A Wall Street Journal article this morning reviews the state of "connected TV" or "IPTV". According to the article Google has told ad executives at major agencies that it'ill put ads in Google TV SERPs:
"The Internet giant has told ad executives that it eventually plans to sell ads that appear in search results when consumers search for what they want to watch, some of those ad executives say. But those spots won't interrupt the ad stream that appears during a program.
The company has told media-buying executives that it doesn't plan to put ads on its service for at least a year. A Google spokeswoman says the company has been approached by advertisers about Google TV, but it's "solely focused on launching a quality experience for users, and doesn't have any specific plans for advertising" at this time."