And fourth, we have this global operating footprint. By the way, we also launched South Korea the week before. Use of this site constitutes acceptance of our user agreement and privacy policy. 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. 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. 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 does that grow over time in terms of ad load? Overview Policies Discuss Ratings Themes Ideology. Research: Josh Altic Vojsava Ramaj 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. It definitely extends past that. Bye-bye. So we're very excited about this transformation journey that we're on. Box office hits the Lost City and Sonic the Hedgehog 2 came to Paramount+ in May, generating terrific engagement across all demographics. Even in these deeply polarized times, millions of California voters refuse to pick sides between the nations two most powerful political parties. Audit Committee Member, Compensation Committee Member. Paramount Global (NASDAQ:PARA) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET, Robert Bakish - President, CEO & Directorr, Jessica Reif Ehrlich - Bank of America Merrill Lynch. 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. Some of today's financial remarks will focus on adjusted results. So we're very excited about the future. Sure, Michael. Ms. Schuman is Executive Chair of SYPartners, a consultancy that partners with the worlds most senior leaders undergoing business and cultural transformations. We also maintained a committed $3.5 billion credit facility that remains undrawn. His investment banking career began in 1983 as an Associate with The First Boston Corporation. And thankfully, we are viewed as a good place to work, if you will. It's producing very real results in the momentum that you've seen. We've also said that we are going to -- Paramount+ is going to launch with it, essentially as another form of hard bundle, a tier. As we look ahead in this ad market, there's 2 things I'd note. Sign up for the California Politics newsletter to get exclusive analysis from our reporters. 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. Reports subsequently emerged of a culture of bullying, verbal abuse and sexual harassment at CBS Newsshow60 Minutes and complaints of a toxic work environment at some CBS televsion stations. Good morning, everyone, and thank you for joining us. Reconciliations of these non-GAAP financial measures can be found in our earnings release or in our trending schedules, which contains supplemental information and in each case, can be found in the Investor Relations section of our website. 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. So you put all that together, and we do see a superior financial envelope at comparable level of scale to someone else. But on the other hand, it sounds like OIBDA losses for DTC this year are shaping up to be closer to $1.8 billion versus expectations for $1.5 million before. And I'd note that historically, that's really a stations business and for sure, it will be a stations business this year. Hes held the position since December of 2016 after working several years with the company. 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. Robert Bakish is a very busy executive with his responsibilities leading the Viacom company, and all of the various boards and forums that he serves on. Good morning. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. [8], In February 1997, Bakish joined Viacom. 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). 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. Revenue grew 1% in Q2 as strong growth in content licensing was mostly offset by declines in advertising and affiliate revenue. CJ has a minority stake in it. It is part of our broader D2C business, as you well know. He is a member of the Council on Foreign Relations and The Economic Club of New York. Bob Bakish is President/CEO at Paramount Global. Should the Common Sense Party be successful and recruit candidates who win, it could make a little history. The billionaire developer has said little about global warming. Mr. Klieger is a Partner in the Los Angeles law firm Hueston Hennigan LLP. So first, in terms of D2C revenue growth for the year, we continue to expect very healthy levels of D2C growth. 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. It seems like the MAU growth is strong. We continue to look at how we optimize the tiering along with that, but it's part of a broader overall ARPU story. What the dollar commitment -- your commitment is and what your goals are there? Menu Candidates > Robert Bakish . Caruso leaves Grand Central Market on Thursday. Look, we've been big believers in the dual revenue stream model in streaming, i.e., advertising from the start and the fact that others are following our lead is really a validation of the thesis we've had for years. The company is a management and technology consulting firm. We've seen some price increases at different streaming services. Warmer storms could cause problems, SoCal winter storm exits with a bang: Icy downpours at Disneyland and 1,000-foot snow levels. Prior to Oracle, Mr. Phillips was a Managing Director at Morgan Stanley in the Technology Group and served on its Board of Directors. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. It helps our content economics. Campbell's career in Republican politics ended in 2010 with a failed U.S. Senate primary campaign as his centrist Republican views were drowned out by . Share. 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? With that, operator, can you please open the line for questions? As we wrote in December, Newsom seems to have the stage to himself after his resounding defeat of the recall. Prior to joining Hueston Hennigan, Mr. Klieger was a Partner at Irell & Manella LLP and a Founding Partner at Kendall Brill & Klieger LLP. That's another launch with Sky on a hard bundled basis. The yellow school bus has become an increasingly rare sight in California. And speaking of the recall: On Thursday, state officials reported that the final price tag was $200.2 million. She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. Naveen? 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. Their poll released Wednesday found 56% of those surveyed say Newsom is doing a good job. But we are still focused on managing the business to peak losses in '23, and then starting to see improvements in earnings, both for the D2C segment and the consolidated business as a whole beyond that as we move toward our long-term D2C revenue and subscriber goals. Our last question comes from Philip Cusick from JPMorgan. We'd like to thank you for your participation. 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. iSideWith is not affiliated with any political party, candidate, or interest group. You may occasionally receive promotional content from the Los Angeles Times. And we're still operating with that in mind. Thats because if it fails, their candidacy would be changed to that of a no party preference contender. Their success demonstrates that our strategy of a big theatrical release, with a fast follow to streaming, is by far the most effective way to maximize the return on our investments in movies. Our next question comes from Brett Feldman from Goldman Sachs. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The chance of a lifetime: Five friends ski the tallest mountain in Los Angeles, Shocking, impossible gas bills push restaurants to the brink of closures, Best coffee city in the world? It's going to be part of a streaming offering for the Indian market, that Viacom18 is going to launch in 2023. 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 partys name is no accident, of course, as the group references the American Revolution-era writings of Thomas Paine on its website. She is a member of the Board of Trustees at Dana Farber Cancer Institute. 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. We are currently researching Robert Bakishs political policies. Robert Marc Bakish received an MBA from Columbia Business School and an undergraduate degree from Fu Foundation School of Engineering & Applied Science. Bob, maybe you could share your thoughts on your expectation for changes to the competitive landscape for streaming advertising as we move into the back half of the year. if(document.getElementsByClassName("reference").length==0) if(document.getElementById('Footnotes')!==null) document.getElementById('Footnotes').parentNode.style.display = 'none'; What's on my ballot? He has donated more frequently to Democratic politicians in recent years, including contributions to the congressional campaign of his now-opponent Bass in 2010 and 2011. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Facebook owner Meta increases Zuckerberg's security allowance by $4 million, Transcript : Paramount Global, Q4 2022 Earnings Call, Feb 16, 2023, Transcript : Paramount Global Presents at UBS 50th Annual Global TMT Conference, Dec-06-2022 10:50 AM, Transcript : Paramount Global, Q3 2022 Earnings Call, Nov 02, 2022, Communications Services Down on Streaming Competition Fears -- Communications Services Roundup, Transcript : Paramount Global Presents at Goldman Sachs Communacopia + Technology Conference 2022, Sep-14-2022 10:45 AM, Transcript : Paramount Global, Q2 2022 Earnings Call, Aug 04, 2022, Transcript : Paramount Global Presents at Credit Suisse 24th Annual Communications Conference, Jun-14-2022 10:40 AM, President, Chief Executive Officer & Director, NCTA - The Internet & Television Association, Fu Foundation School of Engineering & Applied Science. He worked there out of college and climbed the management ladder, achieving great success. Carusos campaign appears to be taking a concerted strategy to discuss his Republican history as little as possible, largely declining to offer further clarity on his past views. Ideology score: 4.9L. She also enjoys creative writing, content writing on nearly any topic (particularly business and lifestyle), because as a lifelong learner, she loves to do research and possess a high skill level in this area. And any thoughts on growth or swing factors and investment drivers top line that would be incremental there. That would bring the number down to 56,000 voter registrations (theres some irony in the swelling ranks of non-party voters actually making it easier to create a new party). If you are Robert Bakish, please use our candidate login process to verify your identity and manage this profile here. 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. 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. Caruso first switched his registration from Republican to no party preference in late November 2011. 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. Bakish was made the President of MTV Networks international at the beginning of 2007. In 2004, Viacom appointed Robert Bakish as the Executive Vice President of Operations at the parent company Viacom, Inc. Use of this site constitutes acceptance of our user agreement and privacy policy. And any additional color on the outlook for Pluto in the back half of the year, given what you saw in 2Q? I understand that submitting my email address allows iSideWith.com to send me important notifications via email. My name is Elliott, and I'll be the conference operator today. in Operations Research from Columbias School of Engineering and Applied Science. So the combination of all those things will be key to delivering stable TV Media OIBDA. The success of our streaming platforms speaks to the power of our content strategy. Ms. Seligman previously served as Executive Vice President and General Counsel of Sony Corporation from 2005 to 2014. In some states, a candidate may choose to have a label other than that of an officially recognized party appear alongside his or her name on the ballot. For more than 20 years, Ms. Griego oversaw the operations of Engine Co. No. 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. Cities | Two is with respect to Western Europe, we obviously launched the U.K. and Ireland in June. 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. June 2, 2022 2:27 PM PT. Until March 2016, Ms. Seligman served as the President of Sony Entertainment, Inc. (beginning in 2014) and of Sony Corporation of America (beginning in 2012), and as Senior Legal Counsel of Sony Group (beginning in 2014). Revenue side has certainly been impacted by the macroeconomic situation. What fascinates me is that were even having this conversation because the electorate, the voters in the city dont care about this. And its those voters whom the leaders of the California Common Sense Party want to reach. 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. 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. 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. But there are real reasons that we see this path to superior margins. We couldn't be prouder. 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. Ms. McHale is President and Chief Executive Officer of Cane Investments, LLC, a private investment company. Rick Caruso fields media questions on Thursday. State legislature | We really have you see a dual benefit there. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. In order to qualify for ballot placement, a party must meet certain requirements that vary from state to state. Enjoying this newsletter? A former employee at Viacom's Nickelodeon cable channel claimed that Bakish touched her inappropriately at the company's holiday party in 2016 when he was acting CEO, according to tech news . He also sits on the Avid Technology Board of Directors. 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. Yes. Before joining The Times in 2019, Wick was the editor in chief of LAist and a senior editor at Longreads. The first is, to what extent are you seeing any inflationary cost pressures in the business? [44][36][45], In early 2017, Bakish laid out a five-point plan to turn Viacom around and return the company to steady profitability. 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 . But he did share insight into his worldview with the relatively small audience, saying he became an independent because he didnt like ideology. Here are the five most liberal CEOs, according to the firm's rankings: 5. Deadline is a part of Penske Media Corporation. So that's really the ad market. Our dual revenue stream model delivered 56% year-over-year D2C revenue growth, with total D2C revenue now reaching $1.2 billion in the quarter. Dana has extensive professional writing experience including technical and report writing, informational articles, persuasive articles, contrast and comparison, grant applications, and advertisement. Second, there are 2 important new category tailwinds that we'll see probably late Q3 and certainly Q4. And we know how to transact in upfront. 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. That came back big in the upfront. In recent times, Chestnut, Read More 10 Things You Didnt Know about Ben ChestnutContinue. Robert M. Bakish is President and Chief Executive Officer of Paramount Global. 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. Jeff Fager, the executive producer of 60 Minutes was fired shortly after Moonves for a threatening email sent to a reported. That's right, the Wall Street banker who runs a firm . That's super important to us because it's a big category for us given our demographics and specifically the demos of CBS. Importantly, the vast majority of the year-over-year decline occurred in international markets where we proactively restructured key affiliate deals, resulting in a shift of revenue from our Pay TV to D2C services. Share. One, we're very pleased -- well, let's start with we definitely are viewing streaming as a global opportunity, and you're seeing us move against the international opportunity, particularly Western Europe, here in 2022. Nominating and Governance Committee Member. 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