On a rare note of advertising industry optimism, AOL Time Warner chief executive Gerald Levin yesterday announced that ad income had stabilised, leaving the media giant on-course to hit its 2001 revenue target of $40 billion.

“I’m not sure there is an upturn yet,” warned Levin. “But I do think advertising revenues are stabilising...we haven't changed our [2001] estimates.”

Speaking at the International Advertising Festival in Cannes, Levin added that meeting annual targets would not require hikes in subscription fees or any further job cuts. Some 2,400 employees were axed in January [WAMN: 24-Jan-01].

“There’s no question there’s an advertising slowdown that’s affecting broadcast television and newspapers,” continued Levin. “But we have several high-growth areas such as AOL, which we expect to grow at a healthy pace.”

News source: The Times (London)