So local is very much part of our strategy in the mix. 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. 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. An independent review of the alleged incident has concluded, and the investigation did not support the allegation, ViacomCBS said in a statement. Those windows are now expanding in terms of -- it's not just about box office and home entertainment and then going to third parties, we can generate a lot of value out of those assets on our streaming services. Tech: Matt Latourelle Nathan Bingham Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. As a Democrat, Im a centrist, Caruso said, describing himself as fiscally conservative but socially accepting of how people want to live their lives., He didnt want to return to the Republican Party, he said, because he worried about the direction it was heading. Wed, Feb 16 20228:34 AM EST. We have a very strong proposition in the marketplace. Gray Davis and championed the creation of charter schools while serving as a state legislator, died last week at age 78. He was a President of Oracle Corporation from 2003 to 2010 and served as a member of its Board of Directors and Executive Management Committee from 2004 to 2010. Robert Bakish. So let me show you how, starting with film. Meanwhile, in markets like India and Eastern Europe, we're focused on balancing long-term market growth with a smart allocation of capital. And thankfully, we are viewed as a good place to work, if you will. And the second is political. She previously served on the boards of Ralph Lauren Corporation, SeaWorld Entertainment, Inc., Host Hotel & Resorts, Inc., DigitalGlobe Inc., John Hancock Financial Services, Inc. and Potomac Electric Power Company. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission ofiSideWith.com. 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. 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. What did Disney actually lose from its Florida battle with DeSantis? Mr. Klieger is a Partner in the Los Angeles law firm Hueston Hennigan LLP. 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. Yes, I'll take those. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. 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. Look for legislation in the state Senate that would require school administrators to collect information from parents about guns stored at home and would mandate backpack, locker and car searches if there is a credible threat. 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. When I was a Republican, I was a centrist. If you look at where we are in content, we're clearly advantaged. Independent voters have also warmed up to the governor, with the number of undecideds dropping sharply since 2019 and breaking in Newsoms favor. Box office hits the Lost City and Sonic the Hedgehog 2 came to Paramount+ in May, generating terrific engagement across all demographics. 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. 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. Their goal is to appeal to voters who place value in collaboration, compromise and pragmatism. Mr. Nelson has extensive experience as a chief executive officer, chief financial officer and chief operating officer of major global companies, significant financial expertise, international business experience, public company and corporate governance experience and a long-standing background in the media industry. That gives us incremental product visibility to the consumer, and it also benefited us in terms of third-party expense reduction. Pricing will be a part of the equation. But really, competition is nothing new. Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. In a race where frustration is the prevailing sentiment and issues of homelessness and public safety have dominated nearly every discussion, its unclear how much voters care about a candidates political development even if most know little about it. 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. However, it should be mentioned that Paccar has other products and services, Read More 10 Things You Didnt Know about Paccar CEO Ronald E. ArmstrongContinue, Walmart was founded by Sam Walton in 1969. Mr. Kliegers practice focuses on complex civil litigation and counseling in the areas of entertainment and intellectual property. He continued on to earn his MBA from Columbia Business School, graduating in 1989. But also with targeting, we see IQ and Pluto playing there and therefore benefiting as well. We'll end this spectacular year with Damien Chazelle's Babylon, starring Brad Pitt and Margot Robbie, which begins its theatrical rollout in December. Their poll released Wednesday found 56% of those surveyed say Newsom is doing a good job. And at the core of it, it's our differentiated as we say, playbook. I'd also point out that our content has been created and formatted with advertising in mind, and that's important. Based on third-party data, Paramount+ is the #1 premium service in the U.S. in sign-ups and net subscriber additions, both this quarter and year-to-date. 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. Search Terms: Robert Bakish Reset All Filters Page 1 of 1 Ms. Schuman spent seven years at Apple Computer, where she was Group Manager of Worldwide Product Marketing. In September, another season of the NFL and SEC college football also returns to CBS and Paramount+ in the U.S. The Board takes any allegation of this type seriously. 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? Most importantly, it's pretty clear that we grew share. Yes, Steven, let me take the Pluto piece and then Naveen will go from there. Gary K. Hart, who served as Californias education secretary under Gov. It's Naveen. And importantly, our competitive position in the ad market is very strong. And we think that is a tremendous positive for the company and will be even more so as the macro situation improves. 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 . Good morning. So a couple of things to say. 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. 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. 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. He was listed by the Hollywood Reporter in its listing of The most powerful people in entertainment 2018 as number 20 out of 100. Related to the streaming ad size, Paramount+ grew advertising over 90% in the quarter. Republican 2022 US Senate New York. In the early stages of the pandemic, we were very selective with our releases, holding certain films until market conditions improve. So thanks for that color on the second half growth. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. But I think it'll probably be relatively close. That's super important to us because it's a big category for us given our demographics and specifically the demos of CBS. 2023 Deadline Hollywood, LLC. [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. 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. We continue to look at how we optimize the tiering along with that, but it's part of a broader overall ARPU story. Try the political quiz. It's going to be part of a streaming offering for the Indian market, that Viacom18 is going to launch in 2023. Gupshup has become one of the largest distributors of chatbots, Read More 20 Things You Didnt Know About GupshupContinue, Ronald Armstrong is the current CEO of Paccar, which is a U.S. corporation that manufactures commercial vehicles for customers situated throughout the world. And how is the composition of ad-supported versus premium Paramount+ subs and gross add trends sort of changed since the release in June? In order to qualify for ballot placement, a party must meet certain requirements that vary from state to state. But our amazing content isn't limited to the silver screen. We'd like to thank you for your participation. That's right, the Wall Street banker who runs a firm . These are listed in the table below. Bakish is responsible for turning the Viacom company around and improving its financial situation. For decades, California law has forbidden the states medical board from considering victim statements in decision-making. Mr. Phillips has extensive experience as a senior executive in a large, multinational corporation, financial industry background and financial and analytical expertise, significant public company and corporate governance experience, expertise in technology issues and familiarity with issues facing media, new media and intellectual property-driven companies and a deep knowledge of Viacom. And again, they're very happy with what we brought to market and how it's performing. My ballot; My support map; My settings; Logout; United States Speaking English. The effort shares some of its political DNA with the idea behind Californias top-two primary, an effort many thought would elect more centrist lawmakers. If you have an ad-blocker enabled you may be blocked from proceeding. Whether Los Angeles voters who veered left on issues of criminal justice reform and backed Sen. Bernie Sanders (I-Vt.) in recent years want to see the Democratic Party swing toward the center remains an open question. I'll start this morning by talking about Q2 highlights and preview what's next. Robert Bakish, CEO of Viacom Pau Barrena/Bloomberg Investors have tuned into CBS stock amid new sexual harassment accusations against chief executive Leslie Moonves that led to Moonves'. Operations: Meghann Olshefski Mandy Morris Kelly Rindfleisch And it's highly coveted by advertisers. Many, many globally renowned franchises, backed up by a deep library, I mean the economic value of going and trying to replace that library, I don't even know what it would be. And what will the margin profile of that business looks like? Bakish grew up in New ersy. So that's really the ad market. So yes, there will be incremental options in the market. And did you see the whole benefit of the initial launch in 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. Share. Paramount+ revenue growth was 120%, and we continue to be very bullish about growth going forward. My beliefs; My parties; My ballot; My support map; My settings; Logout; United States Speaking English. At the center, of course, is our hugely popular content, big, broad and beloved. We've seen some price increases at different streaming services. It is now a multinational retail corporation that runs chains of hypermarkets, discount department stores, and grocery stores. Good morning, everyone, and thank you for joining us. Overview Policies Discuss Ratings Themes Ideology. But Caruso offered more candor about his evolving political thinking during a meeting with an influential homeowners group in March. 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. Get up to speed with our Essential California newsletter, sent six days a week. Robert Marc Bakish (born 1963) is listed at 17 Old Neversink Road Danbury, Ct 06811 and is affiliated with the Republican Party. 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. 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. And based on other third-party data, Paramount+ is also the most popular premium streaming service in the U.S. to add among switchers. This consisted of focusing on Viacom's six flagship brands: BET, Comedy Central, MTV, Nickelodeon, Nick Jr. and Paramount; revitalizing content and talent; deepening distributor and advertiser partnerships to drive traditional revenue; increasing digital offerings, consumer products and live experiences; and optimizing and energizing the organization. All rights reserved. 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 I guess the point is just as this business shifts, can you capture enough time spend to have the similar profit look your business has in legacy as you move to streaming, if that makes sense? She began her career at Mobil Oil Corporation. She is currently a member of the International Womens Forum and a lifetime member of the Council on Foreign Relations. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. ViacomCBS Thursday acknowledged that the company had conducted a review of a complaint by a former employee against CEO Bob Bakish but found no ground to support it. By the way, we also launched South Korea the week before. He also sits on the Avid Technology Board of Directors. Dana has extensive professional writing experience including technical and report writing, informational articles, persuasive articles, contrast and comparison, grant applications, and advertisement. [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. Please check back soon. 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. In closing, we are enthusiastic about the long-term opportunity for Paramount, unlocked by powerful content and a massive and growing market for streaming. Ms. Byrne is Former Vice Chairman of Barclays PLC. While we could have released Top Gun: Maverick and The Lost City earlier, we held off because we knew these phenomenal stories would bring audiences back to theaters. Part of the reason is that we don't just make popular content, we also make content popular by leveraging our powerful platforms. And then more broadly, one of the questions we get from investors as they think through the impact of inflation is pricing power. We're continuing to fund the growth. But again, we're not just selling Pluto, we're selling a full range of streaming product and multiplatform product and having great traction with advertisers. One on content spend and one on film entertainment, if I could. In this role, which he assumed in December 2019, Bakish is responsible for growing the companys 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. So you put all that together, and we do see a superior financial envelope at comparable level of scale to someone else. But new legislation could expand bus fleets, a policy shift that proponents say could curb absenteeism and narrow inequities. 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. Ms. Byrne has over 37 years of experience in the financial services industry and is credited with developing longstanding partnerships with diverse groups of multinational corporate clients and leading teams on diverse financing and complex strategic advisory assignments. Were looking for character, said Tom Campbell, a former state senator and member of Congress who serves as the partys chairman. In terms of your question on the Filmed Entertainment business, obviously, we have not provided any specific long-term guidance there. For the full year, our outlook for stable year-on-year OIBDA at Filmed Entertainment remains unchanged. So rate is an important part of the equation. Nothing is certain except death, taxes and Rick Caruso is a Republican. Become a subscriber. If you like pizza, youll know the name Papa Johns. 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. 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? Prior to Oracle, Mr. Phillips was a Managing Director at Morgan Stanley in the Technology Group and served on its Board of Directors. And as we look at, as streaming becomes bigger for us, as we gain scale, we see operating margins from streaming approaching that of TV Media. Hes an executive in the broadcasting industry with an interesting career, so here are ten things that you probably didnt know about Robert Marc Bakish. And I'd note that historically, that's really a stations business and for sure, it will be a stations business this year. 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. Hard bundle deals like these allow us to quickly unlock a healthy volume of subscribers at 0 acquisition cost and with very low churn. And while macroeconomic conditions are likely to continue to affect advertising demand and impact TV Media financials, political advertising as well as price increases negotiated in this year's upfront, in combination with continued expense discipline, should help mitigate market-driven headwinds, particularly in Q4. 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. All told, the real estate developer has changed his party registration four times in the last 11 years, shifting twice between Republican and no party preference before re-registering as a Democrat about four months ago. We really have you see a dual benefit there. I'm particularly interested in whether that's creeping into content production costs. Domestic affiliate revenue was flat in Q2, excluding a 50 basis point headwind from a year-over-year decrease in pay-per-view revenue. Kasich dropped out of the race in May 2016, and Caruso did not vote in that years primary, according to county records. But I care deeply, Campbell said. [Operator Instructions]. 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. To learn more about ballot access requirements for political parties in California, see this article. Sure, Bryan. School districts | 2023 iSideWith.com. But Secretary of State Shirley Weber has delayed her announcement on qualification until Feb. 22, several weeks after candidates have launched campaigns and started lining up donors. Others have been there for years. Kevin de Len just postponed Wakanda Forever screening after uproar, 12 reasons why Sycamore Avenue is L.A.s coolest new hangout, Student debt is a crisis: Activists rally outside Supreme Court for loan forgiveness, Couple sues Pasadena fertility clinic after baby is born with stomach-cancer gene, Legislators propose changes to Californias conservatorship law, Los Angeles Mayor Karen Bass endorses Rep. Barbara Lee in Senate race, Sirhan Sirhan, convicted of killing Robert F. Kennedy, denied parole by California board, From Tahoe to Yosemite to Arrowhead, heavy snow buries California mountain communities. Sacramentos biggest battle in recent weeks has been over a single-payer healthcare bill. All Rights Reserved. I just had a couple of questions on one topic, which is sort of the international opportunity with Paramount+. Here are 10 you cant miss, Rain check! But -- so the current inflation driving things like higher fuel prices and all is not really that much of a factor for us incremental. 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. Pluto TV added 2.1 million global MAUs in Q2, bringing our global reach to 69.6 million MAUs. Bakish has an M.B.A. from Columbia Business School and a B.S. 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. [60][61][62][63][64] In April 2018, Viacom launched Viacom Digital Studios, which will create new original content hosted on sites such as Facebook, Twitter and Snapchat. Second quarter results demonstrate the value of our diversified media business and expansive monetization platforms. Ms. Redstone earned a BS from Tufts University, and a JD and a Masters in Tax Law from Boston University. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. So our content investment is definitely working. And there, we're really the global part of the global tier to their local offering. And another indicator of that strength is really the 30% digital volume growth -- ad volume growth that we saw in the upfront. And of course, we will continue to have a lot of innovation and discipline on the cost side of the equation, and that's true across programming, it's true across marketing, and it's true across our broader operations. Our content consistently attracts and entertains mass audiences. 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