Bowing to apparent shareholder pressure, Citigroup has slashed its media spending across cable TV, magazines and the Internet for the second half of the year, reports
Advertising Age. In some
cases, cable deals were killed in the middle of negotiations, and print ads pulled that were already scheduled to run. "It's an earnings-related thing," says one magazine executive. "The promise was
being held out that the second half was going to be big." It was uncertain how network TV will be affected. Citigroup spent $120 million on cable, online and magazines in the second half of 2005.
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