Ad agencies have begun taking their second-quarter options as TV spending cuts are executed across the board, Broadcasting & Cable reports, citing unnamed executives in the market. Some agencies are taking as much as 50% of their budget back, the trade says. While the cuts are being felt across broadcast and cable TV from small and large companies, the option-taking is expected to affect broadcast primetime spending the most, as some companies will begin to explore cheaper spots, B&C says. Industry insiders are concerned that these developments may affect the market as the TV upfront season nears, the magazine adds.
—Sergio Ibarra