The fickle finger of fate again pointed at Interpublic Group as it struggles to recover after seven consecutive quarters doused in red ink [WAMN 04-Nov-04].
Yesterday (Monday) saw a cool $500 million (€375.69m; £259.94m) of annual revenues diverted out of IPG's coffers and into those of French agency conglomerate Publicis Groupe.
Swiss-headquartered Nestlé, the globe's largest food company, announced it had switched with immediate effect its US media planning and buying business from IPG's Universal McCann to Publicis' ZenithOptimedia.
AdAge reports that the loss, combined with the exodus of the same client's global media account (to ZO and WPP's Group M), has forced IPG to consider a restructuring of its Universal and Initiative Media units.
The Zenith-bound brands are: Nestle Brands Company, Nestle Prepared Foods Company, Nestle Purina PetCare Company, and Nestle Waters North America.
Data sourced from AdAge (USA); additional content by WARC staff