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. In Filmed Entertainment, Q2 revenue was $1.4 billion, more than double the year ago period. All rights reserved. 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. 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 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. Ms. Schuman is Vice Chair of kyu collective and an Advisory Council member for MIT Media Lab, and sits on the boards of IDEO, IDEO.org and Wheels Up. I'd also point out that our content has been created and formatted with advertising in mind, and that's important. [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. 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? Learn how your comment data is processed. Mr. Klieger is a Partner in the Los Angeles law firm Hueston Hennigan LLP. So when Netflix published its Q2, it showed this chart that had minutes viewed, and I think CBS was actually #2 behind Netflix. And as you said, it's really too early to know exactly what the market will look like in 2023. This site uses Akismet to reduce spam. Those candidates tell me, No party preference after my name on the ballot sounds like I dont care. 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. Earl Warren in 1950, Gov. If you look at where we are in content, we're clearly advantaged. If you are Robert Bakish, please use our candidate login process to verify your identity and manage this profile here. 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. By subscribing, I agree to the Terms of Use and Privacy Policy. She is Non-Executive Chair of Paramount's Board of Directors, having previously served as Vice Chair of the Boards of Viacom Inc. and CBS Corporation prior to the combination of the companies in 2019. 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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. 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. The existing parties have detailed platforms calling for specific policies that are generally to the established left or right on the political spectrum. 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. 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 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. Voters seeking to better understand his zigzagging political transformation will find few answers in his $25-million barrage of advertisements. We really have you see a dual benefit there. We've got more captivating content on the way, and our multi-platform approach will drive even more viewers to streaming. And then we have Germany and Austria and Switzerland with Sky in December, I believe, as well as France with CANAL+. Deadline is a part of Penske Media Corporation. He has been President and CEO of Paramount Global since December 4, 2019, formerly holding the same position at Viacom before the merger with CBS Corporation. 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. My beliefs; My parties; My ballot; . What the voters of the city care about is crime and homelessness and corruption.. He is a male registered to vote in Connecticut. I mean we deployed it in the U.K. He previously worked as a partner with Booz Allen & Hamilton in its Media and Entertainment practice. The title changed in 2006 to Executive Vice President of Viacom Enterprises. He was considering a run for mayor at the time. And just sort of two related questions. 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. Mr. Phillips earned a BS in Computer Science from the U.S. Air Force Academy, an MBA from Hampton University and a JD from New York Law School, and he is a member of the Georgia State Bar Association. This week, the effort came up short. We couldn't be prouder. He is a member of the Board of Directors of the Federal Reserve Bank of New York, the Apollo Theater, Business Executives for National Security and the New York Police Foundation. She is currently a member of the International Womens Forum and a lifetime member of the Council on Foreign Relations. A new bill in the state Senate could change that. Naveen? Should someone be thinking otherwise, the most recent campaign finance report shows the governor has almost $25 million in the bank. Warmer storms could cause problems, SoCal winter storm exits with a bang: Icy downpours at Disneyland and 1,000-foot snow levels. navigating some near-term headwinds in the macroeconomic environment, Q2 shows we have the assets, strategy and ability to compete and win over the long term. In fact, we saw an acceleration of that from Q1 to Q2. 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. We want to hear from you! 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? So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. 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. The partys name is no accident, of course, as the group references the American Revolution-era writings of Thomas Paine on its website. Please disable your ad-blocker and refresh. And it's highly coveted by advertisers. Reconciliations of these non-GAAP financial measures can be found in our earnings release or in our trending schedules, which contains supplemental information and in each case, can be found in the Investor Relations section of our website. [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. MAUs are now at basically $70 million because we're getting great consumer traction and engagement, time spent, et cetera on Pluto continues to grow. You Quiz Candidates Elections Issues Discuss. See Bob Bakish's compensation, career history, education, & memberships. The CBS board at the time accused him of willful and material malfeasance.. Ms. Griego has served as a director of publicly traded and private corporations, including presently serving as Director of AECOM Technology Corporation and the American Funds (7 funds). So thanks for that color on the second half growth. For the full year, our outlook for stable year-on-year OIBDA at Filmed Entertainment remains unchanged. As evidence, it is worth noting that we recently had our strongest multi-platform unified upfront yet. Pricing will be a part of the equation. But there are real reasons that we see this path to superior margins. Bakish became CEO of Viacom in 2017 and was named chief of the combined company when Viacom and CBS merged in December. [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. 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. The chance of a lifetime: Five friends ski the tallest mountain in Los Angeles, Shocking, impossible gas bills push restaurants to the brink of closures, Best coffee city in the world? Robert Bakish. So we've been managing with that for a while. Second quarter results demonstrate the value of our diversified media business and expansive monetization platforms. Good morning, everyone, and thank you for joining us. At the same time, he guided the company to launch Viacom Play Plex and other innovative mobile streaming offerings that introduced a new generation of young audiences to Viacoms popular brands and IP. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. But in a competitive market, scale isn't enough. 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. Ms. Schuman has worked alongside Fortune 100 CEOs and their teams to help build their strategies, cultures and human behaviors throughout their organizations. [60][61][62][63][64] In April 2018, Viacom launched Viacom Digital Studios, which will create new original content hosted on sites such as Facebook, Twitter and Snapchat. Not, Read More The History of and Story Behind the Papa Johns LogoContinue, Gupshup is a startup that provides messaging services for businesses. In fact, we've seen healthy double-digit growth in ad ARPU on the Essentials tier of Paramount+, despite some of the macro headwinds. 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. Caruso kept his Republican Party affiliation until mid-November 2019, when he changed his registration back to no party preference, according to county records. I'll try not to abuse it. 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. And I think we'll probably finish the year with very healthy revenue growth across the segment. If you look at our Q2 growth rate, particularly in digital, I think you'll find that at the top of the industry. 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. All Rights Reserved. Here, we leveraged our portfolio of brands, including CBS and MTV, to execute a major cross-company consumer campaign that resonated with audiences everywhere, a strategy that has been proven to be highly effective when deployed against our major assets. And through partnerships with Viaplay Group and Corus, we are now expanding Pluto TV's international footprint in the Nordics and Canada, respectively. 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. Menu Candidates > Robert Bakish > Policies > Healthcare > Stay-At . Remember, Rich, we've only been in the streaming business for a short time. He also sits on the Board of Visitors at the School of Engineering and Applied Science at Columbia University. 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. Filmed Entertainment OIBDA was $181 million, benefiting from the strong performance of our current year theatrical flights. Viewers hungry for incredible storytellers are also turning up in ever greater numbers to our flagship streaming service, Paramount+. Audit Committee Member, Compensation Committee Member. One on content spend and one on film entertainment, if I could. First, we're really pleased with how the upfront played out and particularly the volume dynamic in it, which was up nicely. TV Media affiliate revenue declined 3% in the quarter. The first is pharmaceuticals. And that's even more the case if you combine linear and streaming, but that's really neither here or there. Cities | It sounds like you're no longer targeting 60%-plus growth in D2C revenue this year. The last point, your local content, all those markets do have local content dimensions. Theatrical revenue increased $630 million, driven by the success of Top Gun: Maverick and Sonic the Hedgehog 2. Caruso leaves Grand Central Market on Thursday. I understand that submitting my email address allows iSideWith.com to send me important notifications via email. It's really a marketplace dynamic that unfortunately, we're not immune to. For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. 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. Prior to joining Cane Investments in 2011, Ms. McHale served as the Under Secretary of State for Public Diplomacy and Public Affairs for the U.S. Department of State from 2009 to 2011. iSideWith is not affiliated with any political party, candidate, or interest group. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission ofiSideWith.com. 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 . She previously served on the boards of Ralph Lauren Corporation, SeaWorld Entertainment, Inc., Host Hotel & Resorts, Inc., DigitalGlobe Inc., John Hancock Financial Services, Inc. and Potomac Electric Power Company. Tech: Matt Latourelle Nathan Bingham Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. From 2004 to 2006, Ms. McHale served as the President and Chief Executive Officer of Discovery Communications, Inc., the parent company of Discovery Channel, and served as its President and Chief Operating Officer from 1995 to 2004. It's Naveen. Prior to Barclays, Ms. Byrne worked at Lehman Brothers, where she was the first woman to serve as Vice Chairman. Signup for Breaking News Alerts & Newsletters. U.S. Congress | And if you look at our total D2C ad business in the quarter, including Pluto TV, that grew 25%. If I could we 'll be deploying all of that from Q1 to Q2 political.... 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