Myers: No Ad-Sales Upturn Until Mid-2002.(Myers Reports says upfront television advertising marketplace will be down $1.5 billion in 2001)(Brief Article)(Industry Overview)(Statistical Data Included)

Multichannel News, July, 2001 by FORKAN, JIM

NEW YORK -- Myers Reports Inc.'s Executive Retreat here last week incorporated a hit song from the '60s into its theme, "Summer in the City: Beating the Media Doldrums." But the ad-sales forecasts CEO Jack Myers delivered were so downbeat that a lyric from a '50s hit would have been more apt: "There ain't no cure for the summertime blues." Myers told the 250 who gathered at Chelsea Piers that the broadcast and cable networks would be singing the blues this summer, as advertisers will take $1.5 billion -- or more -- out of the overall upfront marketplace.

The ad-sales market probably won't see its fortunes reverse until this time next year, he added. The cable upfront, expected to be most active this week and last, will amass between $4 billion...

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