No Ad Worries For CBS' Moonves
CNNMoney.com, Wednesday, September 19, 2007 11:30 AM
While many worry that advertising spending could get hurt as the economy continues to weaken, CBS chief Les Moonves isn't sweating it yet. "We are not seeing any trends that say people are pulling back on advertising," Moonves says, adding that in addition to a good upfront this year, the scatter market is "phenomenal," with expected growth of over 30% in the fourth quarter.
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His view ruins counter to some recent data -- notably that from TNS Media Intelligence -- that show ad spending in the first half of the year was down year over year and actually declined for two consecutive quarters for the first time since 2001. But Moonves is not alone; several other media executives, including News Corp.'s Peter Chernin and Viacom's Phillipe Dauman, have painted rosy pictures during recent presentations.
While all these guys may have their heads in the sand, it's worth noting that the previously mentioned companies all have exposure to some of the more rapidly growing areas of the media landscape.
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