We look at impression delivery, and it's in line with our expectations for the beginning of the year. Voters seeking to better understand his zigzagging political transformation will find few answers in his $25-million barrage of advertisements. Ms. Seligman joined Williams & Connolly in 1985. Lloyd Blankfein, Goldman Sachs ( GS ). One, we're very pleased -- well, let's start with we definitely are viewing streaming as a global opportunity, and you're seeing us move against the international opportunity, particularly Western Europe, here in 2022. And there, we're really the global part of the global tier to their local offering. All those have hard bundled elements, but again, have a broader distribution to penetrate broad distribution elements to parachute to TAM. And based on other third-party data, Paramount+ is also the most popular premium streaming service in the U.S. to add among switchers. Ms. Griego has served, since 1986, as President and Chief Executive Officer of Griego Enterprises, Inc., a business management company. Revenue grew 1% in Q2 as strong growth in content licensing was mostly offset by declines in advertising and affiliate revenue. 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. So in closing, we're continuing to create value across our business, from theatrical, to streaming, to advertising. Mr. Klieger is a Partner in the Los Angeles law firm Hueston Hennigan LLP. 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. And therefore, we're really excited about it because we get the very material benefit of cricket, and cricket is at the top of the food chain in India. 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. For example, in some states, a party may have to file a petition in order to qualify for ballot placement. As evidence, it is worth noting that we recently had our strongest multi-platform unified upfront yet. And did you see the whole benefit of the initial launch in Q2? 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. She began her career at Mobil Oil Corporation. Remember, Rich, we've only been in the streaming business for a short time. Currently, he is President, Chief Executive Officer & Director at ViacomCBS, Inc. Mr. Bakish is also on the board of 5 other companies. And as part of that, could you talk a little bit your international programming strategy? We see our partners responding enthusiastically. Records show that he re-registered as a Republican in March 2016. Ballot measures, Who represents me? He also wrote a weekly newsletter on California politics and provided regular news analysis. In still other states, an aspiring political party must register a certain number of voters. 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. But really, competition is nothing new. 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. Domestic affiliate revenue was flat in Q2, excluding a 50 basis point headwind from a year-over-year decrease in pay-per-view revenue. And we think that is a tremendous positive for the company and will be even more so as the macro situation improves. For the full year, our outlook for stable year-on-year OIBDA at Filmed Entertainment remains unchanged. A native of New Jersey,[2] Bakish attended Dwight-Englewood School in Englewood, New Jersey, graduating in 1981. As of September 2022, California officially recognized six political parties: the American Independent, Democratic, Green, Libertarian, Peace and Freedom, and Republican parties. Caruso kept his Republican Party affiliation until mid-November 2019, when he changed his registration back to no party preference, according to county records. Recall that our international distribution strategy is focused on achieving ubiquity. 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. I mean in terms of our expectations for Pluto in the back part of the year, I'd take a couple of things. We've seen some price increases at different streaming services. Our content consistently attracts and entertains mass audiences. So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. Times staff writer Dakota Smith contributed to this report. Read our privacy policy for more information. First, on content spend. That's tracking very well. In Filmed Entertainment, Q2 revenue was $1.4 billion, more than double the year ago period. And thankfully, we are viewed as a good place to work, if you will. 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. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. Ms. Byrne has held a number of board positions, including as a member of the New York City Board of the British-American Business Council, an Executive Committee Member of the Mount Holyoke College Board of Trustees, Chairman of the Finance Committee at Mount Holyoke College, a member of the Audit Committee of Mount Holyoke College, and a member of Stuart Country Day School. I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. The title changed in 2006 to Executive Vice President of Viacom Enterprises. He and his wife Dee have two daughters together and they make their home in New York. So let me show you how, starting with film. 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? And maybe just the way to think about this is, on a revenue basis, your linear TV business this quarter had $2 billion of advertising plus and Paramount+ was sort of in the $90 million range and Pluto at $265 million or so. And so we benefit at Paramount from having a balance across linear and digital clearly. Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. And we know how to transact in upfront. Please disable your ad-blocker and refresh. 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. Consider subscribing to the Los Angeles Times. Under his leadership, VIMN more than doubled revenues and broadened its portfolio with new, broadly distributed pay-TV networks, including Spike and the Paramount Channel, as well as general entertainment broadcast networks Channel 5 in the U.K., Telefe in Argentina and Colors in India. Some of today's financial remarks will focus on adjusted results. He is a male registered to vote in Connecticut. 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). 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. 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. 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 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. 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. As we wrote in December, Newsom seems to have the stage to himself after his resounding defeat of the recall. Caruso could be right about that. RB >RB Party's support base May 1st . 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. 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. navigating some near-term headwinds in the macroeconomic environment, Q2 shows we have the assets, strategy and ability to compete and win over the long term. Well, look, we see both headwinds and tailwinds in advertising. Compensation Committee Chair, Audit Committee Member. We are currently researching Robert Bakish. And in terms of the ad load specifically, it's more a function of continuing to build out the ad products on Paramount+. Prior to Oracle, Mr. Phillips was a Managing Director at Morgan Stanley in the Technology Group and served on its Board of Directors. Robert Bakish - $10,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. Ms. Byrne is Former Vice Chairman of Barclays PLC. 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. When Bakish first went to work for Viacom it wasnt as the head of the company but it was in a leadership position. This earned him well deserved recognition and praise. 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. So a couple of points there. She is a native Angeleno. Ms. Schuman is Executive Chair of SYPartners, a consultancy that partners with the worlds most senior leaders undergoing business and cultural transformations. As we look ahead in this ad market, there's 2 things I'd note. And we regularly see the value of serving consumers that don't pay for streaming as well as the ones that do, and obviously, the associated ad access. Those candidates tell me, No party preference after my name on the ballot sounds like I dont care. Warmer storms could cause problems, Rick Caruso could soon be L.A. mayor. It didn't have Paramount+ or Pluto, but I would assume that would close the gap between Netflix and the broader Paramount company. No, Campbell says, insisting that about twice as many Democrats have expressed interest in joining the party as have GOP voters. As of June 30, we had a base of 63.7 million global D2C subscribers, including 43.3 million Paramount+ subscribers. Bakishs leadership was integral to the successful merger of Viacom and CBS as he led the transformation efforts within the new company, combining two great cultures, formalizing a best-in-class leadership team and aligning the organization around strategic growth priorities centered on streaming. 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. But there are real reasons that we see this path to superior margins. And we're just getting started. 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. And then if I could, Naveen, I apologize because I know it's early to discuss '23, but I'd be curious if you could provide any frame of reference for how much greater those peak D2C losses could be in '23 relative to the 2022 outlook? At the center, of course, is our hugely popular content, big, broad and beloved. 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. Under his leadership MTVNI experienced growth in the double digits. Interns wanted: Get paid to help ensure that every voter has unbiased election information. 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. 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. And through partnerships with Viaplay Group and Corus, we are now expanding Pluto TV's international footprint in the Nordics and Canada, respectively. Wed, Feb 16 20228:34 AM EST. Robert Bakish has 1 Voter Record There is 1 voter registration record for Robert Bakish. So we're very excited about this transformation journey that we're on. 5. At this time, I would like to welcome everyone to Paramount Global's Q2 2022 Earnings Conference Call. In 2017, Bakish knew that he had to take strict measures to restructure Viacom and turn the company around. So you put all that together, and we do see a superior financial envelope at comparable level of scale to someone else. Try it now! | Is this happening to you frequently? First, we're really pleased with how the upfront played out and particularly the volume dynamic in it, which was up nicely. But our amazing content isn't limited to the silver screen. We now turn to Ben Swinburne from Morgan Stanley. 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 . What does that ad load look like in revenue from here? Their goal is to appeal to voters who place value in collaboration, compromise and pragmatism. We also maintained a committed $3.5 billion credit facility that remains undrawn. It is part of our broader D2C business, as you well know. Robert Bakish, president and CEO of Paramount, joins 'Squawk Box' to discuss its recent name change, earnings and how it will deal with increased competition. If you look at our Q2 growth rate, particularly in digital, I think you'll find that at the top of the industry. 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. So that's one important economic advantage. With Pluto, we provide a global platform and global libraries, and our partners provide compelling local content and local ad sales capabilities. With an iconic Hollywood film studio that owns more than a century of IP, with the #1 broadcast network in the U.S., with some of the most popular cable brands and content in the world, with the fastest-growing premium streaming service in Paramount+, and with the leading free ad-supported streaming TV service in Pluto TV, it's a powerful combination, which we will continue to lean into for the rest of the year and well into the future. 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. [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. Second, look, we've been in a multi-platform ad business for years, and that gives us very high quality reach and scale of over 1 trillion ad impressions per year across all demographics. Robert Marc Bakish (born 1963) is listed at 17 Old Neversink Road Danbury, Ct 06811 and is affiliated with the Republican Party. And I think we'll probably finish the year with very healthy revenue growth across the segment. iSideWith shows which candidates you side with based on the political issues selected most important to you. And at this scale, we offer advertisers access to a wide variety of audiences across every demographic. And Jessica, with respect to the question on content spend in future years, I'd point you back to what we shared during our Investor Day back in February. And that's even more the case if you combine linear and streaming, but that's really neither here or there. from movies and sports, to shows the news, to events and more, the diversity and quality of our content is unrivaled, especially on Paramount+. 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She is Non-Executive Chair of Paramount's Board of Directors, having previously served as Vice Chair of the Boards of Viacom Inc. and CBS Corporation prior to the combination of the companies in 2019. That's right, the Wall Street banker who runs a firm . For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. Republicans have been pretty consistent in their disapproval while Newsoms large margin of support among Democrats has risen. Prior to that, he served as Executive Chairman of the board of Avis Budget Group from 2016 to 2018 and as its Chairman and Chief Executive Officer from 2006 to 2015, and also served as Chief Operating Officer from 2010 to 2015. In closing, I hope you heard how we're deploying a very unique asset portfolio with a differentiated strategy to not only successfully compete in this challenging macroeconomic environment, but importantly, take share and continue to have real momentum, particularly in the streaming space. 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. The effort is also being led by former San Francisco state Sen. Quentin Kopp and former state Commerce Secretary Julie Meier Wright. What the voters of the city care about is crime and homelessness and corruption.. 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. 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. How to run for office | Yes, Steven, let me take the Pluto piece and then Naveen will go from there. And fourth, we have this global operating footprint. Bob, could you talk a little bit about how the launch went in the U.K. and South Korea in the quarter, sort of the strategy to drive that business? 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. That matters. Theatrical revenue increased $630 million, driven by the success of Top Gun: Maverick and Sonic the Hedgehog 2. Get our latest storiesin the feed of your favorite networks. Robert Marc Bakish ( / bk / BACK-ish; [1] born December 14, 1963) is an American business executive. These are listed in the table below. So thanks for that color on the second half growth. Starting with direct-to-consumer. Nothing is certain except death, taxes and Rick Caruso is a Republican. On scale, our multi-platform strategy is a clear advantage. U.S. Congress | 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. [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 speaking of the recall: On Thursday, state officials reported that the final price tag was $200.2 million. 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 . My ballot; My support map; My settings; Logout; United States Speaking English. The bottom line: None of this is going to help fuel an effort from a prominent challenger. Mr. Terrell served as Executive Vice Chairman of Investment Banking and Capital Markets at Credit Suisse and later Senior Advisor from January 2018 to November 2018. 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. Please. We're watching it, but I wouldn't think of that as a step function change for us like it is, for example, for a packaged goods company that's buying raw materials at seeing those prices increase, very different dynamic. Bob Bakish is President/CEO at Paramount Global. Turning to the balance sheet. And Mike, with respect to your question on the outlook for 2023, I'd really say 2 things. Deadline is a part of Penske Media Corporation. 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 maybe, along with that, if you could talk about what you're seeing as far as specific advertiser category strength or weakness? We've launched advertising very recently within that service. [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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