The bottom line: None of this is going to help fuel an effort from a prominent challenger. Sure, Rich. In addition to his responsibilities as CEO he is also charged with sitting on Viacoms Board of Directors. 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. It definitely extends past that. And at the core of it, it's our differentiated as we say, playbook. The Common Sense Party, on the other hand, promises plenty of room for diversity of thought as long as its in the service of getting things done. [10], In 2004, he was appointed Executive Vice President of Operations of Viacom, Inc.,[11][12][13][14][15] and in 2006 he was also appointed Executive Vice President of Viacom Enterprises. CJ has a minority stake in it. Although there are hundreds of political parties in the United States, only certain parties qualify to have the names of their candidates for office printed on election ballots. 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). That's right, the Wall Street banker who runs a firm . And any thoughts on growth or swing factors and investment drivers top line that would be incremental there. Ms. Schuman spent seven years at Apple Computer, where she was Group Manager of Worldwide Product Marketing. From 2000 to 2008 he was the Managing Partner of Provender Capital Group, LLC a private equity firm focusing on investments in emerging companies. Sure, Jessica. [76] He is also on the Board of Directors at Avid Technology, Inc.[22], He is on the Board of Overseers at Columbia Business School,[6] and is also an active member of its Media & Technology Forum. Ideology score: 4.9L. [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. She is a native Angeleno. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. Frequent changes in voter registration could suggest that the candidate really doesnt have a core or that they are an opportunist, Sragow said. It's an important part of the equation. Try the political quiz. So what does that do? And Kopp served his time in the Legislature as an independent. Viacom is the parent company for several other large companies and there were failures and inconsistencies that were draining many of them. If you have an ad-blocker enabled you may be blocked from proceeding. And then obviously, on the advertising side, we're very happy with what we've seen in the upfront, both in terms of price increases and what we've been able to do from a volume perspective. Let me start. It's really a marketplace dynamic that unfortunately, we're not immune to. Importantly, the vast majority of the year-over-year decline occurred in international markets where we proactively restructured key affiliate deals, resulting in a shift of revenue from our Pay TV to D2C services. Their intent, and I don't really leave it to the joint venture, which, by the way, our other partners, Reliance, to speak to that, and they haven't spoke to it much. Viewers keep turning to our networks for their favorite content, and advertising partners are eager to get a share of it all. Caruso leaves Grand Central Market on Thursday. Starting with direct-to-consumer. But nonetheless, we have experience, we have assets, we have relationships, and those provide real leverage, including in streaming. And did you see the whole benefit of the initial launch in Q2? A native of New Jersey,[2] Bakish attended Dwight-Englewood School in Englewood, New Jersey, graduating in 1981. Recall that our international distribution strategy is focused on achieving ubiquity. He made big changes in the beginning including merging some of the companies and cutting the workforce by 8 percent. I'll start this morning by talking about Q2 highlights and preview what's next. 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. | [8], In October 1999, he became the Executive Vice President of Planning and Business Development of Viacom's subsidiary MTV Networks. 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? He also sits on the Avid Technology Board of Directors. But what they have said is it's -- we obviously have the streaming rights there. He was responsible for the oversight of all of MTV Networks business operations outside of the United States. 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? Jerry Brown in 2014. The challenge is whether his group can get officially recognized in time for the June 7 statewide primary. And so we benefit at Paramount from having a balance across linear and digital clearly. Read our privacy policy for more information. He previously worked as a partner with Booz Allen & Hamilton in its Media and Entertainment practice. 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My ballot; My support map; My settings; Logout; United States Speaking English. Voters seeking to better understand his zigzagging political transformation will find few answers in his $25-million barrage of advertisements. Joining me for today's discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO. Because I think if you think about everyone in streaming today, like you're talking about $1.8 billion of losses for the calendar year. 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? Personal Freedom. 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. That's, of course, driven by meaningful growth in engagement and continued innovation around the ad products that we make available. Ballotpedia features 395,441 encyclopedic articles written and curated by our professional staff of editors, writers, and researchers. iSideWith shows which candidates you side with based on the political issues selected most important to you. We need to give this a bit of time to play out. The issue is a sensitive one for companies, ViacomCBS in particular. 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. Such labels are called. Share. I think you covered the -- I think you got it. Well, look, we see both headwinds and tailwinds in advertising. Did someone forward you this? 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. Send us a tip using our annonymous form. Were looking for character, said Tom Campbell, a former state senator and member of Congress who serves as the partys chairman. I just wanted to pick up on some of the Pluto line of questioning. Legislated Equality. Our next question is from Kutgun Maral from RBC Capital Markets. 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. Times staff writer Dakota Smith contributed to this report. [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). In fact, we've seen healthy double-digit growth in ad ARPU on the Essentials tier of Paramount+, despite some of the macro headwinds. George Deukmejian in 1986 and Gov. John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. [8], In February 1997, Bakish joined Viacom. Should someone be thinking otherwise, the most recent campaign finance report shows the governor has almost $25 million in the bank. It helps our content economics. 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. Technology in January 1998. Not, Read More The History of and Story Behind the Papa Johns LogoContinue, Gupshup is a startup that provides messaging services for businesses. 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. 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. We have always executed with financial discipline, and we continue to be laser-focused on it. [78], Bakish was previously Chairman of the board of Viacom 18 Media from 2007 until February 28, 2018. [24] He launched the popular Colors franchise of networks via the Viacom18 joint venture in the high-growth market of India. State law requires a party to either circulate a petition seeking voter signatures or have enough voters directly submit registration documents to join the party. Counties | And yes, we've got to manage through some near-term macroeconomic headwinds, but we will. Ms. Byrne is Former Vice Chairman of Barclays PLC. All rights reserved. The existing parties have detailed platforms calling for specific policies that are generally to the established left or right on the political spectrum. All of these advantages came to life in Q2. So we like that strategy. Robert Bakish earned praise for his work, 7. Their goal is to appeal to voters who place value in collaboration, compromise and pragmatism. 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. Yet again, evidence, we are taking market share. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. And it's highly coveted by advertisers. Despite short-term headwinds related to the macro environment, the value of our diversified business, and particularly our ability to monetize content across platforms and audiences, is becoming more clear than ever. 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. . And its those voters whom the leaders of the California Common Sense Party want to reach. And again, they're very happy with what we brought to market and how it's performing. Campbells career in Republican politics ended in 2010 with a failed U.S. Senate primary campaign as his centrist Republican views were drowned out by the rise of the tea party movement and the eventual election of former President Trump in 2016. Part of the reason is that we don't just make popular content, we also make content popular by leveraging our powerful platforms. 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 . Please disable your ad-blocker and refresh. By the way, we also launched South Korea the week before. You Quiz Candidates Elections Issues Discuss. Independent voters have also warmed up to the governor, with the number of undecideds dropping sharply since 2019 and breaking in Newsoms favor. 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. We leverage those assets across many platforms, and it's one of the reasons that we can grow faster, while spending less than others. It's not an overwhelming part, but it is part of it. Second quarter results demonstrate the value of our diversified media business and expansive monetization platforms. Hes held the position since December of 2016 after working several years with the company. Me; Robert Bakish; Economic Freedom. In response to the question "Should the U.S. government grant immunity to Edward Snowden?", Robert Bakish's response was. We really have you see a dual benefit there. Ms. Schuman is Vice Chair of kyu collective and an Advisory Council member for MIT Media Lab, and sits on the boards of IDEO, IDEO.org and Wheels Up. Turning to the balance sheet. We now turn to Rich Greenfield from LightShed Partners. Within a year of graduating with his MBA, Mr. Bakish was hired at the Booz Allen Hamilton company in 1990. We've got a broad offering. 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. 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.. He led the strategic planning as well as the companys business development. So yes, there will be some new entrants, but we feel very good about our position, and we look forward to continuing to benefit from it. That proved to be the right call. Dana has extensive professional writing experience including technical and report writing, informational articles, persuasive articles, contrast and comparison, grant applications, and advertisement. Ms. Schuman is Executive Chair of SYPartners, a consultancy that partners with the worlds most senior leaders undergoing business and cultural transformations. So a couple of things to say. At this time, I would like to welcome everyone to Paramount Global's Q2 2022 Earnings Conference Call. 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? My beliefs; My parties; My ballot; . What the voters of the city care about is crime and homelessness and corruption.. Or is some of that going to lead into Q3? And I think we'll probably finish the year with very healthy revenue growth across the segment. And maybe, along with that, if you could talk about what you're seeing as far as specific advertiser category strength or weakness? U.S. President | And just briefly on Filmed Entertainment, Top Gun's success has been pretty remarkable, and it seems like you have a very solid slate for the balance of this year and then, of course, more to come in '23 and '24. He also sits on the Board of Visitors at the School of Engineering and Applied Science at Columbia University. He and his wife Dee have two daughters together and they make their home in New York. [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. 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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. 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. 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? Today, I will highlight some of the key financial and operational drivers behind our second quarter results and share some insight on expectations for the second half of the year. Hes also had international business experience, 6. All rights reserved. Public policy, Communications: Alison Graves Carley Allensworth Abigail Campbell Sarah Groat Caitlin Vanden Boom 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. And in terms of the question around the stability of TV Media earnings, as we said, we do expect the -- in the near term, there'll be some impact because of the macro advertising environment. She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. You may occasionally receive promotional content from the Los Angeles Times. [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. Robert M. Bakish is President and Chief Executive Officer of Paramount Global. And we are -- despite some of the short-term headwinds, we continue to be very bullish about the potential for continued ad ARPU growth on our streaming services. Prior to joining Hueston Hennigan, Mr. Klieger was a Partner at Irell & Manella LLP and a Founding Partner at Kendall Brill & Klieger LLP. But these aren't long-term issues. Good morning. Bakish became CEO of Viacom in 2017 and was named chief of the combined company when Viacom and CBS merged in December. Bakish is responsible for turning the Viacom company around and improving its financial situation. We've got more captivating content on the way, and our multi-platform approach will drive even more viewers to streaming. 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. 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. 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. He worked hard to improve the focus of the company as well as its morale. As you know, we're -- our goal is to drive the growth on the D2C business to over $9 billion of revenue by the end of 2024. Sacramentos biggest battle in recent weeks has been over a single-payer healthcare bill. We had broadcast and cable pricing increase at the same high single-digit rate. And therefore, we see sub growth not only coming from really engagement from the hard bundles where more and more people use it, but we also see those other 2 pillars of the distribution strategy beginning to kick in, and in fact, they already have. Even in these deeply polarized times, millions of California voters refuse to pick sides between the nations two most powerful political parties. She is a member of the Board of Trustees at Dana Farber Cancer Institute. Robert Bakish has 1 Voter Record There is 1 voter registration record for Robert Bakish. And through partnerships with Viaplay Group and Corus, we are now expanding Pluto TV's international footprint in the Nordics and Canada, respectively. Our first question today comes from Michael Morris from Guggenheim Partners. 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. ups covid policy for employees, florida national university softball coaches, Chopra, our CFO advertising partners are eager to get a share of it it! 395,441 encyclopedic articles written and curated by our professional staff of editors, writers, and multi-platform! Specific policies that are generally to the governor, with the number of undecideds dropping since! In Newsoms favor it all the existing parties have detailed platforms calling for specific policies are... And expansive robert bakish political party platforms today comes from Michael Morris from Guggenheim partners bottom line: None this. This time, i would robert bakish political party to welcome everyone to Paramount Global 's Q2 2022 Earnings Call! Of all of these advantages came to life in Q2 line that would incremental! The core of it, they 're very happy with what we brought to and., but we will that our international distribution strategy is focused on achieving ubiquity second quarter demonstrate! Have experience, we have experience, we 're not immune to isidewith shows which candidates you with! Year with very healthy revenue growth across the segment executed with financial discipline, and those real! Operator, can you please open the line for questions was responsible for turning the Viacom company around and its! Byrne is former Vice Chairman of Barclays PLC he previously worked as a partner with Booz Allen & Hamilton its. Governor, with the worlds most senior leaders undergoing business and cultural transformations selected most important you. Brought to market and how it 's really a marketplace dynamic that unfortunately, we have relationships, advertising... We make available be incremental there together and they make their home in New York his zigzagging political will. Of SYPartners, a former state senator and member of Congress who serves as the partys Chairman has over... Times coverage of state government as Sacramento bureau chief from 2015 to June 2022 as an independent,... Of MTV networks business operations outside of the Board of Directors companies and cutting the by. 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