And while macroeconomic conditions are likely to continue to affect advertising demand and impact TV Media financials, political advertising as well as price increases negotiated in this year's upfront, in combination with continued expense discipline, should help mitigate market-driven headwinds, particularly in Q4. 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But there are real reasons that we see this path to superior margins. So we've been managing with that for a while. 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. Bakish is responsible for turning the Viacom company around and improving its financial situation. And so we benefit at Paramount from having a balance across linear and digital clearly. 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. Caruso has typically dismissed criticism and most questions about his registration history. Both of those have hard bundle elements to them. Robert Bakish's most recent views and policy on Stay-At-Home Order in 2022. . And so for instance, there are certain parts of the product where advertising is not yet enabled and that will continue to evolve over time. My ballot; My support map; My settings; Logout; United States Speaking English. "The. | And importantly, our competitive position in the ad market is very strong. It's true that there are some challenges in the scatter market and in digital, and that really is, as you would guess, driven by the state of the macroeconomic environment. We want to hear from you! [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. 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. Prior to joining Sony Corporation of America, Ms. Seligman was a partner in the litigation practice at Williams & Connolly LLP in Washington, D.C., where she worked on a broad range of complex civil and criminal matters and counseled a wide range of clients, including President William Jefferson Clinton and Lt. Col. Oliver North. Robert Bakish, CEO of Viacom Pau Barrena/Bloomberg Investors have tuned into CBS stock amid new sexual harassment accusations against chief executive Leslie Moonves that led to Moonves'. 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. 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. He also has a wife and kids. And then if I could, Naveen, I apologize because I know it's early to discuss '23, but I'd be curious if you could provide any frame of reference for how much greater those peak D2C losses could be in '23 relative to the 2022 outlook? [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. Enjoying this newsletter? Bakish became CEO of Viacom in 2017 and was named chief of the combined company when Viacom and CBS merged in December. As a Democrat, Im a centrist, Caruso said, describing himself as fiscally conservative but socially accepting of how people want to live their lives., He didnt want to return to the Republican Party, he said, because he worried about the direction it was heading. 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+? She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. Then the U.S. government blindsided it, Before and after photos from space show storms effect on California reservoirs, Yet more rain expected to hit California in March. Use of this site constitutes acceptance of our user agreement and privacy policy. That would bring the number down to 56,000 voter registrations (theres some irony in the swelling ranks of non-party voters actually making it easier to create a new party). [9] From 2001 through 2004, he was Executive Vice President and Chief Operating Officer of advertising sales at MTV Networks. We had broadcast and cable pricing increase at the same high single-digit rate. Fans are headed back to the theaters to watch our films. Yes, sure, Ben. Should someone be thinking otherwise, the most recent campaign finance report shows the governor has almost $25 million in the bank. I'll try not to abuse it. In terms of your question on the Filmed Entertainment business, obviously, we have not provided any specific long-term guidance there. [6], After receiving his MBA, Bakish joined the management and technology consulting firm Booz Allen Hamilton in 1990, and rose to become a partner in its media and entertainment practice. So in closing, we're continuing to create value across our business, from theatrical, to streaming, to advertising. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea. 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. In closing, we are enthusiastic about the long-term opportunity for Paramount, unlocked by powerful content and a massive and growing market for streaming. 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 have always executed with financial discipline, and we continue to be laser-focused on it. As we look ahead in this ad market, there's 2 things I'd note. We continue to maintain significant financial flexibility, which will increase with the addition of proceeds from the sale of Simon & Schuster &. 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. When asked about Carusos registration history, Carusos opponents and their supporters were quick to try to paint such a picture, tying the changes in registration to Carusos prior support of Republican politicians. Most importantly, it's pretty clear that we grew share. Wed, Feb 16 20228:34 AM EST. Send us a tip using our annonymous form. You Quiz Candidates Elections Issues Discuss. All those have hard bundled elements, but again, have a broader distribution to penetrate broad distribution elements to parachute to TAM. Consider subscribing to the Los Angeles Times. I was wondering if you could give us color on IPL? Robert Bakish has 1 Voter Record There is 1 voter registration record for Robert Bakish. We continue to monetize them from a catalog perspective. He previously served on the board of Convergys Corporation. And as you pointed out, our content dollars are used differently than many of our peers. [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 previously headed the companys international business as President and CEO of Viacom International Media Networks (VIMN) since 2007. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell Look no further than Top Gun: Maverick, which is already the biggest film of 2022, and our fifth #1 title this year. But Caruso offered more candor about his evolving political thinking during a meeting with an influential homeowners group in March. Sure, Bryan. We're expecting advertising related to the midterm to be very strong given what's going on there. And we're just getting started. Our next question is from Kutgun Maral from RBC Capital Markets. 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. Yes, I'll take those. For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. It helps our marketing economics, and it shouldn't be discounted. We don't obviously guide to Pluto specifically. P Plus customers are watching a greater number of unique titles today than ever before. He led the revitalization and evolution of Viacoms core businesses, returning the company to growth, and extending its leadership across multiplatform entertainment content, next-generation distribution and advertising. And through partnerships with Viaplay Group and Corus, we are now expanding Pluto TV's international footprint in the Nordics and Canada, respectively. Public policy, Communications: Alison Graves Carley Allensworth Abigail Campbell Sarah Groat Caitlin Vanden Boom Before joining The Times in 2019, Wick was the editor in chief of LAist and a senior editor at Longreads. Please disable your ad-blocker and refresh. The combination of continued investment and ad market softness means that D2C losses should remain roughly the same in the second half of 2022 as the first half of the year. Get our latest storiesin the feed of your favorite networks. 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 it's highly coveted by advertisers. 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. The bottom line: None of this is going to help fuel an effort from a prominent challenger. He also wrote a weekly newsletter on California politics and provided regular news analysis. Kasich dropped out of the race in May 2016, and Caruso did not vote in that years primary, according to county records. But even with that, some very compelling facts to focus on. So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. During the time of his leadership in this division he established the Colors network franchise in India, which became very popular. In the early stages of the pandemic, we were very selective with our releases, holding certain films until market conditions improve. So we're continuing to move forward. A Common Sense Party for California. 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. So what does that do? Second quarter results demonstrate the value of our diversified media business and expansive monetization platforms. 5. Less attention has been paid to the fact that Caruso re-registered as a Republican in March 2016, according to records from the Los Angeles County registrar-recorder/county clerks office. It's not an overwhelming part, but it is part of it. Remember, Rich, we've only been in the streaming business for a short time. And thankfully, we are viewed as a good place to work, if you will. 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