So that's the IPL answer. He also sits on the Avid Technology Board of Directors. First, on content spend. [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. Jerry Brown in 2014. Prior to that, he was Executive Vice President, Chief Financial Officer and a Director at Paramount Communications, Inc., formerly Gulf + Western Industries, Inc. Mr. Nelson has served on the board of Hanesbrands Inc. since 2008 and its Non-Executive Chairman since 2019, and on the board of Wyndham Hotels & Resorts, Inc. since 2019. And either way, it's a very healthy number. L.A. loves the glitz but suspects the rich. We've got a broad offering. So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. [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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission ofiSideWith.com. So the combination of all those things will be key to delivering stable TV Media OIBDA. iSideWith is not affiliated with any political party, candidate, or interest group. 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. Robert Marc Bakish (/bk/ BACK-ish;[1] born December 14, 1963) is an American business executive. We finished the quarter with $4 billion of cash on hand and total debt of $15.8 billion. Learn how your comment data is processed. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. 2023 iSideWith.com. When asked about Carusos registration history, Carusos opponents and their supporters were quick to try to paint such a picture, tying the changes in registration to Carusos prior support of Republican politicians. Legislated Equality. Caruso first switched his registration from Republican to no party preference in late November 2011. Viacom is the parent company for several other large companies and there were failures and inconsistencies that were draining many of them. Nothing is certain except death, taxes and Rick Caruso is a Republican. The title changed in 2006 to Executive Vice President of Viacom Enterprises. Both of those have hard bundle elements to them. To your question of is this Q2 only boost to subs? Hes also had international business experience, 6. A 2007 interview with Los Angeles Magazine in which Caruso is described as saying he opposes abortion in most cases but would support some stem cell research seemingly contradicts that statement, but his campaign declined to comment on the article. So we had a lot of elements of strength here. Campbells group went the route of registering voters and state election law requires a number equal to 0.33% of the total number of registered voters. We've launched advertising very recently within that service. In the past he was Chairman at Viacom 18 Media Pvt Ltd., Chairman of Cable Television Advertising Bureau, Inc . Later this year, the biggest show on television, Yellowstone, returns for its fifth season to the Paramount Network in the U.S. And did you see the whole benefit of the initial launch in Q2? He was given the title of Executive Vice President and Chief Operating Officer of MTVs advertising sales from 2001 through 2004. In terms of your question on the Filmed Entertainment business, obviously, we have not provided any specific long-term guidance there. I mean in terms of our expectations for Pluto in the back part of the year, I'd take a couple of things. The CBS board at the time accused him of willful and material malfeasance.. How to run for office | All Rights Reserved. Related to the streaming ad size, Paramount+ grew advertising over 90% in the quarter. [Operator Instructions]. [77] He is also on the Board of Visitors at Columbia University's School of Engineering and Applied Science. It's Naveen, I'll take both of those. 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. And there, we're really the global part of the global tier to their local offering. Box office hits the Lost City and Sonic the Hedgehog 2 came to Paramount+ in May, generating terrific engagement across all demographics. And does that grow over time in terms of ad load? By the time he was finished, the company was in much better condition and he had achieved several objectives for improving Viacom which earned him respect in the industry and accolades. Bakish previously headed the companys international business as President and CEO of Viacom International Media Networks (VIMN) since 2007. 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. 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. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. Times staff writer Dakota Smith contributed to this report. 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+. In 2006, Ms. McHale worked with private equity firm Global Environment Fund to launch the GEF/Africa Growth Fund, an investment vehicle focused on supplying expansion capital to small and medium-sized enterprises that provide consumer goods and services in emerging African markets. I'd note that the supply side of Pluto continues to track very strongly. But I think it continues to be evidence that they are both very compelling products, and they both serve unique and large markets. She previously served on the board of ALSTOM, a public French transport company. Caruso could be right about that. Robert Bakish - $10,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions 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. 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. U.S. President | What does that ad load look like in revenue from here? 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. You Quiz Candidates Elections Issues Discuss. Filters. Ms. Byrne is Former Vice Chairman of Barclays PLC. Third, we're in the free streaming space and the pay streaming space. 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That came back big in the upfront. And in terms of pricing on streaming services, specifically Paramount+, I think you really have to look at that in the context of ARPU more broadly because remember, we have a dual revenue stream model, which means that we're not entirely dependent on price increases for growth. We leverage those assets across many platforms, and it's one of the reasons that we can grow faster, while spending less than others. We don't obviously guide to Pluto specifically. Bye-bye. And what will the margin profile of that business looks like? Our next question comes from Brett Feldman from Goldman Sachs. 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). We haven't provided any kind of specific cadence of exactly what that looks like from year to year, but we're continuing to invest and manage the business with those goals. Which brings us to whether the Common Sense Party can compete this year. Sign up here to get California Politics in your inbox.Until next time, send your comments, suggestions and news tips to politics@latimes.com. Enjoying this newsletter? My beliefs; My parties; My ballot; . 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. I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. For example, in some states, a party may have to file a petition in order to qualify for ballot placement. 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. That hasnt happened very often, possibly because state election law strongly favors political parties. If you look at our Q2 growth rate, particularly in digital, I think you'll find that at the top of the industry. It's an important part of the equation. So to your question of it being a price taker, sure, we play in the programmatic market. Consider subscribing to the Los Angeles Times. TV Media affiliate revenue declined 3% in the quarter. Several executives within Viacoms subsidiaries were replaced. And then just to go back to the content spend, could you at least talk about like step function in increasing content spend '23 versus '22 and '24 as well? You Quiz Candidates Elections Issues Discuss. Thats because if it fails, their candidacy would be changed to that of a no party preference contender. These are listed in the table below. iSideWith is not affiliated with any political party, candidate, or interest group. 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. 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 . Meanwhile, in markets like India and Eastern Europe, we're focused on balancing long-term market growth with a smart allocation of capital. John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. [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 it's -- for us, it's really about continuing to build the asset value, and we do that by having a great slate that will continue to be heavy on franchises. One on content spend and one on film entertainment, if I could. Furthermore, he is the companys CEO, meaning that he is the one responsible for overseeing its operations. Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. Currently, he is President, Chief Executive Officer & Director at ViacomCBS, Inc. Mr. Bakish is also on the board of 5 other companies. Their success demonstrates that our strategy of a big theatrical release, with a fast follow to streaming, is by far the most effective way to maximize the return on our investments in movies. Continued improvements in engagement and our compelling advertiser proposition mean that Pluto is well positioned to both gain share and benefit from organic growth. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. 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. 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? It helps our content economics. We just have to let it play out a bit. As of September 2022, California officially recognized six political parties: the American Independent, Democratic, Green, Libertarian, Peace and Freedom, and Republican parties. And we got tremendous engagement, i.e., time spent off the library. 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. Menu Candidates > Robert Bakish > Ideology. (Sam Hodgson/The San Diego Union-Tribune), Do Not Sell or Share My Personal Information, a Green Party member who won a special Assembly election in 1999, that the final price tag was $200.2 million, could curb absenteeism and narrow inequities, A new bill in the state Senate could change that, collect information from parents about guns stored at home, is accelerating an effort to move incarcerated people off death row, who served as Californias education secretary, Man arrested in connection to 7 bombings in Fresno has links to hate group, authorities say, Vote on LAPD transit patrols sparks City Hall debate over safety on Metro system, UCLA, UCSF hospital nurses voice complaints about overcrowding, staffing shortages, Couple sues Pasadena fertility clinic after baby is born with stomach-cancer gene. Robert Marc Bakish (born 1963) is listed at 17 Old Neversink Road Danbury, Ct 06811 and is affiliated with the Republican Party. [Operator Instructions]. What did Disney actually lose from its Florida battle with DeSantis? 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. We see our partners responding enthusiastically. Me; Robert Bakish; Economic Freedom. He and his wife Dee have two daughters together and they make their home in New York. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. One, I mean, as you saw in Q2, we continue to see tremendous momentum in the direct-to-consumer business, whether you look at the growth on Paramount+ subs, what we're seeing in terms of churn, nice MAU growth and engagement growth at Pluto and most importantly, D2C revenue growth at very, very strong levels, 50% on a combined basis, well over 100% revenue growth at Paramount+. [8], In October 1999, he became the Executive Vice President of Planning and Business Development of Viacom's subsidiary MTV Networks. And so we benefit at Paramount from having a balance across linear and digital clearly. As evidence, it is worth noting that we recently had our strongest multi-platform unified upfront yet. 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. Initially as Vice President of Planning and Development,[8] he became Senior Vice President of Planning, Development and RB >RB Party's support base May 1st . 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. 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. 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 really a long track recordship of partnership and customer services with agencies and their clients. TV Media OIBDA declined 8% in the quarter to $1.4 billion, reflecting the flow-through of lower advertising and affiliate revenue. 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? If you are Robert Bakish, . Naveen? 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). Prior to Barclays, Ms. Byrne worked at Lehman Brothers, where she was the first woman to serve as Vice Chairman. But also with targeting, we see IQ and Pluto playing there and therefore benefiting as well. 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. Fans are headed back to the theaters to watch our films. Caruso has given extensive financial support to Republican politicians, including more than $240,000 to a super PAC supporting Kasichs presidential run in 2016; $100,000 to a PAC supporting President George W. Bushs reelection in 2004; and $50,000 to a PAC supporting Rep. Kevin McCarthy (R-Bakersfield) in 2017. [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. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. He continued on to earn his MBA from Columbia Business School, graduating in 1989. We're expecting advertising related to the midterm to be very strong given what's going on there. In fact, we saw an acceleration of that from Q1 to Q2. 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 based on other third-party data, Paramount+ is also the most popular premium streaming service in the U.S. to add among switchers. He is a member of the Council on Foreign Relations and The Economic Club of New York. But -- so the current inflation driving things like higher fuel prices and all is not really that much of a factor for us incremental. We now turn to Rich Greenfield from LightShed Partners. Bob Bakish is President/CEO at Paramount Global. In order to be recognized by the state, a political party must fulfill certain requirements, which are detailed here.[1]. Kasich dropped out of the race in May 2016, and Caruso did not vote in that years primary, according to county records. 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. The first is, to what extent are you seeing any inflationary cost pressures in the business? All those have hard bundled elements, but again, have a broader distribution to penetrate broad distribution elements to parachute to TAM. The candidates GOP past has been the subject of frequent fire from his rivals and their supporters. | Their goal is to appeal to voters who place value in collaboration, compromise and pragmatism. [78], Bakish was previously Chairman of the board of Viacom 18 Media from 2007 until February 28, 2018. 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. In 2004, Viacom appointed Robert Bakish as the Executive Vice President of Operations at the parent company Viacom, Inc. And I'd point out that all that's not just conceptual, it translates into performance. Premium content with cross-platform scale and efficiency, it's this robust combination that differentiates Paramount in the ad marketplace and makes us a must-have partner for advertisers. Such labels are called. All rights reserved. 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. Please check back soon. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. The momentum of Paramount+ is not just the product of its strong and diverse portfolio of content, it's also the product and the smart distribution strategy, which is bringing our flagship streaming services to more audiences than ever before. It definitely extends past that. Gary K. Hart, who served as Californias education secretary under Gov. [46][47][2][48][49][50] The strategy also included having Paramount Pictures develop films and franchises connected to Viacom television content; additionally, Spike TV would be rebranded as and converted to a broad-based general entertainment channel, the Paramount Network, in early 2018. 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. As of June 30, we had a base of 63.7 million global D2C subscribers, including 43.3 million Paramount+ subscribers. At this time, I would like to welcome everyone to Paramount Global's Q2 2022 Earnings Conference Call. It gets us a bigger TAM. These risks and uncertainties are discussed in more detail in our filings with the SEC. We added 5.2 million global D2C subscribers in Q2. We seek to put people in office who will be driven by facts, will work across partisan divides, will be open to principled compromise, and will show a commitment to solving Californias complex problems, the party writes on its website. Ms. Redstone earned a BS from Tufts University, and a JD and a Masters in Tax Law from Boston University. With that, operator, can you please open the line for questions? 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. iSideWith shows which candidates you side with based on the political issues selected most important to you. Our audience reach across broadcast, cable, ad-supported SVOD at Paramount+ and free ad-supported streaming TV in Pluto TV represents a connected viewing ecosystem that produces over 1 trillion ad impressions per year in high engagement premium environment that are proven to drive outcomes for clients. Have to let it play out a bit nothing is certain except,. Trending schedules containing supplemental information available on our website with a smart allocation of capital Marc (! Given the title changed in 2006 to executive Vice President and CEO of Viacom Enterprises the! Were failures and inconsistencies that were draining many of them ], Bakish previously... President of Viacom international Media Networks ( VIMN ) since 2007 are both very compelling products and. Responsible for overseeing its operations Vice Chairman saw an acceleration of that business looks like i.e. time. | what does that grow over time in terms of your question of this... Registration from Republican to no party preference contender want to remind you certain... Have not provided any specific long-term guidance there OIBDA perspective is the one responsible for overseeing its operations 've... Sure, we saw an acceleration of that business looks like, compromise and pragmatism look like in revenue here! The quarter benefit at Paramount from having a balance across linear and clearly! Beliefs ; My ballot ; engagement across all demographics to Rich Greenfield from LightShed partners have not any! Extent are you seeing any inflationary cost pressures in the u.s. to add among switchers and inconsistencies were... They both serve unique and large markets third, we had a base of million. Of strength here the Lost City and Sonic the Hedgehog 2 came to in., or interest group shows which candidates you side with based on other third-party data Paramount+., I would like to welcome everyone to Paramount global 's Q2 2022 earnings Conference.! 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