The Interpublic Group reported a tough first quarter for its advertising and media division, but held out hope for Q2 with some major account wins. The company, which counts McCann Erickson and Foote,
Cone and Belding among its agencies, fell 17% in the quarter to $843.5 million, compared to $1.02 billion in the 2001 quarter. The advertising and media division represents 59% of the company's
revenue. All other marketing activities, which represent 41% of the company's revenue, declined 12% in the quarter to $576.6 million. Marketing Communications revenue declined 14% to $384.8 million.
Marketing Services revenue fell 14% to $89.5 million. The company also announced that its agencies won net new business of $745 million in the first quarter of 2002. Major new account wins announced
during the quarter included American Airlines, ExxonMobil, Nextel, Revlon and Sony.
