Even without the help of political advertising, media spending showed gains in November, thanks to the continued growth of cable advertising and the recovery in magazine advertising. But with the end of the political campaigns, several local media saw drops in ad spending, especially local radio and newspapers.
Lateral move: The AdMarket dropped (slightly) and S&P rose (slightly) in a week lacking in big deals but offering three long-awaited reorgs. For the week, 21 AdMarket stocks moved up, 28 fell and Sears, Roebuck & Co. didn't budge. Top performer: Havas, up 6% as the market reacted positively to its revenue report. (See P. 1 for more on Havas.)
On the reorg front, behemoth Unilever scrapped its unwieldy management structure of two co-chairmen, giving one the power and title of CEO and naming the other chairman. Far-flung conglomerate Sara Lee Corp. named a new CEO and said it would spin off apparel. Hewlett-Packard Co. spun off its CEO, Carly Fiorina.
More mergers could be coming as Verizon and MCI pursued a long-distance relationship. Cadbury Schweppes rose Feb. 11 on speculation the candy and beverage seller may be up for grabs.
Advertising Age and Bloomberg's AdMarket 50 index of 50 top publicly traded marketer, agency and media companies for the week ended Feb. 11 based on stock trading data supplied by Bloomberg financial news service. All comparisons are vs. closing prices Feb. 4.