TITLE

Reeling from Black Monday

PUB. DATE
October 1999
SOURCE
Advertising Age;10/25/1999, Vol. 70 Issue 44, p101
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article recalls a decline in the worldwide stock market which occurred on October 19, 1987. The drop of 508-points, then a record, also derailed foreign business plans, such as British agency acquisition strategies. For instance, the share price of Saatchi & Saatchi by October 22 dropped 30 percent and may be too weak to raise money in capital markets or make acquisitions without diluting earnings, analysts said. Hit even harder than agency stocks were media stocks with Turner Broadcasting System, Dow Jones & Co. and Gannett Co. sustaining big declines. United Artists Communications and United Cable Television called off a merger, partly because their stocks collapsed.
ACCESSION #
18232118

 

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