He was responsible for the oversight of all of MTV Networks business operations outside of the United States. 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. 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. 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. Public policy, Communications: Alison Graves Carley Allensworth Abigail Campbell Sarah Groat Caitlin Vanden Boom [8], In October 1999, he became the Executive Vice President of Planning and Business Development of Viacom's subsidiary MTV Networks. I'll try not to abuse it. Here are 10 you cant miss, Rain check! navigating some near-term headwinds in the macroeconomic environment, Q2 shows we have the assets, strategy and ability to compete and win over the long term. But I would encourage you to think about that business more broadly, which is to say, increasingly, the value of our movies is not just about what they generated in the box office. Bakish grew up in New ersy. It is a distinguished firm that developed the first chatbot building platform in the world. And we know how to transact in upfront. 2023 iSideWith.com. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. Moving forward, we'll continue to harness the strategy of ubiquitous distribution, which includes direct-to-consumer as well as channel partners like Roku, Amazon and Apple in addition to the aforementioned hard bundles so that Paramount+ can reach as large an audience as possible. 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. 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. So IPL i.e., India cricket, I assume, that's a deal that was done by our joint venture in India, Viacom18, which recently had a transaction where they brought in Bodhi Tree as an investor and Capital Infusion. The success of our streaming platforms speaks to the power of our content strategy. And did you see the whole benefit of the initial launch in Q2? [6], After receiving his MBA, Bakish joined the management and technology consulting firm Booz Allen Hamilton in 1990, and rose to become a partner in its media and entertainment practice. 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. So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. [6][7] He earned an MBA from Columbia Business School in 1989. On scale, our multi-platform strategy is a clear advantage. Organizers say theyve turned in about 66,000 voter registration forms. If you look at our Q2 growth rate, particularly in digital, I think you'll find that at the top of the industry. 5. 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. And we're still operating with that in mind. 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. Candidates. He has been President and CEO of Paramount Global since December 4, 2019, formerly holding the same position at Viacom before the merger with CBS Corporation. And then more broadly, one of the questions we get from investors as they think through the impact of inflation is pricing power. He made big changes in the beginning including merging some of the companies and cutting the workforce by 8 percent. We also maintained a committed $3.5 billion credit facility that remains undrawn. And either way, it's a very healthy number. John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. I'd also point out that our content has been created and formatted with advertising in mind, and that's important. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. Deadline is a part of Penske Media Corporation. 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. We continue to maintain significant financial flexibility, which will increase with the addition of proceeds from the sale of Simon & Schuster &. Use of this site constitutes acceptance of our user agreement and privacy policy. [25][38][26][39][40], In October 2016, Bakish was named acting President and CEO of Viacom effective November 15, replacing interim CEO Tom Dooley. With less than a week until the Los Angeles mayoral primary, Rick Caruso's political evolution from Republican to Democrat still remains opaque to many voters in the . Licensing revenue at Filmed Entertainment increased 27%, largely due to the monetization of recent theatrical releases. We look at impression delivery, and it's in line with our expectations for the beginning of the year. Read our privacy policy for more information. [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. That's partially because we are gaining share. He was considering a run for mayor at the time. Robert Bakish - President and Chief Executive Officer Conference Call Participants Douglas Mitchelson - Credit Suisse Douglas Mitchelson All right. Their goal is to appeal to voters who place value in collaboration, compromise and pragmatism. 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. 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. Here, we leveraged our portfolio of brands, including CBS and MTV, to execute a major cross-company consumer campaign that resonated with audiences everywhere, a strategy that has been proven to be highly effective when deployed against our major assets. 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. Filmed Entertainment OIBDA was $181 million, benefiting from the strong performance of our current year theatrical flights. The conventional wisdom, based on news headlines and social media, is that Gov. Hes also had international business experience, 6. Gary K. Hart, who served as Californias education secretary under Gov. If you have an ad-blocker enabled you may be blocked from proceeding. Enjoying this newsletter? Could you maybe just think about what the drivers for stable guidance might be for next year, especially since you're comping political? Yes. 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. But the second element of it, a lot of that we're going to use globally because on a termed basis, the streaming world has proven that works. Cities | Viewers keep turning to our networks for their favorite content, and advertising partners are eager to get a share of it all. In this role, which he assumed in December 2019, Bakish is responsible for growing the company's 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. Our next question is from Kutgun Maral from RBC Capital Markets. This quarter, Paramount+ added 4.9 million global subscribers and revenue grew 120%, further cementing Paramount+ as one of the fastest-growing premium streaming services. Times staff writer Dakota Smith contributed to this report. 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. iSideWith.com is the worlds most popular voting guide for citizens to find information about elections, political parties, candidates, voting districts and popular political issues in their country. Is that right? Should someone be thinking otherwise, the most recent campaign finance report shows the governor has almost $25 million in the bank. 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. L.A. loves the glitz but suspects the rich. We delivered 19% total company revenue growth through continued strong D2C momentum and record performance at the box off. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. That matters. [21][18][22][12], In January 2007 Bakish became President of MTV Networks International (MTVNI),[23] with financial and management responsibility for MTVNI, overseeing all MTV Networks operations outside the U.S.[22] He immediately restructured MTVNI, cutting 8% of the workforce in addition to merging some overseas units with the UK business and devolving responsibilities for Latin American operations to new offices across the region. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. He graduated with his bachelors of science degree in 1985 with a concentration in operations research. Share. Ms. Seligman joined Williams & Connolly in 1985. In 2017, Bakish knew that he had to take strict measures to restructure Viacom and turn the company around. 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. 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). So that's really the ad market. Turning to our TV Media segment. Become a subscriber. 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 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. A couple of clarifications and a question, if I can. iSideWith is not affiliated with any political party, candidate, or interest group. And we got tremendous engagement, i.e., time spent off the library. Yes, let me just jump in here. And therefore, we're really excited about it because we get the very material benefit of cricket, and cricket is at the top of the food chain in India. Campbell left the party that year, writing in a newspaper op-ed that a Republican embrace of Trump instead of a candidate for president worthy of our countrys past and its unbounded future would force him to re-register as an independent voter. And then you add to that industry-leading, integrated advertising and advanced advertising capabilities. Mr. Phillips is Chairman of Infor, Inc., a multi-billion dollar enterprise software company, and served as its Chief Executive Officer from 2010 to 2019. The reason we got the CJ deal done in South Korea is we've been there for years, there, in a joint venture. Success like this, 5 #1 films at the box office, Top Gun, Scream, Jackass Forever, The Lost City and Sonic the Hedgehog 2, which, by the way, also made history as the biggest video game opening of all time. The candidates GOP past has been the subject of frequent fire from his rivals and their supporters. So yes, local content is one thing. 2023 Deadline Hollywood, LLC. Its widely known that Caruso, who was a Republican for much of his life, switched his party registration to decline to state in 2011 while mulling over a run in the citys 2013 mayoral election. Others have been there for years. Bakish became CEO of Viacom in 2017 and was named chief of the combined company when Viacom and CBS merged in December. All of these advantages came to life in Q2. Legislated Equality. So a couple of points there. Lloyd Blankfein, Goldman Sachs ( GS ). So first, in terms of D2C revenue growth for the year, we continue to expect very healthy levels of D2C growth. [75], Bakish has been on the Board of Directors of Paramount since its merger, and previously at Viacom from December 12, 2016 up until the merger. Just think of the biggest movie in the world, Top Gun: Maverick; the most popular TV show in the country, Yellowstone; perennial global hits like the CBS crime procedurals, NCIS and FBI; or the world's most popular preschool franchise, Nickelodeon's PAW Patrol. Tech: Matt Latourelle Nathan Bingham Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. 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. We continue to monetize them from a catalog perspective. We now turn to Steven Cahall from Wells Fargo. 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. Ms. Byrne has held a number of board positions, including as a member of the New York City Board of the British-American Business Council, an Executive Committee Member of the Mount Holyoke College Board of Trustees, Chairman of the Finance Committee at Mount Holyoke College, a member of the Audit Committee of Mount Holyoke College, and a member of Stuart Country Day School. 2023 iSideWith.com. And so of course, when you think about it through that lens, you have to focus on the fact that we added 5 million Paramount+ subs in the quarter. And so with some of the slowdown in revenue, is the right way to think about this business that it is just a price taker in the programmatic market, and that price pressure can kind of arrive unannounced? We also saw sequential growth in hours per act. And just sort of two related questions. Elections in 2023 | Good morning. He has been President and CEO of Paramount Global since December 4, 2019, formerly holding the same position at Viacom before the merger with CBS Corporation. U.S. President | You may occasionally receive promotional content from the Los Angeles Times. Good morning, everyone, and thank you for joining us. Obviously, we're in business with Sky in the U.K. and Ireland, and they are very pleased with what we brought to market. Nowhere is our popularity more evident than at the box office. One on content spend and one on film entertainment, if I could. It's Naveen. We've launched advertising very recently within that service. Please. 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. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell What the dollar commitment -- your commitment is and what your goals are there? We don't obviously guide to Pluto specifically. Bakish joined Viacom in 1997, and held a series of senior corporate, sales and development positions at the company. We are independent and not affiliated with any investors, shareholders, political parties or interestgroups. iSideWith.com is the worlds most popular voting guide for citizens to find information about elections, political parties, candidates, voting districts and popular political issues in their country. What the voters of the city care about is crime and homelessness and corruption.. [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. 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. Los Angeles, Review: A reimagined Secret Garden fails to flower anew at the Ahmanson Theatre, High school basketball: Southern California and Northern California Regional results and updated pairings, Im visiting all 600 L.A. spots on the National Register. He previously worked as a partner with Booz Allen & Hamilton in its Media and Entertainment practice. Use of this site constitutes acceptance of our user agreement and privacy policy. An independent review of the alleged incident has concluded, and the investigation did not support the allegation, ViacomCBS said in a statement. That proved to be the right call. 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. [16][17][18][19][20] In these two positions, he was responsible for Viacom's strategic planning and business development plus oversight of a range of business units including Famous Music, Famous Players, Viacom Plus sales and information services and technology, as well as heading Viacom's cross-divisional marketing council. Today's call is now concluded. 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. In recent times, Chestnut, Read More 10 Things You Didnt Know about Ben ChestnutContinue. Counties | 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. Please check back soon. Rick Caruso fields media questions on Thursday. And I note that we are seeing some areas of category strength, including in Q2 and today, travel, technology. He serves on the boards of both schools and is also a Director on the Board of AVID Technologies, a NASDAQ-listed company. Jerry Brown in 2014. And another indicator of that strength is really the 30% digital volume growth -- ad volume growth that we saw in the upfront. Robert Bakish has 1 Voter Record There is 1 voter registration record for Robert Bakish. Packaged goods is managing through inflation issues, which is really impacting their ad spending as they look to protect margins. But thats not what pollsters at the nonpartisan Public Policy Institute of California have found. [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. All Rights Reserved. You may now disconnect your lines. [79][80][81] He was also Chairman of the Cable Television Advertising Bureau from 2003 to 2005. 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. I believe you guys have some local productions, 4 language productions in the works? Pricing will be a part of the equation. The CBS board at the time accused him of willful and material malfeasance.. It gets us a bigger TAM. So local is very much part of our strategy in the mix. My name is Elliott, and I'll be the conference operator today. 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