Word: cash-rich
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Smaller agencies will feel the most pressure in the coming months as they are picked over by the giants that are out shopping. But even some of the larger agencies will doubtless hear the footsteps of cash-rich competitors. Before it is over, the current wave of consolidation in advertising may produce agencies that will dwarf even BBDO's new three-part giant. As Mary Lou Retton might put it, "Watch out, big boys...
...painful belt-tightening programs on Third World nations. Sensing that those countries are being crushed by their debt burdens, the U.S. now believes that their only hope lies in faster economic growth. To achieve that goal, Washington thinks the IMF should enlist the help of the World Bank, a cash-rich agency that has largely remained aloof from the debt thicket. The Administration wants the bank to lend money more broadly and follow up the loans with long-term economic guidance for the debtors...
...board's hand was forced by a hostile takeover bid by two producers: Norman Lear, creator of the TV series All in the Family, and A. Jerrold Perenchio, promoter of the 1971 Ali-Frazier fight. As principals in cash-rich L.P. Media, Lear and Perenchio had offered $1,000 a share for ENA stock last month. That offer alone was enough to roil the Scripps family: ENA stock had been selling sporadically at only $150 a share two years ago. Late last year, in an attempt to placate family members disgruntled over the stock's performance, Clark bought back...
...Beverly Hills housewife. For obvious reasons, the users in the entertainment industry win the most publicity, especially when something goes tragically wrong. Comedian John Belushi, who died at 33 last March of an overdose of cocaine and heroin, got the headlines. But the use of coke reaches into all cash-rich occupations...
Companies with large amounts of cash on hand, including Seagram and Bendix, have also been benefiting. High interest rates have depressed the price of certain energy stocks like Conoco. As a result, the cash-rich firms can buy the undervalued ones at a fraction of their true worth...