Networks’ Ad Sales Beat Expectations
CBS, ABC, Fox and NBC said they booked a combined $7.4 billion in advance advertising sales for the next TV season, 19% higher than a year ago and more than expected.
The sales topped the previous record of $7.1 billion in 2000, when the so-called upfront ad market was buoyed by demand from Internet companies, many of which have gone out of business, said Arthur Schreibman, a director of national media buying at Initiative Media, one of the biggest buyers of advertising for clients. Last year’s upfront sales totaled about $6.2 billion.
Shares of NBC parent General Electric Co. fell 85 cents to $29.30. Class B shares of Viacom Inc., owner of CBS, fell 32 cents to $48.93. Walt Disney Co., owner of ABC, fell 42 cents to $21.70. Fox Entertainment Group Inc., the U.S. media arm of Rupert Murdoch’s News Corp., shares fell 27 cents to $25.23, all on the New York Stock Exchange.
The networks said they booked higher sales in all advertising categories, particularly among movie studios and auto makers.
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