Peter Kafka

Recent Posts by Peter Kafka

For Big Media, “Getting Better” Means “Less Bad”

Last year was so lousy for so many media companies that it’s tempting to pretend it didn’t happen. But 2009 provides important context when you see reports about improved results. Because those often just mean “less bad.”

Today’s example: Publicis, the giant French ad holding company. Publicis said its organic growth–that’s revenue after factoring out acquisitions like Razorfish, which it picked up in a fire sale from Microsoft (MSFT), etc.–declined by 5.4 percent, which is better than the 7.4 percent drop it posted in Q3. But this still means the company is shrinking, and that’s compared with dismal results from a year ago.

Publicis now says it expects to actually grow this year, so that’s good. But it’s not projecting anything substantial for another year.

“We have not yet come out of the crisis. We are in the process of getting out of it. One can still expect a few hurdles along the way, but the worst is over,” says CEO Maurice Levy.

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When AllThingsD began, we told readers we were aiming to present a fusion of new-media timeliness and energy with old-media standards for quality and ethics. And we hope you agree that we’ve done that.

— Kara Swisher and Walt Mossberg, in their farewell D post