Moonves: National Ad Spending "Still Hanging In There" (CBS)

“We have not aseen a great slowdown in national advertising,” said CBS CEO Les Moonves during an earnings call this morning.

Executives said the company sold just under 80 per cent of its national TV advertising during the upfronts and despite precipitous drops in the financial markets, cancellations have come at a “normal” rate.

“Our major categories are still hanging in there,” said Moonves. Executives said Toyota, Honda, and Mercedes are picking up spending where American automakers have left off and that financial services advertisers are actually spending more in order to change their messaging.

“We do not have that fear of falling off the cliff,” said Moonves. He told one analyst he isn’t worried about 2009: “I spend a lot of nights up thinking about a lot of things. That is not one of them.”

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