Bank of America said it is not freezing any current or new lines of credit to McDonald's franchise owners.
Ad Age chose to bury this same fact under five paragraphs of inaccuracies and speculation. Much of the rest of the article is rife with the kind of economic doom and gloom that preys on the fears of market watchers and insults the intelligence of your readers.
We want to set the record straight. McDonald's USA is working hard to become our customers' favorite beverage destination. Our national beverage strategy is on target and progressing as planned. We're excited about this opportunity and what it means for McDonald's and our customers.
There continues to be more than sufficient liquidity available to McDonald's and our franchisees to fund capital improvements in our restaurants. Several national, regional and local lenders are providing financing to our franchisees in the United States.
The company and our franchisees are aligned, and our Plan to Win continues to deliver strong results. There is no credit crisis at McDonald's.
VP-national beverage strategy
Oak Brook, Ill.
Editor's note: Bank of America credit lines were not as forthcoming as usual for McDonald's franchisees. McDonald's own internal memo referred to loan demand "exceeding historical norms" and said Bank of America's announcement "last weekend of its intention to acquire an investment bank and the volatility in the debt markets, especially this past week, have impacted BofA's ability to get the quick solution originally anticipated." That does not mean that credit lines have been frozen, and we are pleased to clarify that point.
Column made glaring sports omissionsRE: "2008: The Best-Ever Year in Sports" (MediaWorks, AdAge.com, Sept. 30). There was one glaring omission in this piece. Where was Nascar?
Nascar and its corporate sponsors generate over a billion dollars a year in ad revenue, and your contributor didn't think it was worth mentioning in the same breath as the Olympics and the NFL?
He mentions Wimbledon, the Stanley Cup and the U.S. Open but not Nascar, which beats any one of them in corporate advertising dollars spent and TV ratings.
What were you thinking in publishing that article?
I think I know. Nascar and its blue-collar constituents are not the kind of people that read your magazine, isn't that right? So no need to mention them, huh?
I really enjoy your magazine and use it to stay abreast of happenings in the advertising world, but you really should be ashamed of yourselves for publishing an article that blatantly ignores a billion-dollar ad market just because it works in places like Charlotte, N.C., and Bristol, Tenn., and not on Madison Avenue.
Not a great column. You forgot a sport that is older than the ones you listed! Why no numbers for professional rodeo, including bull riding? The athletes are participating in events that are man against 1,500-pound beast. More than 150 million fans consider this a sport, yet you forget that. You also have many sponsors that have spent millions on these local events and even in sponsoring these athletes that represent them.
Preparing your agency for schoolRE: "How to Recruit on Campus" (GenNext blog, AdAge.com, Oct. 1). There is nothing more frustrating than companies that say all the same fancy words, like "We're innovative and progressive," but don't tell anything about what the company is really like.