Omnicom Struggles
Posted on October 22, 2009 by Mediabids
If you are a small publication or agency or advertiser it is worth noting that big companies often have the same issues you do, but their problems are a lot bigger.
From Today's Wall Street Journal:
Omnicom Group Inc., one of the world's largest advertising companies, reported significant declines in revenue and profit for the third quarter, battered by a steep falloff in global ad spending.
Omnicom added that the market had improved and signaled that it would be looking at possible acquisitions in the industry. "Client spending, while significantly down from 2008, is showing signs of stability," Chief Executive John Wren said on a call with analysts.
The New York company, which owns ad agencies such as BBDO Worldwide and media-buying firms such as OMD, said third-quarter profit fell 23% to $165.6 million, or 53 cents a share, from $213.6 million, or 68 cents a share, a year earlier. Revenue for the quarter fell 14% to $2.84 billion, just shy of analysts' estimates.
Full story here.
Tagged newspaper losses print omnicom www.mediabids.com magazine decline advertising spending struggles mediabids revenue
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