LOS ANGELES -- The Walt Disney Co. is reviewing its $600 million media planning and buying business, according to sources. Letters have been sent to shops this week, with credentials presentations scheduled for next week, sources said. The account includes all of Disney's theatrical and home video billings. Incumbent Initiative Media North America, Los Angeles, has handled the account for more than 15 years.
Sources characterized the search as "exploratory" and driven by the faltering economy and Disney's lagging financial performance. Shares of Disney are down 40 percent since the beginning of 2001, their lowest level in six years.