A new digital platform for buying local broadcast ads is expected to be up and running in the fourth quarter.

The Television Bureau of Advertising said the industry has made a multimillion-dollar commitment to create TVB ePort, which will handle electronic transactions between advertisers, agencies, broadcasters and station reps.

In a statement Wednesday, TVB president Chris Rohrs said the new system would not create extra costs for customers.

“To grow our core business, broadcasters have to make the process as easy as possible,” he said. “Looking beyond spot TV, new digital platforms will require an evolution to electronic business practices that are faster, smarter, more accountable and more efficient-the TVB ePort will enable that evolution.”

The initiative was launched with initial funding from the National Association of Broadcasters.

“We applaud the forward movement in this space by the TVB,” said Greg Smith, co-chairman of the American Association of Advertising Agencies’ E-Biz Committee and CIO of McCann Worldgroup. “Acceptance of our strategy and standards in web services and registry continue to show that people are committed to this effort. Delivering a faster, better, cheaper process is becoming more and more a reality with initiatives such as this one.”

(Editor: Horowitz)