P&G Leads Retreat From Upfront Commitments

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When the economy rattles, advertisers roll out of their TV commitments. High oil prices, a devalued dollar and other economic pressures have raised the cost of doing business for clients. As a consequence, first-quarter cancellations hit some TV networks a little harder this year, with the biggest cut coming from Procter & Gamble.

The largest packaged-goods advertiser exercised its option to cancel as much as 25 percent of the commercial inventory it purchased for first-quarter 2005 during the upfront, equaling at least $35 million across cable and broadcast networks, including TNT, TBS, Hallmark, AMC, Lifetime, NBC, CBS and ABC, according...

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