And the second is political. 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. Our first question today comes from Michael Morris from Guggenheim Partners. Bob Bakish is President/CEO at Paramount Global. iSideWith is not affiliated with any political party, candidate, or interest group. But nonetheless, we have experience, we have assets, we have relationships, and those provide real leverage, including in streaming. Ms. Redstone earned a BS from Tufts University, and a JD and a Masters in Tax Law from Boston University. 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. And the 2022 cycle is starting to look like it could mirror the California gubernatorial reelection blowout wins for Gov. At this time, I would like to welcome everyone to Paramount Global's Q2 2022 Earnings Conference Call. But I would encourage you to think about that business more broadly, which is to say, increasingly, the value of our movies is not just about what they generated in the box office. And through partnerships with Viaplay Group and Corus, we are now expanding Pluto TV's international footprint in the Nordics and Canada, respectively. So is this just a bunch of unhappy Republicans? And as you said, it's really too early to know exactly what the market will look like in 2023. 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 . And as part of that, could you talk a little bit your international programming strategy? In fact, we saw an acceleration of that from Q1 to Q2. 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. Yes. Read our privacy policy for more information. Advertisers are focused on being associated with premium content, and we have a really diverse collection here across entertainment, sports and news. Our next question comes from Bryan Kraft from Deutsche Bank. We're expecting advertising related to the midterm to be very strong given what's going on there. We added 5.2 million global D2C subscribers in Q2. As evidence, it is worth noting that we recently had our strongest multi-platform unified upfront yet. I'm particularly interested in whether that's creeping into content production costs. 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. So I guess the point is just as this business shifts, can you capture enough time spend to have the similar profit look your business has in legacy as you move to streaming, if that makes sense? How to run for office | Our audience reach across broadcast, cable, ad-supported SVOD at Paramount+ and free ad-supported streaming TV in Pluto TV represents a connected viewing ecosystem that produces over 1 trillion ad impressions per year in high engagement premium environment that are proven to drive outcomes for clients. In closing, we are enthusiastic about the long-term opportunity for Paramount, unlocked by powerful content and a massive and growing market for streaming. Nowhere is our popularity more evident than at the box office. 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. Paramount continues to shine at the box office with numbers that outperformed even our own expectations, and we're excited about the future. The yellow school bus has become an increasingly rare sight in California. Our next question comes from Brett Feldman from Goldman Sachs. [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. He served on President Obamas Economic Recovery Board, led by Paul Volcker, and is a member of the Council on Foreign Relations. Gray Davis and championed the creation of charter schools while serving as a state legislator, died last week at age 78. You may now disconnect your lines. By the end of the year, inclusive of Paramount+ and Sky Showtime, we expect to have our subscription video-on-demand services in 60 total markets. 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. Early life and education [ edit] Elections in 2023 | State and local courts | Caruso has given extensive financial support to Republican politicians, including more than $240,000 to a super PAC supporting Kasichs presidential run in 2016; $100,000 to a PAC supporting President George W. Bushs reelection in 2004; and $50,000 to a PAC supporting Rep. Kevin McCarthy (R-Bakersfield) in 2017. And importantly, our competitive position in the ad market is very strong. . If you like pizza, youll know the name Papa Johns. Bye-bye. And we think that is a tremendous positive for the company and will be even more so as the macro situation improves. 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. Here are the five most liberal CEOs, according to the firm's rankings: 5. Yes, let me just jump in here. With an iconic Hollywood film studio that owns more than a century of IP, with the #1 broadcast network in the U.S., with some of the most popular cable brands and content in the world, with the fastest-growing premium streaming service in Paramount+, and with the leading free ad-supported streaming TV service in Pluto TV, it's a powerful combination, which we will continue to lean into for the rest of the year and well into the future. Paramount+ revenue growth was 120%, and we continue to be very bullish about growth going forward. from movies and sports, to shows the news, to events and more, the diversity and quality of our content is unrivaled, especially on Paramount+. ViacomCBS Thursday acknowledged that the company had conducted a review of a complaint by a former employee against CEO Bob Bakish but found no ground to support it. That's another launch with Sky on a hard bundled basis. And speaking of the recall: On Thursday, state officials reported that the final price tag was $200.2 million. CJ has a minority stake in it. This earned him well deserved recognition and praise. He's held the position since December of 2016 after working several years with the company. And most importantly, deeper engagement resulted in sizable improvement in domestic churn. Bakish is responsible for turning the Viacom company around and improving its financial situation. Signup for Breaking News Alerts & Newsletters. Even in these deeply polarized times, millions of California voters refuse to pick sides between the nations two most powerful political parties. We've got more captivating content on the way, and our multi-platform approach will drive even more viewers to streaming. 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. 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. 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. Revenue grew 10% year-on-year. How to vote | 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. He categorized the matter as a data point for voters hardly fatal, but something that could resonate negatively if they believe its part of a larger picture. Continued improvements in engagement and our compelling advertiser proposition mean that Pluto is well positioned to both gain share and benefit from organic growth. Initially as Vice President of Planning and Development,[8] he became Senior Vice President of Planning, Development and 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? Which brings us to whether the Common Sense Party can compete this year. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. 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. It seems like the MAU growth is strong. Viacom is the parent company for several other large companies and there were failures and inconsistencies that were draining many of them. So our content investment is definitely working. 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. And we continue to forecast D2C OIBDA losses will be greatest in 2023 and then improve in 2024. And did you see the whole benefit of the initial launch in Q2? Despite short-term headwinds related to the macro environment, the value of our diversified business, and particularly our ability to monetize content across platforms and audiences, is becoming more clear than ever. With less than a week until the Los Angeles mayoral primary, Rick Carusos political evolution from Republican to Democrat still remains opaque to many voters in the overwhelmingly liberal city he hopes to lead. I think you covered the -- I think you got it. 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. So it's -- for us, it's really about continuing to build the asset value, and we do that by having a great slate that will continue to be heavy on franchises. Sure, Michael. Bob, maybe you could share your thoughts on your expectation for changes to the competitive landscape for streaming advertising as we move into the back half of the year. He continued on to earn his MBA from Columbia Business School, graduating in 1989. Become a subscriber. Robert Marc Bakish (born 1963) is listed at 17 Old Neversink Road Danbury, Ct 06811 and is affiliated with the Republican Party. Bundled basis from Boston University mean that Pluto is well positioned to both gain share and benefit from organic.! 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