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Ad Firm Owners Cut Back Despite Profits

Nov 3, 2008  •  Post A Comment

WPP Group leads a group of advertising agency owners that are bracing for advertising cutbacks by enacting hiring freezes, travel reductions and layoffs despite reporting third-quarter revenue and profit increases, Advertising Week reports. Ominicom Group and Interpublic Group also are taking a cautious financial approach because of what Omnicom Chief Executive John Wren called a “very unusual capital markets environment,” AdWeek says.
—Danny King

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