This excerpt from the Wall Street Journal is interesting as it pertains to CETV:

“But it’s not just tough conditions that explain the slack sales of L’Oreal’s cosmetics and its profit warning. That performance contrasts with robust sales and outlooks at Colgate-Palmolive and Unilever, more diverse rivals selling cheaper personal-care products.
L’Oreal may have simply misread the market and let its advertising and promotion budgets slip, just when they needed a boost to win over pinched consumers. The company didn’t give third-quarter figures, but A&P spending in the first half eased to 29.7% of revenue from 30.5% a year earlier.
L’Oreal has promised a burst of A&P spending to support what remain popular brands, but acknowledges that this will hurt margins.”

L’Oreal was one of the advertisers listed in CETV’s analyst day presentation along with P&G, Unilever and other major consumer packaged goods companies.
I suspect investors won’t believe in local currency ad growth in 2009 in emerging markets until they actually see it but this a good reminder that big picture fundamentals support the possibility.