But these aren't long-term issues. And Kopp served his time in the Legislature as an independent. In September, we're using that same strategy to launch Paramount+ as a hard bundle in Italy with Sky Italia. In fact, we saw an acceleration of that from Q1 to Q2. [30][31][32][33][34] This promotion included responsibility for all Viacom media networks and operations internationally, including MTV, Nickelodeon, Comedy Central, BET, VH1, VIVA, TMF, Game One and MTV Tres;[35][4] plus oversight of all of Viacoms international TV-related joint ventures, including Viacom18 in India and ViacomSBS in Korea, as well as channel ventures with BSkyB in the UK and Foxtel in Australia. 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. 5. It really has 3 fundamental components: hard bundle, plus channel stores like Roku and Amazon and Apple, and direct D2C on an O&O basis. [Operator Instructions]. Sort of everyone, but Netflix is losing billions a year on streaming. [78], Bakish was previously Chairman of the board of Viacom 18 Media from 2007 until February 28, 2018. Fans are headed back to the theaters to watch our films. I believe you guys have some local productions, 4 language productions in the works? But he did share insight into his worldview with the relatively small audience, saying he became an independent because he didnt like ideology. 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. My beliefs; My parties; My ballot; . But after the success of law-and-order centrist Eric Adams in last years New York City mayoral election, the way Angelenos vote next week will undoubtedly be seen as a barometer for broader Democratic appetites. That proved to be the right call. Consider subscribing to the Los Angeles Times. Sure, Brett. In closing, we are enthusiastic about the long-term opportunity for Paramount, unlocked by powerful content and a massive and growing market for streaming. [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. [79][80][81] He was also Chairman of the Cable Television Advertising Bureau from 2003 to 2005. We're going to continue to manage through it, and we look forward to keeping you updated as we do. 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. [3][4][5], He received a Bachelor of Science in operations research in 1985 from Columbia University's School of Engineering and Applied Science. So let me show you how, starting with film. 100% remote. [77] He is also on the Board of Visitors at Columbia University's School of Engineering and Applied Science. Recall that our international distribution strategy is focused on achieving ubiquity. Shortly after changing his registration in 2016, Caruso told Los Angeles Magazine that he had made the switch so that he could vote for John Kasich in the Republican presidential primary that year. As evidence, it is worth noting that we recently had our strongest multi-platform unified upfront yet. That matters. 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. 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. 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. Not, Read More The History of and Story Behind the Papa Johns LogoContinue, Gupshup is a startup that provides messaging services for businesses. In the interim, thanks again for your time, and be well, everyone. 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. [33] During his tenure, Bakish expanded Viacom's international footprint,[26][36] and VIMN was Viacom's most successful division; revenue doubled, and VIMN grew to more than 200 television channels. Become a subscriber. The CBS board at the time accused him of willful and material malfeasance.. 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. Joining me for today's discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO. 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. Prior to that, Mr. Nelson held several executive finance and operating roles, beginning in 2003 with Cendant Corporation, including as its Chief Financial Officer and President and a member of its board from 2003 to 2006. Details may include related records, political party, location, and more. Could you maybe just think about what the drivers for stable guidance might be for next year, especially since you're comping political? State executives | Bob Bakish ViacomCBS 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. We have Italy in September. The Common Sense Party, on the other hand, promises plenty of room for diversity of thought as long as its in the service of getting things done. State and local courts | Subscribe to Deadline Breaking News Alerts and keep your inbox happy. We're also seeing the power of partnership to bring Pluto TV to greater heights. How to vote | Tech: Matt Latourelle Nathan Bingham Ryan Burch Kirsten Corrao Beth Dellea Travis Eden Tate Kamish Margaret Kearney Eric Lotto Joseph Sanchez. We also have -- in the U.K., we have Channel 5, so it has relationships that are triggering stories there. 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. Thank you taking the time to join us for our second quarter 2022 earnings call. This site uses Akismet to reduce spam. Please check back soon. Many, many globally renowned franchises, backed up by a deep library, I mean the economic value of going and trying to replace that library, I don't even know what it would be. We need to give this a bit of time to play out. 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. [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 as you said, it's really too early to know exactly what the market will look like in 2023. If you have an ad-blocker enabled you may be blocked from proceeding. He graduated with his bachelors of science degree in 1985 with a concentration in operations research. We are currently researching Robert Bakishs political policies. During his accomplished career in the financial services sector spanning more than 25 years, Mr. Terrell was responsible for Credit Suisses global banking relationships with some of its most high profile clients. Those windows are now expanding in terms of -- it's not just about box office and home entertainment and then going to third parties, we can generate a lot of value out of those assets on our streaming services. She is a member of the Board of Trustees at Dana Farber Cancer Institute. It is now a multinational retail corporation that runs chains of hypermarkets, discount department stores, and grocery stores. As exemplified by our deals with Viacom18 and Reliance, with whom we're partnering to bring Paramount+ to India and with our Sky Showtime partnership with Comcast, which will launch later this year. Box office hits the Lost City and Sonic the Hedgehog 2 came to Paramount+ in May, generating terrific engagement across all demographics. 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. But in a competitive market, scale isn't enough. Bakishs leadership was integral to the successful merger of Viacom and CBS as he led the transformation efforts within the new company, combining two great cultures, formalizing a best-in-class leadership team and aligning the organization around strategic growth priorities centered on streaming. Bakish grew up in New ersy. he was also in charge of several business units under Viacom Enterprises including Viacom Plus sales, Famous Players, Famous Music, their cross-divisional marketing council and their information services and technology. 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. A native of New Jersey,[2] Bakish attended Dwight-Englewood School in Englewood, New Jersey, graduating in 1981. A Common Sense Party for California. 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 our content investment is definitely working. With that, operator, can you please open the line for questions? One, I mean, as you saw in Q2, we continue to see tremendous momentum in the direct-to-consumer business, whether you look at the growth on Paramount+ subs, what we're seeing in terms of churn, nice MAU growth and engagement growth at Pluto and most importantly, D2C revenue growth at very, very strong levels, 50% on a combined basis, well over 100% revenue growth at Paramount+. 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