The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission ofiSideWith.com. from movies and sports, to shows the news, to events and more, the diversity and quality of our content is unrivaled, especially on Paramount+. June 2, 2022 2:27 PM PT. Earl Warren in 1950, Gov. Meanwhile, in markets like India and Eastern Europe, we're focused on balancing long-term market growth with a smart allocation of capital. (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. Mr. Kliegers practice focuses on complex civil litigation and counseling in the areas of entertainment and intellectual property. Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. 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? Mr. Nelson has extensive experience as a chief executive officer, chief financial officer and chief operating officer of major global companies, significant financial expertise, international business experience, public company and corporate governance experience and a long-standing background in the media industry. [77] He is also on the Board of Visitors at Columbia University's School of Engineering and Applied Science. But hes got no climate plan, wins outright with more than 50% of the vote. Meanwhile, hit CBS originals like NCIS, which consistently dominate ratings in linear, have drawn significant viewership to Paramount+ and driven engagement there, as have must-see sporting events like the UEFA Champions League Final in May, which air on CBS and Paramount+. So that's one important economic advantage. 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.. The candidates GOP past has been the subject of frequent fire from his rivals and their supporters. Domestic affiliate revenue was flat in Q2, excluding a 50 basis point headwind from a year-over-year decrease in pay-per-view revenue. Use of this site constitutes acceptance of our user agreement and privacy policy. Ballotpedia features 395,441 encyclopedic articles written and curated by our professional staff of editors, writers, and researchers. L.A. loves the glitz but suspects the rich. Could you maybe just think about what the drivers for stable guidance might be for next year, especially since you're comping political? 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. She has worked with executives at AARP, Ascena, Ann Inc., Blackstone, CitiVentures, Coach, Kohls, IBM, eBay, Facebook, GE, Target, Starbucks, Oprah Winfrey Network, Weight Watchers, Viacom, The CW and Yahoo!, among many others. [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. 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. We know how to do programmatic. By subscribing, I agree to the Terms of Use and Privacy Policy. The company is a management and technology consulting firm. Later this year, the biggest show on television, Yellowstone, returns for its fifth season to the Paramount Network in the U.S. Caruso served as Kasichs California co-chair and was outspoken about his dislike for then-candidate Donald Trump. Operations: Meghann Olshefski Mandy Morris Kelly Rindfleisch 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. It didn't have Paramount+ or Pluto, but I would assume that would close the gap between Netflix and the broader Paramount company. Pluto TV is already the #1 free ad-supported streaming television service in the U.S. And this quarter, monthly active users grew to nearly 70 million globally. 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? What the dollar commitment -- your commitment is and what your goals are there? We seek to put people in office who will be driven by facts, will work across partisan divides, will be open to principled compromise, and will show a commitment to solving Californias complex problems, the party writes on its website. I mean in terms of our expectations for Pluto in the back part of the year, I'd take a couple of things. He eventually became a partner within Booz Allen Hamiltons entertainment and media practice. Please disable your ad-blocker and refresh. 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. Second quarter results demonstrate the value of our diversified media business and expansive monetization platforms. Those launches are performing above our expectations. Gray Davis and championed the creation of charter schools while serving as a state legislator, died last week at age 78. A couple of clarifications and a question, if I can. Ms. Seligman previously served as Executive Vice President and General Counsel of Sony Corporation from 2005 to 2014. Their poll released Wednesday found 56% of those surveyed say Newsom is doing a good job. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs. But I care deeply, Campbell said. 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? 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. And it's highly coveted by advertisers. And another indicator of that strength is really the 30% digital volume growth -- ad volume growth that we saw in the upfront. 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. Robert M. Bakish is President and Chief Executive Officer of Paramount Global. We're expecting advertising related to the midterm to be very strong given what's going on there. Turning to the balance sheet. So yes, there will be incremental options in the market. Mr. Nelson served as a consultant to Avis Budget Group, Inc. until May 2019. And we continue to forecast D2C OIBDA losses will be greatest in 2023 and then improve in 2024. She has represented numerous public and private entities and has served as counsel to their boards and independent trustees. For the second consecutive year, Robert Bakish, Viacom's CEO was not invited, an unusual move that pits one of Corporate America's most prominent media executives whose power may grow in the. Tech: Matt Latourelle Nathan Bingham Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. So very good supply side equation. Ms. Schuman has worked alongside Fortune 100 CEOs and their teams to help build their strategies, cultures and human behaviors throughout their organizations. Get up to speed with our Essential California newsletter, sent six days a week. This growth consisted of a 74% increase in subscription revenue and a 25% increase in advertising revenue. Our next question comes from Brett Feldman from Goldman Sachs. Big picture, while we're clearly 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. 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. Its also widely known that Caruso changed his party affiliation to Democratic in late January of this year, less than a month before filing to run in the 2022 mayoral election. Licensing revenue at Filmed Entertainment increased 27%, largely due to the monetization of recent theatrical releases. For more than 20 years, Ms. Griego oversaw the operations of Engine Co. No. And as you said, it's really too early to know exactly what the market will look like in 2023. Independent voters have also warmed up to the governor, with the number of undecideds dropping sharply since 2019 and breaking in Newsoms favor. On the one hand, with local content, and we know local content for a long time from operating networks, things like using a local format of the shores and making it for a market, works very well. She joined Sony in 2001 and served in a variety of other capacities during her tenure, including as a Corporate Executive Officer and Group Deputy General Counsel of Sony Corporation, and as General Counsel and an Executive Vice President at Sony Corporation of America, a subsidiary of Sony Corporation. Robert Bakish - President, CEO & Directorr Naveen Chopra - EVP & CFO Conference Call Participants Michael Morris - Guggenheim Securities Bryan Kraft - Deutsche Bank Steven Cahall - Wells Fargo. The leading global brands in entertainment, We tell rich stories that are highly relevant to our audiences. Here are the five most liberal CEOs, according to the firm's rankings: 5. This week, the effort came up short. Wed, Feb 16 20228:34 AM EST. When I was a Republican, I was a centrist. Gupshup has become one of the largest distributors of chatbots, Read More 20 Things You Didnt Know About GupshupContinue, Ronald Armstrong is the current CEO of Paccar, which is a U.S. corporation that manufactures commercial vehicles for customers situated throughout the world. iSideWith.com may earn a portion of sales from products that are purchased through our site as part of our affiliate partnerships with retailers. So yes, local content is one thing. Click here to contact us for media inquiries, and please donate here to support our continued expansion. Ballotpedia uses one or more of the following sources to identify each officeholder's partisan affiliation: (1) direct communication from the officeholder, (2) current or previous candidacy for partisan office, or (3) identification of partisan . State legislature | So first, in terms of D2C revenue growth for the year, we continue to expect very healthy levels of D2C growth. 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. Remember, Rich, we've only been in the streaming business for a short time. If you look at our Q2 growth rate, particularly in digital, I think you'll find that at the top of the industry. In 2006, Ms. McHale worked with private equity firm Global Environment Fund to launch the GEF/Africa Growth Fund, an investment vehicle focused on supplying expansion capital to small and medium-sized enterprises that provide consumer goods and services in emerging African markets. But really, competition is nothing new. [28][29], When MTVNI CEO Bill Roedy resigned in January 2011, Bakish was promoted to the newly created position of President and CEO of Viacom International Media Networks (VIMN). Bakish became CEO of Viacom in 2017 and was named chief of the combined company when Viacom and CBS merged in December. That's partially because we are gaining share. And if you look at our total D2C ad business in the quarter, including Pluto TV, that grew 25%. There, we're working with TVING, which is a local streamer. At this time, I would like to welcome everyone to Paramount Global's Q2 2022 Earnings Conference Call. With less than a week until the Los Angeles mayoral primary, Rick Caruso's political evolution from Republican to Democrat still remains opaque to many voters in the . I know you're in a unique position of being able to leverage your content investments across a more diverse set of linear and digital platforms. Because I think if you think about everyone in streaming today, like you're talking about $1.8 billion of losses for the calendar year. Try the political quiz. 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. Im a Democrat, and Im proud to be a Democrat, Caruso said when asked Tuesday about his prior changes in voter registration. In September, we're using that same strategy to launch Paramount+ as a hard bundle in Italy with Sky Italia. . Two is with respect to Western Europe, we obviously launched the U.K. and Ireland in June. His investment banking career began in 1983 as an Associate with The First Boston Corporation. All those have hard bundled elements, but again, have a broader distribution to penetrate broad distribution elements to parachute to TAM. And I'd point out that all that's not just conceptual, it translates into performance. Starting with direct-to-consumer. What did Disney actually lose from its Florida battle with DeSantis? We know how to transact in scatter. 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. Revenue grew 10% year-on-year. Prior to SYPartners, Ms. Schuman was the General Manager of Studio Archetype, one of the first premier web design firms in the U.S. She also ran her own marketing and product strategy consulting firm. The effort shares some of its political DNA with the idea behind Californias top-two primary, an effort many thought would elect more centrist lawmakers. Prior to the recombination of Viacom and CBS, Bakish was the President and Chief Executive Officer of Viacom since December 2016. Campbell left the party that year, writing in a newspaper op-ed that a Republican embrace of Trump instead of a candidate for president worthy of our countrys past and its unbounded future would force him to re-register as an independent voter. 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.. Look no further than Top Gun: Maverick, which is already the biggest film of 2022, and our fifth #1 title this year. Prior to joining Hueston Hennigan, Mr. Klieger was a Partner at Irell & Manella LLP and a Founding Partner at Kendall Brill & Klieger LLP. It is part of our broader D2C business, as you well know. [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. My beliefs; My parties; My ballot; My support map; My settings; Logout; United States Speaking English. We haven't provided any kind of specific cadence of exactly what that looks like from year to year, but we're continuing to invest and manage the business with those goals. 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. 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. Yes. 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). In 1999, she was named as the first woman to chair a major New York law firm, a position she held for 17 years. In September, another season of the NFL and SEC college football also returns to CBS and Paramount+ in the U.S. Sort of everyone, but Netflix is losing billions a year on streaming. Ms. Beinecke is a Director of the Partnership for New York City, a Trustee and member of the Executive Committee of The Metropolitan Museum of Art, and Chair of The Wallace Foundation. Paramount continues to shine at the box office with numbers that outperformed even our own expectations, and we're excited about the future. With respect to composition of subscribers at Paramount+, it's still balanced between the premium tier and the ad-supported essentials tier that can bounce around a little bit from quarter-to-quarter based on promotions and bundles and things that we may be doing with partners. 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. 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. 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. 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. 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. We also maintained a committed $3.5 billion credit facility that remains undrawn. To attract the best partners and build the best business, you've also got to make it easy and efficient for advertisers to reach their audiences of choice. 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. 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