He also sits on the Avid Technology Board of Directors. Look no further than Top Gun: Maverick, which is already the biggest film of 2022, and our fifth #1 title this year. [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. Advertisers are focused on being associated with premium content, and we have a really diverse collection here across entertainment, sports and news. And so we're off to a very good start. Filmed Entertainment OIBDA was $181 million, benefiting from the strong performance of our current year theatrical flights. Some of today's financial remarks will focus on adjusted results. He previously worked as a partner with Booz Allen & Hamilton in its Media and Entertainment practice. And what will the margin profile of that business looks like? Our next question comes from Brett Feldman from Goldman Sachs. 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. Become a subscriber. Yes. 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%. If you look at where we are in content, we're clearly advantaged. 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? Deadline is a part of Penske Media Corporation. But he did share insight into his worldview with the relatively small audience, saying he became an independent because he didnt like ideology. Caruso kept his Republican Party affiliation until mid-November 2019, when he changed his registration back to no party preference, according to county records. As of June 30, we had a base of 63.7 million global D2C subscribers, including 43.3 million Paramount+ subscribers. Box office hits the Lost City and Sonic the Hedgehog 2 came to Paramount+ in May, generating terrific engagement across all demographics. And another indicator of that strength is really the 30% digital volume growth -- ad volume growth that we saw in the upfront. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. Kevin de Len just postponed Wakanda Forever screening after uproar, 12 reasons why Sycamore Avenue is L.A.s coolest new hangout, Student debt is a crisis: Activists rally outside Supreme Court for loan forgiveness, Couple sues Pasadena fertility clinic after baby is born with stomach-cancer gene, Legislators propose changes to Californias conservatorship law, Los Angeles Mayor Karen Bass endorses Rep. Barbara Lee in Senate race, Sirhan Sirhan, convicted of killing Robert F. Kennedy, denied parole by California board, From Tahoe to Yosemite to Arrowhead, heavy snow buries California mountain communities. 2023 iSideWith.com. 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. Please check back soon. 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. 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. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. This week, the effort came up short. As evidence, it is worth noting that we recently had our strongest multi-platform unified upfront yet. iSideWith.com may earn a portion of sales from products that are purchased through our site as part of our affiliate partnerships with retailers. 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. Nominating and Governance Committee Chair. Domestic affiliate revenue was flat in Q2, excluding a 50 basis point headwind from a year-over-year decrease in pay-per-view revenue. Enjoying this newsletter? It seems like the MAU growth is strong. 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. We've seen some price increases at different streaming services. 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. Independent voters have also warmed up to the governor, with the number of undecideds dropping sharply since 2019 and breaking in Newsoms favor. He also wrote a weekly newsletter on California politics and provided regular news analysis. I assume the engagement is pretty strong as well. When I was an independent, I was a centrist. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. 28, a prominent restaurant in downtown Los Angeles that she founded in 1988. 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. Sure, Brett. And we're just getting started. Technology in January 1998. [25][37][2] Under his leadership, the Paramount Channel was launched, offering movies and television shows in Europe, Latin America and Russia. Robert Bakish - President, CEO & Directorr Naveen Chopra - EVP & CFO Conference Call Participants Michael Morris - Guggenheim Securities Bryan Kraft - Deutsche Bank Steven Cahall - Wells Fargo. He also has a wife and kids. Campbell says while several local elected officials are ready to run as Common Sense candidates, they wont take the plunge until they know the party has qualified. [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. 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. In this role, which he assumed in December 2019, Bakish is responsible for growing the companys 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. And Kopp served his time in the Legislature as an independent. I don't know exactly what chart you're looking at. And people of goodwill and good character can come to different conclusions on the same question.. The CBS board at the time accused him of willful and material malfeasance.. In Filmed Entertainment, Q2 revenue was $1.4 billion, more than double the year ago period. And we got tremendous engagement, i.e., time spent off the library. Under his leadership MTVNI experienced growth in the double digits. All rights reserved. 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 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. She has served as Chairman of the Board of Directors of The Doe Fund since 2017. But there are real reasons that we see this path to superior margins. 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. She is currently a member of the International Womens Forum and a lifetime member of the Council on Foreign Relations. 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. He eventually became a partner within Booz Allen Hamiltons entertainment and media practice. Caruso has typically dismissed criticism and most questions about his registration history. So we're very excited about this transformation journey that we're on. And we know how to transact in upfront. She is a member of the Board of Trustees at Dana Farber Cancer Institute. The reason we got the CJ deal done in South Korea is we've been there for years, there, in a joint venture. So local is very much part of our strategy in the mix. I know it might take some time before we get to the more profitable windows for these films to really flow through the financials. Prior to joining Hueston Hennigan, Mr. Klieger was a Partner at Irell & Manella LLP and a Founding Partner at Kendall Brill & Klieger LLP. As we wrote in December, Newsom seems to have the stage to himself after his resounding defeat of the recall. Bakish previously headed the companys international business as President and CEO of Viacom International Media Networks (VIMN) since 2007. The conventional wisdom, based on news headlines and social media, is that Gov. 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. The success of our streaming platforms speaks to the power of our content strategy. 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. Within a year of graduating with his MBA, Mr. Bakish was hired at the Booz Allen Hamilton company in 1990. He continued on to earn his MBA from Columbia Business School, graduating in 1989. 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. Rick Caruso tours Grand Central Market as he continues his mayoral campaign. Morgan Miller, chair of a political action committee promoting Rep. Karen Bass (D-Los Angeles) for mayor, suggested that Caruso was attempting to buy his way into the mayors office with distorted facts and revisionist history about his lifelong Republican ties.. 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. 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. 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. Robert Bakish's most recent views and policy on Stay-At-Home Order in 2022. . So that's one important economic advantage. 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. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. Moonves was formally fired with cause in December, forfeiting as much as $120 million in severance. And at this scale, we offer advertisers access to a wide variety of audiences across every demographic. Bakish was made the President of MTV Networks international at the beginning of 2007. 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. Theatrical revenue increased $630 million, driven by the success of Top Gun: Maverick and Sonic the Hedgehog 2. In 2017, Bakish knew that he had to take strict measures to restructure Viacom and turn the company around. Kasich dropped out of the race in May 2016, and Caruso did not vote in that years primary, according to county records. 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? 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.. | 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. 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. Robert M. Bakish is President and Chief Executive Officer of Paramount Global. 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. Campbell's career in Republican politics ended in 2010 with a failed U.S. Senate primary campaign as his centrist Republican views were drowned out by . Yes, I'll take those. He went to school in Englewood at the Dwight-Englewood School and graduated from there in 1981. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. With that, operator, can you please open the line for questions? Premium content with cross-platform scale and efficiency, it's this robust combination that differentiates Paramount in the ad marketplace and makes us a must-have partner for advertisers. And people of goodwill and good character can come to different conclusions on the Technology... The relatively small audience, saying he became an independent, i was an independent, was... Bakish knew that he had to take strict measures to restructure Viacom and turn the company around profitable! 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