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Article: Merger costly for True North's FCB; Shop regroups after account losses.(Foote Cone & Belding)(Brief Article)(Statistical Data Included)
- Article from:
- Crain's Chicago Business
- Article date:
- February 4, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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When Interpublic Group of Cos. reports financial results this week, Foote Cone & Belding Worldwide's performance is sure to be scrutinized.
The agency went through a rough initiation into the Interpublic fold, with account losses, legal trouble and management defections after Interpublic bought FCB and Chicago-based parent True North Communications Inc. last June. But management said most of the client defections were due to conflicts and that the agency, which dates to 1873, is back on course.
FCB has lost so much business that ``it is a shadow of its former self,'' said Lauren Rich Fine, advertising analyst at New York's Merrill Lynch & Co. Yet ``it's ...