P&G inks US$46.4m deal for advertising

Consumer goods giant Procter & Gamble Co. (P&G) became the first foreign company to top the annual bidding auction for prime-time advertising space on China Central Television (CCTV), the largest Chinese broadcaster said Friday.

P&G committed itself to spending a record 385.15 million yuan (US$46.4 million) in advertising on CCTV next year, including 110 million yuan to sponsor a popular drama series, the broadcaster said.

The auction raised a record 5.24 billion yuan this year, 840 million yuan more than a year ago. Meanwhile, 15 percent of advertising slots went to foreign companies, compared with 4 percent last year.

(Shenzhen Daily/Agencies)