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