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Advertising’s Big Three holding companies are hoping for an ad recovery, perhaps during this month’s upfront network buying season, but, in the meantime, reduced budgets have cut deep into their bottom lines.
Falloff in client spending was the key culprit behind a worldwide revenue dive of 15 percent and 2 percent, respect ively, at Interpublic Group and WPP Group for first-quarter 2002, compared with the same period a year ago.
IPG, in particular, was stung by its heavy reliance on the U.S.
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