The carnage has begun. Second quarter option taking has begun in earnest and cuts are across the board, broadcast and cable, small players and large. Agencies handed down the news on Friday and have been working their way around the industry for the early part of this week. One unnamed executive described it as a “mass slaughter.”
According to executives in the market, on both the buy and sell side, clients are taking double digit options and in some cases taking their right to have 50% of their ad budgets returned. One executive said packaged goods company Procter & Gamble was particularly heavy with the cuts. Cable channels are hurting across the board, though no-one would speak for attribution.