Today they are using fetal bovine serum as a growth medium, which is both expensive and it is a by-product from the dairy industry.
When a cow coming for slaughter is identified to be pregnant, the cow is slaughtered and bled, and the fetus is removed from the mother and brought into a blood collection facility. The fetus, which is kept alive alive during the following process to ensure blood quality, has a needle inserted into its beating heart. The blood is then drained until the fetus dies. The whole process takes about 5 minutes. The blood is then refined and filtered, and the resulting extract is fetal bovine serum.
Until we no longer extract fetuses, I can't see many animal advocacy groups being that positive about it.