Table of Contents
Executive Summary .................................................................3
A Macro View............................................................................9
International Trends ...............................................................20
Advertising Spending by Major Media..................................29
The Advertising and Marketing Services Company ............44
Advertising and Marketing Services Company Growth
Drivers .....................................................................................58
Industry Trends ......................................................................62
Compensation Structure........................................................68
Accounting Issues..................................................................70
Financial Outlook ...................................................................76
Valuation .................................................................................79
Company Profiles...................................................................81
WPP Group .............................................................................82
Omnicom Group .....................................................................87
Interpublic Group ...................................................................92
Publicis Groupe......................................................................97
Aegis Group..........................................................................102
Havas.....................................................................................107
Other Advertising and Marketing Services Companies ....113
Appendix I: Billings..............................................................116
Appendix II: The Upfront Market .........................................117
Appendix III: Working Capital Changes..............................119
Appendix IV: Glossary .........................................................120