Viacom CEO: Upfront Season To Be Long This Year
May 27 2009 - 3:31PM
Dow Jones News
Viacom Inc. (VIA, VIAB) Chief Executive Philippe Dauman said
Wednesday that it's "probable" that the upfront season will drag on
longer this year as advertisers move cautiously amid the economic
recession, but he said the outlook continues to improve.
"The tone is much better than it was a couple months ago,"
Dauman said at an investor conference hosted by Sanford C.
Bernstein.
The annual upfront season, when TV networks showcase their new
programming lineups for the fall and lock down advance deals with
advertisers, recently concluded in New York City. In their
presentations, network executives tried to counter gloomy
assessments of ad markets as analysts predicted a year-over-year
decline in ad spending at the upfronts of 10% to 25%.
Dauman said that some ad categories, like fast food restaurants,
remain strong and that pricing "has held up well."
Shares of Viacom traded recently at $23.85, down 17 cents.
-By Nat Worden, Dow Jones Newswires; 201-938-5216;
nat.worden@dowjones.com