What fascinates me is that were even having this conversation because the electorate, the voters in the city dont care about this. It's an important part of the equation. Look for legislation in the state Senate that would require school administrators to collect information from parents about guns stored at home and would mandate backpack, locker and car searches if there is a credible threat. As the fourth largest pizza delivery restaurant chain in the United States, its been keeping us supplied with cheesy goodness for over 36 years. [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. 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. [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. And at this scale, we offer advertisers access to a wide variety of audiences across every demographic. Within a year of graduating with his MBA, Mr. Bakish was hired at the Booz Allen Hamilton company in 1990. What the dollar commitment -- your commitment is and what your goals are there? 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. Your support helps us deliver the news that matters most. I'll start this morning by talking about Q2 highlights and preview what's next. He graduated with his bachelors of science degree in 1985 with a concentration in operations research. Use of this site constitutes acceptance of our user agreement and privacy policy. Thank you, Bob, and good morning, everyone. 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. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. Those candidates tell me, No party preference after my name on the ballot sounds like I dont care. 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. That's tracking very well. When Bakish first went to work for Viacom it wasnt as the head of the company but it was in a leadership position. And so we benefit at Paramount from having a balance across linear and digital clearly. 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. When I was a Republican, I was a centrist. In response to the question "Should the U.S. government grant immunity to Edward Snowden?", Robert Bakish's response was. And speaking of the recall: On Thursday, state officials reported that the final price tag was $200.2 million. In fact, we saw an acceleration of that from Q1 to Q2. Two is with respect to Western Europe, we obviously launched the U.K. and Ireland in June. Ms. Redstone earned a BS from Tufts University, and a JD and a Masters in Tax Law from Boston University. We've launched advertising very recently within that service. Hard bundle deals like these allow us to quickly unlock a healthy volume of subscribers at 0 acquisition cost and with very low churn. In terms of your question on the Filmed Entertainment business, obviously, we have not provided any specific long-term guidance there. Should the Common Sense Party be successful and recruit candidates who win, it could make a little history. 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. Moonves was formally fired with cause in December, forfeiting as much as $120 million in severance. Yes. He worked there out of college and climbed the management ladder, achieving great success. And as you pointed out, our content dollars are used differently than many of our peers. So first, in terms of D2C revenue growth for the year, we continue to expect very healthy levels of D2C growth. And then we have Germany and Austria and Switzerland with Sky in December, I believe, as well as France with CANAL+. RB >RB Party's support base May 1st . 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? 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That's, of course, driven by meaningful growth in engagement and continued innovation around the ad products that we make available. The combination of subscriber growth and engagement drove Paramount+ revenue growth of 120%, including subscription revenue growth of 126% and advertising growth of 92%. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. Over the past two decades, Ms. Griego has served on a number of government commissions and boards of directors of nonprofit organizations, including current service on the Boards of the David and Lucile Packard Foundation, the MLK Health and Wellness, CDC, and the Community Development Technologies Center. We continue to look at how we optimize the tiering along with that, but it's part of a broader overall ARPU story. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. Their poll released Wednesday found 56% of those surveyed say Newsom is doing a good job. 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. In order to qualify for ballot placement, a party must meet certain requirements that vary from state to state. We really have you see a dual benefit there. Theatrical revenue increased $630 million, driven by the success of Top Gun: Maverick and Sonic the Hedgehog 2. So we're continuing to look at pricing. So a couple of things to say. So rate is an important part of the equation. 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. 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. Third point I'd make is this is a big year for Western Europe for us. We've long known what makes us the ideal advertising partner, our ability to deliver both scale and efficiency, all wrapped around premium content. Ballot measures, Who represents me? Campaign finance requirements in California, Campaign finance requirements for California ballot measures, Ballot access requirements for political candidates in California, Ballot access requirements for political parties in California, Ballot access requirements for presidential candidates in California, Oil and gas extraction on federal land in California, Effect of the Affordable Care Act in California, Ballot access for major and minor party candidates, Ballot access for presidential candidates, List of political parties in the United States, Methods for signing candidate nominating petitions, Ballotpedia's Election Administration Legislation Tracker, Election legislation tracking: weekly digest, Election legislation tracking: list of sub-topics, Ken Carbullido, Vice President of Election Product and Technology Strategy, https://ballotpedia.org/wiki/index.php?title=Political_parties_in_California&oldid=8432598, Ballot-qualified political parties by state, Conflicts in school board elections, 2021-2022, Special Congressional elections (2023-2024), 2022 Congressional Competitiveness Report, State Executive Competitiveness Report, 2022, State Legislative Competitiveness Report, 2022, Partisanship in 2022 United States local elections, As of September 2022, California officially recognized six political parties: the, 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. 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. George Deukmejian in 1986 and Gov. . By the way, we also launched South Korea the week before. Bakish joined Viacom in 1997, and held a series of senior corporate, sales and development positions at the company. Yes, let me just jump in here. 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. Compensation Committee Chair, Audit Committee Member. The news of the probe of Bakish comes several years after the CBS side of the company was tainted by a highly public sexual misconduct scandal focused on former CBS CEO Les Moonves. 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. [9] From 2001 through 2004, he was Executive Vice President and Chief Operating Officer of advertising sales at MTV Networks. Filmed Entertainment OIBDA was $181 million, benefiting from the strong performance of our current year theatrical flights. So the combination of all those things will be key to delivering stable TV Media OIBDA. You may occasionally receive promotional content from the Los Angeles Times. He also sits on the Board of Visitors at the School of Engineering and Applied Science at Columbia University. [54][55] In 2018, under Bakish's direction and in accordance with his plan to capture younger and digital markets, Viacom acquired digital platform WhoSay,[56][57] internet video conference VidCon,[58][56][57] and online television network AwesomenessTV. 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. Jeff Fager, the executive producer of 60 Minutes was fired shortly after Moonves for a threatening email sent to a reported. Get our latest storiesin the feed of your favorite networks. My ballot; My support map; My settings; Logout; United States Speaking English. 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. In most of the nation's largest cities, mayoral elections are officially nonpartisan.However, many officeholders are affiliated with political parties. We're expecting advertising related to the midterm to be very strong given what's going on there. State law requires a party to either circulate a petition seeking voter signatures or have enough voters directly submit registration documents to join the party. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. We leverage those assets across many platforms, and it's one of the reasons that we can grow faster, while spending less than others. 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. 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. We also have -- in the U.K., we have Channel 5, so it has relationships that are triggering stories there. In 1999, she was named as the first woman to chair a major New York law firm, a position she held for 17 years. 2023 iSideWith.com. Additionally, the power and strength of our franchises, Existing and new, was on full display this quarter, thanks to strong performances from Star Trek: Strange New Worlds, 1883 of the Yellowstone Universe and our latest South Park special, South Park: the Streaming Wars as well as Halo, which has become a top driver globally for subscriber acquisition and engagement. In September, another season of the NFL and SEC college football also returns to CBS and Paramount+ in the U.S. 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. It's a powerful and efficient local model. 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. Also worth noting that we're taking advantage of the current situation to increase our level of promotion for in-house assets, particularly with respect to Paramount+. Before joining The Times in 2019, Wick was the editor in chief of LAist and a senior editor at Longreads. 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. We think it's an incredible opportunity. Bob Bakish is President/CEO at Paramount Global. Millions of new customers are signing up for our streaming services. 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. Overview Policies Discuss Ratings Themes Ideology. 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+. Is this happening to you frequently? And maybe just the way to think about this is, on a revenue basis, your linear TV business this quarter had $2 billion of advertising plus and Paramount+ was sort of in the $90 million range and Pluto at $265 million or so. 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. We've got a broad offering. Bakishs leadership was integral to the successful merger of Viacom and CBS as he led the transformation efforts within the new company, combining two great cultures, formalizing a best-in-class leadership team and aligning the organization around strategic growth priorities centered on streaming. Prior to Oracle, Mr. Phillips was a Managing Director at Morgan Stanley in the Technology Group and served on its Board of Directors. We'd like to thank you for your participation. He led the strategic planning as well as the companys business development. (Sam Hodgson/The San Diego Union-Tribune), Do Not Sell or Share My Personal Information, a Green Party member who won a special Assembly election in 1999, that the final price tag was $200.2 million, could curb absenteeism and narrow inequities, A new bill in the state Senate could change that, collect information from parents about guns stored at home, is accelerating an effort to move incarcerated people off death row, who served as Californias education secretary, 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, Couple sues Pasadena fertility clinic after baby is born with stomach-cancer gene. And as you said, it's really too early to know exactly what the market will look like in 2023. [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. L.A. loves the glitz but suspects the rich. 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. 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. 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. I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. We couldn't be prouder. It is now a multinational retail corporation that runs chains of hypermarkets, discount department stores, and grocery stores. That matters. From 1990 to 2000, Ms. Griego held a number of government-related appointments, including Deputy Mayor of the city of Los Angeles, President and Chief Executive Officer of the Los Angeles Community Development Bank, and President and Chief Executive Officer of Rebuild LA, the agency created to jump-start inner-city economic development following the 1992 Los Angeles riots. Records show that he re-registered as a Republican in March 2016. Naveen? Ms. Redstone serves on the Board of Trustees for the Paley Center for Media and is actively involved in charitable, civic and educational organizations. It didn't have Paramount+ or Pluto, but I would assume that would close the gap between Netflix and the broader Paramount company. 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. And in terms of the question around the stability of TV Media earnings, as we said, we do expect the -- in the near term, there'll be some impact because of the macro advertising environment. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. Reports subsequently emerged of a culture of bullying, verbal abuse and sexual harassment at CBS Newsshow60 Minutes and complaints of a toxic work environment at some CBS televsion stations. The momentum of Paramount+ is not just the product of its strong and diverse portfolio of content, it's also the product and the smart distribution strategy, which is bringing our flagship streaming services to more audiences than ever before. [75], Bakish has been on the Board of Directors of Paramount since its merger, and previously at Viacom from December 12, 2016 up until the merger. 2023 iSideWith.com. On scale, our multi-platform strategy is a clear advantage. Prior to that, he was Executive Vice President, Chief Financial Officer and a Director at Paramount Communications, Inc., formerly Gulf + Western Industries, Inc. Mr. Nelson has served on the board of Hanesbrands Inc. since 2008 and its Non-Executive Chairman since 2019, and on the board of Wyndham Hotels & Resorts, Inc. since 2019. When I say audiences, I don't just mean kids or adults, I mean the whole household, not just the coast, but the entire country, not just the U.S.. but the entire world, not just the streaming audience, but the TV, theatrical and streaming audience. 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. The issue is a sensitive one for companies, ViacomCBS in particular. He also sits on the Avid Technology Board of Directors. Ms. Griego has served, since 1986, as President and Chief Executive Officer of Griego Enterprises, Inc., a business management company. Please. Read our privacy policy for more information. The conventional wisdom, based on news headlines and social media, is that Gov. We finished the quarter with $4 billion of cash on hand and total debt of $15.8 billion. [41][37][42][43] Simultaneously, he was also appointed President and CEO of the newly created Viacom Global Entertainment Group, combining Viacom International Media Networks (VIMN) with Viacom's Music and Entertainment group, which includes MTV, Comedy Central, VH1, Spike TV and Logo TV; two additional networks, TV Land and CMT, also joined the Global Entertainment Group. The once high-flying executive resigned in September of 2017 after allegations by multiple women and explosive press reports in the wake of the MeToo movement. 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