CBS CFO: 'Ad Market No Longer Declining'
June 5, 2009 at 5:21 AM (PT)
CBS CORP. is the latest media company to say signs of improvement have appeared in the ad market, reports MEDIABUYERPLANNER.COM, writing "CBS CORP. CFO FRED REYNOLDS said, during the MERRILL LYNCH GLOBAL TELECOMMUNICATIONS, MEDIA AND TECHNOLOGY CONFERENCE, that the ad market is no longer declining and showed signs of stabilization in mid-FEBRUARY.
"REYNOLDS also confirmed that the upfront has gotten off to a slow start, with advertisers still in the process of cementing their budgets. Upfront deals will likely be done in early to mid-JULY. GENERAL MOTORS’ bankruptcy filing is said to be putting pressure on sellers in the upfront. STEVE LANZANO, COO of MPG, says buyers are likely planning to use GM’s bankruptcy filing to negotiate better prices for their clients.
"NEWS CORP. Chairman RUPERT MURDOCH said, on reporting the company’s fiscal third-quarter profit, that the 'worst is over,' while WALT DISNEY CO. CFO TOM STAGGS told analysts that the rate of decline in the advertising market is 'stabilizing.' VIACOM CEO PHILIPPE DAUMAN said the company is seeing 'good stable pricing in the market,' and, though volume has been soft, it’s starting to come back in."