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NEW YORK Interpublic Group today reported a net loss of $578 million for the third quarter, due mainly to steep charges in two divisions: The Partnership, which includes Lowe and Draft, and the Constituency Management Group, which encompasses public relations, branding and event marketing shops.
The write-down at The Partnership amounted to $310 million, while the charge related to CMG was $132 million, IPG said.
The loss, which equals $1.40 per share, came despite worldwide revenue growth of 6 percent for the quarter, fueled by the performance of units in the U.S.
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