So our content investment is definitely working. But in a competitive market, scale isn't enough. 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. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. Is that right? 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. 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. [70][71][72][73], In September 2018, due largely to his turnaround of Viacom, The Hollywood Reporter listed Bakish as #20 in its The Hollywood Reporter 100: The Most Powerful People in Entertainment 2018. I assume the engagement is pretty strong as well. We just have to let it play out a bit. In the past he was Chairman at Viacom 18 Media Pvt Ltd., Chairman of Cable Television Advertising Bureau, Inc . 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. The leading global brands in entertainment, We tell rich stories that are highly relevant to our audiences. [9] From 2001 through 2004, he was Executive Vice President and Chief Operating Officer of advertising sales at MTV Networks. 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. These are listed in the table below. He is a member of the Board of Directors of the Federal Reserve Bank of New York, the Apollo Theater, Business Executives for National Security and the New York Police Foundation. 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. Subscribe to Deadline Breaking News Alerts and keep your inbox happy. Now I'd like to turn it over to Naveen to jump into our financial results for the quarter and walk you through our expectations for the second half of the year. You may now disconnect your lines. Look no further than Top Gun: Maverick, which is already the biggest film of 2022, and our fifth #1 title this year. Thank you taking the time to join us for our second quarter 2022 earnings call. 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. For example, in some states, a party may have to file a petition in order to qualify for ballot placement. Part of the reason is that we don't just make popular content, we also make content popular by leveraging our powerful platforms. Read our privacy policy for more information. Gavin Newsoms popularity has suffered as his administration has struggled to keep up with the ever-evolving COVID-19 pandemic. 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. This growth consisted of a 74% increase in subscription revenue and a 25% increase in advertising revenue. For more than 20 years, Ms. Griego oversaw the operations of Engine Co. No. [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. She has served on the board of Hilton Worldwide Holdings Inc. since 2013. June 2, 2022 2:27 PM PT. and of course, thinking about our value proposition relative to competing services, where I point out, I think we offer a very strong value position today. Bakish was made the President of MTV Networks international at the beginning of 2007. 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. And either way, it's a very healthy number. U.S. President | Even in these deeply polarized times, millions of California voters refuse to pick sides between the nations two most powerful political parties. | Good morning, everyone, and thank you for joining us. Our next question comes from Bryan Kraft from Deutsche Bank. The news of the probe of Bakish comes several years after the CBS side of the company was tainted by a highly public sexual misconduct scandal focused on former CBS CEO Les Moonves. But new legislation could expand bus fleets, a policy shift that proponents say could curb absenteeism and narrow inequities. 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. That gives us incremental product visibility to the consumer, and it also benefited us in terms of third-party expense reduction. So when Netflix published its Q2, it showed this chart that had minutes viewed, and I think CBS was actually #2 behind Netflix. We've got more captivating content on the way, and our multi-platform approach will drive even more viewers to streaming. Compensation Committee Chair, Audit Committee Member. Robert Bakish. For the full year, our outlook for stable year-on-year OIBDA at Filmed Entertainment remains unchanged. I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. [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. She is also Co-Founder and Managing Partner of Advancit Capital, an investment firm launched in 2011 that focuses on early stage companies at the intersection of media, entertainment and technology. It's not an overwhelming part, but it is part of it. 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. Yes. 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. And as you said, it's really too early to know exactly what the market will look like in 2023. But I think it continues to be evidence that they are both very compelling products, and they both serve unique and large markets. We know how to do programmatic. Our next question is from Kutgun Maral from RBC Capital Markets. 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. [3][4][5], He received a Bachelor of Science in operations research in 1985 from Columbia University's School of Engineering and Applied Science. Cities | 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 . Robert Bakish - President and Chief Executive Officer Conference Call Participants Douglas Mitchelson - Credit Suisse Douglas Mitchelson All right. Gary K. Hart, who served as Californias education secretary under Gov. And there, we're really the global part of the global tier to their local offering. His track record speaks for itself: from serving as Trumps economic advisor, to backing antiabortion and pro-NRA politicians like Mitch McConnell, fellow mayoral candidate and L.A. City Councilmember Kevin de Len said. [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). George Deukmejian in 1986 and Gov. And in terms of the ad load specifically, it's more a function of continuing to build out the ad products on Paramount+. We've got a broad offering. Bakish grew up in New ersy. Ms. Byrne is Former Vice Chairman of Barclays PLC. HIGHLIGHTS. She is a member of the Board of Trustees at Dana Farber Cancer Institute. We also expect to see continued meaningful contributions from the licensing side of that business, which is enabled by a combination of both an incredible catalog and unique production capabilities. But what they have said is it's -- we obviously have the streaming rights there. And at the core of it, it's our differentiated as we say, playbook. Others have been there for years. The most important thing to remember is that when we think about our content investment, we're always looking at it in the context of the growth and the return that it unlocks. Republicans have been pretty consistent in their disapproval while Newsoms large margin of support among Democrats has risen. [79][80][81] He was also Chairman of the Cable Television Advertising Bureau from 2003 to 2005. And the 2022 cycle is starting to look like it could mirror the California gubernatorial reelection blowout wins for Gov. Search Terms: Robert Bakish Reset All Filters Page 1 of 1 As the fourth largest pizza delivery restaurant chain in the United States, its been keeping us supplied with cheesy goodness for over 36 years. It also serves as a company increasing its penetration of the most important growth market in media streaming, as evidenced by our over 5 million D2C subs added in the quarter. So on your first question, inflation, in our business, we actually saw inflation a while ago, really more in the production side of the house related to talent and competition therein. 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. Importantly, Bakish created a new, unified global streaming organization and strategy to maximize Paramount content across pay, free and premium streaming services spotlighted by Paramount+, Pluto TV and Showtime OTT. Ms. Seligman has extensive media industry experience with various leadership roles at a major media conglomerate, public company and corporate governance experience, and exceptional achievements in the legal profession. We leverage those assets across many platforms, and it's one of the reasons that we can grow faster, while spending less than others. Hyundai was poised to become Teslas top contender. Speaking to the Sherman Oaks Homeowners Assn. First, on content spend. Website the Information first reported and Deadline has confirmed that the review centered on a complaint made this year by a former Nickelodeon employee, who alleged that Bakish touched her inappropriately at Viacoms holiday party in 2016, when he was acting CEO. The CBS board at the time accused him of willful and material malfeasance.. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. The issue is a sensitive one for companies, ViacomCBS in particular. 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. For decades, California law has forbidden the states medical board from considering victim statements in decision-making. In order to be recognized by the state, a political party must fulfill certain requirements, which are detailed here.[1]. The reason we got the CJ deal done in South Korea is we've been there for years, there, in a joint venture. 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. 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. When I was an independent, I was a centrist. Ms. Redstone serves on the Board of Trustees for the Paley Center for Media and is actively involved in charitable, civic and educational organizations. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. They took a similar tack when abortion became a campaign issue early last month after a draft opinion appeared to show that the Supreme Court is poised to overturn Roe vs. Wade. Research: Josh Altic Vojsava Ramaj In response to the question "Should the U.S. government grant immunity to Edward Snowden?", Robert Bakish's response was. Nominating and Governance Committee Member. We also have -- in the U.K., we have Channel 5, so it has relationships that are triggering stories there. Shortly after changing his registration in 2016, Caruso told Los Angeles Magazine that he had made the switch so that he could vote for John Kasich in the Republican presidential primary that year. [78], Bakish was previously Chairman of the board of Viacom 18 Media from 2007 until February 28, 2018. Licensing revenue at Filmed Entertainment increased 27%, largely due to the monetization of recent theatrical releases. Over the past two decades, Ms. Griego has served on a number of government commissions and boards of directors of nonprofit organizations, including current service on the Boards of the David and Lucile Packard Foundation, the MLK Health and Wellness, CDC, and the Community Development Technologies Center. So we're very excited about this transformation journey that we're on. [25][26][2][27] MTVNI had double-digit, year-on-year growth during his tenure. So in closing, we're continuing to create value across our business, from theatrical, to streaming, to advertising. That proved to be the right call. Im a Democrat, and Im proud to be a Democrat, Caruso said when asked Tuesday about his prior changes in voter registration. John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. U.S. Congress | But even with that, some very compelling facts to focus on. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. 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. From 1994 to 2003, Mr. Nelson served as Co-Chief Operating Officer of DreamWorks SKG. So we're very excited about the future. 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. [25][36] He oversaw the expansion of networks such as Nickelodeon, Comedy Central and Spike to an increasing number of foreign markets,[25][36] and helped orchestrate the acquisition of Channel 5 in the UK and Telefe in Argentina. Danbury, Connecticut. And longer term, we remain focused on our goal of reaching over 100 million global D2C subscribers and generating at least $9 billion in D2C revenue by 2024. Advertising was down 2% year-over-year or flat on a constant currency basis due to macroeconomic headwinds, and licensing revenue grew 27%. Lloyd Blankfein, Goldman Sachs ( GS ). Early life and education [ edit] We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. 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. Number one, rate increases in both the affiliate and advertising side of the business, and there's been evidence of that over the last few quarters. Good morning, everyone. And fourth, we have this global operating footprint. Candidates. Moonves was formally fired with cause in December, forfeiting as much as $120 million in severance. Voters seeking to better understand his zigzagging political transformation will find few answers in his $25-million barrage of advertisements. Ballot measures, Who represents me? We now turn to Steven Cahall from Wells Fargo. That's another launch with Sky on a hard bundled basis. So yes, there will be incremental options in the market. We have Italy in September. All of these advantages came to life in Q2. So a couple of things to say. It gets us a bigger TAM. 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. Your support helps us deliver the news that matters most. In most of the nation's largest cities, mayoral elections are officially nonpartisan.However, many officeholders are affiliated with political parties. Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. 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. 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. The candidates GOP past has been the subject of frequent fire from his rivals and their supporters. [54][55] In 2018, under Bakish's direction and in accordance with his plan to capture younger and digital markets, Viacom acquired digital platform WhoSay,[56][57] internet video conference VidCon,[58][56][57] and online television network AwesomenessTV. It's going to be part of a streaming offering for the Indian market, that Viacom18 is going to launch in 2023. 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. 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. The first is pharmaceuticals. It's producing very real results in the momentum that you've seen. 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. The L.A. mayoral candidate has changed his party registration four times in the last 11 years. He also sits on the Avid Technology Board of Directors. We delivered 19% total company revenue growth through continued strong D2C momentum and record performance at the box off. In 1999, she was named as the first woman to chair a major New York law firm, a position she held for 17 years. Viewers hungry for incredible storytellers are also turning up in ever greater numbers to our flagship streaming service, Paramount+. State executives | Records show that he re-registered as a Republican in March 2016. And so it will be a real engine for streaming, and then Paramount+ will benefit by being part of that, even though we're not directly investing on an O&O basis, we're obviously part of the joint venture. The billionaire developer has said little about global warming. Ms. Seligman joined Williams & Connolly in 1985. Mr. Kliegers practice focuses on complex civil litigation and counseling in the areas of entertainment and intellectual property. It's an important part of the equation. And at this scale, we offer advertisers access to a wide variety of audiences across every demographic. As evidence, it is worth noting that we recently had our strongest multi-platform unified upfront yet. Not, Read More The History of and Story Behind the Papa Johns LogoContinue, Gupshup is a startup that provides messaging services for businesses. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. A Common Sense Party for California. But hes got no climate plan, wins outright with more than 50% of the vote. So we had a lot of elements of strength here. 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