South Africa media specialist shuts shop

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JOHANNESBURG - Directors of New Wave Media, South Africa's 11th biggest media-only agency, have put the company into voluntary liquidation with debts outstanding to creditors of about $3 million. Creditors expect to recover about two-thirds of that amount.

New Wave, an independent company, reported media billings last year of about $20 million, which was a 28 percent increase on the year before. But competitors speculate that this volume was inadequate to provide the necessary income from interest on the money while it was in the agency's hands.

Most of New Wave's accounts have been taken over by The Media Shop, a media agency associated with FCB Worldwide, and Media Direction- OMD, part of the Omnicom Group.

Copyright December 2000, Crain Communications Inc.

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