Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. Mr. Klieger is a Partner in the Los Angeles law firm Hueston Hennigan LLP. [25][37][2] Under his leadership, the Paramount Channel was launched, offering movies and television shows in Europe, Latin America and Russia. And our 2023 fleet is anchored by fresh commercial takes on some of our most popular and new franchises: from TRANSFORMERS and Teenage Mutant Turtles to Dungeon & Dragons and PAW Patrol, to name just a few. 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. And it's highly coveted by advertisers. Caruso was a Republican for much of his life. That would normally be about 72,600 voters, but the law also requires excluding unaffiliated voters in the calculation. All rights reserved. [60][61][62][63][64] In April 2018, Viacom launched Viacom Digital Studios, which will create new original content hosted on sites such as Facebook, Twitter and Snapchat. But he did share insight into his worldview with the relatively small audience, saying he became an independent because he didnt like ideology. Despite L.A.s global image as a place of glamour and glitz, city voters have tended to select mayors who have done time on the government payroll. 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. Mr. Nelson served as a consultant to Avis Budget Group, Inc. until May 2019. Before joining The Times in 2019, Wick was the editor in chief of LAist and a senior editor at Longreads. Joining me for today's discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO. We know how to transact in scatter. She is currently a member of the International Womens Forum and a lifetime member of the Council on Foreign Relations. She is a native Angeleno. 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 was also in charge of several business units under Viacom Enterprises including Viacom Plus sales, Famous Players, Famous Music, their cross-divisional marketing council and their information services and technology. [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. 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? We have always executed with financial discipline, and we continue to be laser-focused on it. Please check back soon. Republican 2022 US Senate New York. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. But -- so the current inflation driving things like higher fuel prices and all is not really that much of a factor for us incremental. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. P Plus customers are watching a greater number of unique titles today than ever before. Here are 10 you cant miss, Rain check! So we're very excited about this transformation journey that we're on. Early life and education [ edit] 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. 100% remote. And in terms of the ad load specifically, it's more a function of continuing to build out the ad products on Paramount+. Obviously, we're in business with Sky in the U.K. and Ireland, and they are very pleased with what we brought to market. So that's the IPL answer. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. 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. And we're looking forward to what that does both for the box office business and also our other channels. 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. And just sort of two related questions. First, on content spend. We have Italy in September. It is part of our broader D2C business, as you well know. I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. 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'. And through partnerships with Viaplay Group and Corus, we are now expanding Pluto TV's international footprint in the Nordics and Canada, respectively. Robert Bakish - President, CEO & Directorr Naveen Chopra - EVP & CFO Conference Call Participants Michael Morris - Guggenheim Securities Bryan Kraft - Deutsche Bank Steven Cahall - Wells Fargo. We couldn't be prouder. 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. On scale, our multi-platform strategy is a clear advantage. Second, look, we've been in a multi-platform ad business for years, and that gives us very high quality reach and scale of over 1 trillion ad impressions per year across all demographics. Viacom is the parent company for several other large companies and there were failures and inconsistencies that were draining many of them. Should the Common Sense Party be successful and recruit candidates who win, it could make a little history. It helps our marketing economics, and it shouldn't be discounted. We've long known what makes us the ideal advertising partner, our ability to deliver both scale and efficiency, all wrapped around premium content. 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. A native of New Jersey,[2] Bakish attended Dwight-Englewood School in Englewood, New Jersey, graduating in 1981. Sort of everyone, but Netflix is losing billions a year on streaming. As of September 2022, California officially recognized six political parties: the American Independent, Democratic, Green, Libertarian, Peace and Freedom, and Republican parties. Could you maybe just think about what the drivers for stable guidance might be for next year, especially since you're comping political? [59] In early 2018, Bakish also announced the launch of an official Viacom streaming service, which will support ads and will include series and content from Viacom that hasn't been available on other streaming services. And we got tremendous engagement, i.e., time spent off the library. Bakish has an M.B.A. from Columbia Business School and a B.S. From 2004 to 2006, Ms. McHale served as the President and Chief Executive Officer of Discovery Communications, Inc., the parent company of Discovery Channel, and served as its President and Chief Operating Officer from 1995 to 2004. And we're just getting started. What did Disney actually lose from its Florida battle with DeSantis? So in closing, we're continuing to create value across our business, from theatrical, to streaming, to advertising. He led the revitalization and evolution of Viacoms core businesses, returning the company to growth, and extending its leadership across multiplatform entertainment content, next-generation distribution and advertising. And then at TV Media, I think investors have been a little bit skeptical about the stable guide in OIBDA. [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. He led the strategic planning as well as the companys business development. 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. How to run for office | and we grew digital volume in the range of 30%. Those launches are performing above our expectations. Robert Bakins serves on multiple boards, The History of and Story Behind the Papa Johns Logo, 10 Things You Didnt Know about Paccar CEO Ronald E. Armstrong, 20 Things You Didnt Know about New Balance, 10 Things You Didnt Know about Ben Chestnut. 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. Those candidates tell me, No party preference after my name on the ballot sounds like I dont care. 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. And any thoughts on growth or swing factors and investment drivers top line that would be incremental there. When Bakish first went to work for Viacom it wasnt as the head of the company but it was in a leadership position. 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. And we are -- despite some of the short-term headwinds, we continue to be very bullish about the potential for continued ad ARPU growth on our streaming services. Sure, Jessica. Which brings us to whether the Common Sense Party can compete this year. Caruso served as Kasichs California co-chair and was outspoken about his dislike for then-candidate Donald Trump. So yes, there will be some new entrants, but we feel very good about our position, and we look forward to continuing to benefit from it. My name is Elliott, and I'll be the conference operator today. It's a powerful and efficient local model. 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. [9] From 2001 through 2004, he was Executive Vice President and Chief Operating Officer of advertising sales at MTV Networks. You may now disconnect your lines. And thankfully, we are viewed as a good place to work, if you will. Im a Democrat, and Im proud to be a Democrat, Caruso said when asked Tuesday about his prior changes in voter registration. And maybe, along with that, if you could talk about what you're seeing as far as specific advertiser category strength or weakness? Earl Warren in 1950, Gov. CJ has a minority stake in it. So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. Then I'll turn it over to Naveen to take you through financial and operating details, and we'll wrap up with a Q&A as usual. [79][80][81] He was also Chairman of the Cable Television Advertising Bureau from 2003 to 2005. Revenue grew 10% year-on-year. Yes. You Quiz Candidates Elections Issues Discuss. 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? One, I mean, as you saw in Q2, we continue to see tremendous momentum in the direct-to-consumer business, whether you look at the growth on Paramount+ subs, what we're seeing in terms of churn, nice MAU growth and engagement growth at Pluto and most importantly, D2C revenue growth at very, very strong levels, 50% on a combined basis, well over 100% revenue growth at Paramount+. As of June 30, we had a base of 63.7 million global D2C subscribers, including 43.3 million Paramount+ subscribers. Campbells group went the route of registering voters and state election law requires a number equal to 0.33% of the total number of registered voters. But really, competition is nothing new. 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? Get our latest storiesin the feed of your favorite networks. 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. It's really a marketplace dynamic that unfortunately, we're not immune to. We are independent and not affiliated with any investors, shareholders, political parties or interestgroups. 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.. He is a member of the Council on Foreign Relations and The Economic Club of New York. Caruso greets customers at Grand Central Market on Thursday. So a couple of things to say. He worked there out of college and climbed the management ladder, achieving great success. Success like this isn't a given, it requires the right strategy and strong execution. And is there a better level we should look at? [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. All Rights Reserved. He started with a thorough housecleaning operation. Will it turn to a billionaire mayor? On the positive side, TV clearly remains resilient on a relative basis, and that's a function of a very tight supply. So maybe not for this year, but are we approaching a period where you could see more meaningful step function improvements in Filmed Entertainment's profitability? 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. That came back big in the upfront. And then we have Germany and Austria and Switzerland with Sky in December, I believe, as well as France with CANAL+. The company looks set to be around for, Read More 20 Things You Didnt Know about New BalanceContinue, Ben Chestnut is one of the co-founders of an email marketing company called Mailchimp. Interns wanted: Get paid to help ensure that every voter has unbiased election information. His opinion is highly valued in the entertainment business industry and beyond. Prior to Oracle, Mr. Phillips was a Managing Director at Morgan Stanley in the Technology Group and served on its Board of Directors. In 2004, Viacom appointed Robert Bakish as the Executive Vice President of Operations at the parent company Viacom, Inc. 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. Caruso has typically dismissed criticism and most questions about his registration history. If you are Robert Bakish, . | This global operation is headquartered in Bentonville, Arkansas, and, Read More Meet the Board of Directors of WalmartContinue, New Balance has been producing shoe accessories and footwear for over one hundred years and they are one of the best known trainer brands in the world. It's not an overwhelming part, but it is part of it. 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. So the combination of all those things will be key to delivering stable TV Media OIBDA. Is this happening to you frequently? Robert M. Bakish is President and Chief Executive Officer of Paramount Global. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. At this time, I would now like to turn the call over to Anthony DiClemente, Paramount Global's EVP, Investor Relations. 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