It’s all about studying the data and leveraging this combination of sports and entertainment, not doing either naked. That is, I believe the path to success because, among other things, it helps you lower your churn, but it has broader benefits as well and ad monetization and subscriber acquisition, engagement, etcetera.
Kristin Southey: Operator.
Operator: Thank you. The next question goes to Robert Fishman of MoffettNathanson. Robert, please go ahead. Your line is open.
Robert Fishman: Thank you. Good afternoon. One for Bob and one follow-up for Naveen. Bob, earlier this year, you provided thoughts on the TV advertising landscape in terms of the secular and cyclical headwinds and recovery expectations. I would just be curious to get your updated point of view on the mix between the cyclical and secular headwinds and if anything has changed over the past few months? And then, Naveen, can you just help us think about any timing benefit or maybe one-time in nature. I think it was the $600 million that was called out from the CBS licensing deals in the quarter or how we should think about licensing in the second half of the year, especially factoring in any strike impact possibly impacting the regular delivery of your programming internationally or even domestically? Thank you.
Bob Bakish: Yes. Robert, so on the advertising side, you are right, we see a combined impact of cyclical and secular. On the cyclical side, look, rates are coming down a bit. Things are marginally improving. But what we have really been focusing on is the secular side. And you see that in terms of how we are participating and really driving the digital ad market. For us, direct digital is very strong, and it wouldn’t be had we not configured our product line to prosecute it basically. And we are going after that with EyeQ, which is a combination, of course of Pluto TV and Paramount+. We are seeing direct digital strong, and we are seeing improvement in programmatic, and we expect both of those things to continue. So, that’s all about secular.
And as we roll forward through the year, in Q3, we expect to see a slight improvement overall on a year-to-year basis, but that will be driven by D2C, so back to the secular piece. And then as we get to Q4, there, sports are going to be a key driver, including the NFL, the Big Ten that – by the way, that timing has turned up to be great for us as well as our modified CBS slate, which is strong and has plenty of scripted programming. That should add meaning multiple benefit on the linear side. And yes, hopefully, we continue to see some cyclical improvement. But we are very much focused on this secular trend, and we think we are extremely well positioned given the impression scale we have in the marketplace with EyeQ, and the revenue growth trends we are seeing.
So, we are very excited about the road ahead.
Naveen Chopra: Robert, just real quick on the licensing questions that you asked. I think the $600 million number that you referenced, just to clarify, that was just an indication of the contribution of CBS content to licensing in the quarter, not a timing benefit. And next quarter, CBS content will also be a major contributor to licensing. The timing benefit that was called out was really in relation to the Filmed Entertainment segment, where we did have deals that ended up getting closed in Q2 as opposed to Q3. So, that accelerated some of the revenue. But as I have said, the licensing business in general tends to be lumpy, so it’s very possible you could have something similar next quarter or thereafter. So, really no major timing issues to call out.
Kristin Southey: Alright. Thank you. Operator, we will take our last question.
