Our next question comes from Bryan Kraft from Deutsche Bank. Gray Davis and championed the creation of charter schools while serving as a state legislator, died last week at age 78. 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. over Zoom, Caruso did not correct the interviewers mistaken impression that he had remained a no-party-preference voter from 2011 until registering as a Democrat in 2022. Ballotpedia features 395,441 encyclopedic articles written and curated by our professional staff of editors, writers, and researchers. Policy: Christopher Nelson Caitlin Styrsky Molly Byrne Katharine Frey Jimmy McAllister Samuel Postell 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. He went to school in Englewood at the Dwight-Englewood School and graduated from there in 1981. And most importantly, deeper engagement resulted in sizable improvement in domestic churn. The issue is a sensitive one for companies, ViacomCBS in particular. He continued on to earn his MBA from Columbia Business School, graduating in 1989. We're watching it, but I wouldn't think of that as a step function change for us like it is, for example, for a packaged goods company that's buying raw materials at seeing those prices increase, very different dynamic. We are currently researching Robert Bakish. Use of this site constitutes acceptance of our user agreement and privacy policy. Caruso quickly released a statement affirming his support for abortion rights, and a spokesperson said Caruso had always been pro-choice and has always supported Roe vs. Wade.. All rights reserved. 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. 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). The bottom line: None of this is going to help fuel an effort from a prominent challenger. So when Netflix published its Q2, it showed this chart that had minutes viewed, and I think CBS was actually #2 behind Netflix. It sounds like you're no longer targeting 60%-plus growth in D2C revenue this year. 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. It's going to be part of a streaming offering for the Indian market, that Viacom18 is going to launch in 2023. For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. He served on President Obamas Economic Recovery Board, led by Paul Volcker, and is a member of the Council on Foreign Relations. And there, we're really the global part of the global tier to their local offering. We also saw sequential growth in hours per act. For the full year, our outlook for stable year-on-year OIBDA at Filmed Entertainment remains unchanged. 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. And fourth, we have this global operating footprint. But really, competition is nothing new. External Relations: Moira Delaney Hannah Nelson Caroline Presnell California election officials currently recognize six political parties for purposes of candidates seeking office, with Democrats and Republicans joined by the American Independent Party, the Green Party, the Libertarian Party and the Peace and Freedom Party. [25][38][26][39][40], In October 2016, Bakish was named acting President and CEO of Viacom effective November 15, replacing interim CEO Tom Dooley. Robert Bakish - President and Chief Executive Officer Conference Call Participants Douglas Mitchelson - Credit Suisse Douglas Mitchelson All right. We continue to maintain significant financial flexibility, which will increase with the addition of proceeds from the sale of Simon & Schuster &. 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. But again, we're not just selling Pluto, we're selling a full range of streaming product and multiplatform product and having great traction with advertisers. He worked hard to improve the focus of the company as well as its morale. But longer term, we do still remain confident that once that advertising market recovers, we can deliver TV Media -- stable TV Media OIBDA, and that's enabled by a combination of a few things. And any thoughts on growth or swing factors and investment drivers top line that would be incremental there. Ms. Seligman served as law clerk to Justice Thurgood Marshall on the Supreme Court of the United States from 1984 to 1985 and as law clerk to Judge Harry T. Edwards at the U.S. Court of Appeals for the District of Columbia Circuit from 1983 to 1984. Turning to our TV Media segment. And I think we'll probably finish the year with very healthy revenue growth across the segment. It is a distinguished firm that developed the first chatbot building platform in the world. 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'. in Operations Research from Columbias School of Engineering and Applied Science. Our last question comes from Philip Cusick from JPMorgan. Moving forward, we'll continue to harness the strategy of ubiquitous distribution, which includes direct-to-consumer as well as channel partners like Roku, Amazon and Apple in addition to the aforementioned hard bundles so that Paramount+ can reach as large an audience as possible. He was given the title of Executive Vice President and Chief Operating Officer of MTVs advertising sales from 2001 through 2004. Perhaps the most radical idea, at least by todays politics, is the Common Sense Partys pledge to back a candidate of another party if they have no candidate in the race and the person demonstrates, as the partys website says, an independence that is responsible, open and inclusive.. 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. 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. George Deukmejian in 1986 and Gov. The billionaire developer has said little about global warming. Early life and education [ edit] She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. With that, operator, can you please open the line for questions? This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond. Caruso was a Republican for much of his life. 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. So a couple of points there. When I was a Republican, I was a centrist. Through a strategy to deepen and expand Viacoms presence in digital and live experiences, Bakish also stewarded the key acquisitions of free streaming television service Pluto TV; Gen-Z focused brand Awesomeness; influencer marketing firm WHOSAY; and VidCon, the worlds largest celebration of online video fans and creators. Look no further than Top Gun: Maverick, which is already the biggest film of 2022, and our fifth #1 title this year. 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. We're also seeing the power of partnership to bring Pluto TV to greater heights. Ms. Seligman has served on the board of Far Point Acquisition Corporation since 2018 and the board of MeiraGTx Holdings plc since 2019, and has been a Non-Executive Director of WPP plc since 2014 and its Senior Independent Director since 2016. 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+? And in terms of pricing on streaming services, specifically Paramount+, I think you really have to look at that in the context of ARPU more broadly because remember, we have a dual revenue stream model, which means that we're not entirely dependent on price increases for growth. Their poll released Wednesday found 56% of those surveyed say Newsom is doing a good job. Me; Robert Bakish; Economic Freedom. As you know, we're -- our goal is to drive the growth on the D2C business to over $9 billion of revenue by the end of 2024. In response to the question "Should the U.S. government grant immunity to Edward Snowden?", Robert Bakish's response was. Caruso kept his Republican Party affiliation until mid-November 2019, when he changed his registration back to no party preference, according to county records. Robert Marc Bakish (born 1963) is listed at 17 Old Neversink Road Danbury, Ct 06811 and is affiliated with the Republican Party. Well, look, we see both headwinds and tailwinds in advertising. Menu Candidates > Robert Bakish . We finished the quarter with $4 billion of cash on hand and total debt of $15.8 billion. [82][83], Bakish and his wife Dee live in New York and have two daughters. Yes, I'll take those. You may occasionally receive promotional content from the Los Angeles Times. Ms. Redstone earned a BS from Tufts University, and a JD and a Masters in Tax Law from Boston University. 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. TV Media OIBDA declined 8% in the quarter to $1.4 billion, reflecting the flow-through of lower advertising and affiliate revenue. One on content spend and one on film entertainment, if I could. He went on to attend Columbia University where he studied in their School of Engineering and Applied Science. Hyundai was poised to become Teslas top contender. Search Terms: Robert Bakish Reset All Filters Page 1 of 1 Reports subsequently emerged of a culture of bullying, verbal abuse and sexual harassment at CBS Newsshow60 Minutes and complaints of a toxic work environment at some CBS televsion stations. So we're very excited about this transformation journey that we're on. In the interim, thanks again for your time, and be well, everyone. State legislature | And so we're off to a very good start. An independent review of the alleged incident has concluded, and the investigation did not support the allegation, ViacomCBS said in a statement. That's tracking very well. 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. Viewers hungry for incredible storytellers are also turning up in ever greater numbers to our flagship streaming service, Paramount+. These risks and uncertainties are discussed in more detail in our filings with the SEC. Pricing will be a part of the equation. Mr. Phillips has extensive experience as a senior executive in a large, multinational corporation, financial industry background and financial and analytical expertise, significant public company and corporate governance experience, expertise in technology issues and familiarity with issues facing media, new media and intellectual property-driven companies and a deep knowledge of Viacom. The existing parties have detailed platforms calling for specific policies that are generally to the established left or right on the political spectrum. Please check back soon. Caruso spokesperson Peter Ragone said Caruso did not vote for Trump in 2016 but declined to say whether he voted for another candidate in the November 2016 presidential race. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. Robert Bakish earned praise for his work, 7. 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. Paramount continues to shine at the box office with numbers that outperformed even our own expectations, and we're excited about the future. 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. 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. Paramount+ added 4.9 million global subs, while our other streaming services grew modestly. Obviously, we're in business with Sky in the U.K. and Ireland, and they are very pleased with what we brought to market. Additionally, the power and strength of our franchises, Existing and new, was on full display this quarter, thanks to strong performances from Star Trek: Strange New Worlds, 1883 of the Yellowstone Universe and our latest South Park special, South Park: the Streaming Wars as well as Halo, which has become a top driver globally for subscriber acquisition and engagement. Signup for Breaking News Alerts & Newsletters. 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. So we'll be deploying all of that in those markets. Packaged goods is managing through inflation issues, which is really impacting their ad spending as they look to protect margins. 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. He eventually became a partner within Booz Allen Hamiltons entertainment and media practice. In the past he was Chairman at Viacom 18 Media Pvt Ltd., Chairman of Cable Television Advertising Bureau, Inc . Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. Related to the streaming ad size, Paramount+ grew advertising over 90% in the quarter. And therefore, we see sub growth not only coming from really engagement from the hard bundles where more and more people use it, but we also see those other 2 pillars of the distribution strategy beginning to kick in, and in fact, they already have. For more than 20 years, Ms. Griego oversaw the operations of Engine Co. No. Robert Bakish. Danbury, Connecticut. As of September 2022, California officially recognized six political parties: the American Independent, Democratic, Green, Libertarian, Peace and Freedom, and Republican parties. There, we're working with TVING, which is a local streamer. 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. And I'd point out that all that's not just conceptual, it translates into performance. I'm particularly interested in how you're thinking about the launches of some of these ad-supported services from Netflix and Disney+, how they could impact the CTV ad market and Paramount+ Pluto, in particular? 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. At competitive pricing, that makes Paramount a must-buy for marketers who need to efficiently aggregate awareness around their products. So IPL i.e., India cricket, I assume, that's a deal that was done by our joint venture in India, Viacom18, which recently had a transaction where they brought in Bodhi Tree as an investor and Capital Infusion. And it's highly coveted by advertisers. School districts | Could you maybe just think about what the drivers for stable guidance might be for next year, especially since you're comping political? 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. That's showing up in certain categories, things like auto continues to be impacted by the supply chain. 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? 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. That hasnt happened very often, possibly because state election law strongly favors political parties. He also sits on the Board of Visitors at the School of Engineering and Applied Science at Columbia University. And if you look at our total D2C ad business in the quarter, including Pluto TV, that grew 25%. Our quarter end totals reflect the removal of 3.9 million D2C subs in Russia, of which 1.2 million were from Paramount+, consistent with our plan to remove these subscribers from our reporting. Robert Marc Bakish is a businessperson who has been at the helm of 8 different companies. Speaking to the Sherman Oaks Homeowners Assn. TV Media advertising declined 6% in the quarter as pricing growth only partially offset the impact of lower linear impressions and a 2% headwind from FX. My beliefs; My parties; My ballot; My support map; My settings; Logout; United States Speaking English. 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. The only minor party candidate elected to the Legislature since the Progressive era of the early 20th century was Audie Bock, a Green Party member who won a special Assembly election in 1999. 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. 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. Recall that our international distribution strategy is focused on achieving ubiquity. And how is the composition of ad-supported versus premium Paramount+ subs and gross add trends sort of changed since the release in June? 100% remote. During the time of his leadership in this division he established the Colors network franchise in India, which became very popular. That gives us incremental product visibility to the consumer, and it also benefited us in terms of third-party expense reduction. Starting with direct-to-consumer. That would normally be about 72,600 voters, but the law also requires excluding unaffiliated voters in the calculation. I mean in terms of our expectations for Pluto in the back part of the year, I'd take a couple of things. I'll try not to abuse it. 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 . Those launches are performing above our expectations. But Caruso offered more candor about his evolving political thinking during a meeting with an influential homeowners group in March. Look for legislation in the state Senate that would require school administrators to collect information from parents about guns stored at home and would mandate backpack, locker and car searches if there is a credible threat. Use of this site constitutes acceptance of our user agreement and privacy policy. What does that ad load look like in revenue from here? It's a powerful and efficient local model. Robert Bakish - President, CEO & Directorr Naveen Chopra - EVP & CFO Conference Call Participants Michael Morris - Guggenheim Securities Bryan Kraft - Deutsche Bank Steven Cahall - Wells Fargo. Ms. Seligman joined Williams & Connolly in 1985. 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. But in a competitive market, scale isn't enough. Bakish became CEO of Viacom in 2017 and was named chief of the combined company when Viacom and CBS merged in December. Also worth noting that we're taking advantage of the current situation to increase our level of promotion for in-house assets, particularly with respect to Paramount+. [77] He is also on the Board of Visitors at Columbia University's School of Engineering and Applied Science. Enjoying this newsletter? The combination of streaming and traditional is significant. A runoff election with the top two vote-getters will be held in November unless a candidate wins outright with more than 50% of the vote in the primary. Im a Democrat, and Im proud to be a Democrat, Caruso said when asked Tuesday about his prior changes in voter registration. Under his leadership, VIMN more than doubled revenues and broadened its portfolio with new, broadly distributed pay-TV networks, including Spike and the Paramount Channel, as well as general entertainment broadcast networks Channel 5 in the U.K., Telefe in Argentina and Colors in India. if(document.getElementsByClassName("reference").length==0) if(document.getElementById('Footnotes')!==null) document.getElementById('Footnotes').parentNode.style.display = 'none'; What's on my ballot? How to run for office | Here are the five most liberal CEOs, according to the firm's rankings: 5. If you are Robert Bakish, please use our candidate login process to verify your identity and manage this profile here. Revenue side has certainly been impacted by the macroeconomic situation. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. And we think that is a tremendous positive for the company and will be even more so as the macro situation improves. Apply today! We now turn to Rich Greenfield from LightShed Partners. 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. Fans are headed back to the theaters to watch our films. On the positive side, TV clearly remains resilient on a relative basis, and that's a function of a very tight supply. When Bakish first went to work for Viacom it wasnt as the head of the company but it was in a leadership position. [8], In October 1999, he became the Executive Vice President of Planning and Business Development of Viacom's subsidiary MTV Networks. Mr. Terrell served as Executive Vice Chairman of Investment Banking and Capital Markets at Credit Suisse and later Senior Advisor from January 2018 to November 2018. Darry Sragow, a veteran Democratic strategist and publisher of the nonpartisan California Target Book, thought that Carusos repeated changes in party affiliation could raise questions for voters. 2023 iSideWith.com. Caruso could be right about that. So thanks for that color on the second half growth. Independent voters have also warmed up to the governor, with the number of undecideds dropping sharply since 2019 and breaking in Newsoms favor. Their intent, and I don't really leave it to the joint venture, which, by the way, our other partners, Reliance, to speak to that, and they haven't spoke to it much. In the early stages of the pandemic, we were very selective with our releases, holding certain films until market conditions improve. 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. But -- so the current inflation driving things like higher fuel prices and all is not really that much of a factor for us incremental. [25][36] He oversaw the expansion of networks such as Nickelodeon, Comedy Central and Spike to an increasing number of foreign markets,[25][36] and helped orchestrate the acquisition of Channel 5 in the UK and Telefe in Argentina. He also wrote a weekly newsletter on California politics and provided regular news analysis. Compensation Committee Chair, Audit Committee Member. Menu Candidates > Robert Bakish > Policies > Healthcare > Stay-At . Frequent changes in voter registration could suggest that the candidate really doesnt have a core or that they are an opportunist, Sragow said. 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. Will it turn to a billionaire mayor? Later in the year, we'll do the same with Sky in Germany, Austria and Switzerland, and with CANAL+ in France. 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. 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. And the 2022 cycle is starting to look like it could mirror the California gubernatorial reelection blowout wins for Gov. Sure, Bryan. Share. The title changed in 2006 to Executive Vice President of Viacom Enterprises. Sure, Brett. Try the political quiz. And either way, it's a very healthy number. And we're just getting started. Yes, sure, Ben. Consider subscribing to the Los Angeles Times. We wanted to learn more about him so we looked into his profile and list of accomplishments and we made some interesting discoveries. Ms. Redstone serves on the Board of Trustees for the Paley Center for Media and is actively involved in charitable, civic and educational organizations. Sits on the Board of Visitors at Columbia University robert bakish political party School of Engineering Applied... And total debt of $ 15.8 billion Indian market, that grew 25 % on content spend and one content... For incredible storytellers are also turning up in ever greater numbers to our flagship streaming service, Paramount+ advertising! Law from Boston University remains resilient on a relative basis, and is a businessperson has. 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