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The Department of Trade and Industry (DTI) is to investigate the financial activities of Syrian billionaire Nahed Ojjeh amid allegations that she breached the Companies Act by failing to disclose her share dealings in Cordiant Communications. Mme Ojjeh has already been publicly criticised by the Takeover Panel for her delay in disclosing share purchases as… Continue reading DTI To Investigate Ojjeh’s Cordiant Transactions

Global advertising network, Omnicom, today posted a second quarter increase in worldwide revenues of 12.2%, with the strongest growth coming from outside the US. The group said that US revenues rose by 6% to $1.2 billion, whilst international growth was 21% to $967.2 million. This presents a slightly different picture to most recent commentary, which… Continue reading Omnicom Sees Strong International Revenues In H1

Profits at United Business Media (UBM) made a surprise jump of 12% in the first half of the year as a result of a stabilisation in revenue trends and improvements in some markets in the US. The group said that revenues in the US have been broadly stable in the last four quarters and this… Continue reading UBM Profits Rise 12% In H1, Ahead Of Expectations

First half revenues fell by 3% at Pearson, partly as a result of continuing weak advertising conditions at its Financial Times newspaper, the group said today. Reporting a decline in pre-tax profits from £26 million in H1 2002 to a loss of £1 million this time, Pearson said that there were ongoing tough trading conditions… Continue reading Pearson Revenues Drop As Ad Bite Continues At FT

Telewest shareholders can expect to receive only 1.5% of the firm’s equity once restructuring is completed, the cable company said today. Following in-depth negotiations, it has been agreed that bondholders will get 98.5% of Telewest shares. A deal by which they would have received 97% of the equity was previously rejected as insufficient (see Bondholders… Continue reading Telewest To Reduce Shareholder Stake

The wave of cost cutting and redundancies in the media sector has left employee morale at an all time low, according to new research from recruitment agency TMP/Hudson Global. The survey, which analysed the current and projected recruitment plans of 3,100 companies in the UK, shows that one in five respondents believe employee morale is… Continue reading Morale Amongst Media Employees Hits All Time Low

Prevailing economic uncertainty has failed to permeate the UK’s online retail market, with sales set to top £14 billion this year, according to the Interactive Media in Retail Group (IMRG). In a report issued to coincide with the UK’s first National Internet Home Shopping Day (24×7 Day), the industry body sings the praises of internet… Continue reading UK High Street Sales Fall As Online Commerce Doubles

The decline in advertising revenues at the Financial Times is not expected to show any recovery until 2005, according to analysts at Morgan Stanley. The FT‘s parent company, Pearson, announced in April that the paper’s ad revenues had plummeted by 18% over the preceding twelve months, with the FT Group as a whole falling by… Continue reading Weak Advertising Expected At FT In Pearson Results

The continued recovery of the US advertising market has helped to boost revenues at media giant, Viacom, by 10% to a record $6.4 billion during the second quarter of the year. The strong performance was led by a 22% jump in the cable network, with a 10% rise in revenues at the television and video… Continue reading US Ad Pick-Up Boosts Viacom Revenues

The US House Of Representatives has voted by an overwhelming majority to overturn a proposal by the Federal Communuications Commission (FCC) to relax media ownership rules. Last month the Republican-dominated FCC voted 3-2 to raise the ownership cap for national broadcasters from 35% to 45% of homes (see FCC Relaxes US Media Ownership Rules As… Continue reading Congress Torpedoes Media Ownership Legislation