CBS Corp. CEO Leslie Moonves said he expects the network’s advertising prices to rise by double digits in the next upfront, B&C reports.
"I think we’re in that kind of marketplace and we’ve got that kind of ratings story," Moonves said at the Morgan Stanley Technology, Media & Telecom Conference.
"A year ago, in a strong marketplace, CBS held onto some inventory to maximize pricing and got increases of about 13%," the story says.
"We sold somewhere in the high 70s last year — 77-78%. The year before that, we were probably 10 points less because pricing was down, so we bet more on scatter," Moonves said. "You know what? Once we establish our pricing where we think is the fair marketplace, we would probably go to the low 80s, but not much more than that."
Moonves cited some softness in the fourth quarter of 2011, but said the ad market had firmed by the first quarter of this year, with prices in the scatter market topping upfront levels by more than 15%, the story says.
"Demand had increased greatly. It is wonderful to see the auto companies coming back, and they’re coming back in force," Moonves said.