Dimming prospects for an auto bailout spell trouble for the folks on Madison Avenue. Already, sources say that General Motors is taking a hard look at all of its advertising contracts — held by Interpublic and Publicis — to see if they should be renewed as they come up.
Want proof that Philadelphia is still the City of Brotherly Love? NBC and Fox are joining forces in Philadephia to gather and distribute video coverage to other local media.
NBC is once again stuck in last place in prime-time ratings; its much-hyped Olympic coverage is over, so are the elections; advertising across media is under pressure; and dishing out $67 to hang at the Universal Studios theme park probably isn’t as appealing when you could soon lose your job, house, car, etc.
Another day, another twist in the latest Sumner Redstone drama. This time, the media mogul’s company, National Amusements, announced that it’s having sit-downs with its lenders over some debt covenants? What are the covenants? And how much debt to they cover? Nobody outside of the company seems quite sure at this point.
General Electric’s problems — it warned yesterday that turmoil in the global credit markets could drive profit down as much as 12 percent — have once more put the spotlight on its media unit, NBC Universal.