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? Ballotpedia uses one or more of the following sources to identify each officeholder's partisan affiliation: (1) direct communication from the officeholder, (2) current or previous candidacy for partisan office, or (3) identification of partisan . In closing, we are enthusiastic about the long-term opportunity for Paramount, unlocked by powerful content and a massive and growing market for streaming. Lloyd Blankfein, Goldman Sachs ( GS ). Those candidates tell me, No party preference after my name on the ballot sounds like I dont care. So first, in terms of D2C revenue growth for the year, we continue to expect very healthy levels of D2C growth. 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. And we regularly see the value of serving consumers that don't pay for streaming as well as the ones that do, and obviously, the associated ad access. It's an important part of the equation. You Quiz Candidates Elections Issues Discuss. And Jessica, with respect to the question on content spend in future years, I'd point you back to what we shared during our Investor Day back in February. In the past he was Chairman at Viacom 18 Media Pvt Ltd., Chairman of Cable Television Advertising Bureau, Inc., President & Chief Executive Officer for Global Entertainment Group Plc, Executive Vice President-Operations of Viacom Enterprises, President, Chief Executive Officer & Director at Viacom, Inc., President & Chief Executive Officer of MTV Networks International, President & Chief Executive Officer for ViacomCBS Networks International, President for Viacom Media Networks, Inc. and Partner at Booz Allen Hamilton International (U.K.) Ltd. On scale, our multi-platform strategy is a clear advantage. He also has a wife and kids. And it's highly coveted by advertisers. But these aren't long-term issues. How to vote | Ideology score: 4.9L. Should someone be thinking otherwise, the most recent campaign finance report shows the governor has almost $25 million in the bank. Counties | Ms. Byrne is Former Vice Chairman of Barclays PLC. 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. Try the political quiz. Joining me for today's discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO. Robert Marc Bakish received an MBA from Columbia Business School and an undergraduate degree from Fu Foundation School of Engineering & Applied Science. Sort of everyone, but Netflix is losing billions a year on streaming. He previously worked as a partner with Booz Allen & Hamilton in its Media and Entertainment practice. We've launched advertising very recently within that service. But thats not what pollsters at the nonpartisan Public Policy Institute of California have found. We delivered 19% total company revenue growth through continued strong D2C momentum and record performance at the box off. 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. Under his leadership, VIMN more than doubled revenues and broadened its portfolio with new, broadly distributed pay-TV networks, including Spike and the Paramount Channel, as well as general entertainment broadcast networks Channel 5 in the U.K., Telefe in Argentina and Colors in India. Fans are headed back to the theaters to watch our films. We really have you see a dual benefit there. 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. It is part of our broader D2C business, as you well know. [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. Mr. Nelson served as a consultant to Avis Budget Group, Inc. until May 2019. Yes, let me just jump in here. 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. 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. [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. We have a very strong proposition in the marketplace. Today, I will highlight some of the key financial and operational drivers behind our second quarter results and share some insight on expectations for the second half of the year. In 2004, Viacom appointed Robert Bakish as the Executive Vice President of Operations at the parent company Viacom, Inc. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Good morning, everyone, and thank you for joining us. It's producing very real results in the momentum that you've seen. Look no further than Top Gun: Maverick, which is already the biggest film of 2022, and our fifth #1 title this year. | First, we're really pleased with how the upfront played out and particularly the volume dynamic in it, which was up nicely. Ms. Seligman served as law clerk to Justice Thurgood Marshall on the Supreme Court of the United States from 1984 to 1985 and as law clerk to Judge Harry T. Edwards at the U.S. Court of Appeals for the District of Columbia Circuit from 1983 to 1984. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. He worked there out of college and climbed the management ladder, achieving great success. She is a native Angeleno. In fact, Top Gun: Maverick just cleared $1.34 billion at the global box office and became 1 of the top 10 domestic movies of all time. Me; Robert Bakish; Economic Freedom. We had broadcast and cable pricing increase at the same high single-digit rate. For example, in some states, a party may have to file a petition in order to qualify for ballot placement. [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. It sounds like you're no longer targeting 60%-plus growth in D2C revenue this year. And in terms of the ad load specifically, it's more a function of continuing to build out the ad products on Paramount+. Could you maybe just think about what the drivers for stable guidance might be for next year, especially since you're comping political? [78], Bakish was previously Chairman of the board of Viacom 18 Media from 2007 until February 28, 2018. This earned him well deserved recognition and praise. The combination of our content, platforms and strategy ensures we can reach the largest total addressable market, generate strong returns on content investment and create devoted fan followings taking full advantage of our deep and growing library of valuable IP. Under his leadership MTVNI experienced growth in the double digits. I'll start this morning by talking about Q2 highlights and preview what's next. Warmer storms could cause problems, Rick Caruso could soon be L.A. mayor. Nominating and Governance Committee Chair. 2023 Deadline Hollywood, LLC. 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. If you like pizza, youll know the name Papa Johns. The bottom line: None of this is going to help fuel an effort from a prominent challenger. 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. Turning to our TV Media segment. Revenue grew 1% in Q2 as strong growth in content licensing was mostly offset by declines in advertising and affiliate revenue. 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. 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. [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. It helps our marketing economics, and it shouldn't be discounted. And I'd point out that all that's not just conceptual, it translates into performance. The candidates GOP past has been the subject of frequent fire from his rivals and their supporters. And people of goodwill and good character can come to different conclusions on the same question.. Cities | At this time, I would like to welcome everyone to Paramount Global's Q2 2022 Earnings Conference Call. So when Netflix published its Q2, it showed this chart that had minutes viewed, and I think CBS was actually #2 behind Netflix. My name is Elliott, and I'll be the conference operator today. Menu Candidates > Robert Bakish > Ideology. Only three other parties have ever had full status in California in the past quarter-century all three ultimately failed to retain enough registered voters. And then just to go back to the content spend, could you at least talk about like step function in increasing content spend '23 versus '22 and '24 as well? Get up to speed with our Essential California newsletter, sent six days a week. The conventional wisdom, based on news headlines and social media, is that Gov. 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. Affiliate and subscription revenue grew 12% in the quarter. Later this year, the biggest show on television, Yellowstone, returns for its fifth season to the Paramount Network in the U.S. [6][7] He earned an MBA from Columbia Business School in 1989. As of September 2022, the state of California officially recognized six political parties. Hes also had international business experience, 6. But I think it continues to be evidence that they are both very compelling products, and they both serve unique and large markets. TV Media OIBDA declined 8% in the quarter to $1.4 billion, reflecting the flow-through of lower advertising and affiliate revenue. Both of those have hard bundle elements to them. U.S. Congress | Success like this isn't a given, it requires the right strategy and strong execution. So we're continuing to move forward. Campbells career in Republican politics ended in 2010 with a failed U.S. Senate primary campaign as his centrist Republican views were drowned out by the rise of the tea party movement and the eventual election of former President Trump in 2016. Did someone forward you this? Caruso was a Republican for much of his life. He served on President Obamas Economic Recovery Board, led by Paul Volcker, and is a member of the Council on Foreign Relations. Several executives within Viacoms subsidiaries were replaced. Yes, sure, Ben. He also sits on the Avid Technology Board of Directors. Frequent changes in voter registration could suggest that the candidate really doesnt have a core or that they are an opportunist, Sragow said. And we're just getting started. Caruso could be right about that. For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. 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. Hyundai was poised to become Teslas top contender. 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. Now because our assets continue to perform impressively across TV and streaming, advertisers are taking note even amid broader market uncertainty. In the interim, thanks again for your time, and be well, everyone. We're continuing to fund the growth. But look back across his time in office and you find a majority of voters have given him good marks in every PPIC poll since January 2020, before pandemic concerns reached California. [8], In February 1997, Bakish joined Viacom. [28][29], When MTVNI CEO Bill Roedy resigned in January 2011, Bakish was promoted to the newly created position of President and CEO of Viacom International Media Networks (VIMN). 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. [Operator Instructions]. 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. Audit Committee Member, Compensation Committee Member. 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. 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. [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. That's right, the Wall Street banker who runs a firm . Just think of the biggest movie in the world, Top Gun: Maverick; the most popular TV show in the country, Yellowstone; perennial global hits like the CBS crime procedurals, NCIS and FBI; or the world's most popular preschool franchise, Nickelodeon's PAW Patrol. So we've been managing with that for a while. 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. Paramount continues to shine at the box office with numbers that outperformed even our own expectations, and we're excited about the future. 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. And how is the composition of ad-supported versus premium Paramount+ subs and gross add trends sort of changed since the release in June? Those launches are performing above our expectations. 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). And though we don't have any imminent price changes, they will happen in the future, and we'll do it while also taking into account the evolution of our content offering, looking at what sort of bundles and other promotional opportunities are available to our customers. Revenue side has certainly been impacted by the macroeconomic situation. Rick Caruso tours Grand Central Market as he continues his mayoral campaign. 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. And just sort of two related questions. . Get our latest storiesin the feed of your favorite networks. With that, operator, can you please open the line for questions? 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. And of course, we will continue to have a lot of innovation and discipline on the cost side of the equation, and that's true across programming, it's true across marketing, and it's true across our broader operations. 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.. All rights reserved. Their goal is to appeal to voters who place value in collaboration, compromise and pragmatism. Shortly after changing his registration in 2016, Caruso told Los Angeles Magazine that he had made the switch so that he could vote for John Kasich in the Republican presidential primary that year. We said at that time that, that would involve D2C content expense of around $6 billion. Records show that he re-registered as a Republican in March 2016. So you put all that together, and we do see a superior financial envelope at comparable level of scale to someone else. Signup for Breaking News Alerts & Newsletters. She is a member of the Board of Trustees at Dana Farber Cancer Institute. Well, look, we see both headwinds and tailwinds in advertising. I was wondering if you can give us your latest thoughts on when or whether you believe you'll be in a position to potentially start raising price on your streaming services, most notably Paramount+? He previously served on the board of Convergys Corporation. And so we're off to a very good start. 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. 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. Thank you taking the time to join us for our second quarter 2022 earnings call. 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. 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. There, we're working with TVING, which is a local streamer. 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. Nominating and Governance Committee Member. Robert M. Bakish is President and Chief Executive Officer of Paramount Global. The effort is also being led by former San Francisco state Sen. Quentin Kopp and former state Commerce Secretary Julie Meier Wright. But even with that, some very compelling facts to focus on. The Board takes any allegation of this type seriously. 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. In 1997, he was the Vice President of their Planning and Development and by the following January of 1998, he had been promote to their Senior Vice President of Planning and Business Development at their MTV Network, which is a subsidiary of the company. Yes. She was part of the team that was a 2022 Pulitzer Prize finalist in breaking news for work covering a fatal shooting on the set of the film Rust. Previously, she was the author of the Essential California newsletter. The question on margins is really the core of what you're asking. During his accomplished career in the financial services sector spanning more than 25 years, Mr. Terrell was responsible for Credit Suisses global banking relationships with some of its most high profile clients. Sure, Bryan. 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. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. State and local courts | We now turn to Steven Cahall from Wells Fargo. [24] He launched the popular Colors franchise of networks via the Viacom18 joint venture in the high-growth market of India. 100% remote. 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. And then more broadly, one of the questions we get from investors as they think through the impact of inflation is pricing power. . 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. Newsoms worst year in office, by this standard, was his first: Only 44% of adults surveyed approved of his work in polls conducted at the beginning and near the end of 2019. Which brings us to whether the Common Sense Party can compete this year. The most important thing to remember is that when we think about our content investment, we're always looking at it in the context of the growth and the return that it unlocks. Ballot measures, Who represents me? Robert Bakish earned praise for his work, 7. 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