As ad cutbacks roil TV networks and newspaper publishers, the recession has yet to make a big dent in the multinational companies that create and place the advertising. Ironically, agency holding companies seem to be better-positioned than their media-selling brethren. Omnicom, WPP, Interpublic and Publicis are significantly exposed to an economy that has gone south, but they are keeping cool because of their success in diversifying into non-ad disciplines such as digital marketing, customer-relationship management and public relations. Another benefit is their presence in international markets that are rapidly growing, even in tough times. It's an interesting twist …

Thomson Reuters pulled the plug on one of the nation's more well-known hedge-fund publications, HedgeWorld. News director Kristin Fox and her team of roughly 10 reporters and editors--as well as a handful of technology and sales staff--were told to pack up their desks, according to insiders. "As far as I know, the entire HedgeWorld team is no longer, as of August 15," says one employee. It was unclear whether HedgeWorld would continue to exist in a different format. The publication was started in 1999 and publishes a monthly magazine, several newsletters and a Web site.

This year's presidential campaign has drawn more voter interest than any other race in generations. But many media companies are struggling to translate campaign coverage into repeat readers and viewers--or revenue. The presidential debates have had little lasting impact on TV ratings. Magazines with candidates on the cover show only a modest bump in newsstand sales, and evening newscasts could not stop ratings dips during hotly contested primaries. One clear winner so far is The Politico, an upstart news organization founded in January 2007. "The difference between '04 and '08 is like walking into a different century," co-founder …

What ad recession? Combined, all Olympics advertisers will spend 19% more in China in 2008 than a year earlier, per Beijing-based media experts. That's a boost of about $9 billon to a total of about $54 billion for the year. Olympic sponsors alone will spend $3.2 billion this year, rising 52% percent from 2007, according to Greg Paull, head of media consultancy R3, which handles several Olympics sponsors. One example is sponsor Adidas, which will be using a 360-degree projection theater to spread its "Together in 2008, Impossible is Nothing" slogan. "Our marketing campaign for China is the largest …

Wired publisher Chris Mitchell, who had been publisher of Details since 2004, is trying to sell fashion and luxury marketers on his geeky publication. The editors don't have to do anything differently, but the sales team needs to rearticulate the Wired mission, Mitchell says. "On my first week, I was saying to people, more iPhone." Wired households actually have higher median incomes than Esquire, GQ, Vogue or Harper's Bazaar homes, per Mediamark. Luxe ads could work for Wired, says Eric Blankfein, executive at Horizon Media. "If the consumer's profile is consistent with brand categories, then those advertisers will find …

There is hardly a screen that NBC isn't tapping for Olympics coverage. Through a new agreement with Thomson's Premier Retail Networks, NBC will run Olympics highlights on HD screens in more than 5,000 stores. Among the high-traffic locations are checkout lines in more than 2,000 grocery stores. Highlights of the previous day's events and information about NBC's programming schedule that night will be broadcast daily in the stores beginning August 9. "PRN's vast reach will enable NBC to reach fans when they are out and about, reminding them of the competition in Beijing and the viewing experience that awaits …

One industry's disaster is another industry's opportunity. Avenue A|Razorfish, a digital ad shop owned by Microsoft, is launching a media and entertainment consulting practice, seeking business from traditional media companies that need to broaden their image. Domenic Venuto, who will lead the new practice, says hard times for media companies may push them into the arms of a marketing agency like his. "It's a great opportunity for us to show traditional media companies our [expertise] in how to shore up your traditional business, increase page views online and drive Web traffic." The practice will involve roughly 200 staffers in …

How often does advertising covertly taint news coverage? You might be surprised. One in five senior American marketers polled in May said they had bought advertising in return for a news story about their company or product, per a survey by PRWeek and Manning Selvage & Lee. Furthermore, 10% said they had an implicit agreement with a reporter or editor for favorable coverage in return for buying advertising. One in 12 provided valuable gifts in exchange for news coverage. Consumers tolerate product placement in entertainment, but most would draw the line when it comes to news coverage where …

Newspapers have been scrambling to sell online ads to local marketers, but the ads they are selling are often cannibalizing their print-ad revenues, industry analysts say. Traditional media companies, including directories, believe they have an edge over Internet companies because they are based in the community. But any edge appears to have evaporated. Newspapers now control only 27% of the local online ad market, down from a 36% share in 2006, according to research firm Borrell Associates. Local ad spending expanded at a 57% clip last year, but the big winners are Google, Local.com and other Internet companies …