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NEW YORK With the last of the big four ad holding companies, WPP Group, reporting its first-half numbers last week, the bleak picture of 2009 came more fully into view. By key measures such as organic revenue and operating margin performance, the second quarter represented a significant downslide from the first, dashing hopes for a turnaround this year and tempering expectations for 2010.
Some holding-company CEOs, such as Publicis Groupe’s Maurice Levy and Omnicom Group’s John Wren, suggest the worst is past, though they agree that a return to growth will take time and won’t materialize until next year.
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