Beleaguered network NBC is cutting prices to get business done in the upfront ad market.
The network has secured commitments from advertisers for about one-half of the inventory it intends to sell, worth more than $1 billion.
The network is reducing the CPMs (cost per thousand homes) of some deals by around 2% compared with last year, while others are essentially flat.
Negotiations are expected to run into next week.
Some advertisers have been seeking even bigger reductions, so it will be important to see whether NBC holds back a substantial amount of inventory for sale in the scatter market next fall and winter.
Between the price cuts and falling ratings, NBC’s upfront sales are expected to drop from $2.9 billion last year to as low as $2.2 billion this time around.
ABC, CBS and Fox have already wrapped their negotiations, posting CPM gains of around 5%.
Cable networks were just getting started on their dealmaking Friday.