Learn how your comment data is processed. Get our latest storiesin the feed of your favorite networks. Advertising was down 2% year-over-year or flat on a constant currency basis due to macroeconomic headwinds, and licensing revenue grew 27%. And did you see the whole benefit of the initial launch in Q2? The partys name is no accident, of course, as the group references the American Revolution-era writings of Thomas Paine on its website. [52][53], In 2018, Bakish's implementation of his five-point comprehensive strategy was credited with Viacom's much improved finances and improved company morale and focus. He was responsible for the oversight of all of MTV Networks business operations outside of the United States. We said at that time that, that would involve D2C content expense of around $6 billion. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. Revenue grew 1% in Q2 as strong growth in content licensing was mostly offset by declines in advertising and affiliate revenue. 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. So a couple of points there. Or does it extend past that? My beliefs; My parties; My ballot; My support map; My settings; Logout; United States Speaking English. Affiliate and subscription revenue grew 12% in the quarter. 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. [24] He launched the popular Colors franchise of networks via the Viacom18 joint venture in the high-growth market of India. And so it will be a real engine for streaming, and then Paramount+ will benefit by being part of that, even though we're not directly investing on an O&O basis, we're obviously part of the joint venture. And longer term, we remain focused on our goal of reaching over 100 million global D2C subscribers and generating at least $9 billion in D2C revenue by 2024. 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. Paramount+ added 4.9 million global subs, while our other streaming services grew modestly. Our next question comes from Brett Feldman from Goldman Sachs. In fact, we saw an acceleration of that from Q1 to Q2. [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. Yes. 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. That's another launch with Sky on a hard bundled basis. But in a competitive market, scale isn't enough. 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. And then you add to that industry-leading, integrated advertising and advanced advertising capabilities. And therefore, we see sub growth not only coming from really engagement from the hard bundles where more and more people use it, but we also see those other 2 pillars of the distribution strategy beginning to kick in, and in fact, they already have. Whether Los Angeles voters who veered left on issues of criminal justice reform and backed Sen. Bernie Sanders (I-Vt.) in recent years want to see the Democratic Party swing toward the center remains an open question. [Operator Instructions]. 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. 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. Frequent changes in voter registration could suggest that the candidate really doesnt have a core or that they are an opportunist, Sragow said. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. But I care deeply, Campbell said. 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. 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. So first, in terms of D2C revenue growth for the year, we continue to expect very healthy levels of D2C growth. Share. Because I think if you think about everyone in streaming today, like you're talking about $1.8 billion of losses for the calendar year. Caruso spokesperson Peter Ragone said Caruso did not vote for Trump in 2016 but declined to say whether he voted for another candidate in the November 2016 presidential race. 2023 Deadline Hollywood, LLC. And if you look at our total D2C ad business in the quarter, including Pluto TV, that grew 25%. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. [46][47][2][48][49][50] The strategy also included having Paramount Pictures develop films and franchises connected to Viacom television content; additionally, Spike TV would be rebranded as and converted to a broad-based general entertainment channel, the Paramount Network, in early 2018. When I was a Republican, I was a centrist. So very good supply side equation. John Myers led the Los Angeles Times coverage of state government as Sacramento bureau chief from 2015 to June 2022. 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. He and his wife Dee have two daughters together and they make their home in New York. For decades, California law has forbidden the states medical board from considering victim statements in decision-making. But Caruso offered more candor about his evolving political thinking during a meeting with an influential homeowners group in March. Legislated Equality. When I was an independent, I was a centrist. It helps our marketing economics, and it shouldn't be discounted. 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. 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. 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. The success of our streaming platforms speaks to the power of our content strategy. 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'. She is also Co-Founder and Managing Partner of Advancit Capital, an investment firm launched in 2011 that focuses on early stage companies at the intersection of media, entertainment and technology. Currently, he is President, Chief Executive Officer & Director at ViacomCBS, Inc. Mr. Bakish is also on the board of 5 other companies. For example, in some states, a party may have to file a petition in order to qualify for ballot placement. 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. 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. Even in these deeply polarized times, millions of California voters refuse to pick sides between the nations two most powerful political parties. Ms. Redstone earned a BS from Tufts University, and a JD and a Masters in Tax Law from Boston University. 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. At competitive pricing, that makes Paramount a must-buy for marketers who need to efficiently aggregate awareness around their products. Im a Democrat, and Im proud to be a Democrat, Caruso said when asked Tuesday about his prior changes in voter registration. Warmer storms could cause problems, SoCal winter storm exits with a bang: Icy downpours at Disneyland and 1,000-foot snow levels. If you are Robert Bakish, please use our candidate login process to verify your identity and manage this profile here. Ms. Seligman has served on the board of Far Point Acquisition Corporation since 2018 and the board of MeiraGTx Holdings plc since 2019, and has been a Non-Executive Director of WPP plc since 2014 and its Senior Independent Director since 2016. In September, we're using that same strategy to launch Paramount+ as a hard bundle in Italy with Sky Italia. To your question of is this Q2 only boost to subs? We want to hear from you! Prior to SYPartners, Ms. Schuman was the General Manager of Studio Archetype, one of the first premier web design firms in the U.S. She also ran her own marketing and product strategy consulting firm. Caruso served as Kasichs California co-chair and was outspoken about his dislike for then-candidate Donald Trump. Hes held the position since December of 2016 after working several years with the company. From 2000 to 2008 he was the Managing Partner of Provender Capital Group, LLC a private equity firm focusing on investments in emerging companies. 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. 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. Success like this isn't a given, it requires the right strategy and strong execution. In Filmed Entertainment, Q2 revenue was $1.4 billion, more than double the year ago period. So rate is an important part of the equation. And it's quite clear to me that we took share in this most recent upfront, There, we had digital volume up on the order of 30%. 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. Prior to joining Sony Corporation of America, Ms. Seligman was a partner in the litigation practice at Williams & Connolly LLP in Washington, D.C., where she worked on a broad range of complex civil and criminal matters and counseled a wide range of clients, including President William Jefferson Clinton and Lt. Col. Oliver North. Here are 10 you cant miss, Rain check! We now turn to Steven Cahall from Wells Fargo. But in the years since, he latched onto the idea of a political party that would welcome differences of opinion and whose members would value the pursuit of common ground. Yes. And then we have Germany and Austria and Switzerland with Sky in December, I believe, as well as France with CANAL+. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. iSideWith is not affiliated with any political party, candidate, or interest group. 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. And another indicator of that strength is really the 30% digital volume growth -- ad volume growth that we saw in the upfront. And fourth, we have this global operating footprint. And Mike, with respect to your question on the outlook for 2023, I'd really say 2 things. 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. 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. Lloyd Blankfein, Goldman Sachs ( GS ). L.A. loves the glitz but suspects the rich. So we like that strategy. 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. Robert M. Bakish is President and Chief Executive Officer of Paramount Global. It is part of our broader D2C business, as you well know. We also maintained a committed $3.5 billion credit facility that remains undrawn. [70][71][72][73], In September 2018, due largely to his turnaround of Viacom, The Hollywood Reporter listed Bakish as #20 in its The Hollywood Reporter 100: The Most Powerful People in Entertainment 2018. We're expecting advertising related to the midterm to be very strong given what's going on there. 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. Share. Ms. Beinecke serves as Chairperson of the board of First Eagle Funds, a leading U.S. mutual fund family and is the Lead Trustee of Vornado Realty Trust. Obviously, we're in business with Sky in the U.K. and Ireland, and they are very pleased with what we brought to market. Yes, let me just jump in here. Sure, Brett. HIGHLIGHTS. Good morning. So let me show you how, starting with film. As of September 2022, California officially recognized six political parties: the American Independent, Democratic, Green, Libertarian, Peace and Freedom, and Republican parties. She has served on the board of Hilton Worldwide Holdings Inc. since 2013. [3][4][5], He received a Bachelor of Science in operations research in 1985 from Columbia University's School of Engineering and Applied Science. Thats because if it fails, their candidacy would be changed to that of a no party preference contender. She joined Sony in 2001 and served in a variety of other capacities during her tenure, including as a Corporate Executive Officer and Group Deputy General Counsel of Sony Corporation, and as General Counsel and an Executive Vice President at Sony Corporation of America, a subsidiary of Sony Corporation. It's producing very real results in the momentum that you've seen. 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+. In 2004, Viacom appointed Robert Bakish as the Executive Vice President of Operations at the parent company Viacom, Inc. Meanwhile, in markets like India and Eastern Europe, we're focused on balancing long-term market growth with a smart allocation of capital. We're watching it, but I wouldn't think of that as a step function change for us like it is, for example, for a packaged goods company that's buying raw materials at seeing those prices increase, very different dynamic. The first is, to what extent are you seeing any inflationary cost pressures in the business? And just sort of two related questions. Turning to the balance sheet. In other states, a party must organize around a candidate for a specific office; that candidate must, in turn, win a percentage of the vote in order for the party to be granted ballot status. Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. 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. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. Good morning. Please check back soon. [25][26][2][27] MTVNI had double-digit, year-on-year growth during his tenure. Search Terms: Robert Bakish Reset All Filters Page 1 of 1 Second, there are 2 important new category tailwinds that we'll see probably late Q3 and certainly Q4. I mean we deployed it in the U.K. Please check back soon. The title changed in 2006 to Executive Vice President of Viacom Enterprises. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. [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. Consider subscribing to the Los Angeles Times. In 2006, Ms. McHale worked with private equity firm Global Environment Fund to launch the GEF/Africa Growth Fund, an investment vehicle focused on supplying expansion capital to small and medium-sized enterprises that provide consumer goods and services in emerging African markets. When Bakish first went to work for Viacom it wasnt as the head of the company but it was in a leadership position. All rights reserved. Will it turn to a billionaire mayor? And we're just getting started. And as you said, it's really too early to know exactly what the market will look like in 2023. Mr. Nelson has extensive experience as a chief executive officer, chief financial officer and chief operating officer of major global companies, significant financial expertise, international business experience, public company and corporate governance experience and a long-standing background in the media industry. iSideWith.com may earn a portion of sales from products that are purchased through our site as part of our affiliate partnerships with retailers. Read our privacy policy for more information. He also wrote a weekly newsletter on California politics and provided regular news analysis. Same thing is true with South Korea. Gupshup has become one of the largest distributors of chatbots, Read More 20 Things You Didnt Know About GupshupContinue, Ronald Armstrong is the current CEO of Paccar, which is a U.S. corporation that manufactures commercial vehicles for customers situated throughout the world. and really a long track recordship of partnership and customer services with agencies and their clients. And we're looking forward to what that does both for the box office business and also our other channels. Try the political quiz. 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? Two daughters together and they make their home in New York smart allocation of capital board of Worldwide... Turn to Steven Cahall from Wells Fargo the equation that strength is really the 30 % digital volume that. Well as France with CANAL+ is no accident, of course, well... 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