• The Hollywood Reporter, Monday, August 9, 2010 10:51 PM

Thank the auto and financial services ads. The TV advertising market continues to be red hot even amid continuing macroeconomic concerns about a sluggish recovery. Quarterly earnings reports in recent days generally showed strong -- often double-digit -- TV ad gains, particularly at cable networks units and in local TV divisions, notes The Hollywood Reporter.

Plus, some of Corporate America's biggest marketers, including Procter & Gamble and General Motors, have in recent days made clear that they are increasing their ad spending this year. Those two companies were the biggest and third-biggest spenders of 2009 with $2.7 billion and $2.2 billion, respectively, according to research firm Kantar Media. "It is unbelievable how resistant this ad recovery has been even in the face of macro concerns," RBC Capital Markets analyst David Bank said. "We have particularly seen a tremendous amount of growth from local auto spending."

Viacom Inc., the owner of MTV Networks and the Paramount Pictures film studio, said profit rose 52% as cable-television advertising sales climbed, reports Bloomberg. Net income advanced to $420 million, or 69 cents a share, in the quarter ended June 30, from $277 million, or 46 cents, a year ago, the New York-based media company said today in a statement. Excluding some items, profit of 68 cents beat the 66- cent average of analysts' estimates compiled by Bloomberg

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