TITLE

Citigroup axes $100 mil in TV ad buys

AUTHOR(S)
Ross, Chuck; Cardona, Mercedes M.
PUB. DATE
August 1999
SOURCE
Advertising Age;8/9/1999, Vol. 70 Issue 33, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that in August 1999, Citigroup, the United States' largest financial services company, canceled $70 million to $100 million in upfront buys on hold at major broadcast television networks. Marketers negotiate prices during the upfront marketplace, held in the spring. After making agreements regarding the terms and conditions of those buys, then taken out of the network's sellable inventory, they are put on hold while the agency media buyers get final approval from their clients. Speculation by some network insiders was that Citigroup is refocusing the products and services it wants to advertise, and that it had to wait until these were fully developed before committing ad dollars.
ACCESSION #
2146221

 

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