The world's third-largest marketing and advertising conglomerate by revenues, the Interpublic Group of Companies is organized as a holding company for independent advertising and communication services firms. Over half of Interpublic's revenues (58%) come from print and traditional media advertising such as television, newspapers, and magazines.^[1] The remaining 42% comes from marketing services such as public relations and customer relationship management.^[1] In 2007, Interpublic's largest clients included General Motors (GM), Microsoft (MSFT), JOHNSON & JOHNSON (JNJ), Unilever (UL), and Verizon Communications (VZ).^[1]

Once the industry leader by revenues, Interpublic lost momentum in the 1990s as it struggled to integrate a string of over 400 acquisitions. The firm racked up $2B of debt related to the acquisitions, sold 51 of them, and even in 2008 it continues to face restructuring expenses and impairment charges.^[2] As a result, the company's revenue growth has been volatile; for instance, revenues rose only 2% during the period 2004-2007 (from $6.4 to $6.6B), while net income was negative for four years until 2007. ^[3]

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