In what is likely to be the firm’s last earnings report as a publicly traded company—given its pending combination with Omnicom—Interpublic issued third quarter results after the financial markets closed Monday afternoon. 

As expected, total revenue was $2.49 billion, down 5.1% with an organic revenue decline of 2.9%. The company noted that it is still cycling through account losses from last year.  

IPG stated last month that given that the Omnicom deal is still on schedule to close before the end of the year (this month according to Omnicom), it would not host a conference call to discuss Q3 results or update previously issued guidance. 

The firm’s most recent guidance, issued in July, projected an organic revenue decline of between 1% and 2% for the full year. 

As of Sept. 30, the firm has three reporting segments: Media, Data & Engagement Solutions ("MD&E"), Integrated Advertising & Creativity Led Solutions ("IA&C"), and Specialized Communications & Experiential Solutions ("SC&E").  

MD&E primarily generates revenue from media and communications services, digital services and products, advertising and marketing technology, e-commerce services, data management and analytics, strategic consulting, and digital brand experience.  

IA&C primarily generates revenue from advertising, corporate and brand identity services, and strategic consulting.  

SC&E generates revenue from global public relations and communications services, events, sports and entertainment marketing, and strategic consulting. 

Total revenue for the MD&E segment in Q3 was down 8% to $954.1 million. IAC total revenue was roughly flat at $940.1 million and total SC&E revenue was down about 7% to $599.8 million. 

The company took a goodwill charge for the first nine months of $232.1 million. Restructuring costs totaled $450 million including severance and termination costs of $177.7 million. The company said layoffs totaled 3,200 employees through the first three quarters of the year including 800 in Q3. 

The company said that the employee groups affected included executive, regional and account management as well as administrative, creative and media production personnel. 

Last month Omnicom said it expected the IPG acquisition to close by the end of November. The firm still needs regulatory approval from the European Union before closing.