On the positive side, TV clearly remains resilient on a relative basis, and that's a function of a very tight supply. To attract the best partners and build the best business, you've also got to make it easy and efficient for advertisers to reach their audiences of choice. And we know how to transact in upfront. Prior to that, Mr. Nelson held several executive finance and operating roles, beginning in 2003 with Cendant Corporation, including as its Chief Financial Officer and President and a member of its board from 2003 to 2006. Hes held the position since December of 2016 after working several years with the company. We now turn to Steven Cahall from Wells Fargo. 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. 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Your support helps us deliver the news that matters most. [76] He is also on the Board of Directors at Avid Technology, Inc.[22], He is on the Board of Overseers at Columbia Business School,[6] and is also an active member of its Media & Technology Forum. Danbury, Connecticut. Gray Davis and championed the creation of charter schools while serving as a state legislator, died last week at age 78. [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. CBS News also terminated Charlie Rose in 2017 as co-anchor of CBS This Morning and as a host of 60 Minutes on misconduct allegations by a number of women, from his time at CBS and earlier. So we'll be deploying all of that in those markets. Please disable your ad-blocker and refresh. D2C OIBDA was a loss of $445 million in the quarter, reflecting the investments we are making in content, marketing and international expansion in support of what we believe is a compelling growth opportunity for Paramount. I'm particularly interested in whether that's creeping into content production costs. The CBS board at the time accused him of willful and material malfeasance.. 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. 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. Yes. When I was a Republican, I was a centrist. When Bakish first went to work for Viacom it wasnt as the head of the company but it was in a leadership position. For more than 20 years, Ms. Griego oversaw the operations of Engine Co. No. All Rights Reserved. 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. 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. But in a competitive market, scale isn't enough. I just had a couple of questions on one topic, which is sort of the international opportunity with Paramount+. We don't obviously guide to Pluto specifically. From 1994 to 2003, Mr. Nelson served as Co-Chief Operating Officer of DreamWorks SKG. We finished the quarter with $4 billion of cash on hand and total debt of $15.8 billion. 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. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell 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 . 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. It definitely extends past that. 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. She is a member of the Board of Trustees at Dana Farber Cancer Institute. [Operator Instructions]. Although Pluto TV revenue growth was impacted by the macro environment, the service continues to demonstrate strong engagement with the year-over-year growth rate in total viewing hours accelerating from Q1 to Q2. He was considering a run for mayor at the time. Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. [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. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. 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.. He's held the position since December of 2016 after working several years with the company. The leading global brands in entertainment, We tell rich stories that are highly relevant to our audiences. [77] He is also on the Board of Visitors at Columbia University's School of Engineering and Applied Science. 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. And I note that we are seeing some areas of category strength, including in Q2 and today, travel, technology. I mean we deployed it in the U.K. Become a subscriber. And thankfully, we are viewed as a good place to work, if you will. 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? Try it now! Success like this isn't a given, it requires the right strategy and strong execution. Hard bundle deals like these allow us to quickly unlock a healthy volume of subscribers at 0 acquisition cost and with very low churn. Yes. We've launched advertising very recently within that service. A couple of clarifications and a question, if I can. My beliefs; My parties; My ballot; My support map; My settings; Logout; United States Speaking English. In fact, we've seen healthy double-digit growth in ad ARPU on the Essentials tier of Paramount+, despite some of the macro headwinds. Apply today! We want to hear from you! Yes. We know how to transact in scatter. Remember, Rich, we've only been in the streaming business for a short time. Should the Common Sense Party be successful and recruit candidates who win, it could make a little history. It's Naveen. and really a long track recordship of partnership and customer services with agencies and their clients. It's going to be part of a streaming offering for the Indian market, that Viacom18 is going to launch in 2023. and of course, thinking about our value proposition relative to competing services, where I point out, I think we offer a very strong value position today. 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 . As of September 2022, California officially recognized six political parties: the American Independent, Democratic, Green, Libertarian, Peace and Freedom, and Republican parties. Both of those have hard bundle elements to them. What did Disney actually lose from its Florida battle with DeSantis? Mr. Klieger represents motion picture studios, broadcast and cable television networks, production companies, video game publishers and high net worth individuals in the media and entertainment space, as well as clients in other industries including apparel, aviation and venture capital. The first is, to what extent are you seeing any inflationary cost pressures in the business? But Caruso offered more candor about his evolving political thinking during a meeting with an influential homeowners group in March. [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. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. Within a year of graduating with his MBA, Mr. Bakish was hired at the Booz Allen Hamilton company in 1990. For example, in some states, a party may have to file a petition in order to qualify for ballot placement. In September, we're using that same strategy to launch Paramount+ as a hard bundle in Italy with Sky Italia. She previously served on the board of ALSTOM, a public French transport company. Mr. Klieger is a Partner in the Los Angeles law firm Hueston Hennigan LLP. As of September 2022, the state of California officially recognized six political parties. 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? 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. iSideWith.com may earn a portion of sales from products that are purchased through our site as part of our affiliate partnerships with retailers. Their poll released Wednesday found 56% of those surveyed say Newsom is doing a good job. These are listed in the table below. So I am Doug Mitchelson, Credit. You may occasionally receive promotional content from the Los Angeles Times. Prior to joining Hueston Hennigan, Mr. Klieger was a Partner at Irell & Manella LLP and a Founding Partner at Kendall Brill & Klieger LLP. 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. Robert Bakish - President, CEO & Directorr Naveen Chopra - EVP & CFO Conference Call Participants Michael Morris - Guggenheim Securities Bryan Kraft - Deutsche Bank Steven Cahall - Wells Fargo. Thank you taking the time to join us for our second quarter 2022 earnings call. But really, competition is nothing new. [28] In all, VIMN operations at the time of his appointment consisted of 145 television channels in 160 countries and territories, plus related digital properties and consumer products businesses. He serves on the boards of both schools and is also a Director on the Board of AVID Technologies, a NASDAQ-listed company. 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. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. We couldn't be prouder. Bakish is responsible for turning the Viacom company around and improving its financial situation. But obviously, given the macro advertising headwinds and the fact that there's a little bit less visibility in the back half of the year, it's possible we may not get all the way to that 60%. So on your first question, inflation, in our business, we actually saw inflation a while ago, really more in the production side of the house related to talent and competition therein. Today's call is now concluded. Paramount continues to shine at the box office with numbers that outperformed even our own expectations, and we're excited about the future. And we think that is a tremendous positive for the company and will be even more so as the macro situation improves. Here are the five most liberal CEOs, according to the firm's rankings: 5. My ballot; My support map; My settings; Logout; United States Speaking English. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. 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. 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 did you see the whole benefit of the initial launch in Q2? 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. 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. I know it might take some time before we get to the more profitable windows for these films to really flow through the financials. 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. 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. [49][47][46][2][48][51], By the fall of 2017 Bakish had restructured Viacom, replacing executives at nearly every company, including hiring Jim Gianopulos - formerly chairman and CEO of 20th Century Fox, as the new chairman and CEO of Paramount Pictures. 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. Related to the streaming ad size, Paramount+ grew advertising over 90% in the quarter. Ms. Byrne is Former Vice Chairman of Barclays PLC. Their intent, and I don't really leave it to the joint venture, which, by the way, our other partners, Reliance, to speak to that, and they haven't spoke to it much. And there, we're really the global part of the global tier to their local offering. We've long known what makes us the ideal advertising partner, our ability to deliver both scale and efficiency, all wrapped around premium content. Lloyd Blankfein, Goldman Sachs ( GS ). 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. 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.. Candidates. Jerry Brown in 2014. Or does it extend past that? [41][37][42][43] Optimistic that Bakish could make good on his plans to turn Viacom's core U.S. cable networks and its Paramount Pictures film studio around, the board of directors of Viacom Inc. made Bakish's appointment as President and CEO permanent on December 12, 2016. The L.A. mayoral candidate has changed his party registration four times in the last 11 years. HIGHLIGHTS. 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. Our next question comes from Bryan Kraft from Deutsche Bank. One on content spend and one on film entertainment, if I could. [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. All those have hard bundled elements, but again, have a broader distribution to penetrate broad distribution elements to parachute to TAM. 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. Robert Bakish is the CEO and President of Viacom. The Board takes any allegation of this type seriously. So that's one important economic advantage. 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. Viewers hungry for incredible storytellers are also turning up in ever greater numbers to our flagship streaming service, Paramount+. And then more broadly, one of the questions we get from investors as they think through the impact of inflation is pricing power. Ms. Redstone earned a BS from Tufts University, and a JD and a Masters in Tax Law from Boston University. Starting with direct-to-consumer. 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? Prior to Oracle, Mr. Phillips was a Managing Director at Morgan Stanley in the Technology Group and served on its Board of Directors. Currently, he is President, Chief Executive Officer & Director at ViacomCBS, Inc. Mr. Bakish is also on the board of 5 other companies. 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 represented numerous public and private entities and has served as counsel to their boards and independent trustees. 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. Learn how your comment data is processed. As of June 30, we had a base of 63.7 million global D2C subscribers, including 43.3 million Paramount+ subscribers. He worked there out of college and climbed the management ladder, achieving great success. Nearly three years after Newsom issued an executive order that halted executions in California, the state is accelerating an effort to move incarcerated people off death row and into other prisons. 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. Meanwhile, in markets like India and Eastern Europe, we're focused on balancing long-term market growth with a smart allocation of capital. Thats because if it fails, their candidacy would be changed to that of a no party preference contender. Pluto TV added 2.1 million global MAUs in Q2, bringing our global reach to 69.6 million MAUs. The billionaire developer has said little about global warming. Part of the reason is that we don't just make popular content, we also make content popular by leveraging our powerful platforms. 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