Illulstration: Lazaro Gamio/Axios

Traditional TV networks spend millions of dollars renting out fancy venues and bringing in talent acts to wow advertisers their annual upfront presentations. The schedule is itself a thing of prestige. Only the top-tier networks will present in New York this week.

Why it matters: Billions of dollars of advertising dollars are spent on advanced commitments of programming during the TV upfronts season.

Media Dynamics, Inc. estimates that total ad revenue for the broadcast TV networks and cable channels amounted to nearly $20 billion last year, while Variety estimates that the five English-speaking broadcast networks will earn between $8 billion to $9 billion.

The big takeaways so far, per Variety:

  • NBC: Executives took digs at Facebook and talked about brand safety, while touting the success of some of its classic programming — like Project Runway and America's Got Talent — and the Olympics. "This is Us" is their golden egg.
  • Fox: Executives didn't shy away from questions about "New Fox," football is still the network's Holy Grail and unscripted series are on the rise.

What's missing? Dozens of shows have been cancelled this season as networks shift their primetime priorities. (The Wrap has a full list.)

What's next: ESPN and Disney/ABC are up today. CBS and Turner are Wednesday.

Go deeper

Biden clarifies comments on African American and Latino communities

Joe Biden delivering a speech in Delaware in July. Photo: Mark Makela/Getty Images

Joe Biden explained on Twitter Thursday night what he "meant" by earlier comments suggesting that "the African American community is a monolith."

What they're saying: "Unlike the African-American community, with notable exceptions, the Latino community is an incredibly diverse community with incredibly different attitudes about different things," Biden remarked in an interview hosted by the National Association of Hispanic Journalists and the National Association for Black Journalists, Politico reports.

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Ohio Gov. Mike DeWine tests negative for coronavirus after positive result

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) tested negative for the coronavirus after initially testing positive earlier Thursday, his office announced.

Why it matters: 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol.

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 18,996,008 — Total deaths: 712,476— Total recoveries — 11,478,835Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 4,877,115 — Total deaths: 159,990 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Pelosi rips GOP over stimulus negotiations: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Majority of Americans say states reopened too quicklyFauci says task force will examine aerosolized spread Study finds COVID-19 antibodies prevalent in NYC health care workers.
  5. Business: The health care sector imploded in Q2More farmers are declaring bankruptcyJuly's jobs report could be an inflection point for the recovery.
  6. Sports: Where college football's biggest conferences stand on playing.