Redstone: Ad biz is back
By Paul Sweeting -- Broadcasting & Cable, 10/30/2002 6:10:00 AM
Americans' consumer confidence may have hit a nine-yearlow Tuesday, but Viacom Inc. chairman Sumner Redstone and News Corp.'s Lachlan Murdoch still believe.
Keynoting a confab sponsored by investment bank Gerard Klauer Mattison, Redstone declared, "The advertising market has returned."
Ad sales are up 14 percent year to date, Redstone said, and they are accelerating as the year goes on.
"Our NFL [National Football League] inventory is 93 percent sold out for the year. We didn't reach that point until January last year," Redstone pointed out.
He also noted a strong rebound in ad revenue at CBS. Murdoch, the Fox Entertainment Group deputy chief operating officer, said ads across Fox's various broadcast and cable networks are tracking 18 percent ahead of last year for November and 21 percent ahead for December.
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