So that's one important economic advantage. Robert Bakish. 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. A couple of clarifications and a question, if I can. We see our partners responding enthusiastically. So that's really the ad market. Campbells group rightly points out that parties are allowed to raise large sums of money to win elections, while independent no party preference candidates are limited to the relatively small donation limits for individual contributors. We've done -- we have a very successful track record of putting in place new affiliate deals that either have built-in rate escalators or fixed fee components on the station side of the business. 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. Ballot measures, Who represents me? External Relations: Moira Delaney Hannah Nelson Caroline Presnell I mean in terms of our expectations for Pluto in the back part of the year, I'd take a couple of things. [30][31][32][33][34] This promotion included responsibility for all Viacom media networks and operations internationally, including MTV, Nickelodeon, Comedy Central, BET, VH1, VIVA, TMF, Game One and MTV Tres;[35][4] plus oversight of all of Viacoms international TV-related joint ventures, including Viacom18 in India and ViacomSBS in Korea, as well as channel ventures with BSkyB in the UK and Foxtel in Australia. 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. Mr. Klieger is a Partner in the Los Angeles law firm Hueston Hennigan LLP. The news of the probe of Bakish comes several years after the CBS side of the company was tainted by a highly public sexual misconduct scandal focused on former CBS CEO Les Moonves. 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. In September, another season of the NFL and SEC college football also returns to CBS and Paramount+ in the U.S. 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. Naveen? Or is some of that going to lead into Q3? She is Non-Executive Chair of Paramount's Board of Directors, having previously served as Vice Chair of the Boards of Viacom Inc. and CBS Corporation prior to the combination of the companies in 2019. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. 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. Robert Bakish is the CEO and President of Viacom. [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 Pluto, we provide a global platform and global libraries, and our partners provide compelling local content and local ad sales capabilities. So let me show you how, starting with film. 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. Starting with direct-to-consumer. It gets us a bigger TAM. 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. Moonves was formally fired with cause in December, forfeiting as much as $120 million in severance. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. These risks and uncertainties are discussed in more detail in our filings with the SEC. Revenue grew 1% in Q2 as strong growth in content licensing was mostly offset by declines in advertising and affiliate revenue. And the 2022 cycle is starting to look like it could mirror the California gubernatorial reelection blowout wins for Gov. On scale, our multi-platform strategy is a clear advantage. Voters seeking to better understand his zigzagging political transformation will find few answers in his $25-million barrage of advertisements. Then the U.S. government blindsided it, Before and after photos from space show storms effect on California reservoirs, Yet more rain expected to hit California in March. Yes. 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. 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. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. 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. We look at impression delivery, and it's in line with our expectations for the beginning of the year. Will it turn to a billionaire mayor? Click here to contact us for media inquiries, and please donate here to support our continued expansion. Thats because if it fails, their candidacy would be changed to that of a no party preference contender. Before beginning his career in private practice, Mr. Klieger served as a law clerk to the Honorable Cynthia Holcomb Hall of the United States Court of Appeals for the Ninth Circuit, and the Honorable William Matthew Byrne, Jr. of the United States District Court for the Central District of California. He served on President Obamas Economic Recovery Board, led by Paul Volcker, and is a member of the Council on Foreign Relations. He was responsible for the oversight of all of MTV Networks business operations outside of the United States. 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. Ms. Seligman previously served as Executive Vice President and General Counsel of Sony Corporation from 2005 to 2014. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. Prior to joining Cane Investments in 2011, Ms. McHale served as the Under Secretary of State for Public Diplomacy and Public Affairs for the U.S. Department of State from 2009 to 2011. She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. 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. Im a Democrat, and Im proud to be a Democrat, Caruso said when asked Tuesday about his prior changes in voter registration. [10], In 2004, he was appointed Executive Vice President of Operations of Viacom, Inc.,[11][12][13][14][15] and in 2006 he was also appointed Executive Vice President of Viacom Enterprises. He was appointed to the board in 2016. Just wondering if you could talk in some more detail about the impacts of the macroeconomic environment that you're seeing in the business and particularly what you're seeing in terms of advertising demand across your own platforms. He also sits on the Board of Visitors at the School of Engineering and Applied Science at Columbia University. I'll try not to abuse it. I'd note that the supply side of Pluto continues to track very strongly. 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. Yes, sure, Ben. And at the core of it, it's our differentiated as we say, playbook. Robert Bakish - $10,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. We also have -- in the U.K., we have Channel 5, so it has relationships that are triggering stories there. And then you add to that industry-leading, integrated advertising and advanced advertising capabilities. 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. 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. Try the political quiz. The last point, your local content, all those markets do have local content dimensions. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell But even with that, some very compelling facts to focus on. 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? What fascinates me is that were even having this conversation because the electorate, the voters in the city dont care about this. And as you said, it's really too early to know exactly what the market will look like in 2023. Ms. Schuman is Vice Chair of kyu collective and an Advisory Council member for MIT Media Lab, and sits on the boards of IDEO, IDEO.org and Wheels Up. For example, in some states, a party may have to file a petition in order to qualify for ballot placement. And we're looking forward to what that does both for the box office business and also our other channels. We also saw sequential growth in hours per act. 20 Cities with the Worst Weather in the U.S. How Eiza Gonzalez Achieved a Net Worth of $5 Million, How Bebe Rexha Achieved a Net Worth of $10 Million, The 20 Worst Cities for Human Trafficking in the World. iSideWith.com may earn a portion of sales from products that are purchased through our site as part of our affiliate partnerships with retailers. Personal Freedom. Ms. Schuman is Executive Chair of SYPartners, a consultancy that partners with the worlds most senior leaders undergoing business and cultural transformations. That's right, the Wall Street banker who runs a firm . June 2, 2022 2:27 PM PT. But in a competitive market, scale isn't enough. 2023 iSideWith.com. Overview Policies Discuss Ratings Themes Ideology. Yes, I'll take those. 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. Which brings us to whether the Common Sense Party can compete this year. Please check back soon. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. Perhaps the most radical idea, at least by todays politics, is the Common Sense Partys pledge to back a candidate of another party if they have no candidate in the race and the person demonstrates, as the partys website says, an independence that is responsible, open and inclusive.. Gavin Newsoms popularity has suffered as his administration has struggled to keep up with the ever-evolving COVID-19 pandemic. Use of this site constitutes acceptance of our user agreement and privacy policy. 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. Details may include related records, political party, location, and more. Me; Robert Bakish; Economic Freedom. TV Media affiliate revenue declined 3% in the quarter. And most importantly, deeper engagement resulted in sizable improvement in domestic churn. That's partially because we are gaining share. Remember, Rich, we've only been in the streaming business for a short time. Ms. Redstone earned a BS from Tufts University, and a JD and a Masters in Tax Law from Boston University. So very good supply side equation. We finished the quarter with $4 billion of cash on hand and total debt of $15.8 billion. School districts | Although there are hundreds of political parties in the United States, only certain parties qualify to have the names of their candidates for office printed on election ballots. 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. Initially as Vice President of Planning and Development,[8] he became Senior Vice President of Planning, Development and I'm particularly interested in how you're thinking about the launches of some of these ad-supported services from Netflix and Disney+, how they could impact the CTV ad market and Paramount+ Pluto, in particular? All rights reserved. Please check back soon. Compensation Committee Chair, Audit Committee Member. Caruso first switched his registration from Republican to no party preference in late November 2011. [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. We don't obviously guide to Pluto specifically. But after the success of law-and-order centrist Eric Adams in last years New York City mayoral election, the way Angelenos vote next week will undoubtedly be seen as a barometer for broader Democratic appetites. We had broadcast and cable pricing increase at the same high single-digit rate. Sort of everyone, but Netflix is losing billions a year on streaming. Sure, Rich. See Bob Bakish's compensation, career history, education, & memberships. Sure, Brett. Research: Josh Altic Vojsava Ramaj An independent review of the alleged incident has concluded, and the investigation did not support the allegation, ViacomCBS said in a statement. But -- so the current inflation driving things like higher fuel prices and all is not really that much of a factor for us incremental. 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'. We leverage those assets across many platforms, and it's one of the reasons that we can grow faster, while spending less than others. 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. We've launched advertising very recently within that service. The Board takes any allegation of this type seriously. We are independent and not affiliated with any investors, shareholders, political parties or interestgroups. Bakish oversees one of the worlds leading producers of media and entertainment content, driven by a global portfolio of powerful consumer brands and flagship streaming platforms, including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, and Pluto TV, among others. It's producing very real results in the momentum that you've seen. Filters. CJ has a minority stake in it. His investment banking career began in 1983 as an Associate with The First Boston Corporation. Kasich dropped out of the race in May 2016, and Caruso did not vote in that years primary, according to county records. The question on margins is really the core of what you're asking. Ms. Redstone serves on the Board of Trustees for the Paley Center for Media and is actively involved in charitable, civic and educational organizations. Caruso was a Republican for much of his life. If you look at where we are in content, we're clearly advantaged. Search Terms: Robert Bakish Reset All Filters Page 1 of 1 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. 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.. [44][36][45], In early 2017, Bakish laid out a five-point plan to turn Viacom around and return the company to steady profitability. And as part of that, could you talk a little bit your international programming strategy? From 1994 to 2003, Mr. Nelson served as Co-Chief Operating Officer of DreamWorks SKG. 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. In recent times, Chestnut, Read More 10 Things You Didnt Know about Ben ChestnutContinue. This earned him well deserved recognition and praise. Our last question comes from Philip Cusick from JPMorgan. At the center, of course, is our hugely popular content, big, broad and beloved. Continued improvements in engagement and our compelling advertiser proposition mean that Pluto is well positioned to both gain share and benefit from organic growth. For the full year, our outlook for stable year-on-year OIBDA at Filmed Entertainment remains unchanged. We'll end this spectacular year with Damien Chazelle's Babylon, starring Brad Pitt and Margot Robbie, which begins its theatrical rollout in December. He was considering a run for mayor at the time. 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. 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? 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. I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. 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. The leading global brands in entertainment, We tell rich stories that are highly relevant to our audiences. L.A. loves the glitz but suspects the rich. That would normally be about 72,600 voters, but the law also requires excluding unaffiliated voters in the calculation. from movies and sports, to shows the news, to events and more, the diversity and quality of our content is unrivaled, especially on Paramount+. And the second is political. Cities | Our next question is from Kutgun Maral from RBC Capital Markets. We've seen some price increases at different streaming services. And we do see this tracking to TV Media-like markets, which is at the core of your question. 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. She has served as Chairman of the Board of Directors of The Doe Fund since 2017. Ms. Seligman joined Williams & Connolly in 1985. We couldn't be prouder. [54][55] In 2018, under Bakish's direction and in accordance with his plan to capture younger and digital markets, Viacom acquired digital platform WhoSay,[56][57] internet video conference VidCon,[58][56][57] and online television network AwesomenessTV. His opinion is highly valued in the entertainment business industry and beyond. 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. Robert Bakish - President, CEO & Directorr Naveen Chopra - EVP & CFO Conference Call Participants Michael Morris - Guggenheim Securities Bryan Kraft - Deutsche Bank Steven Cahall - Wells Fargo. So we've been managing with that for a while. Meanwhile, hit CBS originals like NCIS, which consistently dominate ratings in linear, have drawn significant viewership to Paramount+ and driven engagement there, as have must-see sporting events like the UEFA Champions League Final in May, which air on CBS and Paramount+. So to your question of it being a price taker, sure, we play in the programmatic market. Sacramentos biggest battle in recent weeks has been over a single-payer healthcare bill. Bob Bakish is President/CEO at Paramount Global. And what will the margin profile of that business looks like? So we're very excited about this transformation journey that we're on. Mr. Terrell served as Executive Vice Chairman of Investment Banking and Capital Markets at Credit Suisse and later Senior Advisor from January 2018 to November 2018. Yes. We really have you see a dual benefit there. The L.A. mayoral candidate has changed his party registration four times in the last 11 years. We know how to transact in scatter. Affiliate and subscription revenue grew 12% in the quarter. It is now a multinational retail corporation that runs chains of hypermarkets, discount department stores, and grocery stores. Is this happening to you frequently? I think you covered the -- I think you got it. I really want to thank everyone for their time today. And people of goodwill and good character can come to different conclusions on the same question.. Website the Information first reported and Deadline has confirmed that the review centered on a complaint made this year by a former Nickelodeon employee, who alleged that Bakish touched her inappropriately at Viacoms holiday party in 2016, when he was acting CEO. [9] From 2001 through 2004, he was Executive Vice President and Chief Operating Officer of advertising sales at MTV Networks. Mr. Nelson served as a consultant to Avis Budget Group, Inc. until May 2019. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. 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. And based on other third-party data, Paramount+ is also the most popular premium streaming service in the U.S. to add among switchers. He's held the position since December of 2016 after working several years with the company. The first is pharmaceuticals. But I think it continues to be evidence that they are both very compelling products, and they both serve unique and large markets. From 1990 to 2000, Ms. Griego held a number of government-related appointments, including Deputy Mayor of the city of Los Angeles, President and Chief Executive Officer of the Los Angeles Community Development Bank, and President and Chief Executive Officer of Rebuild LA, the agency created to jump-start inner-city economic development following the 1992 Los Angeles riots. Good morning, everyone. We're also seeing the power of partnership to bring Pluto TV to greater heights. He was listed by the Hollywood Reporter in its listing of The most powerful people in entertainment 2018 as number 20 out of 100. 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. 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