• The Wall Street Journal, Wednesday, May 20, 2009 9:45 AM

The global recession is roughing up smaller advertising companies even more than their bigger rivals, a lesson being learned by two companies partially owned by French industrialist Vincent Bolloré.

Aegis Group PLC, in which Bolloré holds a 30% stake, reported that first-quarter revenue fell 12%, excluding the effects of acquisitions, divestments and currency shifts. Havas SA, in which Bolloré holds a 32.9% stake and is also chairman, reported an 8.4% drop in first-quarter revenue, by the same measure.

Aegis and Havas are two of the small players among ad parent companies. "Small holding companies get hit harder because they're more committed to a smaller number of clients," says RBS analyst Justin Diddams.

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