• by John Gaffney , June 12, 2002

Omnicom Riffs: No business wants distractions. And the last thing the media business needs right now is an accounting distraction. Omnicom was forced to answer to some issues regarding a potential accounting disagreement among its board and suddenly we have people whispering the E-word (Enron) and assuming that accounting issues will make a long, hot summer for ad agencies. Let’s get a few things straight. First of all, agencies have so many divisions, companies and holding companies that accounting is more complex at a corporate level than it is for most businesses. Second, I think agencies, if they need to, will be much more intelligent and savvy about dealing with accounting issues than some other industries. Third, this business cannot get hung up on this distraction. The highest priority for agencies is keeping current and potential clients focused on the advertising opportunities at hand. It has never been a more ripe time for one-to-one marketing, new branding strategies and innovative sponsorships. Omnicom did the right thing by answering its challenges early and directly. Now let’s get back to work. If we don’t, we’ll never get out of here by three on Friday........

Commencement Speech Riffs: Did you see the op-ed column PBS CEO Pat Mitchell wrote for USA Today yesterday? It rocked. It was based on a commencement speech he gave at University of Pennsylvania's Annenberg School for Communication. Here’s an excerpt: “We haven't fought for freedom, advanced democracy and sent satellites into space simply to sell products. We didn't create a world connected by an electronic nervous system so that we could beam images worldwide of Americans eating bugs or a bachelor having his pick of young women on a network auction block…. I hope the next generation of leaders defies the expectations and transcends, if not transforms, the stereotypes. If they apply a healthy dash of moral indignation, they can help ensure that the foundations and think tanks they work for, the universities they support and the media enterprises they value define their content not by what sells but by what soars.” Damn, that’s good. I wish I wrote that........

Death Riffs: With all the problems facing the newspaper industry right now, why is its trade group, the Newspaper Association of America, so focused on repealing the death tax? It was the lead story on its website and the group has publicly come out in favor of Congressional efforts to repeal taxes on estate revenues. Are the beneficiaries of this repeal all going to buy ads in newspapers across the country or something? Tell me great reasons to advertise in newspapers when their readership is falling. Save the politics.