Wall Street’s Dire Straits May Have Disastrous TV Effect

Wall Street’s rollercoaster rides last week may have a negative effect on TV buying worldwide, Variety says.

Worries about the triple threat facing the international TV industry — from the stock market rout, TV ad market downturns plus foreseeably ever-tighter budgets at many foreign broadcasters as they lose share to satellite and cable — overshadowed the 24th Mipcom TV mart Sunday.

“Realistically, it’s too early for any of us to know the impact,” said ABC-Disney global TV head Ben Pyne of the financial market freefall.

But the TV industry’s always showed a remarkable ability to roll with the blows. The U.S. majors look best placed to ride out the turbulence.

“We believe we’re well positioned with major brands and franchises which people look to, great creativity which we can put across multiple platforms within our company and with our distribution partners,” Pyne said.

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