Radio, Other Media, Hoping GM Ad Dollars Are Coming
June 2, 2009 at 5:19 AM (PT)
Although GM already owes millions of dollars for ad time and space, it probably won't have any trouble buying even more, writes TODAY's NEW YORK POST. "The now-bankrupt carmaker owes nearly $167 million to ad heavyweights PUBLICIS and INTERPUBLIC, and probably millions more to radio, TV, newspapers and other media, according to court documents filed yesterday.
"The full extent of GM's debt to ad agencies and media isn't yet clear since its filing includes only a partial list of the largest unsecured creditors and doesn't provide any details.
"Even so, ad agencies and media outlets are eager to continue doing business with GM. Most are hoping to be included on a court-approved list of "critical vendors" that will receive timely payments for their work while GM winds its way through bankruptcy.
"Everyone is waiting with baited breath" for word of who will make the list, said one ad executive who is involved in GM's bankruptcy.
"Despite years of cutbacks, DETROIT still pumps a lot of dollars into the ad business. GM alone spent more than $2 billion buying and placing ads last year, according to figures from TNS MEDIA INTELLIGENCE. "