Thar's Gold In Them Thar Hoops
AdWeek is crediting the NCAA Men's Basketball Championship -- aka March Madness -- for significantly boosting the Stock of CBS Inc. and Time Warner between March 1 and April 9 (the day after Louisville defeated Michigan for the title). The magazine noted today (Friday) that during that period, CBS's share price rose 5 percent to $46.69, while Time Warner, whose Turner Broadcasting networks TNT, TBS and truTV share rights with CBS to carry The Game, soared nearly 10 percent to $58.80. Adweek noted that this year's basketball tournament averaged 10.7 million viewers per game, up 11 percent from last year, making it the most-watched college hoops series in 19 years. The results, it noted, presage a significant rise in ad rates for The Games in 2014. A 30-second spot in the title game this year commanded a top price of $1.6 million, the magazine said, up from $1.45 million in 2012. Total ad revenue to CBS and Turner, it indicated, came to about $875 million -- up from around $775 million last year.