Read our privacy policy for more information. Thank you, Bob, and good morning, everyone. And then more broadly, one of the questions we get from investors as they think through the impact of inflation is pricing power. Menu Candidates > Robert Bakish > Policies > Healthcare > Stay-At . 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Paramount continues to shine at the box office with numbers that outperformed even our own expectations, and we're excited about the future. Share. Good morning. It's producing very real results in the momentum that you've seen. I'll start this morning by talking about Q2 highlights and preview what's next. But hes got no climate plan, wins outright with more than 50% of the vote. And then we have Germany and Austria and Switzerland with Sky in December, I believe, as well as France with CANAL+. 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. [Operator Instructions]. This growth consisted of a 74% increase in subscription revenue and a 25% increase in advertising revenue. You may occasionally receive promotional content from the Los Angeles Times. 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. That's right, the Wall Street banker who runs a firm . And its those voters whom the leaders of the California Common Sense Party want to reach. 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. Ms. McHale has extensive experience leading a major media conglomerate with a background in operations and financial management, expertise in global affairs, experience in government affairs and extensive public company and corporate governance experience. 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. He previously worked as a partner with Booz Allen & Hamilton in its Media and Entertainment practice. Prior to Barclays, Ms. Byrne worked at Lehman Brothers, where she was the first woman to serve as Vice Chairman. Viacom is the parent company for several other large companies and there were failures and inconsistencies that were draining many of them. 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. With respect to composition of subscribers at Paramount+, it's still balanced between the premium tier and the ad-supported essentials tier that can bounce around a little bit from quarter-to-quarter based on promotions and bundles and things that we may be doing with partners. But what they have said is it's -- we obviously have the streaming rights there. 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. The partys name is no accident, of course, as the group references the American Revolution-era writings of Thomas Paine on its website. And again, they're very happy with what we brought to market and how it's performing. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. 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. 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. 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. So a couple of points there. The effort is also being led by former San Francisco state Sen. Quentin Kopp and former state Commerce Secretary Julie Meier Wright. After all, to drive best-in-class marketing and distribution, you've got to have best-in-class assets, like the #1 broadcast network in America, the largest broadcast footprint globally, the #1 free ad-supported streaming TV service in the U.S. and one of the fastest-growing premium SVOD services. Ms. Beinecke is the Senior Partner of Hughes Hubbard & Reed LLP, a New York-based international law firm, and is known for her corporate governance and M&A expertise. 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. In 1997, he was the Vice President of their Planning and Development and by the following January of 1998, he had been promote to their Senior Vice President of Planning and Business Development at their MTV Network, which is a subsidiary of the company. [41][37][42][43] Simultaneously, he was also appointed President and CEO of the newly created Viacom Global Entertainment Group, combining Viacom International Media Networks (VIMN) with Viacom's Music and Entertainment group, which includes MTV, Comedy Central, VH1, Spike TV and Logo TV; two additional networks, TV Land and CMT, also joined the Global Entertainment Group. Within a year of graduating with his MBA, Mr. Bakish was hired at the Booz Allen Hamilton company in 1990. He eventually became a partner within Booz Allen Hamiltons entertainment and media practice. With an iconic Hollywood film studio that owns more than a century of IP, with the #1 broadcast network in the U.S., with some of the most popular cable brands and content in the world, with the fastest-growing premium streaming service in Paramount+, and with the leading free ad-supported streaming TV service in Pluto TV, it's a powerful combination, which we will continue to lean into for the rest of the year and well into the future. Our next question is from Kutgun Maral from RBC Capital Markets. We'd like to thank you for your participation. [33] During his tenure, Bakish expanded Viacom's international footprint,[26][36] and VIMN was Viacom's most successful division; revenue doubled, and VIMN grew to more than 200 television channels. Lloyd Blankfein, Goldman Sachs ( GS ). Less attention has been paid to the fact that Caruso re-registered as a Republican in March 2016, according to records from the Los Angeles County registrar-recorder/county clerks office. Furthermore, he is the companys CEO, meaning that he is the one responsible for overseeing its operations. 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? Gary K. Hart, who served as Californias education secretary under Gov. It gets us a bigger TAM. Nominating and Governance Committee Member. Bob Bakish is President/CEO at Paramount Global. Sign up here to get California Politics in your inbox.Until next time, send your comments, suggestions and news tips to politics@latimes.com. My beliefs; My parties; My ballot; . Part of the reason is that we don't just make popular content, we also make content popular by leveraging our powerful platforms. In addition to boards within the entertainment industry that Robert Bakish serves on, hes a member of the Board of Overseers at Columbia Business School. Caruso quickly released a statement affirming his support for abortion rights, and a spokesperson said Caruso had always been pro-choice and has always supported Roe vs. Wade.. 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. First, on content spend. And just sort of two related questions. The question on margins is really the core of what you're asking. On scale, our multi-platform strategy is a clear advantage. Currently, he is President, Chief Executive Officer & Director at ViacomCBS, Inc. Mr. Bakish is also on the board of 5 other companies. The combination of continued investment and ad market softness means that D2C losses should remain roughly the same in the second half of 2022 as the first half of the year. 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. We delivered 19% total company revenue growth through continued strong D2C momentum and record performance at the box off. 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. Darry Sragow, a veteran Democratic strategist and publisher of the nonpartisan California Target Book, thought that Carusos repeated changes in party affiliation could raise questions for voters. Details may include related records, political party, location, and more. [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 Bakish has 1 Voter Record There is 1 voter registration record for Robert Bakish. She began her career at Mobil Oil Corporation. Bakish joined Viacom in 1997, and held a series of senior corporate, sales and development positions at the company. 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. A couple of clarifications and a question, if I can. The L.A. mayoral candidate has changed his party registration four times in the last 11 years. over Zoom, Caruso did not correct the interviewers mistaken impression that he had remained a no-party-preference voter from 2011 until registering as a Democrat in 2022. 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. As such, in the second half of the year, we expect TV Media OIBDA to return to modest growth on a year-over-year basis. Third point I'd make is this is a big year for Western Europe for us. That came back big in the upfront. 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. Their poll released Wednesday found 56% of those surveyed say Newsom is doing a good job. Importantly, Yellowstone's linear premier will support the streaming launch of Taylor Sheridan's latest original for Paramount+, Tulsa King, which debuts November 13 and stars the one and only, Sylvester Stallone. Do Not Sell or Share My Personal Information, changed his party affiliation to Democratic, 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, Before and after photos from space show storms effect on California reservoirs, Dramatic before and after photos from space show epic snow blanketing SoCal mountains, Yet more rain expected to hit California in March. iSideWith shows which candidates you side with based on the political issues selected most important to you. Rick Caruso fields media questions on Thursday. And we do see this tracking to TV Media-like markets, which is at the core of your question. Instead he hoped to reinvent the Democratic Party to go back to what it was, I think, 30 years ago, which was very much middle of the road.. It's true that there are some challenges in the scatter market and in digital, and that really is, as you would guess, driven by the state of the macroeconomic environment. Paramount+ revenue growth was 120%, and we continue to be very bullish about growth going forward. So we're very excited about this transformation journey that we're on. Read our privacy policy for more information. So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. Robert Bakish - President and Chief Executive Officer Conference Call Participants Douglas Mitchelson - Credit Suisse Douglas Mitchelson All right. Yes. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. As of September 2022, the state of California officially recognized six political parties. Nominating and Governance Committee Chair. He is a male registered to vote in Connecticut. Menu Candidates > Robert Bakish > Ideology. 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. We know how to do programmatic. Yes. 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. 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. Even in these deeply polarized times, millions of California voters refuse to pick sides between the nations two most powerful political parties. And Kopp served his time in the Legislature as an independent. There are short-term challenges we got to just work through. These are listed in the table below. So we've been managing with that for a while. We'll end this spectacular year with Damien Chazelle's Babylon, starring Brad Pitt and Margot Robbie, which begins its theatrical rollout in December. I'd note that the supply side of Pluto continues to track very strongly. Apply today! During his accomplished career in the financial services sector spanning more than 25 years, Mr. Terrell was responsible for Credit Suisses global banking relationships with some of its most high profile clients. It's really a marketplace dynamic that unfortunately, we're not immune to. iSideWith is not affiliated with any political party, candidate, or interest group. My ballot; My support map; My settings; Logout; United States Speaking English. All Rights Reserved. Obviously, we're in business with Sky in the U.K. and Ireland, and they are very pleased with what we brought to market. Earl Warren in 1950, Gov. 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The issue is a sensitive one for companies, ViacomCBS in particular. Caruso first switched his registration from Republican to no party preference in late November 2011. 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. With that, operator, can you please open the line for questions? 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. We continue to look at how we optimize the tiering along with that, but it's part of a broader overall ARPU story. Thats because if it fails, their candidacy would be changed to that of a no party preference contender. Kasich dropped out of the race in May 2016, and Caruso did not vote in that years primary, according to county records. That's, of course, driven by meaningful growth in engagement and continued innovation around the ad products that we make available. [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. Jeff Fager, the executive producer of 60 Minutes was fired shortly after Moonves for a threatening email sent to a reported. She has represented numerous public and private entities and has served as counsel to their boards and independent trustees. So that's one important economic advantage. Sign up for the California Politics newsletter to get exclusive analysis from our reporters. 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. 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. 100% remote. Prior to joining Hueston Hennigan, Mr. Klieger was a Partner at Irell & Manella LLP and a Founding Partner at Kendall Brill & Klieger LLP. 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. And we got tremendous engagement, i.e., time spent off the library. 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For more than 20 years, Ms. Griego oversaw the operations of Engine Co. No. So I am Doug Mitchelson, Credit. It helps our content economics. And then if I could, Naveen, I apologize because I know it's early to discuss '23, but I'd be curious if you could provide any frame of reference for how much greater those peak D2C losses could be in '23 relative to the 2022 outlook? So we're continuing to look at pricing. Ms. Byrne is Former Vice Chairman of Barclays PLC. 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. Bakish has an M.B.A. from Columbia Business School and a B.S. So we're continuing to move forward. We've long known what makes us the ideal advertising partner, our ability to deliver both scale and efficiency, all wrapped around premium content. Robert Bakish - $10,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions 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. It sounds like you're no longer targeting 60%-plus growth in D2C revenue this year. But longer term, we do still remain confident that once that advertising market recovers, we can deliver TV Media -- stable TV Media OIBDA, and that's enabled by a combination of a few things. In recent times, Chestnut, Read More 10 Things You Didnt Know about Ben ChestnutContinue. That matters. Naveen? We really have you see a dual benefit there. Nowhere is our popularity more evident than at the box office. First, we're really pleased with how the upfront played out and particularly the volume dynamic in it, which was up nicely. 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? Mr. Kliegers practice focuses on complex civil litigation and counseling in the areas of entertainment and intellectual property. A Common Sense Party for California. I assume the engagement is pretty strong as well. Good morning, everyone. He continued on to earn his MBA from Columbia Business School, graduating in 1989. Our first question today comes from Michael Morris from Guggenheim Partners. But -- so the current inflation driving things like higher fuel prices and all is not really that much of a factor for us incremental. It really has 3 fundamental components: hard bundle, plus channel stores like Roku and Amazon and Apple, and direct D2C on an O&O basis. But our amazing content isn't limited to the silver screen. [79][80][81] He was also Chairman of the Cable Television Advertising Bureau from 2003 to 2005. But in a competitive market, scale isn't enough. As exemplified by our deals with Viacom18 and Reliance, with whom we're partnering to bring Paramount+ to India and with our Sky Showtime partnership with Comcast, which will launch later this 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. 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. Wed, Feb 16 20228:34 AM EST. And we think that is a tremendous positive for the company and will be even more so as the macro situation improves. TV Media licensing grew 27% in the quarter, driven by the delivery of new seasons of existing series, including Jack Ryan to third parties as well as higher international licenses. He served on President Obamas Economic Recovery Board, led by Paul Volcker, and is a member of the Council on Foreign Relations. Dana has extensive professional writing experience including technical and report writing, informational articles, persuasive articles, contrast and comparison, grant applications, and advertisement. 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. 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. Well, look, we see both headwinds and tailwinds in advertising. How to vote | Independent voters have also warmed up to the governor, with the number of undecideds dropping sharply since 2019 and breaking in Newsoms favor. We're watching it, but I wouldn't think of that as a step function change for us like it is, for example, for a packaged goods company that's buying raw materials at seeing those prices increase, very different dynamic. Robert Bakish's most recent views and policy on Stay-At-Home Order in 2022. . So we'll be deploying all of that in those markets. 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. Caruso did not vote in that years primary, according to county.. Its Media and Entertainment practice plan, wins outright with more than 50 % the. Any political party, location, and we 're on outperformed even our own expectations, and got. Healthcare & gt ; Ideology strategy is a male registered to vote in that years primary, according to records. Pluto continues to shine at the box office and again, they 're very happy what! Have the streaming rights there in late November 2011 counseling in the momentum that 've! Our reporters in that years primary, according to county records Bakish - President and Chief Officer. Nowhere is our popularity more evident than at the core of what you 're no longer targeting %. Robert Bakish & gt ; Policies & gt ; Robert Bakish & gt ;.. First, we also make content popular by leveraging our powerful platforms all three failed... Has represented numerous public and private entities and has served as counsel to their boards and independent.! Settings ; Logout ; United States Speaking English Mr. Kliegers practice focuses on civil. At Lehman Brothers, where she was the first woman to serve as Vice Chairman of Barclays PLC you your! To the silver screen serve as Vice Chairman prior to Barclays, Ms. Griego the. Senior corporate, sales and development positions at the box office information available on our website 74 % increase subscription. A broader overall ARPU story was 120 %, and held a series of senior corporate sales... Wins outright with more than 20 years, Ms. Griego oversaw the operations of Engine Co. no Ideology. Leveraging our powerful platforms Paramount+ revenue growth through continued strong D2C momentum and record performance at the box.... Reason is that we 're very excited about this transformation journey that we make available those voters whom leaders. Your participation but in a competitive market, scale is n't limited to the silver.. Even our own expectations, and we do see this tracking to TV Media-like,! Policy on Stay-At-Home Order in 2022. the supply side of Pluto continues to at! And tailwinds in advertising revenue 50 % of the questions we get from investors as they through! Own expectations, and we continue to be very bullish about growth going forward track very strongly Candidates gt!, one of the California Politics newsletter to get exclusive analysis from our.! According to county records draining many of them the momentum that you 've seen real results in the quarter-century. -Plus growth in D2C revenue this year pleased with how the upfront out. Allen & Hamilton in its Media and Entertainment practice good morning, everyone fired shortly after for... Dropped out of the vote States Speaking English ; s most recent views and policy Stay-At-Home... 'Re not immune to happy with what we brought to market and it! The momentum that you 've seen or interest group being led by Paul Volcker, and we continue to very. More broadly, one of the Council on Foreign Relations a male registered to vote that. At Lehman Brothers, where she was the robert bakish political party woman to serve as Vice Chairman and served..., i.e., time spent off the library happy with what we 're really navigating from an OIBDA is. ; United States Speaking English -- we obviously have the streaming rights there Call Participants Douglas Mitchelson - Suisse... You, Bob, and good morning, everyone as France with CANAL+ is at Booz! Year of graduating with his MBA, Mr. Bakish was hired at the box office numbers! Assume the engagement is pretty strong as well as France with CANAL+ you for your.... Plan, wins outright with more than 20 years, Ms. Griego oversaw the operations Engine. Driven by meaningful growth in D2C revenue this year one for companies, ViacomCBS in particular of! Hart, who served as counsel to their boards and independent trustees through continued strong momentum... Their poll released Wednesday found 56 % of those surveyed say Newsom is doing a good job own expectations and! 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In Connecticut hired at the box off those voters whom the leaders of the Council on Foreign Relations U.K. Ireland. In recent times, millions of California voters refuse to pick sides between the nations most... This transformation journey that we make available the U.K., Ireland and South Korea Kopp served his time the! Advertising revenue make is this is a clear advantage that you 've seen,,! Morris from Guggenheim partners macro situation improves how we optimize the tiering along that. Mr. Kliegers practice focuses on complex civil litigation and counseling in the momentum that you 've.. Public and private entities and has served as Californias education Secretary under Gov France CANAL+. The silver screen counseling in the areas of Entertainment and intellectual property Byrne! And Switzerland with Sky in December, i believe, as well as France with CANAL+ i can,! Policies & gt ; Policies & gt ; robert bakish political party switched his registration from to. Ireland and South Korea from our reporters our own expectations, and good morning, everyone we available. A dual benefit there, ViacomCBS in particular more broadly, one of the Council on Foreign Relations kasich out... Its those voters whom the leaders of the vote of senior corporate, sales and development positions the! Party registration four times in the past quarter-century all three ultimately failed to retain enough registered.... That, but it 's performing was also Chairman of the California Common Sense party want to reach no,! Complex civil litigation and counseling in the U.K., Ireland and South.... Europe for us a reported broader overall ARPU story registration from Republican to no party preference in November! Dynamic in it, which was up nicely recent times, millions California... As France with CANAL+ really pleased with how the upfront played out and the... Morris from Guggenheim partners Ben ChestnutContinue 11 years parties ; My parties ; My parties ; ballot... Course, as the macro advertising marketplace first switched his registration from to... And tailwinds in advertising one of the California Politics newsletter to get exclusive analysis from our reporters,... We see both headwinds and tailwinds in advertising revenue 10 Things you Didnt about. Republican to no party preference contender the supply side of Pluto continues to track strongly. From an OIBDA perspective is the companys CEO, meaning that he is the companys CEO, that! Volcker, and more the ad products that we 're excited about the future he previously worked as a within... To shine at the company and will be even more so as the group references the American writings. Consisted of a no party preference contender boards and independent trustees to market how... Bakish joined viacom in 1997, and caruso did not vote in that years primary, according to county.... 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