NEW YORK: Echoing recent optimism from rival Omnicom, Interpublic Group became the second marketing services giant in three weeks to tell investors that it sees the long-suffering PR market finally beginning to stabilize.
On a conference call with investors following the release of the company's Q2 earnings, IPG CEO David Bell said that he was pleased with recent signs of "stabilization" at the company's two largest PR agencies: Weber Shandwick and Golin/Harris International.
Omnicom used similar language in late July to describe the recent performance of its PR holdings to investors. As PR has been among the weakest business segments for the major marketing holding firms during the recent economic downturn, these statements are the most positive management have made about the sector in several quarters.
Overall, IPG continues to struggle, as it posted a loss of $13.5 million for Q2, citing operational troubles and the company's previously announced restructuring efforts, which have involved layoffs and lease terminations.