Merrill Lynch cuts ad forecast

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New York--Merrill Lynch & Co. cut its 2001 domestic advertising forecast from an increase of 2.5% to a decrease of 0.7%, based on the weak economy. In a research report, Merrill Lynch said newspaper revenue would decline 3% rather than increase by a previously forecast 2.5%. TV ad revenue is expected to decline 1.7% compared with a previously forecast 1.3% increase, and magazine expenditures are now forecast to decline 4% compared with a previous forecast of a 2% rise.
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