Now because our assets continue to perform impressively across TV and streaming, advertisers are taking note even amid broader market uncertainty. 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.. Q2 subscriber growth benefited from the launch of Paramount+ in the U.K., Ireland and South Korea as well as continued domestic growth as we added new hit content to the service. Im a Democrat, and Im proud to be a Democrat, Caruso said when asked Tuesday about his prior changes in voter registration. [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. [8], In October 1999, he became the Executive Vice President of Planning and Business Development of Viacom's subsidiary MTV Networks. Details may include related records, political party, location, and more. Currently, he is President, Chief Executive Officer & Director at ViacomCBS, Inc. Mr. Bakish is also on the board of 5 other companies. But even with that, some very compelling facts to focus on. Paramount+ added 4.9 million global subs, while our other streaming services grew modestly. | In still other states, an aspiring political party must register a certain number of voters. All rights reserved. [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. Bakish is responsible for turning the Viacom company around and improving its financial situation. And in a world where people are more and more focused on the financial envelope, particularly around streaming the benefits of our multi-platform strategy, powerful content engine and IP ownership will become clearer and clearer. 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+? Or does it extend past that? 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. How to run for office | 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? 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. 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. She also enjoys creative writing, content writing on nearly any topic (particularly business and lifestyle), because as a lifelong learner, she loves to do research and possess a high skill level in this area. And we think that is a tremendous positive for the company and will be even more so as the macro situation improves. Just could you give us a sense of your appetite to build that out as a part of the offering as you grow the business outside the U.S.? [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. And we know how to transact in upfront. 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. We also expect to see continued meaningful contributions from the licensing side of that business, which is enabled by a combination of both an incredible catalog and unique production capabilities. So we've been managing with that for a while. That came back big in the upfront. [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. Yes. 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. | We had broadcast and cable pricing increase at the same high single-digit rate. Caruso greets customers at Grand Central Market on Thursday. So yes, there will be some new entrants, but we feel very good about our position, and we look forward to continuing to benefit from it. We are currently researching Robert Bakishs political policies. This consisted of focusing on Viacom's six flagship brands: BET, Comedy Central, MTV, Nickelodeon, Nick Jr. and Paramount; revitalizing content and talent; deepening distributor and advertiser partnerships to drive traditional revenue; increasing digital offerings, consumer products and live experiences; and optimizing and energizing the organization. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell We have a very strong proposition in the marketplace. Despite L.A.s global image as a place of glamour and glitz, city voters have tended to select mayors who have done time on the government payroll. But we are still focused on managing the business to peak losses in '23, and then starting to see improvements in earnings, both for the D2C segment and the consolidated business as a whole beyond that as we move toward our long-term D2C revenue and subscriber goals. from movies and sports, to shows the news, to events and more, the diversity and quality of our content is unrivaled, especially on Paramount+. 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. 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. 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. In September, another season of the NFL and SEC college football also returns to CBS and Paramount+ in the U.S. He was appointed to the board in 2016. The L.A. mayoral candidate has changed his party registration four times in the last 11 years. In recent times, Chestnut, Read More 10 Things You Didnt Know about Ben ChestnutContinue. 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. And is there a better level we should look at? And if you look at our total D2C ad business in the quarter, including Pluto TV, that grew 25%. 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. The billionaire developer has said little about global warming. He also has a wife and kids. For example, in some states, a party may have to file a petition in order to qualify for ballot placement. 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. L.A. loves the glitz but suspects the rich. Good morning, everyone. In a race where frustration is the prevailing sentiment and issues of homelessness and public safety have dominated nearly every discussion, its unclear how much voters care about a candidates political development even if most know little about it. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission ofiSideWith.com. 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. [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. We've got a broad offering. Please check back soon. Domestic affiliate revenue was flat in Q2, excluding a 50 basis point headwind from a year-over-year decrease in pay-per-view revenue. You may begin your conference call. Such labels are called. And importantly, our competitive position in the ad market is very strong. Joining me for today's discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO. 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? Pluto TV added 2.1 million global MAUs in Q2, bringing our global reach to 69.6 million MAUs. He was responsible for the oversight of all of MTV Networks business operations outside of the United States. And by the way, the response to the launch more broadly has been very strong, including what we showed in London related to the launch event. 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 . 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. If you have an ad-blocker enabled you may be blocked from proceeding. Theatrical revenue increased $630 million, driven by the success of Top Gun: Maverick and Sonic the Hedgehog 2. A couple of clarifications and a question, if I can. He serves on the boards of both schools and is also a Director on the Board of AVID Technologies, a NASDAQ-listed company. So rate is an important part of the equation. 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. Our next question comes from Brett Feldman from Goldman Sachs. These risks and uncertainties are discussed in more detail in our filings with the SEC. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. And that's even more the case if you combine linear and streaming, but that's really neither here or there. Moonves was formally fired with cause in December, forfeiting as much as $120 million in severance. And its those voters whom the leaders of the California Common Sense Party want to reach. So I was curious if you had an updated view on what the appropriate level of content spend is evolving into for Paramount, whether that's for the total company or just for DTC? 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