Murdoch: Upfront May Not Be ‘Singular’ Market, Local Q2 TV Ads Down 50%

The upfront advertising market may be coming for TV networks -- especially at Fox Television Network -- in a piecemeal fashion, says Lachlan Murdoch, executive chairman/chief executive officer of Fox Corp. “We don't see a virtual, singular upfront as the right thing to do today because all of our clients are affected by COVID-19 in different ways. ”Speaking during Fox Corp. 's quarterly earnings call with analysts, Murdoch added: “So, for example, our retail clients or our auto clients will emerge from COVID-19 in a very different way from, say, our financial services or insurance clients. Entertainment will be very different from telecom or professional services. ”Analysts believe upfront deal-making may be much lighter in terms of sales -- with perhaps just 30% of all TV networks' seasonal inventory being secured in an upfront advertising market versus a typical number of about 70%.

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