The consolidated agency column merges the agency core with specialty shops not included in the core.
Ad Age filters out the impact of acquisitions on base-level growth by treating purchases and divestitures as if they were on the books two consecutive years. This requires adjusting prior-year figures, ususally at the consolidated level.
Not given pro forma treatment are internal agency adjustments when business units are shifted from core to consolidated. Classic example is a media-buying unit that moves from departmental status to independent status as its client base shifts outside the agency. Grey Advertising's MediaCom media-buying operation, moving in such a manner, effected a drop of 24.3% in employment at the Grey core.