CBS CEO: Upfront Sales Volume Down
06 Agosto 2009 - 4:45PM
Noticias Dow Jones
Les Moonves, chief executive with CBS Corp. (CBS), said Thursday
sales volume are lower for this year's upfront ad sales season, but
he said revenue is flat for the percentage of inventory the company
has sold so far.
On a conference call following the company's second-quarter
earnings release, Moonves echoed other TV network executives,
saying CBS will hold more ad inventory to sell in the so-called
scatter market when the new television season begins this fall.
Advertisers appear to be holding back some of their spending in
hopes of winning price reductions. In turn, networks are holding
more inventory than usual in hopes that an economic recovery will
spur demand later in the year, allowing them to charge higher
prices for ads.
In recent late trading, CBS shares are up 8.4% to $9.25.
-By Nat Worden, Dow Jones Newswires; 212-416-2472;
nat.worden@dowjones.com