CBS completes upfront sales
Sources say net achieved price increases of 9-10%CBS confirmed that it has completed upfront sales. It didn't address pricing, but sources said the network achieved market-leading price increases of 9%-10% compared with year-ago rates.
CBS Corp. CEO Leslie Moonves had predicted that the network would achieve double-digit rates. Last week, though, he said he was "very pleased with the marketplace" as the market opened.
"As we close out the upfront, we are pleased to once again be in the leadership position, with rate increases and total volume commensurate with our No. 1 standing in the marketplace," CBS said.
The country's most-watched broadcast network is said to have sold 75%-80% of its available upfront inventory.
Meanwhile, sources said ABC also is nearing the completion of its upfront market. One source familiar with the sales effort would say only that the network achieved price hikes in the "high-single-digit range."
Word of ABC's progress follows confirmation from Fox and the CW late last week that they have completed their upfronts. Fox is said to have commanded price hikes of 8.5%-9%.