirected back to your article in, MastersFX Hires Industry Veteran Sandra Lindala To Run Studio Ops In Toronto And Vancouver, TikTok Introduces New Feature To Limit Screen Time For Teens, AMC CEO Adam Aron Defends New Sightline Ticket Pricing, Acknowledges Substantial Change To The Status Quo For U.S. Moviegoers, AMC Entertainment Q4 Sales Dip, Losses Widen; CEO Sees 2023 Recovery But Says Shareholders Must Approve Key Cash-Raising Measures, Daisy Ridley Leads The Better Liar Series In Works At Amazon From True Bloods Raelle Tucker, Krapopolis Renewed For Season 3 Ahead Of Premiere As Dan Harmon Toon Moves To 2023-24, Kristen Bell Leads Untitled Netflix Comedy From 20th TV Based On Erin Fosters Life, Exec Shuffle Ups Burke Magnus, Brings Rosalyn Durant Back After Disney Parks Stint. In terms of your question on the Filmed Entertainment business, obviously, we have not provided any specific long-term guidance there. 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. We'd like to thank you for your participation. Hyundai was poised to become Teslas top contender. We look at impression delivery, and it's in line with our expectations for the beginning of the year. But if you look at Q2, Paramount's combined U.S. linear delivery was bigger than Netflix. Darry Sragow, a veteran Democratic strategist and publisher of the nonpartisan California Target Book, thought that Carusos repeated changes in party affiliation could raise questions for voters. 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. And any thoughts on growth or swing factors and investment drivers top line that would be incremental there. 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. She was part of the team that was a 2022 Pulitzer Prize finalist in breaking news for work covering a fatal shooting on the set of the film Rust. Previously, she was the author of the Essential California newsletter. She also enjoys creative writing, content writing on nearly any topic (particularly business and lifestyle), because as a lifelong learner, she loves to do research and possess a high skill level in this area. Part of the reason is that we don't just make popular content, we also make content popular by leveraging our powerful platforms. June 2, 2022 2:27 PM PT. We really have you see a dual benefit there. At competitive pricing, that makes Paramount a must-buy for marketers who need to efficiently aggregate awareness around their products. 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. In order to qualify for ballot placement, a party must meet certain requirements that vary from state to state. 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. Sure, Rich. So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. By the end of the year, inclusive of Paramount+ and Sky Showtime, we expect to have our subscription video-on-demand services in 60 total markets. [65][66][67][68][69] In addition, later that June, Bakish announced that Viacom will produce some new series exclusively for Netflix, beginning with Nickelodeon-related content. Second, there are 2 important new category tailwinds that we'll see probably late Q3 and certainly Q4. She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. 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? We just have to let it play out a bit. And we think that is a tremendous positive for the company and will be even more so as the macro situation improves. [52][53], In 2018, Bakish's implementation of his five-point comprehensive strategy was credited with Viacom's much improved finances and improved company morale and focus. 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. He also sits on the Avid Technology Board of Directors. 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