For which advertising method are prices negotiated and based on a fixed CPM with no auction involved?

Direct advertising involves direct negotiation between advertisers and publishers for ad placements, typically at a fixed CPM (cost per mille/thousand impressions) without an auction. This offers guaranteed inventory and predictable pricing. Programmatic advertising, while often using CPM, relies on automated bidding and real-time auctions to determine prices, making it more dynamic and less about fixed, negotiated rates. While programmatic can include private marketplaces with negotiated terms, the core mechanism is still auction-based.